1. Upon completion of your MoneyPlus Term Loan tenure, the MoneyPlus Account prevailing rate will apply. Usage of your MoneyPlus Account available credit limit will be charged at the MoneyPlus Account prevailing interest rate.
2. MoneyPlus Term Loan interest rate is applicable to the approved MoneyPlus Term Loan amount only.
3. Disbursed MoneyPlus Term Loan amount will be rounded down to the nearest hundred. The total MoneyPlus Term Loan amount shall not exceed 90% of the available credit limit on the MoneyPlus Account at the time of application.
4. Interest is calculated on a front end add-on method. MoneyPlus Term Loan interest rates for customers with annual income of S$20,000 to S$29,999 are at 4.50% AIR (Effective Interest Rates at 17.32% p.a. for 12-month loan, 13.08% p.a. for 24-month loan, 11.51% p.a. for 36-month loan, 10.65% p.a. for 48-month loan and 10.09% p.a. for 60-month loan) while for customers with annual income of S$30,000 and above are at 4.00% AIR (Effective Interest Rate at 10.95% p.a. for 12-month loan, 9.37% p.a. for 24-month loan, 8.75% p.a. for 36-month loan, 8.39% for 48-month loan and 8.13% for 60-month loan).
5. A non-refundable processing fee of 2% (if your annual income is S$30,000 and above) or 5% (if your annual income is from S$20,000 to S$29,999) of loan amount or S$75 applies, whichever is higher.
6. An early repayment fee of 1% on the outstanding MoneyPlus Term Loan amount or S$100, whichever is higher, is applicable if the MoneyPlus Term Loan is terminated or if the Customer makes the early repayment of the MoneyPlus Term Loan before expiry of the MoneyPlus Term Loan tenure.
7. To initiate early repayment before expiry of the MoneyPlus Term Loan tenure, the Customer shall inform BOC of such repayment in writing. Otherwise, monthly instalments will continued to be effected.
8. The BOC MoneyPlus Term Loan shall be disbursed by the Bank to the account designated by the Applicant in the Application Form, which must be (i) any current/saving account(s) held with the Bank, and/or (ii) bank account(s) held with any other bank or financial institution in Singapore (“Receiving Account”). The Receiving Account must be in the name of the Principal Cardmember and/or (b) the Main Account Holder (as the case may be). The Receiving Account must not be a foreign currency line, foreign currency credit card or foreign currency bank account.
9. Once the Bank has approved an Application, the Bank shall without prior notice proceed to make such payment to the Receiving Account. Such payment may be made by the Bank on the date of the Bank’s approval letter or at such later date as determined by the Bank. The Bank reserves the right to determine the amount of funds to be paid and shall advise the Applicant when payment is made. The Applicant shall continue to make payment on the Receiving Account until he/she receives confirmation of credit stated on a future statement issued by the relevant bank or financial institution that such
Receiving Account has been credited. The Bank will not be held liable under whatever circumstances for any overdue payment or interest incurred under the Receiving Account. No BOC Bonus Points (as defined in the Terms and Conditions Governing the BOC Rewards Programme) or any cash rebates will be awarded for BOC MoneyPlus Term Loan transactions.
10. BOC may vary the interest rate chargeable, the basis of calculation of the interest rates, fees, charges or vary the terms and conditions at any time at BOC’s sole discretion and without giving any reason therefore.
11. All information is correct at the point of printing.
