In this article, I have compiled all the Bank Of China Loan Facilities And Requirements necessary for anyone who wants a loan from them.
Before going in for any of the loans, you must ensure that you can comfortably manage the monthly loan repayments, you should assess your financial situation.
See Bank Of China Account Types And Benefits
Bank Of China Loan Facilities available
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BOC $mart Loan:
The Bank of China offers personal loans with flexible repayment terms called $martLoan.
In addition to meeting the bank’s other requirements, candidates must have a steady source of income. When compared to other personal loans available in Singapore, Bank of China’s $martLoan offers a competitive flat interest rate of 6.52% p.a. (EIR 14.92% p.a.).
If you use Bank of China’s $martLoan, the payback duration is up to seven years.
The application process is rather easy for this specific loan. Unlike their mortgage loans, it is possible to apply for it without physically visiting the bank. An SMS application process is available with the $martLoan.
In addition to having a minimum annual income of S $30,000 for Singaporeans or S $40,000 for foreigners, you must be at least 21 years old to be eligible.
Check out How To Open a Bank Of China Account if you would like to open an account or simply see all the Documents Needed To Open a Bank Of China Account.
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Mortgage Loans:
Mortgage loans, including house loans and term loans, are available to foreign nationals, permanent residents, and anyone aged 21 to 65 with an annual minimum income of SGD 24,000.
I have only one complaint about this loan: the application process. Before you apply for the loan, you must first visit any of the bank branches.
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Revolving Credit Facility (RCF):
The RCF is available to businesses. This business loan is available to all Singaporean registered business entities, including partnerships, sole proprietorships, private limited companies, and public corporations, to assist with the financing of any asset acquisition.
Check out the Bank Of China Online Money Transfer Steps And Procedures
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BOC MoneyPlus:
An application processing charge, which is deducted from the applicant’s annual income, is offered under this loan arrangement.
With interest rates as low as 1.9%* or 2.38%^ per month (EIR 22.80%* p.a. or 28.55%^ p.a.), the Bank of China in Singapore provides the best loan facility with the MoneyPlus Line of Credit.
The minimum annual income requirement for eligibility is S$1,700 for Singaporeans or S$1,700 for foreigners each month, and you must be at least 21 years old to be eligible.
Your filled-out application form and any other supporting documentation must be sent to the Bank of China office in Singapore in order to be eligible for this loan.
Read about Bank Of China Internet Banking
Bank Of China Loan Requirements
Make sure you have these documents prepared before applying for a BOC Loan.
Singaporeans
- NRIC Card
- Proof of Employment (Contract or 3 Months of Payslips)
Foreigners
- Working Pass
- Employment Letter or Three Months of Payslips
- Proof of Residence (Billing Statements addressed to property, etc.)
Business
- Application form for Banking Facilities
- Company and Business Profile
- Certificate of Incorporation
- Directors’ Resolution
- Past audited financial reports
- Income Tax Notice of Assessment
- Information on mortgaged assets and/or guarantors
If you have any questions, leave them in the comment section or use the Bank Of China Customer Service Number to contact them.