OCBC Car Loan
Loan Details
- Flexible Financing Period: 1 to 7 years (Vehicle age + loan term must not exceed 10 years)
- Competitive interest rate of 2.28% available for S$30,000 loan on New, Used and EV.
- Financing Amount of S$15,000 available at 2.78% for new, used, and electric vehicles, and 2.80% for COE vehicles.
- Maximum Financing Amount: Up to 70% if OMV ≤ S$20,000; Up to 60% if OMV > S$20,000 (Based on the lower of purchase price or bank’s valuation)
- Early Settlement Fee: 20% of Interest Rebate based on Rule of 78 will apply throughout the finance period for both Hire Purchase Act and Non-Hire Purchase Act cases
- Early Settlement Penalty: 1% on the outstanding amount owed
- Early Settlement Notification Period: 30 working days' prior written notice, or otherwise, payment 1 month's interest in lieu
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