• OCBC Bank Car Loan

    Car Loan BYTES FROM OUR KITCHEN

    OCBC Car Loan Singapore

    OCBC offers seamless auto financing for its car loan products. You can apply for a new car loan, used car loan or car loan refinancing from the bank. Also, if you are unsure of what your monthly payments will be on your car loan with OCBC, you can use their online car loan calculator to get a better idea of how much it will cost you.

    Upon deciding which dealer you want to buy your car from, you can apply for an OCBC Car Loan either through your car dealer or through OCBC directly by providing an initial deposit.


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

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    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

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    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

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    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 28 Jul 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

    Types of OCBC Car Loans in Singapore

    OCBC offers its customers the following types of car loans:

    • New car financing.
    • Used car financing.
    • Car Refinancing.

    OCBC Car Loan Features and Benefits

    OCBC New Car Financing:

    • Enjoy a maximum financing of 70% of your car’s total price.
    • You can choose a maximum repayment period of 7 years.
    • Enjoy a fixed rate of interest on your car loan at 2.78% p.a. Your Effective Interest Rate or EIR will differ depending on the repayment tenure you choose.

    OCBC Used Car Financing:

    • Enjoy a maximum financing of 70% of your car’s total price.
    • You can choose a maximum repayment period of 7 years.
    • Enjoy a fixed rate of interest on your car loan at 2.98% p.a. Your Effective Interest Rate or EIR will differ depending on the repayment tenure you choose.

    OCBC Car Refinancing:

    • Enjoy refinancing up to 100% of your outstanding balance.
    • You can choose a maximum repayment period of 7 years.
    • Enjoy a fixed rate of interest on your car loan at 2.08% p.a. Your Effective Interest Rate or EIR will differ depending on the repayment tenure you choose.

    OCBC Car Loan Interest Rates

    OCBC Interest Rates on New Car Financing:

    Repayment Tenure Applied Interest Rate (AIR) Effective interest rate (EIR)
    1 year 2.78% p.a. 5.09% p.a.
    2 years 2.78% p.a. 5.25% p.a.
    3 years 2.78% p.a. 5.27% p.a.
    4 years 2.78% p.a. 5.27% p.a.
    5 years 2.78% p.a. 5.24% p.a.
    6 years 2.78% p.a. 5.22% p.a.
    7 years 2.78% p.a. 5.19% p.a.

    OCBC Interest Rates on Used Car Financing:

    Repayment Tenure Applied Interest Rate (AIR) Effective interest rate (EIR)
    1 year 2.98% p.a. 5.46% p.a.
    2 years 2.98% p.a. 5.62% p.a.
    3 years 2.98% p.a. 5.64% p.a.
    4 years 2.98% p.a. 5.63% p.a.
    5 years 2.98% p.a. 5.61% p.a.
    6 years 2.98% p.a. 5.57% p.a.
    7 years 2.98% p.a. 5.54% p.a.

    OCBC Interest Rates on Car Refinancing:

    Repayment Tenure Applied Interest Rate (AIR) Effective interest rate (EIR)
    1 year 2.08% p.a. 4.52% p.a.
    2 years 2.08% p.a. 4.29% p.a.
    3 years 2.08% p.a. 4.20% p.a.
    4 years 2.08% p.a. 4.15% p.a.
    5 years 2.08% p.a. 4.10% p.a.
    6 years 2.08% p.a. 4.07% p.a.
    7 years 2.08% p.a. 4.03% p.a.

    Important Notes:

    • The Effective Interest Rate or EIR is inclusive of the Applied Interest Rate (AIR) and all processing/administrative charges.
    • Interest rates may change at any point in time as per the discretion of the bank.

    OCBC Car Loan Eligibility Criteria

    General eligibility criteria for ALL OCBC Car Loans are as follows:

    • Minimum age – 21 years old.
    • Singaporean citizens, Singapore Permanent Residents and Foreigners are eligible to apply.

    Eligibility criteria for different types of OCBC Car Loans are as follows:

    • New car financing – New cars can be purchased from car distributors or parallel importers.
    • Used car financing – Used cars can be purchased from car dealers or directly from car owners.
    • Car Refinancing – Customers applying for car loan refinancing must have an existing car loan/auto loan from another financier for a minimum of 6 months with an interest rate of at least 2.40% p.a. or above.

    OCBC Car Loan for Foreigners

    Foreigners who meet the eligibility criteria can apply for all car loans offered by OCBC. However, additional documents may be required to process applications for foreigners applying for OCBC Car Loans. Additional documents required for foreigners can be found in the next section.

    Documents Required to Apply for an OCBC Car Loan

    Documents to be submitted by new and used car loan applicants include:

    • Your application form fully completed.
    • Your ID Card copy such as your NRIC.
    • Income documents include the following:
      • Computerized payslips.
      • CPF statements for the last 6 months OR
      • Income Tax NOA (Notice of Assessment).
    • Foreigners must additionally submit their Work Permit.
    • Applicants purchasing a used car must submit their seller’s plate number and IC or their vehicle electronic log card.

    Documents to be submitted by car loan refinancing applicants include:

    • Current Hire Purchase Agreement and
    • A complete settlement figure provided for their existing car loan/auto loan.

    Application Process for OCBC Car Loan

    Application Process for New Car Financing:

    • Speak with your car dealer and apply for New Car Refinancing.
    • You will have to submit all the necessary documents and pay the initial deposit amount.
    • You will receive your approval within 24 hours from your dealer.
    • Your dealer will set a meeting where you will be required to sign all the required documents including the Hire Purchase Agreement. Please bring your ID Card for this meeting.
    • If there is a difference between your approved loan amount and purchase price, you will have to pay the remainder as your down payment. You will also be required to make your first instalment payment.
    • Your dealer will take care of the following:
      • If the car you want is not currently in stock, your dealer will place the order.
      • Your dealer will bid for your new car’s COE.
      • Your dealer will register your car.
    • When your car has arrived, your dealer will arrange for a meeting for you to collect it.
    • OCBC will then mail you your Hire Purchase Agreement along with your instalment plan and payment due date for your monthly instalments.

    Application Process for Used Car Financing:

    • If financing through your car dealer - the application process remains the same as above except here OCBC will mail you a New Hire Purchase Agreement which will contain your monthly instalment amounts as well as your payment due date.
    • If financing directly through OCBC:
      • Contact OCBC to discuss your interest rate, repayment tenure and amount.
      • Provide all necessary documents.
      • OCBC will respond with your approval within 24 hours and a credit agent will be appointed to assist you.
      • Your credit agent will set a meeting where you will be required to sign all the required documents including the Hire Purchase Agreement. Please bring your ID Card for this meeting.
      • You will have to make your first instalment payment and pay a processing/administrative fee involved.
      • You will have to provide your car’s insurance cover copy.
      • Your credit agent will then contact your seller and sign the Sales & Purchase Agreement after which your car will be transferred to you in the following 3 days.
      • You will get the keys to your car either from your credit agent or directly from your seller.
      • OCBC will then mail you your Hire Purchase Agreement along with your instalment plan and payment due date for your monthly instalments.

    Application Process for Used Car Refinancing:

    The process remains the same as used car financing through OCBC except you will have to sign an additional document – Customer Assignment to transfer your current Hire Purchase Agreement. OCBC will then settle your existing car loan within 3 days and your credit agent will update you on the details. OCBC will then mail you your new Hire Purchase Agreement along with your instalment plan and payment due date for your monthly instalments.

    You can make repayments on your car loan through the following channels:

    • GIRO payments.
    • By cheque at any of the bank’s cheque deposit boxes.
    • Pay cash at your nearest OCBC Bank Branch.

    How to apply for OCBC Car Loan

    You can apply for an OCBC Car Loan through the following channels:

    • You can complete the online enquiry form after which the bank will get back to you via phone.
    • If you are looking to refinance your existing car loan – download the application form along with a copy of your NRIC and Vehicle Sales Agreement that contains yours as well as your seller’s signatures via email. The bank will follow-up with you.

    OCBC Car Loan Calculator

    OCBC offers online calculators for car loans.

    To get an estimate of your monthly instalments on a new car loan, you will have to provide the following information:

    • Your financing amount.
    • Your financing tenure.
    • Interest rate.

    To get an idea of your settlement amount for an existing car/auto loan, you will have to provide the following information:

    • Your original financed amount.
    • Your original financed tenure.
    • Interest rate.
    • Payment type (Advance or Arrears).

    OCBC Car Loan Hotline

    You can contact with OCBC Hotline Number available on 6363 3333. This hotline number is available between Mondays and Fridays from 9 AM to 5 PM.

    OCBC Car Loan Frequently Asked Questions

    1. What is the maximum financing I can get on an OCBC New Car Financing loan?
    2. If the open market value of your car is below S$20,000, you will receive maximum financing of 60% of your car’s valuation or purchase price, depending on whichever of the two is lower.

      If the open market value of your car is S$20,000 or above, you will receive maximum financing of 70% of your car’s valuation or purchase price, depending on whichever of the two is lower.

    3. What is the difference between Arrears and Advance payment types?
    4. If you paid your first monthly instalment after you collected your car, then your payment type will be Arrears.

      If you paid your first monthly instalment before you collected your car, then your payment type will be Advance.

    5. What is the difference between Applied Interest Rate (AIR) and Effective Interest Rate (EIR)?
    6. Effective Interest Rate (EIR) is the actual rate at which you will be making payments on your car loan. EIR includes any additional fees and charges such as processing/administrative fees charged on your car loan. Applied Interest Rate (AIR) does not include any other fees or charges.

    7. If I refinance my car loan with OCBC, will my car loan tenure be computed up to 7 years again?
    8. No. In case of car refinancing, OCBC will subtract the repayment tenure from your existing car loan tenure for which you have made payments from the tenure of 7 years. The remainder will be your new financing period.

    9. How accurate is the OCBC Car Loan Calculator?
    10. The OCBC Car Loan Calculator is a convenient online tool that will provide you with an estimate. You may rely on the results of the calculations at your own risk.

    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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