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Frequently asked questions
Q: What is a Line of Credit?
Line of Credit is a revolving credit facility that gives you access to extra cash that you may need during emergencies. Interest is only charged on the utilized amount.
Q: What are the application requirements?
You must be between 21 to 65 years of age with a minimum annual income:
- From $20,000 for Singaporeans and Permanent Residents
- From $40,000 for Foreigners with Employment Pass validity of at least one year
Q: Do I need to pledge any security, like a Fixed Deposit, or do I need a guarantor to apply for this facility?
Line of Credit is an unsecured credit facility granted to you based on your monthly income. Therefore, no collateral or guarantor is required.
Q: How do I use my line of credit?
You may use your credit line via cheque issuance, cash withdrawal using the debit card issued by the bank, or via online banking.
Q: What is the maximum credit limit?
Q: How is the interest calculated?
Interest accrues on a daily basis on the outstanding amount in your account based on the prevailing interest rate, subjected to a minimum monthly repayment amount.
Q: How much do I have to pay monthly?
Repayment is flexible, as long as you repay a percentage of the outstanding balance or the minimum monthly repayment amount, whichever is higher.
Q: What are the common modes of repayment?
Some of the common modes of repayment are online banking, ATMs, SAM SingPost, mobile banking, AXS stations, etc.
Q: What are the applicable fees/charges involved?
Typical fees/charges are Annual Fee, Late payment fee, Over-limit fee, Returned cheque fee, etc.
Q: What are the advantages/disadvantages of Line of Credit?
Advantages include but are not limited to:
- Ready access to extra cash
- Enjoy flexible repayment options
- Interest is charged only on the amount used
Disadvantages include but are not limited to:
- Drawing over your limit will attract over-limit fees and additional fees
- Annual fees may be incurred even if you have not utilized your credit line
- Your credit score can be badly affected if you do not make payments in full on your amount you utilise