Bank of China offers various loans to its customers such as personal loans, housing loans, and corporate loans. With these loans, you can enjoy preferential interest rates, flexible repayment options, and high loan quantum. The personal loans offer low interest rates and high tenures of up to 7 years, while the interest rates of home loans are pegged to the Singapore Interbank Offered Rate (SIBOR).
Looking for a Loan That Suits Your Needs? Find One Here
The bank provides numerous personal loans with low interest rates and flexibility to choose from 1 to 7 years tenure. You can save substantially if you carefully select the right loan. Let’s check out the options here:
- BOC $martLoan:If you need cash not exceeding S$10,000, BOC $martLoan could be an option for you. The daily payments start from S$6, which make it easy for you to manage the loan. The loan tenures available are between 1 year and 7 years with an interest rate from 6.48% p.a.
- Overdraft Facility (OD): OD offered by BOC is a revolving secured loan, which lets you withdraw cash from your current account up to a pre-set limit. The interest rates are also set on a mutual agreement. With this secured overdraft, you can pay any amount and at any time you want. Based on the asset pledged, you are allowed to withdraw 70%-100% of the total limit of the account. Both individuals and companies are eligible to apply.
- MoneyPlus Fund Transfer: Do you have a credit line or credit card debt? Do you want to place funds in your savings or current account? With MoneyPlus Fund Transfer, you can transfer cash or pay off debts at 0% interest to the accounts associated with different banks. A processing fee of up to 5% will be applicable depending on the tenure chosen.
- MoneyPlus Line of Credit:This credit line is a great option if you have frequent cash needs. You can borrow up to 4 times your monthly salary at a low interest rate, starting from 1.9% per month, based on your annual income. You can also request for a cash transfer to your chosen bank account.
- MoneyPlus Term Loan: If you are looking to make structured repayments on a loan, this is an option to consider. The repayment amount to be paid every month is fixed, with interest rates starting from 6.38% p.a. Choose from flexible repayment tenures between 1 and 3 years and a competitive one-time processing fee of 2%.
- BOC Debt Consolidation Plan (DCP): BOC DCP will help you consolidate all your credit cards and unsecured loans’ outstanding balances. You can reduce your repayment burden with a low interest rate and a high repayment tenure. You will even get a complimentary BOC Family Card when you apply for this DCP.
BOC’s Mortgage Loans can be used for all private landed/non-landed private residential properties. The Mortgage Loans consist of 2 loans - Housing Loan and Term Loan. You can apply for the Housing Loan if you want to buy/invest in a new or resale property or refinance your current Housing Loan. The Term Loan is purely for buying/investing purposes.
The interest rates of the Mortgage Loans are fixed for the first few years. Subsequent years will have competitive variable interest rates pegged to SIBOR. To apply for either of the loans, you must have an annual income of S$24,000.
Not only does BOC lend money to individuals, but also to businesses in Singapore. Through corporate loans, the bank provides a range of financing options for your company. Have a look at the loans here:
- Syndicated Loans: A syndicated loan is a very efficient financial tool for a company as it allows you to use the excessive funds from various local or international financial markets to fund the needs of your business. This kind of loan is provided by an association of at least 2 or more financial organisations. BOC Singapore has the necessary resources to provide such a loan to you. You can use this loan for requirements such as investments, working capital, acquisitions, project planning, and treasury and corporate funding.
- BOC Overdraft: BOC Overdraft is a secured or unsecured credit facility provided to you for your daily business requirements. To get a secured overdraft, you must pledge an asset such as a fixed deposit as collateral. The amount you want to borrow will depend on the security you pledge. The features of an overdraft include paying interest only on the amount withdrawn and no fixed term for repayment. The facility operates on a revolving basis.
- Asset Financing: Asset Financing is a secured term loan, where you must provide a security or a collateral while applying for this loan. In case you want to buy a private business premise such as an industrial warehouse or a shop unit or house, fixed assets such as ships, or refinance your existing loan, you could consider Asset Financing as an option. You can choose from a short-term, medium-term, or a long-term tenor and enjoy a high loan amount.
- Revolving Credit Facility (RCF): Revolving Credit Facility is a term loan provided to a corporation. This loan can be secured or unsecured in nature. With RCF, you can drawdown the amount in various tranches. RCF will help you pay your daily business expenses and meet your working capital requirements. You will be able to enjoy flexible interest periods wherein the interest payable on this loan will be at the end of every interest period.
Before you hit that ‘Apply’ button on your preferred loan webpage, make sure you read the terms and conditions thoroughly to know about the interest rates and fees and charges applicable to you. To know more about the loans mentioned above, visit the individual pages and check out their benefits.