OCBC Bank launches ‘ECO-CARE’ car loan package for purchase of electric vehicles
OCBC Bank today launched its enhanced electric vehicle loan (called OCBC ‘Eco-Care’ car loan package) at a preferential pricing of 1.68% per annum flat fixed rate for the entire tenure of the loan, compared to more than 2.00% for petrol and diesel-powered vehicles.
In addition, leveraging OCBC Bank’s strategic partnership with Charge+, an operator and provider of electric vehicle charging solutions serving a range of property segments comprising residential (landed, condominiums and public housing), commercial and industrial buildings, OCBC Bank ‘Eco-Care’ car loan customers will get up to 12 months of free charging at all Charge+ charging stations. Those staying in condominiums who buy an electric vehicle from Jaguar under Wearnes Automotive will also receive an additional 6 months of free charging whereas Customers staying in landed properties will get a free Charge+ charging station and its installation.
OCBC Bank has been offering car loans for electric vehicles since 2017. With the recent spate of initiatives and regulations announced to encourage the adoption of electric vehicles, OCBC Bank expects the demand for the OCBC ‘Eco-Care’ car loans to grow substantially over the next two years.
Instant loan approval
Leveraging the bank’s proprietary and secure instant online approval platform and SingPass’ verification service MyInfo, eligible car owners can apply online for the OCBC ‘Eco-Care’ car loan and get approval within 60 seconds.
This process leverages the existing instant car loan online portal and eliminates the need for customers to manually complete an application form or share sensitive personal information with third parties. The fully-digital solution also emphasises the bank’s commitment towards adapting to a rapidly-evolving banking landscape by making use of technology to enhance the customer experience from end to end.
Mr Sunny Quek, Head of Consumer Financial Services Singapore, OCBC Bank, says, “As one of the biggest car loans providers in Singapore, OCBC is keenly aware of our role to set the tone to accelerate electric vehicle adoption amongst our customers to embrace ‘greener’ lifestyles. We hope that setting a lower interest rate for the OCBC Eco-Care car loan will be a good nudge for car owners who are currently looking to convert to electric vehicles. Being able to partner Charge+ to offer up to 18 months’ worth of free charging for their new electric vehicle is definitely the cherry on the top of this ‘green’ cake.”
Mr Goh Chee Kiong, CEO of Charge+, said, “Charge+ is excited about coupling our free charging offer with an attractively priced electric vehicle loan from OCBC Bank. We are confident that this compelling combination will make it an easy choice for consumers to opt for electric vehicles. We will continue to develop new, exciting products with OCBC Bank to spur electric vehicle adoption in Singapore.”
Dr Chan Wai Ming, an OCBC ‘Eco-Care’ car loan customer, said, “When I was considering a replacement for my old car, I knew that I wanted a greener alternative. I wanted to do my part to contribute to the nation’s sustainability efforts and getting an electric vehicle an easy choice for me. Recently, I found out about OCBC’s sustainable finance commitment to provide S$25 billion of sustainable finance by 2025 and I was heartened to know that corporations are taking real tangible steps to make a difference. That was when I made up my mind that I will get the car loan for my electric vehicle with OCBC. The entire process was painless, totally online and I managed to get my loan approved within a minute.”
Making Charge+ charging stations available
Charge+ has plans to install 10,000 charging points islandwide, as part of the government’s goal to make all HDB towns electric-vehicle ready by 2030.
For customers who are staying in condominiums, a representative from Charge+ will work with the estate’s Management Corporation Strata Title (MCST) to install the Charge+ charger – at no cost to the customer as well.
For landed property owners, they will get a free Charge+ charging station and its installation within their residential premises.
Future low-carbon world
The OCBC ‘Eco-Care’ car loan is one of the many steps in OCBC Bank’s climate action approach, which is focused on taking strategic action to reduce or store CO2. Making up some 80 per cent of the greenhouse gases, CO2 is causing extreme natural disasters and temperature shifts around the globe.
Earlier this year, we launched the solar panel loan to make the financing of solar panel installation more accessible to home-owners in landed properties. As part of the nation’s Long-Term Low Emissions Development Strategy, quadrupling solar energy production by 2025 is one of the key pillars and OCBC Bank’s consumer loan for residential solar panels is aimed at facilitating the country to reach its target.
The Bank has already begun its journey of transitioning to a sustainable world. In 2019, OCBC Bank became the first Asian bank to stop financing new coal-fired plants.
It also supported the planting of trees to store CO2. The OCBC Arboretum, a landmark project at the Singapore Botanic Gardens, conserves and studies 200 species of 2,000 dipterocarp trees that can store as much as 80 million kg of CO2 over their lifetimes.
On the business front, OCBC Bank has stepped up to do even more, having pledged to grow its sustainable finance portfolio to S$25 billion – after achieving the S$10 billion-by-2022 goal, two years ahead of time. The Bank has funded projects in the region that harness the wind and capture the sun’s rays to generate clean energy. These projects range from wind and solar farms to electric cars, hybrid buses and solar panel installations.
In December 2020, OCBC Bank adopted the Equator Principles, an internationally-recognised risk management framework adopted by financial institutions worldwide which will guide how the Bank determines, assesses and manages environmental and social risks in projects. OCBC Bank’s voluntary adoption of the Equator Principles is an extension of its Responsible Financing framework which the Bank has put in place since 2017.