Are you one of those people who often think of buying their dream car but keep postponing it? Primarily, because the idea of applying for a car loan and going through the required formalities intimidates you? In this fast paced age of technology, who wants to go through the tedious process of researching for the perfect car loan scheme to avail it, right? Well, OCBC Bank car loan simplifies the entire process, and gives you the best deal.
Founded in 1932, Oversea-Chinese Banking Corporation Limited(OCBC) is a very popular and trusted banking and financial services institution. Headquartered in Singapore, the bank boasts of being one of the largest banking organisations in the country. Offering a wide array of banking services, OCBC is very popular for the innovative products it provides in areas of Retail banking, Corporate banking, Investment banking, Wealth & Asset management and Insurance. In the consumer banking sector, OCBC holds one the top three positions.
The bank provides personal loans, car loans & home loans under its retail lending sector. Car loans offered by the bank can be broadly put into three categories. They are – New car loans, Used car loans & Car refinancing. While new car loan scheme is applicable for people who require funds to buy a new car, used car loans offers financial assistance to people who are looking at buying pre-owned/used cars.
Why should you opt for OCBC Bank Car loan?
OCBC car loan offers you one of the best deals available in the market today; practical, affordable and has multiple benefits. Each loan scheme has been tailor-made to suit the requirements of the wide customer base. You can choose from products like new car loans, used car loans or avail refinancing options for your car.
For enhanced convenience, you have the option of switching your existing car loan liability from any other bank to OCBC. With an affordable interest rate of 2.60% p.a, you are sure to enjoy maximum savings. In addition to this, OCBC offers a wide range of profitable features and multiple benefits to car loan borrowers. They are listed below –
- If the open market value of the car is S$20,000 and above, the borrower can get up to 60% funding of the total car price. Up to 50% funding can be enjoyed if the value is lesser than the upper limit. This arrangement is inevitably profitable for the borrower as it eases out his/her financial burden to huge extent.
- The bank provides a long repayment tenure of up to 5 years. This definitely makes things a lot easier for the customers and helps them take care of and balance the other financial priorities in life.
- OCBC offers car loans at very low and affordable interest rates. The interest rates go as low as 2.60% per annum. The Effective Interest Rates (EIR), inclusive of fees and charges, is around 5%, which is quite affordable.
- OCBC’s online resources are very useful and insightful. Make use of the unique tools provided on the company’s website; like OCBC Car Loan Calculator will just require you to enter a few basic details about your car loan, and plan out the EMIs for you. This will help you manage your monthly budget with ease. After the loan disbursal, you can easily monitor your loan account with the hassle-free OCBC Bank mobile app.
The eligibility criteria to avail OCBC car loan is as follows –
- The applicant needs to be 21 years old or above
- The applicant needs to be either a citizen of Singapore, a Singapore PR or foreigner
With such a pocket friendly and customer satisfying car loan scheme by OCBC Bank, buying a car no longer seems like a distant dream. On the contrary, it seems very achievable. So, go ahead and avail this opportunity to buy your dream car. Happy driving!
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