OCBC Reports Sixfold Increase in Eco-Care Car Loans Amid Rising EV Popularity

OCBC has reported a significant enhance in its Eco-Care Automotive Loans, with numbers surging over sixfold in 2023 in comparison with their launch yr in 2021.

This rise coincides with a rising environmental consciousness amongst Singaporeans and a governmental push in the direction of electrical autos (EVs) as a part of the Singapore Inexperienced Plan 2030.

In response to the rising availability of older used EVs, OCBC has expanded its financing choices beneath the Eco-Care Automotive Loans scheme.

Initially restricted to new and fewer than three-year-old used EVs, the scheme now consists of autos as much as ten years outdated.

This enlargement goals to satisfy the rising demand, evidenced by a 50.5% enhance in EV registrations in 2023, as reported by the Land Transport Authority. EVs now symbolize 18.1% of whole automobile registrations, a big rise from 11.7% in 2022.

The scheme has not solely seen a outstanding uptake for older fashions, with loans for used EVs nearly 30 instances larger in 2023 than in 2021, but in addition continues to draw prospects buying new electrical automobiles.

Notably, practically half of the loans issued for brand new automobile purchases in 2023 have been for EVs, with Chinese language manufacturers like BYD main in recognition.

Along with automobile loans, OCBC additionally presents Eco-Care House Loans, encouraging householders to undertake eco-friendly enhancements by offering preferential rates of interest and electrical energy invoice rebates.

Sunny Quek

Sunny Quek, Head of International Client Monetary Companies, OCBC stated,

“Three years in the past once we launched OCBC Eco-Care Automotive Loans, client curiosity in EVs was nonetheless low and information about EVs was not as widespread. We wished to do our half to get the momentum going by offering that extra incentive, within the type of a preferential rate of interest for OCBC Eco-Care Automotive Loans.

 

It has helped to cut back the obstacles to entry to proudly owning EVs. Three years on, the EV market has turn into extra mature and demand has been rising. Extra manufacturers and used EVs are getting into the market, making them extra reasonably priced.“

Featured picture credit score: Edited from Freepik