Car Loan | OCBC Singapore

Car Loan

Finance your car purchase with OCBC

Why you will love this

Borrow up to 70% of the purchase price or our valuation of the car, whichever is lower

Submit confidential information securely and speed up your loan application using MyInfo

Who can apply

Singaporean, Singapore PR or foreigner above 21 years old who are looking to purchase new cars from distributors or parallel importers, or used cars from car dealers or direct owners

Get on the fast track with an OCBC Car Loan. Enjoy higher margins of finance with paperless application and fast approval via MyInfo.

I'm looking to finance

I'm looking to finance

benefits

2.78%

Fixed interest rate of 2.78% per annum

7 years

Repayment period of up to 7 years

70%

Financing of up to 70% of the total car price

Financing of up to 70% of the total car price

0 documents

Quick and hassle-free application with data from MyInfo

Quick and hassle-free application with data from MyInfo

Fast, simple and secure car loan approval

You can now conveniently pre-fill your car loan application online via MyInfo, which offers a secure, enhanced and fully digital process from application to acceptance.

You can now conveniently pre-fill your car loan application online via MyInfo, which offers a secure, enhanced and fully digital process from application to acceptance.

Interest rates

Effective Interest Rate (EIR) is true cost of the loan and the rate that includes all fees and charges.

  • Rate
  • EIR % (per annum)
Period 1 year 2 years 3 years 4 years 5 years 6 years 7 years
Rate 2.78%
per annum
EIR %
(per annum)
5.09%
per annum
5.25%
per annum
5.27%
per annum
5.27%
per annum
5.24%
per annum
5.22%
per annum
5.19%
per annum
Period
Rate
EIR %
(per annum)

Rates are subject to change. Please contact us for the latest rates.

Application process

icon_speak_to_your_dealer

Step 1

Speak to your car dealer

Your dealer will start a Car Loan Application that will be sent to you via SMS. Confirm the loan details filled in by your dealer. Then, fill in your confidential information securely using MyInfo with SingPass authentication. Finally, enter any additional information required and submit the form.

If you fill in the form yourself, you will need to provide:

  1. Proof of residential address (If different from NRIC)
  2. Scan of NRIC or FIN or passport front and back
  3. Last 12 months CPF contribution statement
  4. IRAS latest notice of assessment
  5. Past payslips if available

    icon_speak_to_your_dealer

    Step 2

    Accept the agreement digitally

    Once your loan application is approved, OCBC will send you a Hire Purchase Agreement via SMS. You can review and accept the agreement digitally.

    Your dealer will then update you on the COE bidding status (for a new car purchase), arrival of your car shipment, its registration, and any outstanding payments (difference between the purchase price and approved loan amount).

    icon_collect_your_car

    Step 3

    Collect your car

    Your dealer will arrange for you to collect your car when it is ready.

    OCBC will email you the Hire Purchase Agreement, indicating the monthly instalment amount and payment due date.

    icon_begin_monthly_repayments

    Step 4

    Begin monthly repayments

    For your convenience:
    • Set up your payments via GIRO
    • Pay via ATM
    • Pay via mobile or internet banking
    Other payment methods:
    Car Financing Calculator

    Find out your estimated monthly instalment for your new car.

    Understanding your savings

    Here’s how much you need to pay

    Your monthly payment

    S$711.07

    Total interest charged

    S$9,730.00

    Total repayment amount

    S$9,730.00

    benefits

    2.98%

    Fixed interest rate of 2.98% per annum

    7 years

    Repayment period of up to 7 years

    70%

    Financing of up to 70% of the total car price

    Financing of up to 70% of the total car price

    0 documents

    Quick and hassle-free application with data from MyInfo

    Quick and hassle-free application with data from MyInfo

    Fast, simple and secure car loan approval

    You can now conveniently pre-fill your car loan application online via MyInfo, which offers a secure, enhanced and fully digital process from application to acceptance.

    You can now conveniently pre-fill your car loan application online via MyInfo, which offers a secure, enhanced and fully digital process from application to acceptance.

    Interest rates

    Effective Interest Rate (EIR) is true cost of the loan and the rate that includes all fees and charges.

    • Rate
    • EIR % (per annum)
    Period 1 year 2 years 3 years 4 years 5 years 6 years 7 years
    Rate 2.98%
    per annum
    EIR %
    (per annum)
    5.46%
    per annum
    5.62%
    per annum
    5.64%
    per annum
    5.63%
    per annum
    5.61%
    per annum
    5.57%
    per annum
    5.54%
    per annum
    Period
    Rate
    EIR %
    (per annum)

    Rates are subject to change. Please contact us for the latest rates.

    Application process

    icon_speak_to_your_dealer

    Step 1

    Speak to your car dealer

    Your dealer will start a Car Loan Application that will be sent to you via SMS. Confirm the loan details filled in by your dealer. Then, fill in your confidential information securely using MyInfo with SingPass authentication. Finally, enter any additional information required and submit the form.

    If you fill in the form yourself, you will need to provide:

    1. Proof of residential address (If different from NRIC)
    2. Scan of NRIC or FIN or passport front and back
    3. Last 12 months CPF contribution statement
    4. IRAS latest notice of assessment
    5. Past payslips if available

      icon_speak_to_your_dealer

      Step 2

      Accept the agreement digitally

      Once your loan application is approved, OCBC will send you a Hire Purchase Agreement via SMS. You can review and accept the agreement digitally.

      Your dealer will then update you on the arrival of your car shipment, its registration, and any outstanding payments (difference between the purchase price and approved loan amount).

      icon_collect_your_car

      Step 3

      Collect your car

      Your dealer will arrange for you to collect your car when it is ready.

      OCBC will email you the Hire Purchase Agreement, indicating the monthly instalment amount and payment due date.

      icon_begin_monthly_repayments

      Step 4

      Begin monthly repayments

      For your convenience:
      • Set up your payments via GIRO
      • Pay via ATM
      • Pay via mobile or internet banking
      Other payment methods:
      Car Financing Calculator

      Find out your estimated monthly instalment for your used car.

      Understanding your savings

      Here’s how much you need to pay

      Your monthly payment

      S$711.07

      Total interest charged

      S$9,730.00

      Total repayment amount

      S$9,730.00

      before you apply

      Eligibility requirements

      Minimum age

      21 years old

      Nationality

      Singaporeans, Singapore PRs and foreigners


      Fees

      Late fee

      S$80

      Full settlement penalty

      1% on outstanding loan amount

      Interest rebate clawback

      20% on interest rebate (rule 78 computation)


      Additional information

      Online loan approval and usage are only applicable for applications via MyInfo. Please note delays or non-approvals of applications may occur for various reasons.

      how to apply

      Start an OCBC Car Loan application