• OCBC Bank Car Loan

    Car Loan BYTES FROM OUR KITCHEN

    OCBC Bank Car Loan

    In a bustling and vibrant country like Singapore, owning a car adds as an incentive in unlocking full potential of a world city. Owning a car translates into peace of commutation. Whether it’s driving to workplace, family dinner or weekend getaways, an automobile revs up lifestyle.

    When we think about buying a car, an impending question that strikes our mind is the funding aspect. We may not be able to fully pool the costs involved in procuring one or even if savings can be mobilised, we earnestly believe in saving it for the rainy day. In such situations, an instant saviour that comes to our rescue is a car loan.


    You’re probably eligible for an OCBC Bank Car Loan if you are

    01
    02
    03
    04
    OCBC Bank Car Loan Minimum Age

    Atleast 21 years old

    OCBC Bank Car Loan Maximum Age

    Above 21 years

    OCBC Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    OCBC Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your OCBC Bank Car Loan amount eligibility is based on these factors

    01
    02
    03
    OCBC Bank Car Loan Minimum Salary

    No Info

    OCBC Bank Car Loan Maximum Loan to Value

    Maximum Loan up to 70%

    OCBC Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible OCBC Bank Car Loan amount by these steps

    01
    02
    OCBC Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    OCBC Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an OCBC Bank Car Loan

    • 1.A copy of your ID card
    • 2.Income tax notice of assessment
    • 3.Latest 6 months CPF contribution
    • 4. Completed application form
    • 5.Work permit (for foreigners only)

    OCBC Bank Car Loan DetailsUpdated on 24 Apr 2017

    OCBC Bank Car Loan Details
    Interest Rate 2.78%
    Margin of Finance 70% of the outstanding balance
    Loan Tenure 1 year to 7 years
    Guarantor Requirement No Info

    About OCBC Bank

    Oversea-Chinese Banking Corporation Limited (OCBC) is a banking and financial services institution founded in 1932. This Singapore headquartered bank is one of the largest banking organisations in the country. Listed on major bourses in Singapore, OCBC manages assets worth over 224 billion SGD.

    OCBC offers a wide range of banking and ancillary services in retail banking, corporate banking, investment banking, Wealth & Asset management and insurance products. It is one of the top three banking institutions in the consumer banking sector. In its retail lending portfolio for Singapore, the bank provides personal loans, car loans & home loans. Car loans can be broadly categorized into new car loans, used car loans & car refinancing.

    About OCBC Bank Car Loan Singapore

    Let us tell you more about new car loan product from OCBC. At the end of this article, we will also provide you exclusive snippets on the other products. OCBC funds up to 70% of the car value towards purchase of new cars. With low interest rates and ample repayment period, your dream of owning a car is steps away with this bank. In just under 4 simple steps, an aspirant can easily get a car loan from this bank.

    Why choose OCBC Car Loan?

    The bank provides car finance options for both new and used cars. In addition, you can also switch existing car loan liability from other banks to OCBC. With an interest rate of 2.78% pa, you stand to save a lot of money with car loan offers with this bank.

    Features and Benefits of OCBC Bank Car Loan

    Get up to 60% of the total car price if the open market value of the car is S$20,000 and above and up to 50% funding if the value is less than the upper limit. This type of arrangement minimises your share, translating into less financial burden.

    One of the most prudent thought that strikes the mind when we think about car loans is the repayment capability. OCBC provides a vast repayment tenure of up to 5 years so that other financial priorities in life are well balanced. Go for a tenor that helps you balance monthly budget.

    At 2.68% per annum, car loan interest rates from OCBC are very low and affordable. Even with all the fees and charges taken into consideration, the Effective Interest Rates (EIR) hovers around 5% which still remains modest.

    Post loan disbursal, its very important to monitor the loan account to ensure hassle free management. With OCBC, use online resources and mobile apps to manage your car loan account.

    Set up auto debits via Giro for seamless EMI payments. You can also drop cheques in dedicated drop boxes and make cash payments at counters across a wide network of branches.

    As a value add to its car loan portfolio, OCBC also extends finance for used car at a fixed interest rate of 2.55% pa. Also switch over from other bank car loans by means of refinancing at an interest rate of 1.60% pa. Both these schemes come with a repayment period of up to 5 years.

    The current rate of interest (base) is 2.78% per annum with an effective rate of interest (EIR) as low as 5.09% for a 1 year loan tenor. The EIR takes into consideration the base interest rate plus all fees involved in the loan, such as the processing fee.

    Loan Tenure

    Interest Rate

    Effective Interest Rate (EIR)

    1 year

    2.78% per annum

    5.09%

    2 years

    2.78% per annum

    5.25%

    3 years

    2.78% per annum

    5.27%

    4 years

    2.78% per annum

    5.27%

    5 years

    2.78% per annum

    5.24%

    Rates are subject to change. Please contact the bank for the latest rates.

    You’re likely to qualify for a car loan if

    • A Singaporean, Singapore PR or Foreigner
    • Aged 21 years and above

    The bank offers an array of savings to investment solutions for customers. Some of them are

    • Accounts: OCBC OCBC Fixed Deposit, children's account and foreign currency accounts.
    • Retail Loans: OCBC Home loan, Renovation loan, Car financing, Study loan, overseas property and Construction loan.
    • OCBC Credit Cards and Debit Cards
    • Retirement Planning
    • Insurance & Investment products

    OCBC Car Loan – Frequently Asked Questions

    For cars priced less than S$20,000, the customer can avail a loan of up to 70% of the value and up to 60% for greater than this limit.

    You can apply for a loan through your car dealer. They will collect the documents and seek an approval from OCBC for the loan. The status on approval will be communicated within 24 hours.
    Yes. OCBC Bank also finances imported cars. You need to apply through the dealer.
    You can contact the customer service on 6363 3333 for further instructions in this regard.

    News About OCBC Car Loan

    • Hyundai’s Elantra and Tucson win the prestigious iF design awards for 2016!

      The new Hyundai Elantra and Tucson have been awarded the iF design awards 2016 in the ‘product’ discipline category under ‘Automobiles/Bikes/Vehicles’ category. The awards was organised by iF International Forum Design GmbH and recognises and rewards outstanding and innovative designs across various categories.The highly coveted award was given to Hyundai after a rigorous judging process, involving almost 5,000 entries from 53 countries. Hyundai has always strived for excellence and quality design in its products and this award is just proof of that.

      22nd August 2016

       
    • OCBC to Offer Banking Data in Open Format

      OCBC becomes the first bank in Singapore to offer banking data in open format to aid the development of mobile apps. Data such as foreign exchange rates and ATM locations will be available in an open format for encouraging 3rd party app developers in creating the ultimate app for the financial sector. It is the first time that a bank in the Lion City has released application programming interfaces (APIs) for its banking data. These APIs are needed in building consumer-friendly apps such as Grab and Uber. APIs for OCBC’s data will be available on Connect2OCBC, a developer portal that was recently launched by the bank.

      17th May 2016

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