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OCBC Car Loans

Get into a new car and enjoy a competitive interest rate when you secure finance with OCBC.


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Established in 1932, OCBC bank (Oversea-Chinese Banking Corporation Limited) is Singapore’s oldest local bank and the second largest financial services group in Southeast Asia by assets. With key markets in Singapore, Malaysia, Indonesia and China, OCBC bank operates in over 18 countries and offers an extensive range of personal and commercial banking, as well as financial and wealth management services. OCBC also offers auto financing, so if you’re in need of vehicle finance you can consider its competitive loan options. Find out more about it and whether it’s right for you in this review.

What kind of car loans can you apply for?

OCBC New Car Loan

Available to new cars purchased from car distributors or parallel importers. Due to the Monetary Authority of Singapore (MAS) regulations, the loan amount for the vehicle is dependent on the vehicle’s Open Market Value (OMV). If the OMV of the vehicle is less than S$20,000, OCBC may finance up to a maximum of 70% of the vehicle price. If the OMV of the vehicle is more than S$20,000, the maximum loan amount will be capped at 60% of the vehicle cost.

Interest rates for OCBC New Car Loan:

Loan TenureApplied Interest Rate (AIR)Effective interest rate (EIR)
1 year2.78% p.a.5.09% p.a.
2 years2.78% p.a.5.25% p.a.
3 years2.78% p.a.5.27% p.a.
4 years2.78% p.a.5.27% p.a.
5 years2.78% p.a.5.24% p.a.
6 years2.78% p.a.5.22% p.a.
7 years2.78% p.a.5.19% p.a.

*Interest rates stated are accurate at the time of writing, 12 June 2018. Bear in mind that the interest rates may be subjected to change, so do check with the bank for the latest rates.

OCBC Used Car Loan

The OCBC used car loan is only available for vehicles less than 10 years of age, based on the original date of registration. Loan tenures can stretch from 1 to 7 years, depending on the age of the car. For example, if you’re taking up a loan for a car that’s 5 years old, your loan tenure can only be up to a maximum of 5 years.

Interest rates for OCBC Used Car Loan:

Loan TenureApplied Interest Rate (AIR)Effective interest rate (EIR)
1 year2.98% p.a.5.46% p.a.
2 years2.98% p.a.5.62% p.a.
3 years2.98% p.a.5.64% p.a.
4 years2.98% p.a.5.63% p.a.
5 years2.98% p.a.5.61% p.a.
6 years2.98% p.a.5.57% p.a.
7 years2.98% p.a.5.54% p.a.

*Interest rates stated are accurate at the time of writing, 12 June 2018. Bear in mind that the interest rates may be subjected to change, so do check with the bank for the latest rates.

How much will my monthly instalments be?

OCBC has 3 online calculators for the various types of car loans:

As its interest rates are generally fixed, you only need to enter the required loan amount and tenure to calculate the monthly payments you’ll need to pay if you take up a car loan. If you’ve received a different interest rate from the bank, simply click on ‘have a different interest rate’ to calculate based on the rate you input.

Purchasing a car is a large financial undertaking, so always ask yourself if you’ll be financially comfortable to pay the projected monthly instalments before committing to it. Also, do note that since car interest rates are calculated on a “flat” rate, your monthly payments will remain fixed throughout your loan tenure.

How you can apply for a car loan from OCBC?

If you’re ready to apply for this loan, you can click on the links below and complete the online enquiry form to get started.

Before you do, make sure you meet each of the eligibility criteria listed below.

  • Age. You must be at least 21 years of age.
  • Residency. You need to be a Singaporean citizen, a Permanent Resident or a Foreigner.
  • Income. OCBC does not publish the minimum income requirement, or if foreign applicants are required to have a higher income. However, it’s good to know that you should have a minimum annual income of $20,000 to be eligible for a car loan from most of the banks or financial institutions in Singapore.
  • Financial standing. Your credit score should at least meets the bank’s minimum criteria.

Bear in mind that every loan application will be listed on your credit file and rejections can have a negative impact on your credit score. If you’re unsure about your eligibility, it’s best to check with OCBC directly before applying. You can contact the OCBC hotline for car loans on 6363 3333.

You will also be required to provide the following:

  • Identification. Your NRIC (front and back) or passport and work permit (for foreigners).
  • Application form. Make sure that the application form you submit is complete and accurate.
  • Income documents. These may include computerised payslips, latest 6 months CPF contribution or your Income Tax Notice of Assessment.
  • Car details. If you’re purchasing a used car, you must provide the seller’s plate number and NRIC or their vehicle electronic log card.

OCBC offers several car loans with competitive interest rates, but it’s best that you compare all your loan options from other institutions before making a final decision.

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