• Personal Loan BYTES FROM OUR KITCHEN

    Bank of China Personal Loan Interest Rates

    Bank of China is one of Singapore’s top banks and offers a spate of loan products to Singaporean citizens and residents. The bank’s personal loan product is particularly worth mentioning – you can apply for a Bank of China personal loan at an accommodating rate of interest, and the process to apply for the loan is simple and convenient. The bank offers personal loans of up to 4 times your monthly income if all the eligibility criteria are met. Other aspects that influence your personal loan application are your credit score, existing loans and employment stability.

    Types of BOC Personal Loans

    Bank of China offers multiple personal loan products, giving you the opportunity to choose a product that will best suit your needs. Let’s take a look!

    The BOC MoneyPlus Term Loan

    The BOC MoneyPlus Term Loan is a popular product in Singapore and is highly competitive with respect to loan products offered by other banks. Through the BOC MoneyPlus Term Loan, you can take care of any emergency by getting swift access to funds. Let us look at the features of the BOC MoneyPlus Term Loan:

    • The interest rate on the loan (Applied Interest Rate) is 6.38%-8.68% p.a. – a low interest rate compared to loan products of several other banks in Singapore.
    • Processing fee can range from 2% - 5% depending on the loan amount.
    • Repayment periods can be stretched up to 3 years.
    • Fixed monthly repayment over the period of the loan tenure.

    If your income is S$30,000 and above annually, your loan interest details are as follows:

    Loan period Annual interest rate (% p.a.) Effective interest rate (% p.a.) Processing fee
    12 months 6.38% 24.58% 2%
    24 months 7.38% 15.40% 2%
    36 months 8.68% 17.07% 2%

    If your annual income falls in the range between S$20,000 and S$29,999, interest details are as follows:

    Loan period Annual interest rate (% p.a.) Effective interest rate (% p.a.) Processing fee
    12 months 6.38% 19.46% 5%
    24 months 7.38% 17.89% 5%
    36 months 8.68% 18.77% 5%

    The Bank of China MoneyPlus Line of Credit

    The BOC MoneyPlus Line of Credit is another popular BOC product that provides you with a line of credit equivalent to four times your monthly income. Let us look at some essential features of the BOC MoneyPlus Line of Credit:

    • The Effective Interest Rate for the BOC MoneyPlus Line of Credit can range from 19.80% - 28.55% p.a. Applied interest rate ranges from 1.65%-2.38% p.a.
    • The minimum income requirement is S$1,700 per month.
    • The BOC MoneyPlus Line of Credit card can be used to make cash withdrawals from ATMs and repayments can be done via cheques, cash, internet banking or AXS.

    The BOC MoneyPlus Fund Transfer

    The BOC MoneyPlus Fund Transfer is another way to get much needed access to funds. By signing up for the MoneyPlus Fund Transfer loan, you can enjoy a 0% interest rate for the first 3 months or 6 months, depending on the ongoing promotional offer. Let us look at the interest rates on the BOC MoneyPlus Fund Transfer against varied loan tenures.

    Loan period Annual interest rate (% p.a.) Effective interest rate (% p.a.) Processing fee
    3 months 0% 7.49% 1.8%
    6 months 0% 6.38% 3%

    Bank of China Debt Consolidation Plan

    Through the Bank of China Debt Consolidation Plan, you can consolidate all your existing debt and make repayments towards a single debt source. Whether you have existing personal loans with other banks or massive credit card bills, you can pay off all your existing debts with the Bank of China Debt Consolidation loan and stabilize your finances over time.

    Eligibility requirements for Bank of China Debt Consolidation Loan

    • The applicant should be a citizen of Singapore or a Permanent Resident.
    • The minimum age to apply for a BOC Debt Consolidation Loan is 25 years.
    • The applicant must draw a minimum annual income of S$30,000.

    Documents to be submitted for the BOC personal loan

    • Copy of NRIC (front and back).
    • Income documents - employment letter from employer and latest computerized payslips.
    • Bank statements for the last 3 months.
    • latest Income Tax Notice of Assessment.
    • CPF Contribution History for the last one year.

    Applying for a BOC personal loan

    You can apply for any one of BOC’s loan products by visiting the official website of Bank of China, Singapore, and placing an online request by filling out the loan application form for the relevant type of loan you wish to apply for. You will then have to submit the relevant documents, following which the bank will review and process your loan application. 

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