Standard Charter CashOne Loan Review 2023 ᐈ Check Rates

Standard Chartered CashOne Personal Loan
(Product Review)

Updated March 4, 2024

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3.48%

Annual Interest Rate

$1,000

Minimum Loan Amount

$0

Processing Fee

Current Standard Chartered CashOne Personal Loan Rate

Today's Standard Chartered CashOne Personal Loan interest rate trends in Singapore - As of Monday, March 4th, 2024, Standard Chartered CashOne Personal Loan’s annual interest rate stands at 3.48% with an effective interest of 6.95%.

Product Review

Standard Chartered (SCB) has a robust net worth of 92 billion according to its recent 2021 report. It is one of Singapore’s most prestigious banks that provides personal loans to Singaporeans, PRs and employment pass holders. Standard Chartered’s CashOne loan grants competitive financing options to conscious borrowers with its low-income requirement and reasonable interest rates.

This personal loan has favorable annual interest and effective interest rates, currently their annual fixed rate is at 3.48% and their EIR at 7.99% (Effective Interest Rates). There is a customization policy that affects the interest estimates so your rates and conditions may be adjusted from the published rate.

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It is noteworthy that each Standard Chartered CashOne loan is unique and tailored to meet the client’s needs. However, certain conditions may influence the total loan cost and interest rate.

Key Factors

Interest rates can vary widely depending on the borrower’s credit score, loan amount, and other factors. The Standard Chartered’s CashOne personal loan offers competitive interest rates, making it an attractive option for customers looking for affordable financing.

Loan amounts ranging from S$1,000 to S$250,000, depending on the borrower’s needs and financial situation. This flexibility allows customers to access the amount of cash they need without being burdened by a large loan that they cannot afford.

Repayment terms are another crucial factor to consider when evaluating Standard Chartered CashOne Personal Loan. The repayment period can range from 12 to 60 months, giving customers the option to choose a repayment schedule that fits their budget and lifestyle. Longer repayment periods may result in lower monthly payments but may also increase the overall cost of the loan due to additional interest charges.

In conclusion, Standard Chartered’s CashOne Personal Loan offers customers a flexible and convenient financing option. When evaluating the loan, customers should consider factors such as interest rates, loan amounts, repayment terms, fees, and charges. Additionally, customers should be aware of the loan’s impact on credit scores and make timely repayments to maintain a positive credit history.

CashOne Standard Fees

The bank places an introductory annual fee of $199 (from the total amount) which prevents you from paying additional charges except if you miss an installment. A missed installment incurs a fee of $50 annually for the past 12 months.

This loan is suitable for larger amounts. A $10,000 loan incurs $199 of fees. Regardless of the current estimated interest rate of 3.48%, however, with the right arguments, you might be able to negotiate your total loan cost.

Overview of Standard Chartered CashOne Personal Loan Interest Rates

Loan Duration AIR Fee EIR Total Cost Monthly Payment
1 Year 3.48% $0 6.95% S$10,348 S$862
2 Year 3.48% $0 6.95% S$10,696 S$446
3 Year 3.48% $0 6.95% S$11,044 S$307
4 Year 3.48% $0 6.95% S$11,392 S$237
5 Year 3.48% $0 6.95% S$11,740 S$196
*Rates Updated March 04, 2024 - Loan Amount Example S$10,000

Eligibility for Standard Chartered CashOne

All residents of Singapore (citizens, permanent residents, foreigners) aged between 21-65 with valid employment are eligible to apply for the CashOne loan.

Potential loan applicants must have an annual income of at least $20,000 and $60,000 for citizens and foreigners respectively. So, individuals with annual incomes below $30,000 can benefit from the Standard Chartered CashOne personal loan package.

SingPass holders who are prospective or current clients are required to offer the front and back copy of their NRIC document, e-payslip or their most recent 6 months’ CPF contribution history statement via the MyInfo platform.

Individuals considering large loan figures should submit their income tax notice of Assessment (NOA) with other standard documents listed above.

Although several banks do not demand any processing fees or introductory annual fees, Standard Chartered Bank (SCB) charges an initial annual fee of 1.99% of your approved loan. You don’t have to pay any more processing fees after the first year unless you miss any installment. if it occurs, you will have to pay an extra $50 annually for outstanding installments for the preceding 12 consecutive calendar months.

For large loans, the 1.99% initial annual fee makes Standard Chartered CashOne an excellent choice. Here is an illustration for you.

When you obtain a $10,000 loan, you will pay 1.99% of your principal loan amount i.e. 1.99% of $10,000 is $199. So, your total annual interest is $199. Although Standard Chartered interest rates are advertised as starting from 3.48%, working up to an EIR of 10.4% and above

PROMOTIONS

APPLICATION PROCESS

  • Apply via ROSHI

    Visit the ROSHI marketplace and use the Standard Chartered site link.

  • Provide Necessary Documents

    With Singpass Myinfo Standard Chartered will obtain your verified information including your income and reduce the application process. The approval page will appear within minutes of submitting your myinfo details.

    As per bank requirements, documents are required for revision and approval.

    The list of documents include:

    • NRIC or other identification details
    • Recent digital paycheck
    • Latest 6 months cpf contribution history statement
    • Latest income tax notice of assessment NOA (in case you want to apply for a higher amount)
  • Receive your approved loan in 15 minutes

    Settle all fees (option fee, option exercise fee to the seller as well as the relevant buyer’s stamp duty fee in case you are purchasing a private property).

  • Appointment Date & Signing

    On approval your confirmed loan amount will be disbursed in 15 minutes (business days only)

STANDARD CHARTERED'S CASHONE PERSONAL LOAN HIGHLIGHTS

  • Swift Approval

    Convenient online application with SingPass for swift processing and approval

  • Diverse Customers

    Available to Singapore Citizens, PRs and foreigners with valid employment or employment pass between age 21 to 65

  • No Restrictions

    New to bank customers can apply

  • Swift disbursement

    Loan disbursement within 15 minutes

  • Instant loan

    No instant loan disbursement

  • High Initial Fee

    Initial annual fee of 1.99% deducted from your approved loan

Standard Chartered Personal Loan Calculator

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Frequently Asked Questions

Are there any fees if I take up the Standard Chartered CashOne loan?

Standard Chartered bank charges an initial annual fee of $199 (deducted from your total loan amount). The fee covers your overall processing fee except if you default on your repayment plan. There is also an early recovery fee of $150 or 3% of the remaining balance (whichever is higher)

Am I eligible for the Standard Chartered CashOne loan?

Singapore citizens, permanent residents (PR) and foreigners with valid employment passes are eligible to apply for the loan. They must be between 21 and 65 years old and have a minimum annual income of $20,000 (Singaporeans & PRs) and $60,000 for foreigners (valid EP)

What is the penalty for late payments?

Late payment has a penalty of $100 and additional interest will be calculated daily (at the EIR of 2.69% p.a, 0.074% per day). Additionally, $50 will be charged yearly if installments are missed for the preceding 12 months.

How long does it take to get the money when I am approved for the loan?

Loan applications connected to Standard Chartered bank accounts are credited instantly while applications connected to other bank accounts are credited within 15 to 30 minutes.

Will the Standard Chartered CashOne loan affect the credit limit of my SCB card?

Yes, your personal loan will affect your existing credit card limit.

Are there any charges if I change my Standard Chartered CashOn loan tenure?

Yes, there is a fee of $50 per change subject to banks approval.

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