Oversea Chinese Banking Corporation OCBC Personal Loan, Oversea Chinese banking Corporation Limited, commonly known as OCBC Bank, is one of the leading banks in the world. The financial products and services that the bank offers are extremely innovative and customisable. The bank was established in the year 1932 after three banks merged with each other. These banks were the Oversea Chinese Bank, the Chinese Commercial Bank and the Ho Hong Bank. OCBC expanded all its operations under the leadership of Lee Choon Seng, Lee Kong Chian and Tan Chin Tuan. Currently it has several branches all across Singapore and offers best in class financial service to the consumers.
Financial problems are unpredictable and uncertain and can come into your life without any prior notice. No matter what you do to prepare yourself against such situations, it is never really possible that you completely remain unaffected. To some extent, you will surely be affected by the situation. A monetary support in such times can prove to be of great help. Also, you cannot really get what you wish for using your income only. Sometimes, you need financial assistance to go for that extra bit in life. The personal loan offered by OCBC Bank offers affordable rates of interest along with a long tenure for repayment.
Oversea Chinese Banking Corporation Personal Loan Eligibility criteria
There are certain criteria that one needs to fulfil to be eligible for a personal loan from Oversea Chinese Banking Corporation Limited. Let us know more about these criteria.
- The minimum age of the applicant to be eligible for the personal loan offered by Oversea Chinese banking Corporation Limited is 21 years.
- The minimum income that a Singaporean citizen or a permanent resident of Singapore must have is SGD 20000 per annum
- A foreigner applying for a personal loan from OCBC Bank must have an annual income of SGD 45000 or more, per annum
Factors affecting Oversea Chinese Banking Corporation Personal Loan Eligibility criteria
There can be different factors or reasons which affects the eligibility criteria for a personal loan offered by Oversea Chinese Banking Corporation Limited in Singapore. These factors are as follows.
Annual Income – The annual income is the most important factor when it comes to determining the eligibility for the personal loan provided by Oversea Chinese Banking Corporation. You should have a certain income annually. If the income is below that limit, then you cannot avail a loan from OCBC Bank. The income that you have ensures that you have a stable flow of cash and will make the repayment for your debt on time. OCBC Bank does not like defaulters. To avoid any problematic situation in the long run, the bank has set a minimum income limit on a yearly basis. For a Singaporean citizen and a permanent resident of Singapore, the minimum annual income is SGD 20000, whereas, the minimum annual income for a foreigner is SGD 45000.
Age – Until and unless you reach a certain age you are not eligible for a personal loan from Oversea Chinese Banking Corporation Limited in Singapore. As per the bank, the minimum age to qualify for a personal loan is 21 years. This is basically the time when someone starts planning a future and starts a career of his own.
Credit Score – Keeping your credit score good is definitely a good thing to do when you wish to get a good personal loan from Oversea Chinese Banking Corporation with rates of interest that are lucrative. If the bank sees that you have a very good credit history then your chances of getting a loan increases a lot. If you wish to get a score that is healthy, you must ensure that you clear all your credit bills on time. You must understand that a bad credit will never help you to get a good loan amount. Keep a check on your credit report and avoid late payments.
Employer – the reputation and goodwill of your current company matters too when your eligibility towards a personal loan is determined. Oversea Chinese Banking Corporation might ask for documents that are enough to prove that your employer exists. You must produce all required documents like payslips, CPF history report, etc.
Employment – The company that you work for, the designation that you hold, the tenure for which you have been working in that company, your past work records – all of these come into play when any bank decides your eligibility for a loan. Thus, this is also a very important eligibility criteria when you are applying for a personal loan from OCBC Bank. Your income generated by working in your current company is not only your proof of employment, but also, the surety that you have a stable cash flow and can also make the repayments for the debt on time. The documents that you will need to prove your employment on papers are income tax assessment notice, letter from employer stating your details, valid work permit, etc.
How to increase your loan eligibility criteria?
When you find that your present income is not enough to get a loan approval from Oversea Chinese banking Corporation Limited, then you must figure other means to bump up your earnings. Waiting for a hike in your current company can be one of the options. On the other hand, you could also look for a job change too. A new job can earn you a better pay which can help you to qualify for a OCBC personal loan. In case you find out that the reputation of your employer is harming your eligibility towards the loan, you must reconsider your stay in that organisation.
If you maintain a good credit score, it can also help you to avail a loan that you want. OCBC Bank will like to see that you have a good credit history which no track records of late payments, no payments, etc. Keep a track of all your expenditures and check your credit report whenever you can. Use your cards wisely and do not max out on the limit of the credit cards.
Frequently Asked Questions
- What is minimum age for an applicant to be eligible for Oversea Chinese Banking Corporation Personal Loan scheme?
- What is the maximum age for an applicant to be eligible for a personal loan offered by Oversea Chinese banking Corporation Limited?
- What is the minimum income limit for a Singaporean citizen applying for a personal loan?
- Can foreigners apply for an OCBC Personal Loan?
- What is the minimum income limit for a foreigner to get a personal loan from Oversea Chinese Banking Corporation?
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