What charges or fees should you look out for?
- Processing fee: S$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: S$150 or 3% of outstanding principal amount, whichever is higher
- Default interest: Additional 4% p.a to the original EIR on the entire outstanding balance
- Late payment fee: S$100 for each monthly repayment that is not received in full by due date, and charge of EIR 26.9% p.a (0.074% per day) on balance of overdue monthly instalment payment
Why you should choose Standard Chartered CashOne Personal Loan
#1: Lowest flat interest rate you’ll get on the market
With an interest rate starting from 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 to 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: Promotions galore
Historically, Standard Chartered Bank has been rewarding personal loan applicants with generous cashback promotions to offset the first year fee.
Below is the current promotion that Standard Chartered Bank is running for its CashOne Personal Loan on SingSaver.
Pros and cons
| Pros | Cons |
| From 3.48% p.a. | First-year annual fee: $199 |
| Swift cash disbursement (within 15 mins) | Can only borrow up to 4X monthly salary |
| Generous promos | Early repayment fee of $150, or 3% of outstanding unbilled loan balance, whichever is higher |
| Low min. loan amount of $1,000 |
Pros of Standard Chartered CashOne Personal Loan
One of the biggest plus points of this loan is its low interest rates starting from just 3.48% p.a (EIR 6.95% p.a) – one of the lowest interest rates on the market. When taking a loan, lower interest rates can really make a significant difference, especially over the long run.
You will also enjoy fast loan approval, especially if you’re an existing Standard Bank customer. Provided all is in order, your loan can be disbursed in as little as 15 minutes!
This loan is sized for a large range of borrowers, as you can choose loan tenures from 1 to 5 years to repay your loan. You also need not borrow a large amount – the minimum sum for this loan is S$1,000.
Also noteworthy is the low annual salary requirement for Singaporeans and PRs. You can qualify for this loan if you earn at least S$20,000 per year.
Cons of Standard Chartered CashOne Personal Loan
There are some drawbacks to take note of, too.
For one, this loan requires a hefty minimum annual income of S$60,000 if you’re a foreigner residing in Singapore. This puts the loan out of reach of borrowers who have lower incomes.
For another, the low interest rate of the loan is somewhat offset by the admin fee, which is a flat S$199 for the first year. Furthermore, missing just one minimum payment will incur an admin fee of S$50 per year from the second year onwards. This will jack up the EIR of your loan, especially if you’re borrowing a smaller amount.
There is also an early redemption fee of S$150, or 3% of the outstanding amount, whichever is higher. So do factor that in should you plan to redeem your loan early.
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 requires a cash cushion to get back on their feet.
See also: Your Go-To Personal Loans Guide in Singapore
Before you apply
Before applying for this loan, be sure to consider how it will alter your financial status, and your ability to properly manage the loan. Some good questions to ask include:
- What is your purpose of taking the loan? Is there another way to fulfil your need, such as by saving up instead?
- How large a loan can you comfortably manage? How much can you afford to pay off each month?
- What is your actual cost of borrowing? Not only will you be paying interest, you may also have to pay admin fees and other charges. For a more accurate gauge, look at the Effective Interest Rate (EIR) of the loan offered to you.
How to apply: 3 steps
Before applying for this loan, be sure to consider how it will alter your financial status, and your ability to properly manage the loan. Some good questions to ask include:
- What is your purpose of taking the loan? Is there another way to fulfil your need, such as by saving up instead?
- How large a loan can you comfortably manage? How much can you afford to pay off each month?
- What is your actual cost of borrowing? Not only will you be paying interest, you may also have to pay admin fees and other charges. For a more accurate gauge, look at the Effective Interest Rate (EIR) of the loan offered to you.
How to apply for the Standard Chartered CashOne Personal L
Step 1: Click on the ‘Apply Now’ button in this article and complete the application form on the SingSaver site.
Step 2: You will need to prepare the following documents for the application process:
- Front and back of NRIC/Passport/Employment Pass
- Salaried employees: Latest computerised payslip OR Latest 6 months’ CPF Contribution History Statement
- Self-employed: Latest Income Tax Notice of Assessment (NOA)
- Commission-based earners: Latest Income Tax Notice of Assessment (NOA) OR Latest 3 months of Commission Statement from same employer
Step 3: Once your loan application has been submitted, the bank will process your loan and disburse the funds if approved.
Standard Chartered CashOne loan vs. HSBC personal loan vs. UOB personal loan
Wondering how does the Standard Chartered CashOne loan stack up against other popular bank personal loans in Singapore? See the table below for a quick reference.
|
Bank loan
|
Key features
|
|
Standard Chartered CashOne
|
Interest: from 3.48% p.a (EIR 6.95% p.a)
Tenure: 1 to 5 years
Loan up to: 4x monthly salary
Min. annual income:
- S$20,000 (Singaporeans and PRs)
- S$60,000 (foreigners)
Admin fee: S$199 (first year)
|
|
HSBC Personal Loan
|
Interest: from 3.6% p.a. (EIR 6.5% p.a.)
Tenure: 1 to 7 years
Loan up to: 4x monthly salary
Min. annual income:
- S$30,000 (Singaporeans and PRs)
- S$40,000 (Foreigners)
Admin fee: S$0
|
|
UOB Personal Loan
|
Interest: from 3.77% p.a. (EIR 6.89% p.a.)
Tenure: 1 to 5 years
Loan up to: 4x monthly salary
Min. annual income:
- S$30,000 (Singaporeans and PRs)
Admin fee: S$0
|
FAQs
Q1: How much can I borrow via the Standard Chartered CashOne personal loan?
You may borrow up to 4x your monthly income using this loan. If your annual income exceeds S$120,000, you may be granted a higher limit of 10x your monthly income, or up to S$250,000. Please check directly with Standard Chartered for confirmation.
Q2: How much time do I have to repay my loan?
This loan is available in tenors from 1 to 5 years. You may choose to repay your loan in 12, 24, 36, 48 or 60 month intervals. Do note that shorter loan tenures may incur higher interest fees.
Q3: What are the charges I may be subject to?
When applying for this loan, you will be charged a flat S$199 admin fee for the first year. Furthermore, any late payments within a 12-month period will incur a S$50 admin fee from the second year onwards.
Other fees you may be subject to include: an early redemption fee of S$150 or 3% of the outstanding, whichever is higher; a S$100 late payment fee for each late payment; and S$50 per change of loan tenure.
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