Bank of China $martLoan

Bank of China Personal Loan Review

Bank of China’s $martLoan is an excellent product if you’re looking for a 7-year loan with the best long-term rates. While its EIRs look challenging at first (refer to the interest rate-loan-term correlation table below), its long-term benefits are highly convincing. Let’s take a look at the pros and cons of using Bank of China’s $martLoan.


  • You get up to 7 years repayment period using Bank of China’s $martLoan. Bank of China (BOC) is one of the few Singaporean banks offering a 7-year repayment for an approved loan amount period. Its counterparts include Citibank, UOB, and POSB
  • Instead of paying a fluctuating interest above your principal, $martloan has a fixed monthly repayment with rates spread out throughout your payment period. Doing this is beneficial for borrowers who have fixed budgets and want stable and predictable payments
  • Its applied rate of 12% with an EIR of 18.72% makes it seem like one of the rated financial products available. However, this works to a long-term borrower’s advantage because of the immense EIR decrease by 6-7 years of payments. Check the interest rate-loan term correlation table below.



  • The initially high EIR might turn off many borrowers, especially those with average to low scores. Even the flat 6.52% rate for 1-2 year $martLoan are higher than all of its competition
  • It has a relatively high processing fee at 3%. The average processing fee for its competition is at 1-2%. If your application failed, you can’t refund the processing fee back.
  • You’ll need to open an additional BOC MoneyPlus account to apply for another $martLoan. If you’re not yet a BOC MoneyPlus account owner, then you’ll need to open and meet its minimum amount before you can apply for $martLoan aside from other necessities and respective processing fee.
  • Applying for both BOC MoneyPlus + $martLoan does not have any apps. You’ll need to contact their customer service support (available 24/7) or text a code to a fixed number (more on the loans’ application process later).


BOC $martLoan Features

BOC’s $martLoan is it’s flagship financing product. One of its main features is its balance-reducing capability. You still pay a flat repayment amount, but the interest varies because of your decreasing debt. Even if you’ve paid your financing at a longer period, you’ll pay a fixed or reduced amount monthly.

BOC’s MoneyPlus works for most merchants, but you can use $martloan to get a 95% 10-day turnaround extra cash advance in the form of a financing. Compared to other card cash advance products, $martLoan performs best because of its balance reduction that lowers your payments.

Below are all of its key features:

Key Features

  • SMS application process
  • Flat 1-3-year interest rate of 6.52 (EIR 14.92%)
  • 1-7 Year Personal Loan Repayment
  • S $9,500 maximum loan amount (MoneyPlus Line of Credit’s 95% credit limit maximum)
  • 10 days turnaround time
  • Complimentary MoneyPlus (With similar credit limit as $martLoan)
  • Non-refundable 3% application processing fee


Interest Rates According to Loan Tenure

Interest Rates According to Loan Tenure

Here is a handy interest rate-loan term correlation table to help you learn about the actual interest rates and potential minimum payment sum you’ll deal with using BOC’s $martLoan (inclusive of effective interest rate [EIR]).

Loan Tenure (Months) Interest Rate (Yearly)
12 12% (18.72% EIR)
24 12% (15.73% EIR)
36 12% (14.69% EIR)
48 12% (14.18% EIR)
60 12% (13.68% EIR)
72 15% (17.05% EIR)
84 15% (16.89% EIR)



BOC $martLoan Vs. Other Personal Loans

How does BOC’s $martLoan size up against other banks? Check this handy table for your personal application reference.

Bank Name Maximum Loan Amount Interest Rate Maximum Loan Tenure
BOC $martLoan 95% of $10,000 or credit limit 6.52 (18.74% EIR) 84 Months
HSBC  6x Monthly Salary or S $100,000 6.38 (15% EIR) 84 Months
Citibank  6x Monthly Salary  3.99% (7.5% EIR) 60 Months
DBS/POSB  6x Monthly Salary 3.88% (7.5% EIR) 60 Months
Standard Chartered  4x Monthly Salary or S $250,000 3.48% (7.7% EIR) 60 Months
UOB  4-6x Your Monthly Salary 3.68% Flat Interest 60 Months



Bank of China $martLoan’s Edges Above the Competition

From the table, you can see the correlation between lower flat interest rates and shorter loan repayment terms. For loan terms that reach 7 years, such as BOC’s $martloan, you’ll find the average interest to be at 6-7%. However, with an immediate line of credit through MoneyPlus, you have access to S $10,000 and take out 95% of this loan amount through a cash advance. If you have a higher available credit limit from BOC, you can use your card and take out higher cash advances easily.

Another great $martLoan advantage is its low income requirement. Singaporeans need to have an annual income of S $30,000 (foreigners: S $40,000). However, MoneyPlus only requires both to have at least S $1,700 monthly income, making it an excellent low-income credit access for borrowers. While you might not use $martLoan until you meet the S $30,000 minimum payment sum, you still have access to a S $10,000 available credit limit.



To apply for BOC’s MoneyPlus line of credit to use $martLoan, here are the few eligibility requirements you’ll need to fulfill.

  • 21 Years Old
  • Minimum Annual Income of: S $30,000 Singaporeans, S $40,000 Foreigners



Make sure you have these documents prepared before applying for a BOC $martLoan.


  • NRIC Card
  • Proof of Employment (Contract or 3 Months of Payslips)


  • Working Pass
  • Employment Letter or Three Months of Payslips
  • Proof of Residence (Billing Statements addressed to property, etc.)


Application Process

  1. Call BOC’s Customer Service Hotline, which is available 24/7. The number is: 1800-338-5335 
  2. You can also apply through SMS by texting BOCMP<space>SLWS<space>Name<space>NRIC to 79777
  3. Keep in mind that you’ll need to wait for 10 days until BOC accomplishes its turnaround period. Unlike other loan products, the amount does not disburse into any account, and you’ll need to claim it from a BOC branch. Ask the customer service to learn more about the claiming process.



  • BOC’s $martLoan requires you to open a complimentary MoneyPlus Line of Credit, which requires a lower initial income of S $1,700. However, to use $martLoan, you’ll need to have at least S $30,000 income for Singaporeans and S $40,000 for foreigners.
  • $martLoan has high initial interest rates compared to its rival products. However, its balance reduction process guarantees lower payments later, rewarding borrowers who diligently address their debt during the start.
  • BOC’s $martLoan is the best choice for long-term borrowers because of its decreasing EIR by the 6th and 7th year.
  • The best way to make sure $martLoan and other similar financial products work for you is to understand your loan payment term and its fee charges. For example, if a decreasing EIR works for you by the end of your payment term, then it means you are willing to pay bigger amounts initially to take advantage of lower late-year EIRs.

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