OCBC extends $3.5b in Eco-Care Loans

With 1 in 5 of its home, renovation, and car loans now green, the Singaporean bank targets 10% growth in environment-friendly credit by March 2024.

Singapore has long set its sights on making the crown the world’s greenest city; and its citizens are more than willing to take on the challenge.

In the two years since launching its Eco-Care Loans, OCBC Bank said that it has extended over S$3.5b (US$2.64b). The loan series – available to retail clients looking to purchase a home, conduct renovations, or own a car – offers a range of benefits for those meeting certain green goals and criteria.

“The 2022 OCBC Climate Index Survey found that cost and inconvenience are two major considerations when it comes to consumer’s choices of whether to adopt or incorporate sustainability into their lifestyles,” Phang Lah Hwa, head of consumer-secured lending at OCBC Bank, told Singapore Business Review.

“By offering preferential rates, our Eco-Care Loans provide consumers with the impetus to take concrete action by making their homes more environmentally friendly, or switching to electric cars,” she said.