BOC Interest Free Installment Payment Plan

BOC offers the BOC 0% Interest Instalment Payment Plan with the help of which you can turn a big-ticket purchase into convenient and smaller instalments.

Key Features and Benefits

The following are the key highlights of the non-interest instalment payment plan:

  • This facility is valid for all BOC cardholders.
  • This facility is offered by 322 merchants across Singapore.
  • This facility is valid for eligible local transactions only.
  • This plan will come into effect only if a minimum of S$500 worth of goods/services is purchased from participating merchants and is charged to your BOC card.
  • This plan can be used only if the credit limit of BOC card is sufficient to cover the entire purchase amount. Temporary credit limit increases, if any, won’t be considered for the purpose.
  • No reward points will be awarded for transactions related to this instalment plan.
  • The tenure and instalment amount, once decided, can’t be changed.

Some of the participating merchants are (list isn’t exhaustive):

  • BEST Denki
  • Dickson Watch & Jewellery
  • AMK Chiropractic Clinic
  • Castilla
  • Dorra Slimming
  • E’Collezione Pte Ltd
  • Infinite
  • JotterGoods
  • Lucano
  • MDIS
  • Natural Living
  • New York Skin Solutions
  • iStudio
  • Kent Holidays
  • Lorenzo
  • OSIM
  • Pacific Chiropractic Clinic
  • Shakura Pigmentation Beauty
  • Star Furniture
  • The Hour Glass
  • Tudor
  • White Link
  • Yun Nam Hair
  • Zen Tradition Living

How It Works

How the Instalments Are Split

The minimum amount that can be converted to this plan is S$500. The tenure options available are:

  • 6 months
  • 12 months
  • 24 months
  • 36 months

However, the bank reserves the right to decide on the tenure and instalment amount as per its discretion and as it may deem fit from time to time. Payments will have to be made in accordance with that.

For example, if you decide to convert a purchase worth S$1,800 into 6 monthly instalments, you’ll have to pay S$300 (1800/6) per month. However, the actual number may vary because the bank may decide to levy a one-time processing fee and an EIR, depending on the tenure and amount of instalment.

Check with your bank for more details.

How the Instalments Have to Be Repaid

  • A portion of the credit limit available on your card equal to the total purchase value will be blocked.
  • The depleted credit limit on your card will be restored progressively by the amount paid per instalment. The payment will be considered made only when the bank receives it.
  • In case of over limit or insufficient credit limit, the bank may terminate the plan and bill you the aggregate sum of the remaining instalments.
  • In case of late payments, the bank may levy an additional fee along with the regular interest charge.
  • In case you fail to make payments on time, the bank reserves the right to terminate the plan and bill you the dues at one shot.

Interest Rates

Although this is an interest-free plan, the bank may levy a one-time processing fee and other fees like late payment fees. Check with the bank to know your effective interest rate, depending on your chosen tenure and other payments.

Fees & Charges

The following are the important fees and charges applicable on this plan:

  • A redemption fee of S$150 will apply if:
    • You terminate the plan.
    • You terminate the card account.
    • You prepay the dues under the plan.
  • As soon as you terminate the plan, your outstanding balance will become immediately due and has to be settled in full.
  • Partial prepayment isn’t allowed.

How to Apply?

  • Call the bank for details.
  • Visit the bank’s website to check the full list of participating merchants.
  • Get in touch with the merchant to find out the tenures available and the process of application.
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