Cash woes? A personal loan to the rescue!

    BOC MoneyPlus Term Loan Review: Enjoy High Interest Savings and Low Processing Fees

    Sometimes, all you need to put your finances in order is the right loan. The BOC MoneyPlus Term Loan could be an option for you if you need liquidity at a short notice. You’ll enjoy flat interest rates as low as 6.38% p.a. with this loan. You can also stretch your loan payment up to 36 months. Before anything else, let’s walk you through the most important features of this loan in the following section.

    Low Processing Fee, Structured Repayment Plan: Should You Shortlist This Term Loan?

    Here’s what you need to consider about this term loan to make an informed decision regarding whether it will address your needs at hand:

    Save More on Interest Payments With This Loan: With this loan, you’ll enjoy a flat interest rate of 6.38% p.a. and an effective interest rate of 14.58% p.a. You could be paying as little as S$12 per day on a borrowing of S$10,000.

    Flexible Tenures: The bank offers 3 tenure options with this product. You could repay the loan over 1 year, 2 years, or 3 years, as per your convenience.

    Don’t Disregard the One-Time Processing Fee: This loan charges a one-time processing fee of 2% or 5% depending on your annual income. If your annual income is S$30,000 and above, you will be charged 2% and if your annual income is between S$20,000 and S$29,999, you will be charged 5%.

    Option to Transfer Money to Current or Savings Account of Any Bank: Once your loan application is accepted, you may request transfer of loan funds to any current or savings account. This includes accounts held with other banks also.

    Structured Monthly Repayment Plan: Enjoy the convenience of knowing beforehand how much you have to pay every month for the entire tenure of the loan. If you continue to service your loan account on time, the monthly instalments will remain fixed and predictable. However, additional interest rates and charges could come into effect, if you fail to make regular and timely payments.

    Keep Track of Your Payments With the Help of Monthly Statements: The bank will send you a statement of account at the end of each month, until the end of loan tenure. You could use this statement to keep track of the loan payments and balances. If for some reason, your loan account becomes inactive for a period, the bank won’t be obliged to send you statements during that period.

    Keep an Eye Out for Attractive Promotions: The bank may offer special deals on the product from time to time. Keep an eye out for such offers to enjoy more value.

    Want to Know About Your Interest Savings? Check Out the Rates and Related Details Here

    Depending on your annual income and choice of tenure, you could be enjoying the following applied and effective interest rates on your borrowing:

    If Your Annual Income is At Least S$30,000

    Tenure Applied Interest Rate Processing Fee Effective Interest Rate
    1 year 6.38% p.a. 2% 14.58% p.a.
    2 years 7.38% p.a. 2% 15.40% p.a.
    3 years 8.68% p.a. 2% 17.07% p.a.

    If Your Annual Income is Between S$20,000 and S$29,999

    Tenure Applied Interest Rate Processing Fee Effective Interest Rate
    1 year 6.38% p.a. 5% 19.46% p.a.
    2 years 7.38% p.a. 5% 17.89% p.a.
    3 years 8.68% p.a. 5% 18.77% p.a.

    Want to Know the Fees and Charges? Here Are Some of the Most Important Ones

    If your loan application is approved, you may have to pay the following fees/charges on your borrowing:

    • A processing fee of 2% or 5% depending on whether your annual income exceeds S$30,000 or is between S$20,000 and S$30,000. The minimum processing fee amount can’t be less than S$75.
    • The minimum monthly payment amount will be 3% of the outstanding balances, subject to a minimum of S$50.
    • A late payment fee of 2% of the outstanding dues may apply, subject to a minimum of S$100.
    • An annual membership fee of S$100. The prevailing GST rate will apply.
    • For every instance of returned cheques or failed GIRO payments, you’ll be charged S$40.
    • If at any time, the dues exceed your approved credit limit, an overlimit fee of S$40 may apply.
    • In addition, there could be other legal charges, service charges, debt collection charges, and charges for all other out-of-pocket expenses made by the bank.

    Consider the Following Carefully: Loan Can’t be Used for Payment of Dues on Other Loans

    Before you send the bank your completed application form for approval, give some thought to the following points:

    • This facility can’t be used to pay the daily interest charges or other fees applicable on any other credit facility, loan, cash advance, credit card, or banking facility offered by BOC.
    • You won’t receive a statement of account during the period for which your loan account was inactive, if applicable.
    • You must notify the bank of any inaccuracy, omission, or irregularity that you may have observed in a particular month’s statement within 10 business days. Otherwise, the statement shall be considered to be conclusive and binding on you.
    • Subject to a minimum charge, interest, in general, will be calculated on a daily basis. However, if you fail to settle the dues by the due date, the bank may impose prescribed interest rates or the current effective interest rate.
    • Tenures longer than 3 years are not available as options with this loan.

    Wish to Know if You Are Eligible? Here Are the Criteria for Eligibility

    Don’t know if you’re eligible? Click here to learn about the general eligibility criteria for personal loans offered by BOC. You may also check details about the supporting documents on that page.

    Want to Apply? Use the Following Channels

    Depending on whether you’re a new customer or an existing customer, you’ll have to download a form that’s relevant to you, complete it, and return it to the bank for further processing. The forms can be downloaded from the bank’s website. You may also contact the customer service executives of the bank for more details.

    A loan can be no less than a lifeline at times of financial emergency. Choosing the right loan, however, goes a long way in ensuring that the current crisis gets dealt with in the right manner and doesn’t turn into another debt burden. The MoneyPlus Term Loan, as discussed, has a solution to offer for financial requirements. However, you’ll have to analyse its facets properly to decide if this is the right loan for you.

    BOC MoneyPlus Term Loan
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