OCBC Car Loan & Interest Rates - Car & Vehicle Financing Singapore

Car Loan

Finance your dream car with OCBC Car Loan.

Why you will love this

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

Get your loan approved in 60 seconds before visiting the showroom

Enjoy significant savings with Eco-Care Car Loan

Who can apply

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

Apply or Accept

OCBC Car Loan lets you buy your dream car with ease and confidence.

Awards

Our recognitions and achievements drive 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

Secure your car loan

Secure your car loan

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.

A fast, simple and secure loan application process

Apply with Singpass and get your car loan approved within 60 seconds.

Apply without cost

You will not incur any penalty or fees until you finalise the car purchase and accept the Hire Purchase Agreement.

Opt for our Eco-Care Car Loan

Opt for our Eco-Care Car Loan

Be part of a greener Singapore with your electric vehicle and enjoy significant savings.

Benefits
Fast, simple and secure loan application

Fast, simple and secure loan application

Apply securely via Myinfo and get your car loan approved within 60 seconds.

Apply securely via Myinfo and get your car loan approved within 60 seconds.

Flexible loan tenure

Flexible car loan tenure and competitive interest rates

Borrow up to 7 years and 70% of the total car price at an interest rate of 2.48% per annum (EIR 4.65% based on a loan tenure of 7 years).

Borrow up to 7 years and 70% of the total car price at an interest rate of 2.48% per annum (EIR 4.65% based on a loan tenure of 7 years).

Opt for our Eco-Care Car Loan

Opt for our Eco-Care Car Loan

Be part of a greener Singapore with your electric vehicle and enjoy significant savings on us.

Be part of a greener Singapore with your electric vehicle and enjoy significant savings on us.

Eco-care car loan
Enjoy significant savings for your Electric Vehicle (EV) with OCBC Eco-Care Car Loan:

Terms and conditions apply.

See all Eco-Care Loans

Partners of Eco-Care Car Loan
Charge+

Charge+

Audi e-tron

Audi e-tron

Jaguar

Jaguar

Nissan

Charge+

Charge+

Audi e-tron

Audi e-tron

Jaguar

Jaguar

Nissan

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

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

Step 1

Apply online

Use 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 after you have selected your car. 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 date.

Step 5

Begin monthly repayments

For your convenience, you may set up an arrangement to pay via:
  • A Direct Debit Account; or
  • GIRO.
You may also make payment for your OCBC Car Loan via:
  • Bill payment via OCBC Digital app or Internet Banking
  • Pay via ATM
  • Drop your cheque into any of our cheque deposit boxes
  • Make cash payments in person at any of our bank branches

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 payment via Direct Debit Account at point of application
    • Set up your payments via GIRO
    Other payment methods:
    • Bill payment via OCBC Digital app or Internet Banking
    • Pay via ATM
    • Drop your cheque into any of our cheque deposit boxes
    • Make cash payments in person at any of our bank branches

    OCBC Car Loan does not currently finance private hire vehicle or commercial vehicle.

    Interest rates
    • Electric Car Rate
    • Electric Car EIR %
    • Petrol/Diesel Car Rate
    • Petrol/Diesel Car EIR %
    • COE Car Rate
    • COE Car EIR %
    Period 1 year 2 years 3 years 4 years 5 years 6 years 7 years
    Electric Car Rate 2.48%
    per annum
    Electric Car EIR % 4.55%
    per annum    		 4.69%
    per annum    		 4.72%
    per annum    		 4.71%
    per annum    		 4.70%
    per annum    		 4.68%
    per annum    		 4.65%
    per annum
    Petrol/Diesel Car Rate 2.78%
    per annum
    Petrol/Diesel Car EIR % 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
    COE Car Rate 2.98%
    per annum
    COE Car EIR % 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
    Electric Car Rate
    EIR %
    Petrol/Diesel Car Rate
    EIR %
    COE Car 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.

    Interest rates
    • Electric Car Rate
    • Electric Car EIR %
    • Petrol/Diesel Car Rate
    • Petrol/Diesel Car EIR %
    • COE Car Rate
    • COE Car EIR %
    Period 1 year 2 years 3 years 4 years 5 years 6 years 7 years
    Electric Car Rate 2.48%
    per annum
    Electric Car EIR % 4.55%
    per annum    		 4.69%
    per annum    		 4.72%
    per annum    		 4.71%
    per annum    		 4.70%
    per annum    		 4.68%
    per annum    		 4.65%
    per annum
    Petrol/Diesel Car Rate 2.78%
    per annum
    Petrol/Diesel Car EIR % 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
    COE Car Rate 2.98%
    per annum
    COE Car EIR % 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
    Electric Car Rate
    EIR %
    Petrol/Diesel Car Rate
    EIR %
    COE Car 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

    Choose from 6 different payment methods. An additional service fee may be charged for payments made at our branches.

    Direct Debit Account
    Interbank GIRO
    OCBC Internet Banking or OCBC Digital app
    ATM
    Quick Cheque Deposit
    Cash payment at bank branches
    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 rate rebate (rule 78 computation)

    Terms and conditions

    Terms and conditions for Hire Purchase Agreement (Hire Purchase Act)

    Terms and conditions for Hire Purchase Agreement (Non Hire Purchase Act)

    Terms and conditions for Hire Purchase Agreement (eHPA)

    Additional information

    1. 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.
    2. Please note that OCBC Car Loan does not currently finance private hire vehicle or commercial vehicle.
    Ways to apply

    Apply for an OCBC Car Loan today

    Apply or Accept

    or speak to your car dealer.

    FAQS
    Common questions about Car Loans
    What’s the maximum car loan amount I can get in Singapore?

    Car loan eligibility and quantum depends on several factors, including but not limited to your outstanding loan liabilities and monthly income. Depending on the open market value (OMV) of the vehicle, the Monetary Authority of Singapore (MAS) limits financing up to 60%/70% of the purchase price.

    At OCBC Bank, we offer competitive interest rates for car loans and additional benefits with our Eco-Care product suite. Want to find out more about OCBC car loans? Email us at carloans@ocbc.com  to find out more.

    How can I find out the latest COE prices?

    A COE – or Certificate of Entitlement – gives you the right to own and use a vehicle in Singapore. The cost of getting a COE is also factored into a car loan. You can check the latest COE prices and bidding results in Singapore on the OneMotoring page. You can also use a loan calculator to find out the monthly instalments for your car purchases.

    How do I calculate the car loan interest?

    Loans usually come with an interest rate that is payable on top of the principal amount. To calculate the total loan amount you will need to repay, add the principal sum together with the interest. You can use an interest calculator, or use the following formula:

    Interest payable = Loan amount * interest rate * (number of payments/12)

    Upon successful application, you will also receive a breakdown of the total loan amount, including the interest.

    What are you here for?

    Next

    How to make payment via Direct Debit Account 

    Via OCBC Internet Banking

    1. Log in to OCBC Internet Banking
    2. From the navigation bar, select Payments & Transfers > GIRO Services > Setup GIRO
    3. Complete the application form.
      • Select ‘OCBC Car Loan’ as the payment recipient
      • Under Bill Reference, enter your Car Loan account number which starts with 574 (exclude all symbols, hyphens and spaces)
    4. Review the details and submit to complete the application

    Via OCBC Digital app

    1. Log in to OCBC Digital app
    2. Tap on the menu > Select Pay > GIRO services > Setup GIRO payment
    3. Select OCBC Car Loan followed by your desired OCBC Account to make payment from
    4. Complete the application form. 
      • Under Bill Reference, enter your Car Loan account number which starts with 574 (exclude all symbols, hyphens and spaces)
    5. Complete the application form
    6. Review the details and submit to complete the application

    How to make payment via Interbank GIRO

    Via mail

    1. Print out the GIRO form from ocbc.com/carloangiro
    2. Complete the form
    3. Mail the form to us at:
      Overseas-Chinese Banking Corporation Ltd
      Consumer Loan Admin (TC1)
      18 Church Street #B1-01
      OCBC Centre South Mailroom
      Singapore 049479

    The GIRO application may take 4 to 6 weeks to process. You will receive a notification letter upon approval of the application. In the meantime, please continue to make payment via other options.

    How to make payment via OCBC Digital app or Internet Banking

    Via OCBC Internet Banking

    1. Log in to OCBC Internet Banking 
    2. From the navigation bar, select Payments & Transfers > Pay bills > Single bill payment
    3. Select ‘Pay billing organisation’ and add ‘OCBC Car Financing’ as the billing organisation
      • Under Bill Reference, enter your Car Loan account number which starts with 574 (exclude all symbols, hyphens and spaces)
    4. Enter the payment details
    5. Review the details and submit to confirm your payment

    Via OCBC Digital app

    1. Log in to OCBC Digital app
    2. Tap on the menu > Select Pay > Bill payment > Billing organisation
    3. Tap on ‘Single bill payment’ and select ‘OCBC Car Financing’ as the billing organisation
      • Under Bill Reference, enter your Car Loan account number which starts with 574 (exclude all symbols, hyphens and spaces)
    4. Enter the payment details
    5. Review the details and submit to complete the application
    • Note:
    • Bill payment will take about 2 working days to process.
    • Payment may be made into another customer's Auto Loan account, as long as he/she has the account number.

    How to make payment via ATM

    Note: Prior to setting up bill payment via ATM, please note to add ‘OCBC Car Financing’ as the billing organisation first. You may refer to this guide on how to add billing organisation.

    For customers with multiple accounts under OCBC

    1. Select ‘More Services’ until you find the Bill Payment option
    2. Select ‘Other Bill Payment’
    3. Select the type of account
    4. Select your account number
    5. Enter the amount to pay
    6. Select the bill code indicated next to OCBC Car Financing

    For customers with single account under OCBC

    1. Select ‘More Services’ until you find the Bill Payment option
    2. Select ‘Other Bill Payment’
    3. Enter the amount to pay
    4. Select the bill code indicated next to OCBC Car Financing

    How to make payment via quick cheque deposit

    1. Pay to OCBC Bank and indicate the amount you are paying
    2. Indicate your car loan account number at the back of the cheque
    3. There are 2 ways to deposit:
      • OCBC Quick Cheque Deposit Box (available at all our branches)
      • OCBC Quick Cheque Deposit Machine (available at selected branches)

    How to make payment at OCBC branches

    1. Approach any OCBC Branch near you to make payments over the counter
    2. Do take note of the operating hours for each branch
    3. Do take note that the cut off time for same day payment is on Monday to Fridays before 4.30pm

    Note: Branches do not accept Credit Card or NETS Payment

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