CASH-ON-INSTALMENT FACILITY Sample Clauses

CASH-ON-INSTALMENT FACILITY. You may at any time apply for the OCBC Cash-on-Instalment Facility (also previously known as the “Cashwise Facility”, collectively the “Cash-on-Instalment Facility”), subject to this Agreement and any other terms and conditions, rules, procedures or instructions which we may issue from time to time. 7.1. ELIGIBILITY FOR CASH-ON-INSTALMENT FACILITY a. Application for the Cash-on-Instalment Facility may be made by any Principal Cardmember whose Card Account is in good standing as determined by us. We may reject an application for the Cash-on-Instalment Facility in its entirety and/or approve only part of the requested amount at our discretion without assigning any reason therefor. Each application for the Cash-on-Instalment Facility is subject to a minimum amount specified by us to be applied for under the Cash-on-Instalment Facility and (ii) the amount applied for and the interest to be charged thereon not exceeding the available credit limit of your Card Account less the Processing Fee (as defined below) at the time of the application for the Cash-on-Instalment Facility. 7.2. APPROVAL OF CASH-ON-INSTALMENT FACILITY a. Upon approval of the Cash-on-Instalment Facility, whether in whole or in part, the amount approved (the “Approved Funds Transfer Facility Amount”) shall be credited into a Singapore dollar denominated bank account held by you as specified in your application. b. Upon approval of the Cash-on-Instalment Facility, your Credit Limit shall be reduced by the Aggregate Instalment Amount (as defined below). Upon receipt of your payment of a Monthly Instalment Amount, your reduced Credit Limit may, at our discretion, be increased by such amount corresponding to the amount paid pursuant to such Monthly Instalment Amount. 7.3. PAYMENT, INTEREST, FEES AND CHARGES FOR CASH-ON-INSTALMENT FACILITY a. A non-refundable processing fee (the “Processing Fee”) on the Approved Funds Transfer Facility Amount at a rate as determined by us at our discretion will be charged to and debited from the Card Account (regardless whether the Cash-on-Instalment Facility is terminated at any time by yourself or us) for each successful application. b. Interest on the Cash-on-Instalment Facility calculated at such rate specified by us from time to time shall be payable on the Approved Funds Transfer Facility Amount. The interest payable shall be aggregated with the Approved Funds Transfer Facility Amount (the “Aggregate Instalment Amounts”) to determine the amount(s) payable for ...
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Related to CASH-ON-INSTALMENT FACILITY

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