Why Apply For OCBC Car Loan Singapore?
Buying a car is not as easy as it looks. You have to look into every detail to secure your dream vehicle. Aside from checking the car safety features, your financial status needs assessment too.
Applying for a car loan lightens your monetary issue. Look for a bank or money lending institution that offers a loan fitted in your lifestyle.
Aside from OCBC Business Loans and OCBC Personal Loans, OCBC Car Loan is one of the best options in Singapore. It has magnificent offers you definitely would not like to miss. Find out more about it in this article.
Excellent Benefits of OCBC Car Loan
OCBC Car Loan allows anyone to buy a car with confidence. It’s an easy way of having your dream car.
Accessible to Manage Car Loan Application
Seeking financial help from OCBC is secure yet straightforward. All you have to do is apply through Myinfo. Approval is as fast as 60 seconds.
It’s a Cost-Free Application
OCBC Car Loan application does not incur any fees or penalties. Also, it is only effective once you finalise the car of your choice. Plus, it must be acceptable in the Hire Purchase Agreement.
Approved Car Loan Before Showroom Visit
OCBC Car Loan lets you shop while knowing your maximum budget. It is far different from other money lending facilities. You get 70% of the vehicle’s purchase price or the valuation of the car, whichever is lower. Plus, you get loan approval for as fast as sixty seconds!
An Eco-Care Car Loan
OCBC Car Loan offers a new set of auto loans. With Eco-Care Car Loan, you get to be part of making Singapore greener.
Electric vehicles get approved without fuss.
Also, it provides enjoyable savings for applicants. But, of course, you’re free to review the Terms and Conditions apply to this car loan feature on OCBC’s website.
It’s no surprise why OCBC Car Loan stands out in the country. Taking out the auto loan does not only assist in achieving your dream car. Also, it has a hassle-free application process.
Exceptional OCBC Eco-Care Car Loan
OCBC is well-known for its Eco-Care Car Loan. It is an auto loan that allows aspiring car owners to help nature.
Buying an electric vehicle might seem too pricey for some. But with OCBC Car Loan refinancing, everything is attainable. So what do you get for taking out an Eco-Care Loan?
Enjoy OCBC Low-Interest Rate
Experience the exclusive package of a 1.68% rate per annum. It is one of the lowest interests offered in Singapore.
Beneficial for Every Resident
Applying for OCBC Eco-Care Car Loan is a wise decision to increase your savings.
Every resident of HDB has six months free of charge. Meanwhile, residents in a condominium and landed property enjoy the 12 months free of charge.
OCBC’s Awesome Partners
Eco-Care Loan in OCBC has a great partnership with Jaguar and C-HARGE +. Thus, making additional perks of purchase with their latest model like Jaguar I-PACE.
Eligibility Requirements OCBC Auto Loan
Almost anyone in the country can apply for a loan. Singaporeans, Singapore Permanent Residents, and Foreigners are privileged to take it out. Also, they must be at least 21 years of age.
Affordable OCBC Car Loan Interest Rate
Effective Interest Rate (EIR) is the loan’s actual cost, and it varies to loan tenures. It includes all the interest, fees, and other charges. Choose a loan tenure that you think you can afford to repay your loan.
For example, the flat interest rate for Electric Car Rate is at 1.68% per annum with an EIR ranging from 3.09% to 3.22%. Meanwhile, a Petrol or Diesel Car Rate is at 2.28% per annum with an EIR ranging from 4.18% to 4.35%. Note that these rates are subject to change.
Convenient OCBC Car Loan Application Process
Bringing home the car you’ve been eyeing is simple with OCBC.
Apply Through Myinfo
Apply on the site trouble-free. Find out the approved loan amount immediately. Base the price of the car you can afford on the maximum limit. Shop confidently, knowing how much you can borrow.
You Inform The Car Dealer
Car dealers in Singapore know about OCBC Car Loans. Talk to them and discuss the car details you want. Afterwards, the dealers will submit the information to OCBC. Expect an SMS to verify it.
Accept Digital Agreement
The approved auto loan speeds up the application process. OCBC sends a Hire Purchase Agreement through SMS. Review all the details. Read carefully and understand before accepting the agreement digitally.
Pick Up the Car
Once the Hire Purchase Agreement is secured, the car dealer arranges your car. Collect the vehicle when it is ready.
Look into your email about the Hire Purchase Agreement. It must include information about your monthly instalment and the due date for payment.
Repay Your Loan Responsibly
Paying off financial obligations with OCBC Car Loan is convenient. You have several options such as the following:
- Set up payment via GIRO. Settle dues via ATM, mobile, or internet banking.
- Pay using Cheques and transfer through any cheque deposit boxes.
- Pay cash to any of the bank branches.
Getting your auto loan from OCBC is straightforward. Lining up is no longer needed.
OCBC Flexible Repayment Methods
OCBC Car Loan stands out for its numerous payment options.
If you have an existing loan account number, six different methods are accessible for you. A direct Debit Account is the preferable means. Interbank GIRO, quick check deposits, mobile banking, and internet banking are also acceptable.
Don’t worry if you don’t have a deposit account with OCBC. Instead, repay your loan through the most preferred method, Interbank GIRO. Payment through a quick cheque deposit is your only alternative.
Keep in mind that over-the-counter payment in branches imposes additional service fees.
OCBC Car Loan Fees
Whenever you repay your loan, always consider the following fees:
- A late fee costing $8
- A 1% full settlement penalty charge on the outstanding loan penalty
- An Interest rebate clawback that is 20%, following the rule 78 computation.
OCBC Car Loan is an excellent choice for driving your new ride. The perks and application process proves how worthy it is to try.
OCBC Car Loan Contact Singapore
Reaching OCBC is simple. If you have concerns regarding car loan, you can get in touch with the OCBC team through their Contact Us number: +65 6363 3333.
OCBC also has a dedicated page for its Help and Support team. It’s where you can find all frequently asked questions about the bank’s services, including car loans.
If you want to seek further information about OCBC, find the “Useful Links” on the bank’s site and click the “Help and Support”. It’s located at the bottom of the website.
OCBC Digital Banking: A Digital Platform to Track Your Activities
Banking systems are now transitioning into digital ways. It’s one way to do banking transactions conveniently.
Through OCBC’s mobile banking app, clients can take one view of all their banking transactions. Such activities are not only about Car Loan but across all OCBC products and services. But note that you can only view all transactions made from the past seven days.
OCBC mobile apps have many features that help clients experience the best and convenient banking activities.
Indeed, OCBC was able to provide what customers financially need. Not only car loans but also other loans like low-interest personal loans and home loans.
If you’re looking for other loan services with lower interest rates, you can seek help from money lending companies such as Cash Mart Singapore. The company offers instant cash loans that people can benefit from in times of emergencies.
Licensed moneylenders, as well as banks, thrives on providing quality financial services amidst the pandemic. Thus, it offers excellent help, sustaining people’s daily needs.