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Standard Chartered CashOne
Standard Chartered CashOne
- From 2.88%
- Interest Rate
- S$10,288
- Total Amount Payable
- S$0
- Processing Fee
[UP TO 2.5% CASHBACK | HIGHEST IN THE MARKET^]
Get up to S$7,450 Cash Rewards OR attractive gifts like an Apple Watch Ultra 2, 49mm Natural Titanium Case (worth S$1,199), or an Apple 11-inch iPad Air, 128GB (worth S$899), or a Sony PS5 (SLIM) Digital Edition (worth S$669) and more! T&Cs apply.
PLUS stand a chance to win a Porsche Taycan Base (model year 2025) in SC Million Reasons to be Happier! T&Cs apply.
Are you eligible?
Promotion is valid from 15-November-2024 to 25-November-2024
Receive your rewards when you get approved for a min. loan of S$8,000 with a tenure of 3 to 5 years. T&Cs apply.
Customers must apply through MoneySmart to be eligible
Promotion is valid for both New-To-Bank and Existing Standard Chartered Customers.
What you need to know
Log into your MoneySmart account and submit your claim by 25th December 2024
MoneySmart Exclusive Gifts are STACKABLE on top of the SCB Cashback Incentive Promotion and SC Million Reasons to be Happier Lucky Draw. Refer to the Terms and Conditions for more details.
^Highest Cashback of up to 2.5% refers to the Standard Chartered Cashback Promotion as of 2nd Sept 2024. For more information on the Cashback Incentive, refer here.
S$8,000 - S$9,999 Loan Size:
- Gift: S$120 Cash via PayNowS$10,000 - S$14,999 Loan Size:
- Gift: S$180 Cash via PayNowS$15,000 - S$19,999 Loan Size:
[ Total Cash Reward up to S$500! ]
- Gift: S$300 Cash via PayNow OR LEVEL8 Voyageur 26-inch Luggage (worth S$449)
- Stackable SCB Cashback Promotion: Up to S$200 Cashback^S$20,000 - S$29,999 Loan Size:
[ Total Cash Reward up to S$700! ]
- Gift: S$400 Cash via PayNow OR Hinomi Q1 Ergonomic Chair (worth S$499)
- Stackable SCB Cashback Promotion: Up to S$300 Cashback^S$30,000 - S$49,999 Loan Size:
[ Total Cash Reward up to S$1,600! ]
- Gift: S$600 Cash via PayNow OR Sony PlayStation® 5 (SLIM) Digital Edition (worth S$669)
- Stackable SCB Cashback Promotion: Up to S$1,000 Cashback^S$50,000 - S$79,999 Loan Size:
[ Total Cash Reward up to S$2,800! ]
- Gift: S$800 Cash via PayNow OR Apple 11 inch iPad Air Wi-Fi, 128GB (worth S$899)
- Stackable SCB Cashback Promotion: Up to S$2,000 Cashback^S$80,000 - S$250,000 Loan Size:
[ Total Cash Reward up to S$7,450! ]
- Gift: S$1,200 Cash via PayNow OR Apple Watch Ultra 2 49mm (worth S$1,199)
- Stackable SCB Cashback Promotion: Up to S$6,250 Cashback^*FASTER GIFT FULFILMENT: Please note that gift will be fulfilled approximately 2-3 months after the end of the campaign month (30 November 2024).
Apply for a SCB Personal Loan through MoneySmart and stand to win a Porsche Taycan Base when you participate in the SC Million Reasons to be Happier Lucky Draw! Refer to the T&Cs here for more details.
Enjoy Affordable Interest Rates from 2.88% p.a. (EIR* from 5.43% p.a.)
*Effective Interest Rate (EIR) calculation is not yet inclusive of the cashback that may be received (up to 2.5% cashback) and the first-year annual fee of S$199. Refer to T&Cs for more information.
^Standard Chartered Cashback Incentive is stackable on top of the MoneySmart Gifts for both New & Existing Customers
All Details
Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products and services are presented without warranty. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first.
Standard Chartered CashOne Personal Loan Review 2024
Standard Chartered Bank, with a whopping $9.2 billion in total assets (as per its latest 2021 annual report), is one of the renowned banks in Singapore that offers personal loans to Singapore citizens, PRs and foreigners.
Their Standard Chartered CashOne personal loan is offered with competitive annual interest rates and effective interest rate (EIR). Currently, their interest rates are being advertised as starting from 2.88%, working out to an EIR of 5.43% and above. As most interest rates are personalised, the Standard Chartered CashOne loan rates you get might differ, depending on other factors (which we will talk about later).
In this review, we’ll weigh the pros and cons of taking up a Standard Chartered CashOne personal loan, and compare it against some of its closest competitors.
Pros and Cons Of Standard Chartered CashOne
Pros
- Lower interest rates as compared to other similar personal loans offered by other banks
- Fast loan approval
- Convenient online application with SingPass for quicker application
- Instant cash disbursement (subject to loan approval)
- No need to be an existing Standard Chartered customer to apply
- Open to Singapore Citizens, PRs and foreigners with a Singapore Employment Pass aged 21 and above
Cons
- Initial annual fee of $199 (deducted from your approved loan)
- Higher minimum annual income requirement for foreigners as compared to other similar loans by other banks
Standard Chartered CashOne Requirements
Whether you’re a Singapore Citizen, Permanent Resident (PR) or foreigner with a valid Singapore Employment Pass, you’re eligible to apply for the Standard Chartered CashOne personal loan, as long as you’re aged 21 and above.
The minimum annual income requirements are $20,000 for Singaporeans and PRs and $60,000 for foreigners as per Standard Chartered CashOne’s application eligibility requirements. This makes Standard Chartered CashOne personal loan a great option for Singaporeans and PRs with lower annual salaries, especially those earning less than $30,000 per year.
As for new customers or existing customers who are SingPass holders applying with MyInfo, you’ll be required to submit a copy of your NRIC (front and back), your latest computerised payslip or latest 6 months’ CPF Contribution History Statement for the Standard Chartered CashOne personal loan application.
If you’d like to apply for a higher loan amount, you’ve got to prepare your latest Income Tax Notice of Assessment (NOA) in addition to the above required documents.
Check Out Our Review Of SCB CashOne In This Article!
Standard Chartered CashOne Interest Rates & Fees
| Loan tenure of 1 year | Loan tenure of 2 years | |
|---|---|---|
| Interest rate | 2.88% | 2.88% |
| Annual fee | $199 | None |
| Effective interest rate (EIR) | 5.43% | 5.43% |
| Monthly instalment | $862 | $446 |
| *Above estimated figures are based on an example of a monthly income of $2,500 of a Singapore citizen/PR and loan amount of $10,000. Note that the rate of interest on personal loans is subject to change from time to time at the discretion of Standard Chartered Bank. |
While several banks do not charge any processing fees or initial annual fee, Standard Chartered Bank (SCB) charges an initial annual fee of $199 (deducted from your approved loan). You will not need to pay any more processing fees after the first year unless you miss any payments for your instalments, in which case you will have to fork out another $50 annually if any instalments are not paid on time for the preceding 12 consecutive calendar months.
Considering the $199 initial annual fee, Standard Chartered CashOne is more worthwhile if you’re taking out a big loan. To make things easier to understand, here is an example to illustrate.
Let’s say you’re taking up a $10,000 loan. It would mean that you’ll be paying a fee worth 1.99% of your principal amount. Although interest rates are being advertised by Standard Chartered as starting from 2.88%, working out to an EIR of 5.43% and above, in reality, interest rates are personalised, so yours might differ from this example which was calculated using Standard Chartered’s loan calculator.
Compare SCB CashOne vs HSBC personal loan vs UOB personal loan
Besides Standard Chartered CashOne, HSBC personal loan and UOB personal loan are also among the other popular options you would have come across on MoneySmart’s online personal loan comparison page while comparing their interest rates and benefits. Let’s pit these 3 personal loans against one another to help you make a better decision.
The key factors which we’ll look at are interest rates, annual fees, minimum annual income requirements and loan disbursement speed.
Among the 3 personal loans, SCB CashOne charges a reasonable interest rate of 2.88%, which is lower than the HSBC Personal Loan, and do not have an age limit in terms of the eligibility requirements. Moreover, it seems to offer the most attractive cash back benefits (3x cashback on your first month’s interest) as compared to HSBC Personal Loan (1.5% cashback), and UOB Personal Loan (0.5% cash rebate).
When it comes to minimum annual income requirement, HSBC Personal Loan and UOB Personal Loan have a higher minimum of $30,000 for Singaporeans and PRs, while SCB CashOne has a lower minimum annual income requirement of $20,000, making SCB CashOne a viable choice for Singaporeans and PRs with lower annual salaries, especially those earning less than $30,000 per year.
On the other hand, HSBC personal loan is a more attractive option than SCB CashOne for foreigners drawing annual salaries which are lower than $60,000.
SCB CashOne vs HSBC personal loan vs UOB personal loan
| SCB CashOne | HSBC Personal Loan | UOB Personal Loan |
|---|---|---|
| Interest rate: 2.88% | Interest rate: 3.6% | Interest rate: From 2.88% |
| Annual fee: $199 for Year 1 (None from Year 2 onwards) | Annual fee: $60 for Year 2 onwards (Year 1 fee waiver is available) | Annual fee: None |
| Minimum annual income: $20,000 for Singaporeans and PRs $60,000 for foreigners | Minimum annual income: $30,000 for Singaporeans and PRs, $40,000 for foreigners | Minimum annual income: $30,000 for Singaporeans and PRs Foreigners are not eligible to apply. |
| Loan disbursement speed: Instant (upon loan approval) | Loan disbursement speed: 3 to 5 business days | Loan disbursement speed: Within 1 day (if you have a UOB credit card and apply between 8am and 9pm) |
| Cash back benefits: 3X on your first month's interest | Up to 1.5% cash back | Up to 0.5% cash back |
Standard Chartered CashOne Application
Before you start applying for Standard Chartered CashOne or any other personal loans, you’ve got to be clear of the reason why you need to take up a personal loan, a manageable loan amount that you can afford to pay off in monthly instalments, the other costs involved such as Effective Interest Rate (EIR), processing fees, annual fees, vice versa.
Here are 3 simple steps to apply for Standard Chartered CashOne
Apply via MoneySmart’s Personal Loans page
You may begin your application clicking on the Standard Chartered link.
If you choose to apply online via SingPass MyInfo, Standard Chartered Bank will pull your identity and income data from SingPass (which is already verified), thus cutting short the processing time. The approval-in-principle page will appear within minutes of submitting your MyInfo.
Provide all documentation required
You’ll need to provide all the necessary documentation in order for Standard Chartered Bank to approve your personal loan application. This list of documents include:
- NRIC or other identification details
- Latest computerised payslip
- Latest 6 months’ CPF Contribution History Statement
- Latest Income Tax Notice of Assessment (NOA) if you wish to be considered for a higher loan amount
Receive your cash disbursement instantly
The loan disbursement will be completed instantly upon Standard Chartered Bank’s approval of your online application.
Frequently Asked Questions About SCB CashOne
Are there any fees if I take up the SCB CashOne loan?
- Standard Chartered Bank charges an initial annual fee of $199 (deducted from your approved loan). You will not need to pay any more processing fees after the first year unless you miss any payments for your instalments. There’s also an early redemption fee of $150 or 3% of the outstanding principal (whichever is higher).
How do I apply for a SCB personal loan?
You can apply for Standard Chartered CashOne in 3 simple steps.
1. Click "Apply Now" on the Standard Chartered Bank CashOne option on MoneySmart's Personal Loans page
2. Provide your NRIC or other identification details, latest computerised payslip, latest 6 months; CPF Contribution History Statement, and latest Income Tax Notice of Assessment (NOA) if you wish to be considered for a higher loan amount
3. Receive your cash disbursement instantly (upon the loan approval)
Am I eligible for SCB CashOne?
- If you’re a Singapore Citizen, Permanent Resident (PR) or foreigner with a valid Singapore Employment Pass, you’re eligible to apply for the Standard Chartered CashOne personal loan, as long as you’re aged 21 and above, and earn a minimum annual income of $20,000 (for Singaporeans and PRs) or $60,000 (for foreigners).
If I’m late for my monthly instalment, how much do I have to pay?
- Late payment charge is S$100 and additional interest will be calculated on a daily basis at the EIR of 29.9% p.a. (0.082% per day). Also, $50 will be charged annually if any instalments are not paid on or before the due dates in full for the preceding 12 consecutive calendar months.
When will I receive the approved loan amount in my bank account?
- Your application will be reviewed by Standard Chartered Bank upon submission. If you choose to have your approved loan amount disbursed to an existing Standard Current/Cheque and Save Account, you’ll receive your loan amount instantly upon approval of your loan. If you choose to have your approved loan amount disbursed to a non-Standard Chartered Current or Savings Account, you’ll get it within 15 minutes upon approval of your loan.
I am an existing SCB cardholder, will taking the SCB CashOne affect the credit limit of my card?
- Yes, you will actually be applying for a Credit Card Instalment Loan which will draw down from your existing credit card limit.
Are there any charges if I would like to change my SCB CashOne loan tenure?
- Yes, there is a fee of $50 per change, subject to Standard Chartered Bank’s approval.