OCBC Financial institution mentioned that it has disbursed greater than S$3.5 billion by way of the OCBC Eco-Care Loans within the two years since its launch in March 2021 the place “traction in 2022 was significantly sturdy”.

These loans accounted for 1 in 5 residence, renovation and automotive loans prolonged by OCBC throughout this time-frame the place the worth of loans quadrupled from 2021.

The financial institution discovered that the house loans particularly had helped drive the expansion in 2022, rising 4 instances in worth in comparison with the 12 months 2021.

OCBC famous that its eco-care automotive loans had additionally fared nicely with a greater than 400% enhance from 2021 because of Singapore’s continued push for electrical car (EV) by way of incentives and the development of EV charging infrastructure.

The financial institution mentioned that it expects the OCBC Eco-Care Loans to proceed its good development. It will come on the again of the Singapore authorities’s sustainability push, led by the Singapore Inexperienced Plan 2030, in addition to shoppers’ rising willingness to undertake greener options.

Sunny Quek

Sunny Quek, Head of International Client Monetary Providers, OCBC Financial institution mentioned,

“By addressing the highest two considerations of Singaporeans – value and comfort – the take-up price for OCBC Eco-Care Loans has been higher than anticipated and this upward trajectory ought to proceed.

 

Regardless of inflationary pressures and expectations that the housing market might decelerate this 12 months, we’re nonetheless focusing on near 10% year-on-year development in OCBC Eco-Care Loans.”