SCB CashOne vs Citi Quick Cash vs HSBC Personal loan Comparison | Singsaver

Personal Loans Comparison: SCB CashOne vs Citi Quick Cash vs HSBC Personal Loan

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Choices are never easy. That’s why, we do the math, so you don’t have to. Compare This, a SingSaver series, is here to help make decisions a little easier for you.


SCB CashOne, Citi Quick Cash and HSBC Personal Loan deliver competitive interest rates and more. Find out which one’s superior.

In this SCB CashOne vs Citi Quick Cash vs HSBC Personal Loan comparison, you’ll learn more about the features that make these three personal loans some of the most attractive on the market. 

While the banks will not ask customers to divulge why they’re taking up the loan during the approval process, it pays to know how these personal loans differ as well as what they have in common. 

As it stands, fixed monthly repayments aren’t the only similarity SCB CashOne, Citi Quick Cash and HSBC Personal Loan share.

What SCB CashOne, Citi Quick Cash and HSBC Personal Loan have in common

SCB CashOne, Citi Quick Cash and HSBC Personal Line of Credit Instalment Plan (i.e. HSBC Personal Loan) are accessible. The minimum annual income requirement for Singaporeans and PRs stands at $20,000 for SCB CashOne and $30,000 for Citi Quick Cash and HSBC Personal Loan. 

Their minimum loan amount is $1,000 — great for those who only need to borrow a smaller amount. Eligible applicants for the respective personal loans can also enjoy quick approval and disbursement of loan. 

SCB CashOne, Citi Quick Cash and HSBC Personal Loan are versatile, too. The funds can be used for a variety of purposes without any hard or fast rule. For example, one may utilise the funds to pay for medical bills, unexpected repairs, business expenses or even big ticket purchases. The sky’s the limit, really.

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How SCB CashOne, Citi Quick Cash and HSBC Personal Loan differ

#1 Interest rate

 SCB CashOneCiti Quick CashHSBC Personal Loan
Interest rateFrom 3.48% p.a. (EIR 6.95% p.a.)From 3.45% p.a. (EIR 6.50% p.a.)From 3.4% p.a. (EIR 6.5% p.a.)

SCB CashOne, Citi Quick Cash and HSBC Personal Loan all offer relatively low interest rates in the world of personal loans. 

Pro tip: Be sure to zoom in on the EIR (i.e. effective interest rate) for a more accurate gauge of the interest rate you’ll actually incur when you take out the personal loan. The EIR factors in other costs such as processing fees.

#2 Maximum loan amount

 SCB CashOneCiti Quick CashHSBC Personal Loan
Maximum loan amountUp to 4X monthly salary, capped at $250,00090% of your available credit limitUp to 8X your monthly salary, capped at $200,000

Citi Quick Cash converts your up to 90% of your unutilised credit limit from your Citi Credit Card or Citibank Ready Credit Account to cash.

A feature of HSBC Personal Line of Credit, HSBC Personal Line of Credit Instalment Plan (i.e. HSBC Personal Loan) lets you apply for an instalment loan with up to 95% of your existing credit limit with HSBC Personal Line of Credit. The bank has made clear only customers with good credit standing are eligible to apply. You can get cash of up to 8X your monthly salary, capped at $200,000.

#3 Processing fee

 SCB CashOneCiti Quick CashHSBC Personal Loan
Processing fee$199: First year; deducted from approved loan amount 

$0: From second year till expiry of instalment tenor
0% for 12- to 60-month tenor1% of approved instalment plan amount, subject to a min. of $88

SCB CashOne terms its processing fee as an annual fee. Keep in mind that from the second year till the end of your loan period, the bank will charge $50 annually if any instalments are not paid on or before the due dates in full for the preceding 12 consecutive calendar months. Additionally, if you wish to change your loan period, the bank will levy a charge of $50 for each change. 

For those interested in HSBC Personal Loan, keep an eye out for HSBC’s processing fee waiver promotions! The bank is known to roll out such promotions from time to time.

#4 Early repayment fee

 SCB CashOneCiti Quick CashHSBC Personal Loan
Early repayment fee3% of the outstanding principal or $150, whichever is higher3% of outstanding amount or $100, whichever is higher2.5% of the outstanding amount

An early repayment fee will apply for all three personal loans when you repay your loan in full ahead of time, cancel or terminate the loan. 

#5 Late payment fee

 SCB CashOneCiti Quick CashHSBC Personal Loan
Late payment fee$100 Loan will be terminated if (i) the minimum payment amount is not paid in full for 2 consecutive months or (ii) if you default$75

Citi Quick Cash has the most stringent rules amongst the three personal loans. The bank has no qualms about terminating your loan if you default or don’t make the effort to make the minimum payment amount.  

Important note: Unpaid loan repayments will incur interest charges, so always make it a point to make monthly repayments punctually before the due date!

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Conclusion: Which one should you choose?

With so many personal loans available on the market, things can be overwhelming when it comes to narrowing down the loan best suited for your unique needs and circumstances.

Choose SCB CashOne: SCB CashOne is a good pick if you are looking for a personal loan with a relatively low flat rate interest for loan periods ranging from two to five years, or if you need to borrow a fairly large sum of money. 

With an EIR from 6.95% p.a., it is also pretty competitive compared to other personal loan options on the market. Foreigners who are considering SCB CashOne need to make at least $60,000 per annum.


Get rewarded with a S$499 Dyson AM07 Tower FanS$599 Dyson Supersonic hair dryerS$649 Dyson Omni-glide vacuum, S$818 iRobot® Roomba® or up to S$500 via PayNow when you apply for a loan. Valid till 31 Oct 2021. T&Cs apply.

Receive up to S$2,400 cashback when you apply for a min. loan of S$10,00 with a loan tenure of 3 – 5 years. Valid till 31 Dec 2021. T&Cs apply.



Choose Citi Quick Cash: As its name suggests, Citi Quick Cash is fantastic for those who already have a Citibank credit card or Citibank Ready Credit account and are sure they can make punctual repayments. New-to-Citi customers will enjoy the 0% processing fee. Foreigners can take advantage of Citi Quick Cash if they earn at least $42,000 per annum.

SingSaver Exclusive Offer: Snag a Dyson Micro 1.5kg Vacuum (worth S$599) or S$300 cash when you apply for a min. loan amount of S$20,000. Valid till 17 October 2021. T&Cs apply.

Receive S$200 cash when you apply for a loan amount between S$10,000 and S$19,999. Valid till 17 October 2021. T&Cs apply.


Choose HSBC Personal Loan: HSBC Personal Loan is a great option if you need a loan across a longer period; it offers up to seven years. HSBC Personal Loan has the lowest effective interest rate amongst the three personal loans, too. This personal loan is also available to expats so long as they make at least $40,000 per annum — one of the lowest income criteria for foreigners residing in Singapore.

SingSaver Exclusive Promo: Receive a Dyson TP03 air purifier (worth S$699)De’longhi Dedica EC 685.R coffee machine (worth S$469), or S$50 cash upon loan approval, for a min. loan tenure of 2 years. Valid till 28 Oct 2021. T&Cs apply.

Plus, get up to S$3,100 cashback and S$100 worth of GrabFood vouchers upon loan approval. Valid till 28 Oct 2021. T&Cs apply.

Read these next:
Best Personal Loans in Singapore
Citibank Quick Cash Loan Review (2021): Enjoy 0% Interest Rate For 12-Month Loans
HSBC Personal Loan Review (2021): Lowest Income Criteria For Expats
Standard Chartered CashOne Personal Loan Review: Probably The Lowest Interest Personal Loan You’d Find
Top Credit Card Promotions And Deals On SingSaver


By Denise Bay
While Denise has a thing for travel, K-dramas, 0% sugar bbt (with boba!), Japanese cuisine and flat white, her curious nature means all sorts of random tabs are open on her phone 24/7. She doesn’t like to pay full price for anything, too.