OCBC Disbursed Over S$3.5 Billion in Sustainable Loans Two Years Since Launch
by Fintech News Singapore March 28, 2023OCBC Bank said that it has disbursed more than S$3.5 billion through the OCBC Eco-Care Loans in the two years since its launch in March 2021 where “traction in 2022 was particularly strong”.
These loans accounted for 1 in 5 home, renovation and car loans extended by OCBC during this time frame where the value of loans quadrupled from 2021.
The bank found that the home loans in particular had helped drive the growth in 2022, increasing four times in value compared to the year 2021.
OCBC noted that its eco-care car loans had also fared well with a more than 400% increase from 2021 thanks to Singapore’s continued push for electric vehicle (EV) through incentives and the construction of EV charging infrastructure.
The bank said that it expects the OCBC Eco-Care Loans to continue its good growth. This will come on the back of the Singapore government’s sustainability push, led by the Singapore Green Plan 2030, as well as consumers’ increasing willingness to adopt greener alternatives.
Sunny Quek
Sunny Quek, Head of Global Consumer Financial Services, OCBC Bank said,
“By addressing the top two concerns of Singaporeans – cost and convenience – the take-up rate for OCBC Eco-Care Loans has been better than expected and this upward trajectory should continue.
Despite inflationary pressures and expectations that the housing market may slow down this year, we are still targeting close to 10% year-on-year growth in OCBC Eco-Care Loans.”
