facebookBank of China $martLoan Reviews and Comparison - Seedly

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Personal Loans/Bank of China $martLoan
Personal Loans/Bank of China $martLoan
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Summary

Bank of China $martLoan

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. While the Bank of China's personal loan interest rates may not the most competitive, it is one of the few banks that has a relatively lower minimum annual income requirement of S$20,000. It is hence ideal for borrowers who need a longer time ( up to 7 years) to service their loans.

Loan Features & Details

1) Key Features

  • Interest rate from 6.52% p.a (EIR 14.96% p.a
  • Loan tenure of up to 7 years
  • Monthly repayment amount is fixed
  • Interest is calculated based on a reducing balance method on the principal balance instead of flat rates 
  • Only one Bank of China $marLoan can be granted under a MoneyPlus account 

2) Eligibility

  • Age: 21 years old and above
  • Citizenship: Singaporeans, PRs, and Foreigners
  • Minimum annual income requirement: S$30,000 (Singaporeans and PRs); S$40,000 (Foreigners)

3) Fees

  • Processing fee: 3.0%
  • Rescheduling fee: S$100
  • Cancellation/Prepayment fee: S$100
  • Late payment fee: 2.0% or S$100, whichever is higher
  • Overlimit fee: S$40

4) Application Process

  • SMS BOCMP<space>SLWS<space>Name<space>NRIC to 79777
  • Alternatively, you may call Bank of China’s 24-hour customer service hotline at 1800 338 5335 to find out more about $martLoan and to apply. More details will be furnished by the Customer Service officer
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Plans (7)

Slide 1 of 7

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

BOC $martLoan (2 Year Tenure)

15.73%

EFFECTIVE INTEREST RATE

6.48%

FLAT INTEREST RATE

3% of principal amount, subjected to min. of S$100

PROCESSING FEE

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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      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.

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