Cash woes? A personal loan to the rescue!

    BOC MoneyPlus Fund Transfer Review: One of the Fastest Ways to Fresh Funds

    Need funds to pay utility bills or card bills? Or do you need funds to pay your child’s school fees? BOC MoneyPlus Fund Transfer could be an excellent choice if you need quick funds. You can choose from multiple loan maturity options (the maximum being 1 year). In addition, you’ll enjoy an interest rate of 0% if you sign up today. The most convenient part is that you can transfer funds directly to any savings or loan account of your choice. The following section will take you through some of the most special features and benefits of this product.

    Low Interest Charges, Flexible Disbursal: What Makes This BOC Loan an Excellent Choice?

    Here are some of the features of this product that you may really appreciate:

    Low Minimum Borrowing Amount: You can get as little as S$1,000 through this loan. BOC, however, reserves the right to determine the loan amount at its own discretion.

    Save More on Interest Payments: Personal loans usually charge higher interest when compared to other lines of credit because they’re unsecured. With this product though, you can enjoy interest-free borrowing. The effective interest rate could be as low as 5.6% p.a.

    Multiple Tenure Options: You can choose to repay the loan over 3 months, 6 months, or 1 year. You have the liberty to choose a tenure that suits you perfectly.

    Transfer Funds to Any Account: Once your MoneyPlus account has been set up with BOC, you can transfer funds to any other account, be it a line of credit, a savings account, a current account, or even a credit card.

    Exclusive Promotions: Keep an eye out for promotions that the bank may offer with this loan from time to time.

    24-Hour Support: For any query, you can contact the bank’s 24-hour customer service hotline anytime you want.

    How Much Can You Really Save on Interest Payments?

    Worried about high interest charges? You could put them aside when you apply for this loan. The following table outlines the interest rates that would apply, depending on the tenure of your loan:

    Tenures Available Flat Rate of Interest Processing Fee Effective Rate of Interest
    3 months 0% p.a. 1.8% 7.49% p.a.
    6 months 0% p.a. 3% 6.38% p.a.
    1 year 0% p.a. 5% 5.60% p.a.

    The following example will help you understand how much more you can save vis-à-vis a credit card.

    What Are the Fees and Charges That You Should Be Concerned About?

    The following fees and charges may apply to your loan:

    • A one-time, non-refundable processing fee on the transfer amount.
    • Legal fees and charges arising from the loan transfer and maintenance of the loan account.
    • Other administrative fees and charges, as and when applicable.

    Check with the bank to learn more about the fee structure.

    Weigh the Following Carefully: 0% p.a. Interest Not Applicable to Outstanding Balance

    Hold on. Don’t submit your application just yet. Here a few points that you should consider, analyse, and understand before you apply:

    • The 0% p.a. nominal rate of interest would apply only to fresh funds that you have applied for. It won’t apply to existing dues that you may have on your MoneyPlus Account or any balance that you may incur in the future.
    • The 0% p.a. flat rate would expire on the last day of the introductory/promotional period. It could end earlier if you repay the full outstanding on the loan. Thereafter, the prevailing interest rates will come into effect. BOC also reserves the right to impose any other rate that it may deem fit.
    • If your annual income is less than S$30,000 at the time of the funds transfer, you may not be eligible for the loan.
    • A fund transfer application in a foreign currency may not be accepted.
    • You can make a fund transfer to a bank account, credit card, or line of credit held with a bank in Singapore if and only the account is registered under your name.
    • The transfer amount will be subject to the credit limit available on your MoneyPlus account. If the loan amount applied for exceeds the approved credit limit, BOC will determine the actual transfer amount, at its sole discretion.
    • If BOC feels at any point that your MoneyPlus account is not in good standing, it can adjust the processing fee and/or interest rate at its discretion.
    • Where applicable, you’ll have to service your existing loan account (designated receiving account) until BOC disburses the loan funds. BOC won’t be responsible for overdue interest charges or other penalties that may be applicable on late/missed payments.
    • If the fund transfer request is below S$1,000, your application may be rejected.

    Want to Know If You’re Eligible? Here Are the Requirements That Need to Be Fulfilled

    You’ll be eligible for this loan if:

    • Your annual income is at least S$30,000 at the time of application.

    If you need information on the general eligibility criteria for BOC loans and supporting documents, click here. Call the bank’s customer care hotline for more information.

    Submit Your Application in a Safe and Hassle-Free Manner

    Want to apply? Use either of the following options:

    • Download the available form from the bank’s website. You can mail or fax it back to the bank after entering the required details in the relevant fields.
    • Send a text message to the bank in the prescribed format.

    For any other assistance, contact the bank.

    As told already, you could treat this loan as a source for emergency funds. It could bail you out of a short-term financial crisis in a jiffy.

    Additionally, since the rates of interest are low, you may not be burdened every month with high instalment amounts. Just remember to settle the loan dues on time. This will help you enjoy low interest rates and fees for a longer period of time. If you, however, wish to apply for a BOC term loan, check out the BOC $martLoan or the MoneyPlus Term Loan pages on our website.

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