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.
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.
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.
Let us assume that you have an outstanding balance of S$10,000 on your card. Let’s say that you’re being charged an interest rate of 25% p.a.
Then your interest charges for 1 month would be S$208.33 (approximately) (=25/100x10,000/12). Then interest charges for 3 months, 6 months, and 1 year would be S$624.99 (=208.33x3), S$1,249.98 (=208.33x6), and S$2,499.96 (=208.33x12), respectively.
Let us now see how much your interest charges for 3 months, 6 months, and 1 year would be if you carried the same quantum of outstanding balance on this BOC loan account:
Currently, no interest is being charged on any of the tenures available. This means that your interest charges would be S$0. However, a one-time processing fee would be charged. Hence, your actual interest charge would be:
|Tenure||Interest at 0% p.a.||Processing Fee||Actual Cost of Borrowing||Savings vis-à-vis your card|
|3 months||S$0||S$180 (=1.8/100x10,000)||S$180||S$444.99 (=624.99-180)|
|6 months||S$0||S$300 (=3/100x10,000)||S$300||S$949.98 (=1,249.98-300)|
|1 year||S$0||S$500 (=5/100x10,000)||S$500||S$1999.96 (=2,499.96-500)|
Ergo, your savings in percentage terms will be around 71.2% (=444.99/624.99x100) for the 3-month tenure, around 76% (=949.98/1,249.98x100) for the 6-month tenure, and around 80% (=1,999.96/2,499.96x100) for the 1-year tenure.
1. The numbers used here are for illustrative purposes only and may bear no resemblance to reality.
2. We have simplified calculations for the sake of easy understanding.]
The following fees and charges may apply to your loan:
Check with the bank to learn more about the fee structure.
Hold on. Don’t submit your application just yet. Here a few points that you should consider, analyse, and understand before you apply:
You’ll be eligible for this loan if:
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.
Want to apply? Use either of the following options:
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.