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A great contender for the 7-year personal loans provider

This card is a great contender for the 7-year personal loans lead yet is the relative newcomer on the block. This does not stop them from being very aggressive in Singapore these past few years. Although Bank of China $martLoan’s interest rates are on the high side, Bank of China is generally more lenient than most other banks in Singapore and have a lower minimum annual income.

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Loan

Bank of China $martLoan

Bank of China $martLoan offers a great repayment structure that you can get up to 7 years. It has one of the lowest interest rate in the market and they also provide a complimentary MoneyPlus Line of Credit with lowest interest rate for your daily needs.

1 reviews

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Bank

Bank of China

Bank of China, the Bank with the longest continuous operation among Chinese banks, is one of the four biggest state-owned commercial banks in China. It was founded in 1912 by the Republican government and as of 31 December 2009, was the second-largest lender in China overall. Bank of China Limited provides banking services to individuals, enterprises, and other clients. The Company offers deposits, loans, foreign currency transaction, fund settlement, and other services. As China’s most globally active bank, Bank of China has a well-established global service network with institutions set up across the Chinese mainland as well as in 57 countries and regions. It has established an integrated service platform based on the pillars of its corporate banking, personal banking, financial markets, and other commercial banking business, which offers investment banking, direct investment, securities, insurance, funds, aircraft leasing, and other areas, thus providing its customers with an extensive range of financial services.

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

Bank of China $martLoan

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.