Standard Chartered CashOne Personal Loan Review: Probably The Lowest Interest Personal Loan You’d Find

|Posted by | Debt Management, Personal Loans, Uncategorized
Tags: , , ,

The appeal of its floor-grazing interest rates aside, the CashOne’s string of promotions will make it worth your while.

Standard Chartered CashOne Personal Loan is a personal instalment loan with one of the lowest guaranteed flat interest rates on the market, at 3.48% p.a. The guaranteed low interest rate is a great financing option that can help you clear off high interest debt or enable cashflow when you hit a bump in the road.

What the Standard Chartered CashOne Personal Loan can do for you

Standard Chartered CashOne Personal Loan product summary:

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

Guaranteed flat interest rate of 3.48%First year annual fee: $199
Enjoy 0% interest rate for 12-month tenuresCan only borrow up to 4X monthly salary
Swift cash disbursementEarly repayment fee of $150, or 3% of outstanding unbilled loan balance, whichever is higher
Generous promos

Why you should choose Standard Chartered CashOne Personal Loan

#1: Lowest flat interest rate you’ll get on the market

At 3.48% p.a., Standard Chartered’s CashOne Personal Loan is a market beater; do a quick search and a comparison with other personal loans and you’ll quickly realise they hover anywhere from 4% to 7% p.a. The difference in the numerical value may seem small on paper, but when applied to a large loan amount, you may be flabbergasted as how much interest payment you’ll save on across the loan tenure.

#2: Need a lifeline in 15 minutes?

For applicants of Standard Chartered’s CashOne Personal Loan, not only might you see instant approval, you could be looking at cash in your designated bank account as quickly as 15 minutes. This is a very important feature if you’re stuck in an emergency and need an immediate cash cushion.

#3: You don’t get penalised for shorter loan tenures

Depending on the bank you’re looking at, you’d usually get the shorter end of the stick for one or two-year tenures – in the form of higher interest rates. Conversely, for Standard Chartered CashOne Personal Loan, it is set at an astounding 0% even if you were to apply for a one-year loan. You’d only have to contend with the $199 processing fee. 

#4: Promotions galore

Historically, Standard Chartered Bank has been rewarding personal loan applicants with generous cashback promotions to offset the first year fee. Back in April 2020, applicants who applied for the CashOne via SingSaver were entered in a lucky draw for a chance to have their loans repaid in full, on the house. 

SingSaver promotion: Enjoy 50% cashback on your first month’s installment. Valid till 31 October 2020.

For whom is the Standard Chartered CashOne Personal Loan best for?

It may come across a bit of an oxymoron to say ‘cheap loan’, but Standard Chartered Bank’s CashOne is as close as you could get to one – considering its low interest rate and promos. This personal loan is really for anyone who has fallen on hard times, and require a cash cushion to get back on their feet. 

What charges or fees should you look out for?

  • Processing fee: $199 for first year, $50 for subsequent years (waived if all payment is received by due date for the past 12 months)
  • Early repayment fee: $150 or 3% of outstanding principal amount, whichever is higher
  • Default interest: Additional 4% p.a to the original EIR on entire outstanding balance
  • Late payment fee: $80 for each monthly repayment that is not received in full by due date, and charge of EIR 25.9% p.a (0.071% per day) on balance of overdue monthly instalment payment

Eligibility criteria

  • 21 to 65 years of age
  • Minimum annual income for Singapore citizens and PRs: $30,000
  • Minimum annual income for foreigners: $60,000

How to apply? 

Click on the ‘Apply Now’ button in this article and complete the application form on SingSaver site. You might need to prepare the following documents for the application process:

  • Front and back of NRIC/Passport/Employment Pass
  • Salaried employees: Latest month’s computerised payslip or latest 6 months’ CPF contribution history statement
  • Self-employed: Last 2 years’ Notice of Assessment
  • Commission-based earners: Latest 3 months payslip or latest 6 months CPF contribution history statement

Read these next: 
Best Personal Loans With Instant Approval In Singapore (2020)
Best Personal Loans In Singapore With The Lowest Interest Rates (2020)
Top 6 Myths About Personal Loans, Busted
Best Personal Loan Promotions In Singapore 2020
Best Standard Chartered Credit Cards in Singapore (2020)