What the best interest rate on a car loan

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 securely via Myinfo 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

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

Benefits

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 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

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

Get significant savings with the OCBC Eco-Care Car Loan for your electric vehicle (EV):

• Exclusive package at 2.48% per annum (EIR 4.65% based on a loan tenure of 7 years)
• 1140kWh (3 months) of free charging credits
• Additional perks if you purchase from our partners  
• Exclusive benefits if you purchase a new Tesla EV

Terms and conditions apply.

See all Eco-Care Loans

Partners of Eco-Care Car Loan

Charge+

Audi e-tron

Jaguar

Nissan

Charge+

Audi e-tron

Jaguar

Nissan

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

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

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).

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.

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

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

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.

before you apply

Eligibility requirements

Nationality

Singaporeans, Singapore PRs and foreigners

Fees

Full settlement penalty

1% on outstanding loan amount

Interest rebate clawback

20% on interest rate rebate (rule 78 computation)

Terms and conditions

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

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   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.

Additional perks with the purchase of a new Audi e-tron or Jaguar I-PACE

• 6 additional months of free charging for HDB and condominium residents
• Free Charge+ charging station and installation for landed property residents

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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