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Bank of China $martLoan
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BOC $martLoan (1 Year Tenure)
18.72%
EFFECTIVE INTEREST RATE
6.62%
FLAT INTEREST RATE
3% of principal amount, subjected to min. of S$100
PROCESSING FEE
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Bank of China $martLoan Review 2021
Bank of China (BOC) Smart Loan is a personal loan scheme by Bank of China Singapore that offers the longest loan tenor of 7 years, check out the highlights of BOC $martLoan:
- 6.48% - 8.86% flat interest rate p.a.
- Effective Interest Rate (EIR) of 13.86% - 18.72% p.a.
- one of the longest repayment period of up to 7 years
- Fixed monthly repayment amount
- With just S$6 a day, you can get extra cash of S$10,000
- Interest is calculated based on a reducing balance method, not original loan amount
- Bank of China's personal loan interest rates are not the best
- However, it is one of the few banks that has a relatively lower minimum annual income requirement of S$20,000
- Ideal for borrowers who need a longer time ( up to 7 years) to service their loans.
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Interest Rates for Bank of China Personal Loan BOC $martLoan
Tenure (years) | Equivalent Flat Interest Rates ( p.a.) | Effective Interest Rates (p.a.) | Applied Interest Rates (p.a.) |
|---|---|---|---|
1 | 6.62% | 18.72% | 12% |
2 | 6.48% | 15.73% | 12% |
3 | 6.52% | 14.69% | 12% |
4 | 6.57% | 14.18% | 12% |
5 | 6.66% | 13.86% | 12% |
6 | 8.63% | 17.05% | 15% |
7 | 8.86% | 16.89% | 15% |
Features: Pros and cons of Bank Of China BOC $martLoan
- 6.48% - 8.86% flat interest rate p.a.
- Effective Interest Rate (EIR) of 13.86% - 18.72% p.a.
- one of the longest repayment period of up to 7 years
- Fixed monthly repayment amount
- With just S$6 a day, you can get extra cash of S$10,000
- Interest is calculated based on a reducing balance method, not original loan amount
- Complimentary Line of Credit granted at the lowest interest rate
- However, it is one of the few banks that has a relatively lower minimum annual income requirement of S$20,000
- Ideal for borrowers who need a longer time ( up to 7 years) to service their loans.
- Bank of China's personal loan interest rates are not the lowest available
- More details on Bank Of China's personal loan $martLoan.
Other Fees: what else to look out for?
- Processing fee: 3% (or S$150, whichever is greater)
- Cash Advance Fee: 6% (or S$20, whichever is greater)
- Late Fee 2% per month (min S$100)
- Cancellation Fee: S$100
Eligibility: who can apply?
- 21 years old and above
- Minimum annual income of S$20,000 for Singaporeans and PR
Contact Bank of China
- Tel: 1800 669 5566 (24/7 Cutomer Service hotline for Singapore)
- Tel: (65) 6779 5566 (for overseas)
- Address: 4 Battery Road, Bank of China Building, Singapore 049908
- Visit the Bank of China official website for more information
Contact us at [email protected] should you require any assistance or spot any inaccuracies.