Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 2 Bank of China Personal Loan Singapore
    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 6.38% p.a. From 14.58% p.a.
    1-3 years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 7.8% p.a. EIR from 8.63% p.a.
    Up to 10 years
    What you'll love
    What you need
    What you need to consider
    Personal Loan BYTES FROM OUR KITCHEN

    Bank of China Personal Loan Singapore

    Bank of China offers a range of personal loans to meet the varying needs of its customers in Singapore. Both new and existing customers can benefit from BOC personal loans, offered at very low interest rates for a reasonable repayment tenure. From emergency financial requirements to realising your dreams, BOC provides a wide range of personal loans to meet your needs.


    You’re probably eligible for a Bank Of China Personal Loan if you are

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    Bank Of China Personal Loan Minimum Age

    Atleast 21 years

    Bank Of China Personal LoanMaximum Age

    Less than 65 Years

    Bank Of China Personal Loan Eligible Employment Type

    Salaried or self-employed with regular income

    Bank Of China Personal Loan Minimum Income

    Earn more than the minimum income required


    Your Bank Of China Personal Loan amount eligibility is based on these factors

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    Bank Of China Personal Loan Minimum Salary

    Minimum Income required S$20,000.

    Bank Of China Personal Loan Maximum Loan Funded

    Max Loan Amount - Up to 4 times of your monthly income

    Bank Of China Personal Loan EMI

    EMIs of other loans lower your eligibility


    Increase your eligible Bank Of China Personal Loan amount by these steps

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    Bank Of China Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Bank Of China Personal Loan Tenure

    Choose longer tenure loan up to 3 Years


    Documentation needed to apply for Bank Of China Personal Loan

    • 1. Photocopy of NRIC
    • 2. Salaried Employee
      • Latest Computerized Payslip OR
      • CPF Contribution Statement for past 12 months OR
      • Latest Income Tax Notice of Assessment (NOA)
    • 3. Variable Income/Commission Based Earner
      • Latest 6 months Computerized Payslip OR
      • CPF Contribution Statement for past 12 months OR
      • Latest Income Tax Notice of Assessment (NOA)
    • 4. Self-Employed
      • Income Tax Notices of Assessment (NOA) for past 2 years
    • 5. Any other documents as may be requested by the Bank at its sole discretion

    Bank Of China Personal Loan DetailsUpdated on 23 Sep 2018

    Bank Of China Personal Loan Details
    Interest Rate 6.38% pa
    Processing Fee 2% to 5%
    Minimum Income $20,000 p.a.
    Loan Tenure 1-3 Years
    EIR 19.80% p.a
    Guarantor Requirement Guarantee Required

    Overdraft Facility,Debt Consolidation Plan, MoneyPlus Fund Transfer, MoneyPlus Line of Credit, MoneyPlus Term Loan, and mortgage loans are some of the personal loans offered by Bank of China to Singaporeans, Permanent Residents, and foreigners.

    BOC, short for Bank of China, is a China-headquartered bank that has its operations in Singapore. The bank offers an array of financial products and services to Singaporean citizens, Permanent Residents and foreigners. The personal loan product offered by the bank comes with an affordable rate of interest and a choice of tenure from 1 year to 3 years. Let’s look at the salient features of the bank’s personal loan product – we look at the interest rates, some notable features, and some frequently asked questions.

    Why Choose Bank of China Personal Loans?

    Listed below are the reasons why should choose personal loans offered by Bank of China:

    • The bank offers one of the lowest interest rates in the personal loans category.
    • With the BOC Overdraft Facility, you can make loan repayments at your convenience.
    • The application and documentation process for personal loans are simple and easy.
    • Those who have a Bank of China MoneyPlus Account have the option to apply for MoneyPlus Term Loan, Line of Credit, and Fund Transfer.
    • With MoneyPlus Fund Transfer, you can get to 75% savings as it offers extra credit at 0% interest for 3 to 6 months.
    • By opting for BOC Debt Consolidation Plan, you can consolidate all your unsecured loan payments into one single payment with a low interest rate.
    bank-of-china-personal-loan

    Types of Bank of China Personal Loan

    Listed below are the types of personal loans offered by BOC to Singaporeans, Permanent Residents, and foreigners:

    1. MoneyPlus Term Loan: Take advantage of the BOC MoneyPlus Term Loan that can be repaid in fixed monthly payments at a low interest rate for a very low processing fee.
      • Features and benefits of BOC MoneyPlus Term Loan:
        • MoneyPlus Account will be opened for those who apply for MoneyPlus Term Loan.
        • You can get a term loan for an interest rate as low as 6.38% p.a.
        • You can get a repayment term up to 36 months.
        • MoneyPlus Term Loan amount shall not exceed 90% of the credit limit on the MoneyPlus Account.
        • Interest rate for MoneyPlus Term Loan is 6.38% p.a. for a 12-month loan, 7.38% p.a. for a 24-month loan, and 8.68% p.a. for a 36-month loan. Effective Interest Rate is:
          For income of S$30,000 and above 12-month loan: 14.58% p.a. 24-month loan: 15.40% p.a. 36-month loan: 17.07% p.a.
          For income of S$20,000 to S$29,999 12-month loan: 19.46% p.a. 24-month loan: 17.89% p.a. 36-month loan: 18.77% p.a.
        • Customer will have to pay S$100 or 1% of the outstanding loan amount, whichever is higher as early repayment fee for early settlement of MoneyPlus Term Loan.
        • A processing fee of S$75 or 1% and 5% of the loan amount, whichever is higher has to be paid by customers with an income of S$30,000 and above, and S$20,000 to S$29,999, respectively.
        • Annual membership fee of S$100 is applicable.
        • Minimum monthly payment is S$50 or 3% of the outstanding balance, whichever is higher
        • If minimum monthly payment is not made, a late payment charge of S$100 or 2% of the amount due will be charged.
        • The approved MoneyPlus Term Loan amount can be transferred to any bank’s current or savings account.
      • Eligibility criteria for BOC MoneyPlus Term Loan:
        • The minimum annual income requirement for foreigners is S$60,000, and Singaporeans and Permanent Residents is S$20,000 and above.
        • Applicant must be 21 years old or above.
      • How to apply for BOC MoneyPlus Term Loan?
        • Existing customers can visit the BOC website to download the application form.
        • New customers will have to download a separate application form from the BOC website to open a MoneyPlus Account and MoneyPlus Term Loan.
      • Documents required to apply for BOC MoneyPlus Term Loan
        • Singaporeans and PR can submit a copy of NRIC (both sides).
        • Foreigners can submit passport or employment pass with a validity of at least 9 months.
        • Salaried employees must submit the latest payslips or CPF statements, and tax notice of assessment for the last 6 months.
        • Self-employed, variable or commissioned income earners must submit income tax notice of assessment for the last 2 years or CPF Statement for the last 1 year.
    2. MoneyPlus Line of Credit: With a minimum income of S$1,700 per month, you can get extra cash at a low interest rate to meet your emergency financial needs or fulfill your dreams.
      • Features and benefits of MoneyPlus Line of Credit:
        • Get cash up to 4 times your monthly income.
        • Interest rate for MoneyPlus Line of Credit:
          For income of S$30,000 and above Applied Interest Rate (AIR): 1.9% per month Effective Interest Rate (EIR): 22.80% p.a.
          For income of S$20,000 to S$29,999 Applied Interest Rate (AIR): 2.38% per month Effective Interest Rate (EIR): 28.55% p.a.
        • Customer will have to pay S$100 or 1% of the outstanding loan amount, whichever is higher as early repayment fee for early settlement of MoneyPlus Term Loan.
        • A processing fee of S$75 or 2% and 5% of the loan amount, whichever is higher has to be paid by customers with an income of S$30,000 and above, and S$20,000 to S$29,999, respectively.
        • Annual membership fee of S$100 is applicable.
        • Minimum monthly payment is S$50 or 3% of the outstanding balance, whichever is higher.
        • If minimum monthly payment is not made, a late payment charge of S$80 or 2% of the amount due will be charged.
        • Cash advance fee is S$20 or 6% of the cash withdrawn, whichever is higher.
        • An overlimit fee of S$40 will be charged if the outstanding balance exceeds the credit limit.
        • Returned fund fee of S$40 will be charged for every returned cheque or GIRO payment.
        • Cash withdrawal can be done via BOC ATM centres.
        • Contact BOC customer service hotline for cash transfer to another bank account.
        • Easy repayments can be made via iNETS, cheques, AXS, and BOC branches.
      • Eligibility criteria for BOC MoneyPlus Line of Credit:
        • The minimum annual income requirement for foreigners is S$60,000, and Singaporeans and Permanent Residents is S$30,000 and above.
        • Applicant must be 21 years old or above.
      • How to apply for BOC MoneyPlus Line of Credit
        • Visit the BOC website to download the application form, fill it, and submit it along with the necessary income, age, and identity proof documents.
      • Documents required to apply for BOC MoneyPlus Line of Credit
        • Singaporeans and PR can submit a copy of NRIC (both sides).
        • Foreigners can submit passport or employment pass valid for at the least 9 months.
        • Salaried employees must submit the latest payslips or CPF statements, and tax notice of assessment for the last 6 months.
        • Self-employed, variable or commissioned income earners must submit income tax notice of assessment for the last 2 years or CPF Statement for the last 1 year.
    3. MoneyPlus Fund Transfer: Those with a MoneyPlus Account can enjoy up to 79% savings now by signing up for BOC MoneyPlus Fund Transfer that offers extra cash at 0% interest rate for 3 or 12 months.
      • Features and benefits of MoneyPlus Fund Transfer:
        • You can transfer the approved funds to any bank savings account, BOC current account, any bank’s credit line or credit card account.
        • The minimum transfer amount is S$1,000.
        • The application for MoneyPlus Fund Transfer will be approved depending on whether or not your MoneyPlus Account is in good standing.
        • Interest rate for MoneyPlus Fund Transfer for Singaporeans and Permanent Residents with income of S$30,000 and above or foreigners with income of S$60,000 and above:
          0% interest rate for 3 months Processing fee: 1.8% Effective Interest Rate (EIR): 7.49% p.a.
          0% interest rate for 6 months Processing fee: 3% Effective Interest Rate (EIR): 6.38% p.a.
          0% interest rate for 12 months Processing fee: 5% Effective Interest Rate (EIR): 5.60% p.a.
        • Annual membership fee of S$100 is applicable.
        • Minimum monthly payment is S$50 or 3% of the outstanding balance, whichever is higher
        • If minimum monthly payment is not made, a late payment charge of S$100 or 2% of the amount due will be charged.
        • Cash advance fee is S$20 or 6% of the cash withdrawn, whichever is higher.
        • An overlimit fee of S$40 will be charged if the outstanding balance exceeds the credit limit.
        • Returned fund fee of S$40 will be charged for every returned cheque or GIRO payment.
        • Cash withdrawal can be done via BOC ATM centres.
        • Contact BOC customer service hotline for cash transfer to another bank account.
        • Easy repayments can be made via iNETS, cheques, AXS, and BOC branches.
      • Eligibility criteria for BOC MoneyPlus Fund Transfer:
        • Applicant must have BOC MoneyPlus Account with a minimum annual income of S$30,000 at the time of application.
        • To apply for BOC MoneyPlus Account, applicant must be minimum 21 years old and have a minimum annual income of S$20,000 for a Singaporean or PR, and S$60,000 for a foreigner.
      • How to apply for BOC MoneyPlus Fund Transfer?
        • Existing customers can visit the BOC website to download the application form. New customers will have to download a separate application form from the BOC website to open a MoneyPlus Account and MoneyPlus Term Loan.
        • The duly filled application form along with the necessary income, age, and identity proof documents can be submitted to the bank via fax at 6532 6318.
        • Alternatively, you can SMS (BOCMP<space>FT<space>Name<space>NRIC) to 79777 to apply for BOC MoneyPlus Fund Transfer. A BOC customer service representative will follow up with the application process.
      • Documents required to apply for BOC MoneyPlus Fund Transfer
        • Singaporeans and PR can submit a copy of NRIC (both sides).
        • Foreigners can submit passport or employment pass valid for at the least 9 months.
        • Salaried employees must submit the latest payslips or CPF statements, and tax notice of assessment for the last 6 months.
        • Self-employed, variable or commissioned income earners must submit income tax notice of assessment for the last 2 years or CPF Statement for the last 1 year.
    4. Debt Consolidation: The advantage of the Debt Consolidation Plan offered by Bank of China is that you can consolidate all your unsecured loan balances such as credit card payments and other unsecured loans into one single payment.
      • Features and benefits of BOC Debt Consolidation Plan:
        • The DCP personal loan ensures you experience one-stop service, designed to suit your convenience.
        • BOC offers one of the lowest interest rates for DCP.
        • You can make steady monthly payments for up to 10 years at a low interest rate on your high interest debt balances.
        • You also get a free credit card (BOC Family Card) during the DCP tenure with an annual fee waiver.
      • Eligibility criteria for BOC Debt Consolidation Plan:
        • Applicant must be a Singapore citizen or Permanent Resident.
        • The minimum annual income requirement is S$30,000.
        • Applicant must be 25 years old or above.
        • The total unsecured loan balance with interest should be above 12 times your monthly income.
      • How to apply for BOC DCP?
        • SMS (BOCCARD<space>DCWS<space>NAME<space>NRIC/Passport Number) to 79777
        • Contact the Bank of China’s 24-hour customer service hotline at 1800 338 5335.
      • What are the necessary documents required for BOC DCP application?
        • A copy of NRIC (both sides)
        • The latest Credit Bureau Report
        • The latest income documents such as payslips
        • The latest unsecured credit loan and credit card statements
        • Confirmation letter of the unbilled balances for unsecured credit instalment plans
    5. Overdraft Facility: Bank of China provides a revolving loan that can be drawn against your current account at an agreed upon interest rate.
      • Features and benefits of BOC overdraft facility:
        • Convenient and flexible repayments.
        • Interest rate is applicable only if the withdrawal exceeds the credit limit. Interest is charged on a daily basis.
      • Eligibility criteria for BOC OD:
        • Applicant can be a resident or non-resident.
        • Individuals and companies (sole-proprietorship and partnership firms) can apply for overdraft facility.
        • Applicant must be 21 to 65 years of age.
      • How to apply for BOC overdraft facility?
      • Visit the nearest Bank of China branch to apply for an overdraft facility against your current account.

    Features and Benefits of the BOC MoneyPlus Term Personal Loan

    Let’s look at some notable features associated with the BOC MoneyPlus Term Personal Loan:

    • The interest rate (Applied Interest Rate) is between 6.38% and 8.68% p.a.
    • Processing fee for the MoneyPlus Term Personal Loan can range from 2% - 5% depending on the loan amount.
    • Monthly repayments remain fixed throughout the tenure of the loan. No other combination of interest rate packages are available.
    • Tenures between 12 months and 36 months are available.
    • The application process is seamless. Repayments are simple and convenient as well.

    BOC Personal Loan Interest Rates

    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% 14.58% 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%

    BOC MoneyPlus Term Personal Loan Fees and Charges

    Late Payment Charges 2% of minimum payment, or S$100, whichever is higher in value
    Processing Fee 2% or 5% depending on the annual income and quantum of loan amount
    Annual Membership Fee S$100

    Eligibility Criteria for BOC Personal Loan

    • You have to be at least 21 years of age.
    • The minimum annual income has to be S$20,000.

    Documents to be submitted

    • Salaried individuals:
      • Latest computerised payslips, front and back copy of NRIC, Income Tax Notice of Assessment.
    • Self-employed individuals:
      • Bank statement (last 3 months), Copy of NRIC, CPF contribution history for the last 1 year, latest Notice of Income Tax Assessment.
    • Individuals with varied income:
      • Latest Income Tax Notice of Assessment, front and back copy of NRIC, Bank statement (last 3 months)

    How to Apply for the BOC MoneyPlus Term Personal Loan?

    You can apply for the BOC Term Personal Loan by visiting the official BOC website in Singapore and filling the online form available on the personal loan webpage. You will also have to submit your documents – your income documents, proof of residence, proof of identity, and other relevant documents as specified by the bank, following which an executive will get in touch with you and ask you for other details if necessary, and clarify your existing details. Once done, your application will be processed and reviewed by the bank, and approved if your credit profile is satisfactory and meets the bank’s internal credit criteria.

    FAQs

    Q. How is the Personal Line of Credit different from the Term Personal Loan?

    A. The MoneyPlus Personal Line of Credit limits your borrowing to 4 times your monthly income and requires you to pay interest only on the amount you’ve used. In the case of the Personal Line of Credit, minimum monthly payments will hold applicable and these payments are 3% of the outstanding amount that you’ve used. You only pay interest for the amount you use in the case of the MoneyPlus Personal Line of Credit. In case of the personal loan, you will receive the entire loan amount to your bank account (approved loan amount) and you’ll have to make monthly repayments towards your loan (this includes the interest as well as the loan outstanding amount). The EIR for the BOC MoneyPlus Line of Credit ranges 19.80% - 28.55% p.a. Applied interest rate ranges from 1.65%-2.38% p.a. The minimum income required to apply for the MoneyPlus Line of Credit is S$1,700.

    Q. Can I pre-close my loan?

    A. Yes, you can pre-close your personal loan. You will have to pay pre-closure charges which is usually about 2% of the outstanding loan balance.

    Q. What is the Effective Rate of Interest?

    A. The EIR, or Effective Interest Rate, is the real interest rate that shows the real value of repayment. Interest is calculated after making repayments in the case of EIR and is computed on the outstanding loan amount after monthly repayments are made. Note that a longer loan tenure will have a slightly lower EIR while shorter tenures have higher EIRs.

    Q. What is the relevance of my credit score?

    A. Whether or not your loan is approved will depend on your credit score. A high credit score will let banks know that you are good at handling and repaying your debt. Considering that Personal Loans are unsecured loans, you will definitely need to have a high credit score and a clean credit history for at least 6 months if you have to get your loan approved.

    Q. Will I get a credit card along with my loan?

    A. No, BOC does not provide you with a credit card along with your MoneyPlus Term loan. You’ll need to apply for a credit card separately.

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