Car Loan | OCBC Singapore

Car Loan

Buy a car with confidence

Why you will love this

Flexibility to get your loan before visiting the showroom

Simple and secure application using MyInfo, with approval in 60 seconds

Borrow up to 7 years and 70% of the purchase price or our valuation of the car, whichever is lower

Who can apply

Anyone above 21 years old

For Singaporeans, Singapore PR and foreigners

Looking to purchase new cars from distributors or parallel importers, or used cars from car dealers or direct owners

Apply now

We are the first bank in Singapore to redefine the way you can get a car loan.

Awards

Our recognitions and achievements drives us to go further for you.

Best Lending Technology Platform

The Asian Banker Financial Technology Innovation Awards 2020

Automobile Lending Product of the Year

The Digital Banker Global Retail Banking Innovation Awards 2020

Digital Lending Product of the Year

The Digital Banker Global Retail Banking Innovation Awards 2020
benefits

Get a car loan before stepping into the showroom

Shop for a new or used car that is within your budget by knowing your maximum loan amount beforehand.

Fast, simple and secure

Apply using MyInfo and get approval within 60 seconds. Your confidential information is sent directly to OCBC.

Apply without cost

Your car loan will not incur any penalty or fees and is only effective when you have finalized the car and accepted the Hire Purchase Agreement.

Buy a car with car-fidence

Purchase from any car distributor or dealer with ease. See the full process below.

Application process

Meet John

Engineer, 32 years old

Looking to buy his first car

Does not know which car he can afford and has not been to a showroom yet

Step 1

Apply online

Apply online easily with MyInfo and get a car loan in just 60 seconds! Based on your approved loan amount, you will know the maximum car price you can afford, so that you can shop with confidence.

Step 2

Speak to your car dealer

Inform your car dealer that you have an OCBC Car Loan. Your car dealer will submit the car details to us and you will receive an SMS to verify the information.

Step 3

Accept agreement digitally

As you already have an approved loan with us, we can speed up the process and send you the Hire Purchase Agreement immediately via SMS. You can review and accept the agreement digitally.

Step 4

Collect your car

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

We will email you the Hire Purchase Agreement with the monthly instalment amount and payment due date.

Step 5

Begin monthly repayments

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

Fast, simple and secure

Apply using MyInfo and get approval within 60 seconds. Your confidential information is sent directly to OCBC.

Apply using MyInfo and get approval within 60 seconds. Your confidential information is sent directly to OCBC.

Flexible loan tenure

Borrow up to 7 years and 70% of the total car price

Borrow up to 7 years and 70% of the total car price

Fixed interest rate

Enjoy an attractive annual interest rate fixed at 2.28%. EIR from 4.18% per annum onwards.

Enjoy an attractive annual interest rate fixed at 2.28%. EIR from 4.18% per annum onwards.

Application process

Meet Jill:

Accountant, 45 years old

Looking to upgrade to a new car

Has decided on which car to get and is currently at the showroom

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.

    We 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:

    Please note that this is for illustration purpose only.

    Interest rates
    • Rate
    • EIR %
    Period 1 year 2 years 3 years 4 years 5 years 6 years 7 years
    Rate 2.28%
    per annum
    EIR % 4.18%
    per annum    		 4.32%
    per annum    		 4.35%
    per annum    		 4.34%
    per annum    		 4.33%
    per annum    		 4.31%
    per annum    		 4.29%
    per annum
    Period
    Rate
    EIR %

    Rates are subject to change.

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

    Repayment methods

    Access up to 6 different payment methods easily with just your loan account number. For any car financing repayments paid over the counter in branches, additional service fees may be imposed.

    Direct Debit Account
    Interbank GIRO
    Mobile Banking
    Internet Banking
    ATM
    Quick Cheque Deposit
    OCBC deposit account holders
    Preferred
    Non-OCBC deposit account holders
    —
    Preferred
    —
    —
    —
    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.
    Ways to apply

    Apply for a car loan today.

    Apply now

    or speak to your car dealer.