Standard Chartered CashOne Personal Loan Review

If you're considering a personal loan with fixed repayments and a relatively low headline rate, Standard Chartered’s CashOne option could be worth your attention. It offers one of the lowest advertised rates in Singapore (from 1.60 % p.a.) and quick approvals via SingPass. That said, a first‑year S$199 annual fee and additional charges mean the effective interest rate (EIR) is notably higher at 3.07% p.a. In brief: it’s a competitive choice for borrowers who value speed and transparency, as long as you’re aware of the full cost.

As of 2025, the loan’s annual interest rate starts from 1.60 % p.a., with an EIR from 3.07 % p.a. (excluding the first‑year annual fee).

Standard Chartered CashOne Personal Loan

• Min. annual interest rate: 1.60 % p.a.

• EIR: From 3.07 % p.a. (before first-year annual fee) 

• Loan amount: From S$1,000 up to 4× monthly income, or up to 8× monthly income if annual income ≥ S$120,000 

• Annual fee: S$199 (First year deducted from loan)

Minimum annual income

• S$30,000 for Singapore Citizens and Permanent Residents

• S$90,000 for foreigners (with valid Employment Pass)

Interest rates

• From 1.60% 

EIR

• From 3.07% p.a.

Time to approval

• As fast as instantly, for Standard Chartered account holders 

• As fast as 15 minutes, for non-SC account holders

Loan tenure

• 1-5 years

Annual fee

• S$199 (for the first year, waived from second year onwards if monthly repayments for the preceding 12 months are made on or before the due date)

CashOne Personal Loan S$60 cashback for every S$6,000 approved loan amount

From 22 July 2025 to 30 September 2025 (both dates inclusive), receive S$60 cashback for every S$6,000 in loan approved. Applicable when you take up a loan of 3 years or longer.

*Numbers sourced from Standard Chartered loan calculator.

When factoring in the annual fee, the EIR settles around 3.5 % for longer tenures, which keeps total borrowing costs reasonable compared to alternatives.

The Standard Chartered CashOne Personal Loan has an early repayment fee of S$150 or 3% of the remaining principal and late payment fees of S$100 plus daily interest (~29.9% p.a.). This is a fairly typical penalty structure, similar to other banks, making punctual repayment important for keeping costs down.

• Age: 21–65 years

• Income: S$20,000 (Singaporeans/PRs); S$90,000 (foreigners with Employment Pass)

• Documents: MyInfo via SingPass covers most Singaporeans/PRs; foreigners or changes in employment may need NRIC/passport, payslip, CPF statements or NOA

Low advertised interest rate compared to market averages

The flat rate of 1.60 % p.a. is among the lowest advertised in Singapore’s personal loan market in 2025. While the effective interest rate (EIR) rises once fees are included, it still stays competitive compared to many other banks that quote EIRs starting closer to 3.5–5 %. For borrowers consolidating credit card balances that charge around 25 % p.a., this represents significant savings.

Fast approval and near-instant disbursement

Using SingPass MyInfo, most applications are processed automatically and approved within minutes. Standard Chartered states that funds can be credited within 15 minutes, which makes it useful for borrowers facing urgent expenses such as medical bills, contractor payments, or last-minute travel needs.

Cashback and promotional offers available

CashOne applications often include extras, such as a S$60 cashback per S$6,000 approved. While not large enough to offset the total cost, these promotions do help reduce the impact of the annual fee or add a small incentive to choose this loan over others.

Upfront annual fee increases effective borrowing costs

The S$199 first-year annual fee is deducted from the loan amount, resulting in a lower cash amount than the original loan application. This pushes up the EIR to around 3.48 % p.a. in most practical scenarios. Borrowers should budget for this fee, especially if they are counting on receiving a precise loan amount.

Steeper EIR for short-term tenures

Although the headline interest rate is the same across all tenures, the effective interest rate is much higher for short loans. For example, a one-year tenure can result in an EIR above 7%, as the fixed fee is spread over fewer months. This makes CashOne less attractive for borrowers looking to repay quickly.

Strict income requirement for foreigners

While Singaporeans and PRs only need an annual income of S$20,000 to qualify, foreigners must earn at least S$60,000 per year and hold a valid Employment Pass. This threshold is stricter than some other banks, potentially excluding middle-income expatriates who may still require financing.

High penalty charges for late or early repayment

Missing a payment triggers a S$100 late fee plus default interest of up to 29.9% p.a. Early repayment, on the other hand, incurs a charge of S$150 or 3% of the outstanding balance, whichever is higher. These conditions reduce flexibility, meaning borrowers should only take this loan if confident of repaying on schedule.

The Standard Chartered CashOne Personal Loan is recommended for Singaporeans or PRs familiar with online banking, looking for straightforward financing (e.g. home renovation, wedding, medical bills, debt consolidation), and confident of meeting repayment schedules. 

High-income earners (≥ S$120,000) may leverage a larger loan cap. Foreigners may want to compare this offering with others due to the stricter income requirement.

Repayments can be made via:

• SCB Online Banking 

• SC Mobile app 

• AXS / ATM 

• SCB branches 

• GIRO setup

A personal loan, such as the Standard Chartered CashOne, can serve different needs, depending on your financial situation. While it should not be taken lightly, since borrowing always comes with obligations, it can be a practical option in specific scenarios:

• Consolidating higher-interest debt: If you currently hold multiple credit card balances or other unsecured loans charging upwards of 25 % p.a., consolidating them under a CashOne loan at ~3–4 % EIR could reduce your overall interest burden. It also turns multiple payment schedules into a single monthly instalment, making repayment more manageable.

• Covering large expenses like weddings: For couples without sufficient savings on hand, a fixed-term loan may be preferable to charging expenses to a credit card, since repayments are spread out at lower rates.
  Funding home renovations: Renovation packages for a 3-room HDB flat often start at S$35,000, with higher costs for custom carpentry or premium finishes. If you’re renovating a new flat or upgrading your current home, a personal loan provides a predictable repayment plan that can be easier to budget for compared to staggered payments to contractors.

• Managing medical expenses: Medical procedures, even with insurance, can leave patients with significant out-of-pocket costs. Whether it’s emergency surgery, specialist dental work, or elective treatment not fully covered by Medisave or insurance, having access to a lump sum can help bridge financial gaps while you recover.

• Handling unexpected cash flow gaps: Sometimes, expenses arise at short notice, such as replacing essential household equipment or supporting family overseas. Having quick access to a disbursed loan can provide short-term relief, provided repayments are planned responsibly.

In short, CashOne is designed for situations where you need immediate funds with a clear repayment schedule. It can be useful if you want predictability and lower interest compared to credit cards, but like any loan, it should be used thoughtfully, ideally alongside a plan to repay comfortably within your income.

1. Click on the Apply Now button.

2. Select loan amount and tenure.

3. Use SingPass MyInfo (for Singaporeans/PRs) to auto-fill details.

4. Review your rate, fees, EIR and repayment schedule.

5. Submit application; approved applicants receive disbursement within minutes.

6. Foreigners or others may need to upload ID and income proof if not using MyInfo.