How to apply for OCBC Progres-i
How much money can I borrow?
OCBC Progres-i offers personal loans between RM6,000 and RM20,000, and repayment terms from one to seven years. All applications are credit checked before OCBC approve a loan amount but to give you an idea of the borrowing limit, in most cases your fixed monthly repayment must be less than 60% of your monthly salary.
How much does this personal loan cost?
OCBC does not charge a processing fee. You will pay RM10 Stamp Duty.
What do I need to apply for this personal loan?
No deposit or guarantor is required for an OCBC Progres-i personal loan, this is unsecured financing. You will need to provide supporting documents with your application
- Copy of MyKad (front and back).
- Latest salary slip or EPF statement.
How do I get my hands on the money?
Loan approval takes a few business days to process. Once approved your borrowed funds will be transferred to the account of your choice.
How do I pay the money back?
Your schedule for repayments will be set out in your loan agreement. Installments must be paid monthly until the loan is cleared in full, late payments will incur a 1% penalty fee. You will receive an Ibra rebate on the unpaid interest amount.
Can I pay my OCBC Progres-i Personal Loan off early?
You may settle your complete loan at any time but you will be charged an Early Termination Fee if you close the loan in the fist half of its tenure. The fee is RM150 or 2.5% of the total amount borrowed, whichever is greater.
Is OCBC Progres-i Personal Financing Shariah compliant?
Yes, this personal finance product is compliant with the Bai Al-Inah Shariah standard.