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)
Email: [email protected]
Address: 4 Battery Road, Bank of China Building, Singapore 049908