Eligibility requirements:
- Minimum age of 21 years old at time of application
- Open to Singaporeans, Singapore PRs and eligible foreigners
- Intended for purchase of new or used cars only
- Applicant must meet financial assessment criteria such as income and liabilities
- Vehicle must not be for private hire or commercial use
OCBC Car Loan application steps:
- Check your eligibility and prepare required personal details
- Log in using Singpass for a secure online loan application
- Submit your application and receive a quick approval loan decision
- Review your approved loan amount and terms
- Finalise the Hire Purchase Agreement after selecting your car
Frequently asked questions
How long does it take to get approved for a OCBC?
Approval can be extremely fast, since OCBC offers a fast loan process where decisions may be given in about 60 seconds for eligible applications.
Is it required to explain why credit is being used?
Yes, since the OCBC Car Loan is specifically for vehicle purchases, applicants must use the funds for buying a new or used car only.
Do I need to have a good credit score to be approved for a OCBC?
Although exact requirements are not disclosed, approval depends on financial factors such as income and existing liabilities, therefore a stronger profile improves your chances.
Can I apply for a loan if I am self-employed?
Eligibility includes various applicants, however approval depends on financial assessment, so self employed individuals may apply if they meet OCBC evaluation criteria.