Looking for a personal loan at a competitive rate? With a low flat interest rate at 3.48% p.a., the Standard Chartered CashOne Personal Loan could be perfect for you – but not if you’re a foreigner residing in Singapore.
Pros and Cons
If you’re in urgent need of cash, and you don’t want to borrow from family and friends, your next best option is to seek financial assistance from a bank.
A personal loan is a great way to boost your cash flow and overcome any financial emergency.
But before you start applying, you need to consider a few things.
To help you get started, here are the pros and cons of the personal loan plan offered by Standard Chartered CashOne.
- Standard Chartered Bank offers a guaranteed flat interest rate of 3.48% p.a. (EIR 6.95% p.a).
- Customers in an emergency and in need of immediate cash will be satisfied with their swift cash disbursement.
- SC Bank is also known to offer competitive promotions.
- It is also best for lenders with low annual salaries. SC charges the lowest interest rates for borrowers earning less than $30,000 per year.
- Applicants can only borrow up to 4 times their monthly salary. Those who are looking into borrowing a large loan amount might do better to compare other personal loan plans.
- Standard Chartered Bank charges a high annual fee of $199 in the first year and $50 in the following years.
- The bank also charges an early repayment fee of $150, or 3% of the outstanding unbilled loan balance – whichever is higher.
- SC also requires foreigner applicants living in Singapore to have an income of at least $60,000 – a stricter requirement compared to other banks.
Standard Chartered CashOne Personal Loan Features
So what can you expect from a Standard Chartered personal loan?
SC Bank’s CashOne is as close as you can get to an affordable loan. With a 3.48% p.a. fixed interest rate and promotions, it’s the cheapest personal loan plan for low income earners.
Additionally, qualified applicants can loan up to 4x their monthly salary. Plus, they get a loan tenure of up to 5 years. It’s a great financing option that can help you pay off debt or provide needed cash flow.
Here are some of our favorite features:
- Interest rate: From 3.48% p.a (EIR 6.95% p.a)
- Loan tenures: Choice of 1 to 5 years
- Max. loan amount: Up to 4X of monthly salary, capped at $250,000
- Min. loan amount: $1,000
- Approval Time: Instant approval
Other Charges and Fees
As with any other banks offering personal loan plans, SC charges additional fees.
For one, the bank charges a handling fee of $199 for the first year and $50 for the following years. But for online applicants, the first year’s fee is waived. Additionally, the subsequent annual fees are waived for those who pay their dues on time.
What if you want to pay off your loan earlier than the specified agreement?
SC Bank charges an early redemption fee of $150 or 3% of the unbilled outstanding balance – whichever is higher. Plus, borrowers will also have to pay $50 for the change of loan duration.
What happens if you fail to pay on time? The bank will charge an extra 4% p.a. annually to the unpaid balances. So we recommend paying your monthly dues on time.
Here are some fees worth noting:
- Processing fee: $199 for the first year, $50 for subsequent years (waived if all payment is received by the due date for the past 12 months)
- Early repayment fee: $150 or 3% of the outstanding principal, whichever is higher
- Default interest: Additional 4% p.a to the original EIR on the entire outstanding balance
- Late payment fee: $100 for each monthly repayment that is not received in full by the due date, and charge of EIR 25.9% p.a (0.071% per day) on the balance of overdue monthly installment payment
How Does Standard Chartered Personal Loan Compare To Other Banks
Let’s assume that you have a $10,000 monthly income and you’re applying for a $10,000 loan with a 3-year loan tenure.
Use the table below to see how CashOne personal loan fares against the top banks:
|Total Loanable Amount||Interest Rate||Monthly Repayment||Processing Fee|
|Standard Chartered CashOne||$11,044||From 3.48% p.a.||$307||$150 for the first year – this fee is waived for online applicants.|
|HSBC Personal Loan||$11,020||From 3.4% p.a.||$306||$0|
|DBS Personal Loan||$11,164||3.88%||$310||$100|
|UOB Personal Loan||$11,104||3.68%||$308||$0|
|Citibank Quick Cash
(New Loan Customer)
|POSB Personal Loan||$11,164||3.88%||$310||$100|
Who Can Apply?
To be eligible for a Standard Chartered CashOne personal loan, you need to:
- Be at least 21 to 65 years of age
- Be a salaried employee, variable/commission-based employee, or self-employed
- Be a Singaporean, Permanent Resident, or Foreigner living in Singapore
- Have a minimum annual income of $30,000 if you’re a Singaporean or Permanent Resident
- Have a minimum annual income of $60,000 if you’re a Foreigner.
For existing SC Credit Cardholders, no documents are required.
For new customers or existing customers with change(s) in income/employment, they will need to prepare the following documents for the application process:
- Photocopy of NRIC/Passport/Employment Pass (front and back)
- For salaried employees: latest month’s computerized payslip or latest 6 months’ CPF contribution history statement
- For self-employed: last 2 years’ Notice of Assessment
- For commission-based earners: latest 3 months payslip or latest 6 months COF contribution history statement
For foreigners living in Singapore, they will need to prepare the following:
- Photocopy of Passport with at least 6 months validity
- Copy of Employment Pass
- At least one of the following documents:
- Latest utility bill, rates, or tax bill
- Latest bank/credit card statement
- Rental agreement showing your address
- Latest mobile phone statement or pay-TV statement
- Letter from employer stating the current address
- Government-issued document stating current address (e.g. IRAS, CPF, ICA)
- For salaried employees: latest month’s computerized payslip
- For self-employed: latest Notice of Assessment
- For commission-based earners: latest 3 months Commission Statement from same employer or latest Income Tax Notice of Assessment
How to Apply
The quickest way to apply for a Standard Chartered CashOne personal loan is online. You can use your existing Standard Chartered account.
Otherwise, you’ll need to submit an application online as well as provide the necessary documents. Here’s what you can do:
- Visit the Standard Chartered website
- Fill in all the necessary fields and follow the steps afterward.
- Submit your application form.
If everything goes well, your application will be approved within a few minutes.
Promos until June 2021
Currently, Standard Chartered Bank is offering up to $1,200 cashback upon approval. Take a look at the table below to see how it works:
|Approved Loan Amount||Loan Tenure (Years)||New Client Cashback||Existing Client Cashback|
|$5,000 to $9,999||3, 4, or 5||–||–|
|$10,000 to $20,000||3, 4, or 5||$200||$100|
|$20,001 to $50,000||3, 4, or 5||$300||$200|
|$50,001 to $100,000||3, 4, or 5||$600||$500|
|$100,001 to $250,000||3, 4, or 5||$1200||$1000|
Note: The CashOne Personal Loan Cashback online promotion is available from now till 30 June 2021.
Standard Chartered CashOne Personal Loan offers competitive rates, instant approval, and fast cash disbursement, making it an attractive financing option for low income earners.
But if you’re unsure whether CashOne Personal Loan is the best in the market, then take your time and compare your options. Don’t limit your options to financing institutions, like banks. You can also consider financing plans from licensed moneylenders – who sometimes offer faster approvals and lower processing fees.
Compare your options from top licensed moneylenders in Singapore through Instant Loan . We offer the most up-to-date information about different loans, offers, and rates – at the tip of your fingers!