What is a car loan?
In Singapore, the maximum tenure of a car loan is 7 years regardless of whether you are buying a new or used motor vehicle. Your maximum LTV varies according to the open market value of the vehicle:
- Motor vehicle with OMV ≤ $20,000: maximum LTV is 70%
- Motor vehicle with OMV > $20,000: maximum LTV is 60%
For those who don’t already know, LTV in this context refers to the amount of loan expressed as a percentage of the purchase price (including taxes and COE price) of the motor vehicle.
Take note the maximum car loan amount you are eligible to apply for has to comply with TDSR rules. TDSR limits your total monthly debt obligations to 60% of your gross monthly income. Debt obligations that you have to consider include existing home loans, renovation loans, personal loans, student loans, other secured or unsecured loans.
What are the features of a Grab/Gojek car loan?
A Grab/Gojek car loan is a personal loan used specifically to ease any financial issues drivers may face at their jobs. A Grab/Gojek car loan can also come in handy when new Grab/Gojek drivers are transitioning into a new career with Grab/ Gojek.
A Grab car loan or Gojek car loan can be used to cover the costs of your car rental, parking and petrol fees. Funds obtained via the loan can also be used for urgent car reparation or servicing projects. It can be useful if you’ve been unfortunately involved in an accident hence require time off from driving as well as money for medical emergencies.
For those who have been driving Grab/Gojek for some time, a Grab/Gojek car loan can also be useful if you want to take a week or two off driving to spend more time with your loved ones and friends, or simply, just rest. Driving for long hours is physically draining as we know it.
How does it work?
A Grab/Gojek car loan is a quick cash loan specially designed for Grab/Gojek drivers old and new. For this personal loan, applicants can borrow up to 6X their monthly income though the loan amount extended will be carefully evaluated based on their income, financial situation, existing debt obligations and chosen loan repayment terms.
Eligibility & Fees
To be eligible for a Grab/Gojek car loan, you need to be at least 21 years old, a Singaporean/ PR or foreigner with a valid working permit. Of course, you must also be driving with Grab/Gojek.
Here are the documents required for getting a Grab/Gojek car loan:
What is the interest rate for a Grab/Gojek car loan in Singapore?
It could range from anywhere from 1%-4% per month, depending on the size of the loan. Your loan repayment terms and tenure may also come into play.
What is the loan quantum for a Grab/Gojek car loan in Singapore?
This depends on your requirement for the Grab/Gojek loan as well as your own financial standing. Every Grab/Gojek driver’s situation is unique. The maximum amount you can borrow will also be carefully calculated against your ability to repay the loan. As a general rule of thumb, never ever borrow beyond your means!
Is there any difference between a Grab car loan or Gojek car loan?
Not really. We do not discriminate against borrowers at all — the loan terms will be the same for all drivers no matter if they work for Grab or Gojek.