Forum
Last updated: 

Who can elaborate on the interest rates and processing fee for the Bank of China $martLoan?

Can anyone care to share details of the BOC $martLoan that offers a fixed monthly repayment period of up to 7 years. I caught a bit of advertisement about a repayment of just S$6 a day, which can afford extra cash of up to S$10,000. Also what are the benefits of the Bank of China $martLoan?

User comments

  • user image

    No Name

    BOC $martLoan interest rate and processing fee is applicable to the amount granted under approved BOC $martLoan only and all interest are charged and payable at the rate provided in your BOC’s Approval Letter. Interest is calculated based on a reducing balance method of computing interest amount on the principal balance (and not on the original loan amount) that reduces with repayment of each loan instalment. BOC $martLoan applied interest rates are at 12% p.a. for 12-month to 60-month loan and 15% p.a. for 72-month to 84-month loan. Effective interest rates are at 18.72% p.a. for 12-month loan, 15.73% p.a. for 24-month loan, 14.69% p.a. for 36-month loan, 14.18% p.a. for 48-month loan, 13.86% p.a. for 60-month loan, 17.05% p.a. for 72-month loan or 16.89% p.a. for 84-month loan. A non-refundable processing fee of 3% of the approved loan amount or S$150 applies, whichever is higher while a processing fee will be added to the approved loan amount. Benefits include one of the lowest interest rate, one of the longest repayment period, fixed monthly repayment amount, Interest saving with reducing balance method, Complimentary MoneyPlus Line of Credit with lowest interest rate for your daily necessities.

    2019.08.01 5:20

Please leave your knowledge and opinion!

Related Forums

Why should I invest my money in Singapore?

Why did the MOM decide to change the money lending laws for foreigners?

I'm investing on a farm abroad by using my credit card.I got scammed

What is Singapore's main landline provider?

How should I invest on my medical supplements using a credit card?

WHat is the cheapest unlimited mobile data plan in Singapore?

I'm looking for an unlimited mobile data plan that is cheap and reliable. I already have one which offers me Unlimited data and unlimited call and SMS but I'm currently on a budget and I don;t really call or send SMS so I'm looking for a low priced but reliable unlimited mobile data plan with adequate speed.

Related Reviews

Spa privileges that come with card membership

I find it very pleasant and rewarding the Platinum Wellness offerings of the AMEX Express Platinum Credit Card as I get to rest and replenish after a hard week at work. I treat myself to spa privileges that come with my Card Membership with spa vouchers from Adeva Spa, Spa Rael and The Ultimate. I do this one’s a week and enjoy up to 40% off à la carte spa services at Adeva Spa, Spa Rael and The Ultimate. Simply relaxing and feels good to be pampered.

American Express Platinum Credit Card / American Express International

OCBC Frank Card offers young adults a great, no-fee way to earn cashback from social and online spend

OCBC Frank Card stands out for its low minimum spend requirement and annual fee waiver however, it’s not a great match for consumers seeking everyday cashback. Online spend on utilities, recurring bills, and school and hospital payments are all not eligible for rebate. Dining, groceries, and other categories are also not rewarded. Ultimately, OCBC Frank Card offers young adults a great, no-fee way to earn cashback from social and online spend. OCBC Frank Card is definitely worth consideration.

FRANK Credit Card / Oversea-Chinese Banking Corporation

When I apply via MyInfoget I get to use my card instantly

So it is really convenient that I can get and use my card instantly when I apply via MyInfo. And the cards instant digital card that can be used for mobile wallets, online and mobile app purchases. Now aside from the same day physical credit card issuance for online applications you also get S$50 cash rebate upon approval with no minimum spend required. However that is only for new OCBC Credit Card applications.

OCBC Robinsons Group Credit Card / Oversea-Chinese Banking Corporation

Poor and upleasant hotline

I am a fresh graduate and just started my first job, I signed up for this card due to the onetime $150 cash back reward for $800 spend within the first two months. However for its main monthly rewards, it is nothing to be pleasant about and the hotline is very bad, I even had to hold more than 20 minutes during non-peak hour.

HSBC Revolution Credit Card / HSBC Bank Singapore

I can enjoy Interest rates starting from 5.80% p.a.

I love that I can enjoy Interest rates starting from 5.80% p.a. (EIR 11.38% p.a.) on their 12-month instalment plan which allows for fixed monthly repayments.The monthly repayment for your Cash-on-Instalments is fixed, allowing you to manage your finances with ease of mind. That works perfect for me as it helps me to be more organized and I give them thumbs up.

NTUC Plus! Visa Credit Card / Oversea-Chinese Banking Corporation

Poor Customer Service

I am quite very disappointed with this card as I have never received the vouchers for all the points I have accumulated so far. I have on several occasions made complaints via the phone and even in person, but all to no avail. I would not recommend this card to anyone for this reason, i have to say unfortunately.

Citi Rewards Card / Citibank Singapore