Borrow Up to 10 Times Your Monthly Income
Want to enjoy the convenience of structured monthly payments on your loan? Or do you fancy a credit line because it offers you instant cash for your emergency needs? You may want to consider loans from Bank of China (BOC) to enjoy such benefits and more. With applied interest rates as low as 0% p.a., you can save significantly if you choose the right BOC loan. Read on to know about your loan options.
The table below shows the different personal loans offered by BOC and some other relevant features associated with each:
|Loan type||Loan amount||Tenure||Processing fee|
|BOC $martLoan||Up to S$10,000||1 to 7 years||3%|
|MoneyPlus Funds Transfer||A minimum of S$1,000||3 to 12 months||Up to 5%|
|MoneyPlus Term Loan||-||Up to 36 months||up to 5% or S$75, whichever is greater|
|MoneyPlus Line of Credit||Up to four times your monthly income||-||up to 5% or S$75, whichever is greater|
|BOC Debt Consolidation Plan||Equal to outstanding balance on your existing credit||As stated in the approval letter||As stated in the approval letter|
In order to be eligible, you have to satisfy the following conditions:
There could be additional prerequisites for specific BOC loans. Turn to the specific product pages for more information.
Thanks to competitive interest rates on BOC loans, you can make significant savings.
Here are the list of BOC loans with interest rates:
|Name of the Loan||Flat Interest Rate||Effective Interest Rate|
|BOC Debt Consolidation Plan||Starts from 7.8% p.a.||Starts from 8.63% p.a.|
|Singapore Dollar Overdraft Facility||
|US Dollar Overdraft Facility||
|MoneyPlus Fund Transfer||0%||From 5.6% p.a. to 7.49% p.a.|
|MoneyPlus Line of Credit||From 1.9% per month to 2.38% per month||From 22.8% p.a. to 28.55% p.a.|
|MoneyPlus Term Loan||From 6.38% p.a. to 8.68% p.a.||From 14.58% p.a. to 19.46% p.a.|
|BOC $martLoan||From 6.48% p.a. to 8.86% p.a.||From 13.86% p.a. to 18.72% p.a.|
Are you worried that you may have to pay too many fees and charges on loans from BOC? Before you draw a conclusion, get an idea on the type of charges applicable and the fee rates here:
[Disclaimer: Not all the charges mentioned above may apply to a particular loan. We have simply tried to compile all the charges that apply to various BOC loans.]
Here are the list of bank of china personal loan requirements
|For salaried employee||For self-employed, a variable earner, or a commissioned employee||For foreigners|
|A copy of your NRIC
latest payslip and your latest Income Tax (NOA)
Evidence of CPF contributions made by you over the last 6 months & latest NOA
|A copy of your NRIC
NOA evidencing your tax contributions for the last 2 years.
Proof of contributions made by you to your CPF Account over the last 1 year.
|A copy of your employment pass and passport|
Let us assume a loan amount of 90% of the credit limit which is S$10,000. The table below shows the monthly instalment amount and the effective interest rate applied:
|Tenure (years)||Applied interest rate (% p.a.)||Equivalent flat interest rates(% p.a.)||Monthly instalment amount||Effective interest rate (% p.a.)|
Subject to restrictions imposed by the bank and the loan product that you have chosen, you may be able to make payments via internet banking, mobile banking, AXS, crossed cheques, online bill payment facilities offered by other banks, iNETS, FAST payment facility, ATMs, and BOC branches.
If you have any queries in relation to BOC personal loans, you can call the 24/7 customer service hotline number at 1800 338 5335.
Depending on the loan of your choice, you may be able to employ any of the following channels to submit your application:
[Disclaimer: You may not enjoy all the options stated above for all BOC loans. Check with the bank for more information.]
Q. Is there any cash advance fee associated with the MoneyPlus Line of Credit?
A. Yes. You will have to pay 6% of sum taken out or S$20, whichever is more, will be valid on every withdrawal.
Q. After the expiry of the loan tenure, how will the unsettled balances be charged?
A. Any remaining unsettled amount will be charged at the current MoneyPlus Line of Credit rate.
Q. Which loan product is given the highest priority for settlement?
A. MoneyPlus Term Loan is given the highest priority among all other personal loan products.
Q. What is the applied interest rate with a loan tenure of seven years?
A. With a loan tenure of seven years, the applied interest rate is 15%.