OCBC power credit is a standy revolving loan - it is like a reserve and the interest is only charge when the money is withdraw from the account.  The rate is slightly lower than credit card, I think is 1.4% p.a. The max amont is 3x  salary.  Comparing with personal loan, here is what I think:

The good
Pay-as-you-use.  You only charged on what you have withdrawn.  Personal loan is all at one goes.
A standby credict.  You do not have to use it if you don't want to but has the option.  For personal loan, once it approved, you have to pay all the interests according to the terms (period), and that there is a panelty on early settlement.  In sort, personal loan 'locked' you.

The bad:
Rate is higher than personal loan (pls take note that the 'flat rate' is not the actual interest rate as it does not take into account that over a period of payment, the original principle has reduced but the interest rate still based on the original amount, thus the actual rate is usually much higher than what advertised)
Max amount is capped at 3X of income, Personal loan is 5X

Conclusion:
The Power Credict is best to treat it like an overdraft facilities, or a line of credict for emergency.  Therefore is probably most helpful for businesses, or for someone who forsee a large expenses comming soon but not 100% sure but want to be prepared for that eventuality. The 'flexibility' is why it is more 'expensive' (higher rate) than personal loan.  If what you need is flexibility, take OCBC.  All others, take personal loan.

Cheers

OCBC power credit is a standy revolving loan - it is like a reserve and the interest is only charge when the money is withdraw from the account.  The rate is slightly lower than credit card, I think is 1.4% p.a.  The max amont is 3x  salary.  Comparing with personal loan, here is what I think:

The good
Pay-as-you-use.  You only charged on what you have withdrawn.  Personal loan is all at one goes.
A standby credict.  You do not have to use it if you don't want to but has the option.  For personal loan, once it approved, you have to pay all the interests according to the terms (period), and that there is a panelty on early settlement.  In sort, personal loan 'locked' you.

The bad:
Rate is higher than personal loan (pls take note that the 'flat rate' is not the actual interest rate as it does not take into account that over a period of payment, the original principle has reduced but the interest rate still based on the original amount, thus the actual rate is usually much higher than what advertised)
Max amount is capped at 3X of income, Personal loan is 5X

Conclusion:
The Power Credict is best to treat it like an overdraft facilities, or a line of credict for emergency.  Therefore is probably most helpful for businesses, or for someone who forsee a large expenses comming soon but not 100% sure but want to be prepared for that eventuality. The 'flexibility' is why it is more 'expensive' (higher rate) than personal loan.  If what you need is flexibility, take OCBC.  All others, take personal loan.

Cheers

Depend on tenure.

2 years - 7.60%
3 years - 7.68%
4 years - 8.40%
5 years - 9.18%

Interest in on flat rate, anualy

I've calculated the corresponding effective interest rate for comparison.

Citibank  flat rate -  effective rate
2 years - 7.60%  -    13.97%
3 years - 7.68%  -    14.00%
4 years - 8.40%  -    15.00%
5 years - 9.18%  -    16.00%

OCBC Power Credit
1.4% per month = 18.16% effective per annum

Normal Credit Card
1.5% per month = 19.56% effective per annum

This does not take into account all the other charges (eg processing fees etc)

Hope it helps.

why u did not put al -Rahji bank in ? Are they better than your citibank...ehehe

Al-rajhi Interest rate 8.5% p.a. flat.

yo joseph(hanalolu),

just wondering if one is interested in a personal loan of only less than 1 year?
or perhaps lets just say 9months only (max tenure), is it possible?!

Take the min tenure - 2 years, after that perform early settlement after 9 month...
But there will be penalty charged.

ic, sounds quite good.
9months is the minimum tenure?
penalty i presume is 3% of the balance loan amount?
or...??

Because I don't know their terms (duration of the loan). So I can't calculate. I need flat rate and the duration, in order to convert to effective interest rate.

Their website also not helping much ... instead of product announcement, the owner mentioned that his bank didn't sponsor any terrorist activities.    they have promotion last time and the rate is around 7% pa flat rate. Dunno whether the promo rate is still available or not.

Promotion on 7% flat ? Quite high also leh.. even not promotion, some bank can offer this rate.

if you can offer 7% flat for 5 years term, i will pm you again!

It is not under my control lah bro. 

Just wondering if any chance for self employ person for apply personal loan? Buy car can, but dunno about personal loan.someone got experience please share.Thank you