In the present work, an investigation on MHD flow of viscoelastic fluid of Rivlin-Ericksen type across a semi-infinite plate in the presence of heat source/sink under free convection is conducted. The plate is moving with constant velocity subjected to periodic suction along with slip conditions. Further, the free stream velocity is taken of oscillatory in nature. The transport equations governing the flow are solved using perturbation analysis. The solutions obtained for the required fields viz. velocity, temperature, and concentration which characterizes the flow are discussed graphically for varying situational parameters appeared in the flow. The presence of heat source/sink in the vicinity of considered fluid has significant effect on the velocity near the plate. Further, the drag at the plate, Nusselt and Sherwood number, are evaluated for varying situational parameters which are compiled in the tabular format.