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    Bank Of China MoneyPlus Term Loan

    The MoneyPlus Term Loan is a personal loan offered by the Bank of China to customers in Singapore. You can borrow money at a lower rate of interest which can then be repaid in fixed monthly instalments. The personal loan can be used for any personal financial need such as a wedding or travel expenditure. You can use the borrowed funds to pay off your credit card debt or renovate your house.

    Features of BOC MoneyPlus Term Loan

    With a BOC MoneyPlus Term Loan, you can get competitive interest rates as low as 6.38 % p.a. The other features of a BOC MoneyPlus Term Loan include:

    • Flexible loan tenure: You can repay your loan in a repayment period of 36 months.
    • Fixed EMIs: Your BOC personal loan has to be repaid in fixed monthly instalments which can help you manage your finances more efficiently.
    • Low processing fees: Bank of China charges a low processing fee of 2-5% of the loan amount or S$75, whichever is higher for your MoneyPlus Term Loan.

    Benefits of BOC MoneyPlus Term Loan

    Listed below are some of the benefits of taking a BOC MoneyPlus Term Loan:

    • Make your dreams come true with a personal loan from the Bank of China.
    • Manage your finances effectively with a fixed instalment plan each month.
    • Enjoy interest savings with competitive interest rates and low processing fees for your BOC personal loan.
    • The money from your approved BOC MoneyPlus Term Loan can be transferred to any bank savings or current account of your choice.

    BOC MoneyPlus Term Loan Interest rates

    Listed below are the interest rates for customers with an annual income between S$20,000 and S$29,999:

    Tenure

    12 months

    24 months

    36 months

    Annual Interest Rate (AIR)

    6.38% p.a.

    7.38% p.a.

    8.68% p.a.

    Effective Interest Rate (EIR)

    19.46% p.a.

    17.89% p.a.

    18.77% p.a.

    Processing fees

    5% of the loan amount or S$75, whichever is higher.

    5% of the loan amount or S$75, whichever is higher.

    5% of the loan amount or S$75, whichever is higher.

    Listed below are the interest rates for customers with an annual income of S$30,000 and above:

    Tenure

    12 months

    24 months

    36 months

    Annual Interest Rate (AIR)

    6.38% p.a.

    7.38% p.a.

    8.68% p.a.

    Effective Interest Rate (EIR)

    14.58% p.a.

    15.40% p.a.

    17.07% p.a.

    Processing fees

    2% of the loan amount or S$75, whichever is higher.

    2% of the loan amount or S$75, whichever is higher.

    2% of the loan amount or S$75, whichever is higher.

    How to apply for a Bank of China MoneyPlus Term Loan?

    If you already have a Bank of China MoneyPlus account, then go to the Bank of China website and download the application form for MoneyPlus Term Loan, fill it up, and submit it at one of the BOC branches in Singapore. If you don’t have a MoneyPlus account, you will have to open one for the loan transfer and repayment purposes.

    Eligibility criteria

    For a Bank of China MoneyPlus Term Loan, you must open a Bank of China MoneyPlus account. Applicants should meet certain eligibility criteria to qualify for a BOC MoneyPlus account such as:

    • Nationality: You must be a Singapore citizen or a permanent resident.
    • Age:21 years old or above.
    • Income: You must have a minimum annual income of S$20,000.

    Documents required

    When applying for a BOC MoneyPlus account, you have to fill up the application form and submit few necessary documents along with it as your identity, address, and income proofs. Here is a list of documents required for self-employed, commission-based and salaried persons:

    • Salaried employees:
      • A copy of your NRIC (both sides).
      • The last 12 months’ CPF statements.
      • The latest income tax documents or previous months’ salary slips.
    • Self-employed persons:
      • A copy of your NRIC (both sides).
      • The last 2 years’ income tax documents.
    • Commission-based employees:
      • A copy of your NRIC (both sides).
      • The last 12 months’ CPF statements or the last 2 years’ income tax documents.

    FAQs

    Following are the frequently asked questions about Bank of China MoneyPlus Term Loan:

    1. What is the maximum repayment period for a Bank of China MoneyPlus Term Loan?
    2. The maximum repayment period is 36 months.

    3. What is the AIR for 1 year?
    4. The Annual Interest Rate for a period of 12 months is 6.38% p.a.

    5. What is the EIR for 1 year?
    6. The Effective Interest Rate for a period of 12 months is 19.46% p.a. for a borrower with an annual income below S$30,000 and 14.58% p.a. for a borrower with an annual income above S$30,000.

    7. What happens to my MoneyPlus account upon completion of my MoneyPlus Term Loan tenure?
    8. Usage of the available credit limit in your MoneyPlus account will be charged at the prevailing interest rate of a MoneyPlus account.

    9. What is the procedure for early loan repayment?
    10. For early repayment of your MoneyPlus Term Loan before the expiry date of the loan tenure, you must inform the Bank of China officials of your intent in writing. Or else, the fixed monthly instalments will continue to be applicable. An early repayment fee of 1% of the outstanding loan amount or S$100, whichever is higher will be charged for early termination of your MoneyPlus Term Loan.

    11. What is the processing fee for a MoneyPlus Term Loan?
    12. The processing fee for a Bank of China MoneyPlus Term Loan is 2-5% of the loan amount or S$75, whichever is higher.

    13. Can foreigners apply for a BOC MoneyPlus Term Loan?
    14. For foreigners, the eligibility criteria for a BOC personal loan is a minimum annual income of S$60,000. They have to submit a copy of their employment pass (valid for a minimum of 9 months), their passport, and their recent payslip or Income Tax documents that were issued within the last 3 months.

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