QUOTE(chiew @ Jul 28 2012, 03:05 PM)
I'm also taking OCBC loan. Whenever you pay extra, it will be automatically treated as "advance instalment" and cannot be withdrawn.
This is like you pay in advance for the monthly instalment in the future.
Don't worry though, because this extra payment will immediately save you interest. You can check your daily interest to confirm this.
Another type is "capital repayment", this can only be done through cheque deposit or over the branch counter. This will also immediately save you interest, but you can withdraw this by giving OCBC 3-day notice (minimum withdrawal amount 5k, and increments of 1k for my case).
Either way, you save the same amount of interest
Just a note, in online statement, your outstanding balance = total balance - accrued interest
Where to check the daily interest transaction in internet banking? I only found the monthly interest but not daily. tq.This is like you pay in advance for the monthly instalment in the future.
Don't worry though, because this extra payment will immediately save you interest. You can check your daily interest to confirm this.
Another type is "capital repayment", this can only be done through cheque deposit or over the branch counter. This will also immediately save you interest, but you can withdraw this by giving OCBC 3-day notice (minimum withdrawal amount 5k, and increments of 1k for my case).
Either way, you save the same amount of interest
Just a note, in online statement, your outstanding balance = total balance - accrued interest
Aug 19 2013, 05:26 PM

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