ICBC Interest Free Installment Payment Plan

ICBC offers a 0% credit card instalment payment plan called the Purchase IPP.

Key Features and Benefits

0% Purchase IPP

  • Convert your ICBC card purchases worth at least S$500 into interest-free, monthly instalments.
  • Spread your instalments over a period of up to 24 months.
  • Low one-time processing fee.
  • More flexibility to spend money.
  • Applicable only to payments made in Singapore Dollars.

How It Works

How Your Instalments Are Split

  • Only transactions with purchases of S$500 or above are eligible to be split.
  • The instalment amount is split equally over the chosen tenure.
  • The first instalment will reflect the portion of the split amount along with the one-time processing fee.
  • In case the total amount cannot be split equally, the difference is usually charged to the first instalment.

For example, if the total payment amount is S$1,000, the period is 3 months, and the processing fee is 2%, the instalments will be split into amounts of S$334, S$333, and S$333 for the 1st, 2nd, and 3rd instalments respectively. The processing fee of S$20 (S$1000x2%) will be added to the first instalment of S$334, making your total first instalment S$354.

Other Important Points Regarding IPP

  • For every monthly instalment paid, the bank releases your credit limit by that amount.
  • If the first instalment is not paid in time, the late payment fee and corresponding interest are treated as normal outstanding dues.
  • Defaulting on the second instalment leads to termination of the IPP.
  • On termination, the entire IPP amount will be transferred to your normal credit card outstanding amount and will be payable immediately. Interest and late payment fee are applicable.
  • There is no termination fee for early repayment.

Interest Rates

The interest for the 0% Purchase IPP are as follows:

Repayment Period Processing Fee Effective Interest Rate (p.a.)
3 months 2.00% 12.86%
6 months 2.50% 8.70%
12 months 4.50% 8.55%
24 months 5.50% 5.55%

Currently, applications made through internet/mobile banking are eligible for 0% processing fee for the 3-month repayment period.

How to Apply

  • Download the application and complete it.
  • If you don’t have mobile/internet banking, you can apply at any of the ICBC branches using your employment pass or NRIC, and passport.
  • The application must be submitted to the bank 7 days before the due date of the relevant statement payment.
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