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    Bank of China Personal Loan

    We found 1 Bank of China Personal Loan

    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 6.38% p.a. EIR from 14.58% p.a.
    1-3 years
    What you'll love
    What you need
    What you need to consider
    What it costs

    Bank of China Personal Loan

    Personal Loan BYTES FROM OUR KITCHEN

    Bank of China Personal Loan

    Personal loans can be a great tool for those who want to meet their financial responsibilities or fulfil their desires. You may not have enough savings to go on a vacation with your family, or fulfill any other desire of yours that would require a significant amount of expenditure. In such a scenario, you can opt for a personal loan and get the required financial help with ease. Bank of China personal loans come with a wide range of beneficial features, making them ideal for those who are looking for instant financial assistance.


    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 an 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 24 Apr 2017

    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

    Overview of Bank of China in Singapore

    As a qualifying full bank, Bank of China in Singapore provides a complete spectrum of banking products and services with a network of five sub-branches and one remittance centre. With over 70 years of solid banking experience, Bank of China has established itself as a major financial player in the flourishing Singaporean market. The Bank of China Singapore branch services customers in Singapore, China and the nearby regions with its extensive global network and team of qualified professionals. In Singapore, Bank of China primarily dedicates its businesses to retail banking, corporate banking, trade financing, remittance and international trade settlements.

    About Bank of China Personal Loan in Singapore

    An extensive product range gives Bank of China the opportunity to tap into Singapore’s retail banking segment with ease. A key section of this portfolio are Bank of China personal loans offered at compelling rates and with various benefits to Singaporeans. Bank of China has come a long way since its inception in 1936, expanding from providing simple banking services like deposits, remittance and exchange services to offering comprehensive banking solutions to retail and corporate customers.

    Why Choose Bank of China Personal Loan?

    Lifelong dreams turn into reality with Bank of China’s personal term loans! Singaporeans can now save and efficiently manage their finances with Bank of China’s MoneyPlus term loans available with structured monthly payment plans, flexible repayment tenures, low processing fees and attractive interest rates.

    Types of Personal Loan Offered by Bank of China

    Bank of China offers the following types of personal loan in Singapore:

    1. Overdraft facility – Through this facility, customers can overdraw their current account up to a limit given by the bank, at a given interest rate. It is a flexible and convenient way through which people can access instant cash and meet their financial needs. This facility can be availed by individual as well as companies.
    2. Type of Overdraft facility Collateral Required Allowed Margin
      Singapore Dollar (S$) SGD Time Deposit 100 percent
      ACU Deposit - USD/ GBP/ JPY/ EUR 80 - 90 percent
      ACU Deposit - AUD/ NZD/ CAD 70 - 80 percent
      US Dollar ($) ACU Deposit - USD 100 percent
      SGD Time Deposit 80 percent
      ACU Deposit - GBP/ JPY 80 percent
      ACU Deposit - CAD/ AUD/ NZD 70 percent

      Type of Over Draft facility Collateral Required Interest Rate
      Singapore Dollar (S$)

      SGD Time Deposit

      ACU Deposit

      Prime rate minus 0.5 percent to 1 percent (not less than 3 months SGD SIBOR + 1 percent)
      US Dollar ($) SGD Time Deposit / ACU Deposits USD Prime rate minus 0.5 percent to 1 percent (not less than 3mths USD LIBOR + 1 percent)

    3. Mortgage Loans (Housing Loan, Term Loan and Overdraft facility) – If you are the owner of a non-landed or landed residential property in Singapore, you can opt for a mortgage loan from Bank of China. The Overdraft Facility and Term Loan are available for personal and investment usage, whereas housing loan is available for purchasing properties and for investment. These loans offer very attractive interest rates and also offer a high amount as loan.
    4. MoneyPlus Fund Transfer – You can avail this facility offered by Bank of China for transferring funds to a credit card, current or savings account, credit line etc. provided by any bank, once your request is approved by the bank. Through this facility you can enjoy interest rate as low as 0 percent on the amount that you transfer.
    5. MoneyPlus Fund Transfer Tenure and Interest Rates

      Tenure Rate of Interest Processing Fee Effective Interest Rate (EIR)
      3 months 0 percent 1.8 percent 3.68 percent
      6 months 0 percent 3 percent 6.38 percent

    6. MoneyPlus Line of Credit – If you have a monthly income of minimum S$1,700, you can avail cash at very attractive interest rates through the MoneyPlus Line of Credit offered by Bank of China. You can avail cash up to four times your monthly income. You can repay the amount borrowed through AXS, iNETS, BOC Branches and Cheques.
    7. MoneyPlus Line of Credit Interest Rates

      Annual Income Interest Rate
      S$30,000 and more 1.55 percent per month (EIR 18.55 percent per annum)
      S$20,000 - S$29,999 2.38 percent per month (EIR 28.55 percent per annum)
    8. MoneyPlus Term Loan – With a MoneyPlus Term Loan from Bank of China, you can easily borrow money from the bank to meet your financial needs and you will also enjoy the flexibility of paying off the amount that you have borrowed through a structured repayment plan. The loan comes with very attractive interest rates and will offer you very flexible repayment options. The processing fee charged is very low as well.
    • The features and benefits of Bank of China’s Personal Loans are as follows:
    • The loans come with a repayment period of up to 36 months.
    • The customers only need to pay a fixed amount every month.
    • The processing fee for the loans is very low.
    • The loans comes with very affordable interest rates.
    • The approved BOC MoneyPlus term loans can be transferred into any other bank’s savings or current accounts as per the customer’s requirements.

    Bank of China Personal Loan Eligibility

    You are probably eligible for a personal loan from Bank of China if you are:

    • At least 21 years old
    • Aged less than 65
    • Salaried/Self-employed with regular income
    • The eligibility for a personal loan from bank of China is usually based on factors such as monthly income, credit history etc.

    In order to apply for a personal loan, you will need to submit a completely filled copy of personal loan application form, along with other documents (such as income proof, identity proof etc.) as required by the bank.

    Bank of China offers different interest rates for applicants, depending on their annual income amount and also on the loan tenure opted by the borrowers.

    Annual Income between

    S$20,000 to S$29,999

    Annual Income of

    S$30,000 and above

     
     
    Tenure Interest Rates E.I.R Tenure Interest Rates E.I.R
    12 Months 6.38 percent p.a. 19.46 percent p.a. 12 Months 6.38 percent p.a. 14.58 percent p.a.
    24 Months 7.38 percent p.a. 17.89 percent p.a. 24 Months 7.38 percent p.a. 15.40 percent p.a.
    36 Months 8.68 percent p.a. 18.77 percent p.a. 36 Months 8.68 percent p.a. 17.07 percent p.a.
    Applicants need to pay a processing fee of 5 percent of the loan amount or S$75, whichever is greater. Applicants need to pay a processing fee of 2 percent of the loan amount or S$75, whichever is greater.
    • The minimum monthly payment required to be paid by a borrower is 3 percent of the outstanding monthly balance along with any other outstanding minimum payment sum or S$50, whichever is higher.
    • BOC imposes a late payment penalty of 2 percent of the minimum payment sum or S$80 per month (whichever is higher), if the borrower delays or fails to pay his monthly installments.
    • An annual membership fee of S$80 is charged by the bank for all MoneyPlus members.
    • BOC additionally charges S$40 for every returned cheque or GIRO payment.

    Here are the different products and services offered by Bank of China –

    1. What is the tenure for this loan?
    2. The loan comes with flexible tenure of 12 months - 36 months.

    3. Is there any processing fee for this loan?
    4. Yes, there is a processing fee of 2 percent for applicants whose annual income is S$30,000 and more, and a processing fee of 5 percent for applicants whose annual income is S$20,000 - S$29,999.

    5. How to calculate EMI for Bank of China Personal Loan?
    6. You can use an online EMI calculator, such as the one available on our website, to calculate your personal loan EMIs.

    7. Is there any annual fee for the MoneyPlus Term loan?
    8. Bank of China charges an annual membership fee of S$80 for all MoneyPlus members, which includes those who have availed MoneyPlus Term Loan.

    9. How is the interest rate calculated for this loan?
    10. The interest rate for the loan is calculated based on factors such as the tenure of the loan, the annual income of the applicant and so on.

    News About Bank of China Personal Loan

    • Firms To Buy Stake of Chinese Bank

      Singapore based firms are planning to buy stake of the Postal Savings Bank of China when the bank releases its Initial Public Offering (IPO). The Postal Savings Bank of China has the highest number of outlets compared to all other lenders in China. The bank is sell its stake of 15 percent worth S$9.3 billion (US$6.5 billion) to foreign investors through a financial deal. Potential Singaporean investors who are expected to be a part of this deal include Temasek Holdings and DBS Bank. The DBS Group is planning to purchase shares US$250 million.

      Apart from the Singaporean investors, other global investors that are interested in purchasing stake of the Postal Savings Bank of China include International Finance Corporation, JPMorgan Chase and UBS Group.

      The Postal Savings Bank of China is fully owned by the China Post Group and is under the control of the government. The bank plans to expand its micro-finance, wealth management and investment banking portfolio through this deal.

      DBS Bank and the Beijing-based Postal Savings Bank of China signed an agreement in January, 2015 for setting up a joint venture finance company (a consumer company). DBS bank plans to invest S$27 million (120 million yuan) for purchasing 12 percent stake of this joint venture.

      26th September 2015

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