Standard Chartered CashOne Personal Loan Review

Low, low interest rates and instant approval. What's not to like?

Standard Chartered CashOne Personal Loan

• Interest Rates: 1.90% p.a.
• EIR (Effective Interest Rate): 3.63% p.a.
• Loan amount: 98% of your available credit limit (For existing Citibank members)
• Annual fees: $199

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Standard Chartered’s CashOne personal loans lets you borrow a minimum sum of $1,000, up to a maximum sum of $250,000—up to 4 times your monthly salary. With flexible loan tenures stretching up to 5 years, with people on longer tenures enjoying lower monthly repayment sums, it’s easy to structure your loan in a way that suits your needs. 

Though Standard Chartered charges $199 for your first year’s annual fee, this is waived for the subsequent years of your loan tenure unless you have outstanding minimum payment due amounts. CashOne personal loans can be used for home renovation, parenthood, vacation, and wedding expenses.

>>  MORE: Compare personal loan rates across top lenders.

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No late penalty fees. This only applies for customers who have paid their full monthly instalments for 6 consecutive months. This means that if you’ve been making your repayments diligently, you’re allowed one free pass at missing your payment.

Competitive rates. At 1.90% per annum with an EIR of 3.63%, this is lower than many top lenders in the market. For example, DBS’s personal loans rates are 1.99% per annum with an EIR of 4.17%, while UOB’s rates are even higher at 2.88% per annum with an EIR of 5.43%.

Flexible loans and terms. Choose from a loan repayment tenure of 1-5 years, or apply for tenures between 3-5 years to enjoy Standard Chartered’s latest cashback promo. The longer your tenure, the lower your monthly repayment rate. Let’s say you’re applying for a loan of $50,000. Assuming a tenure of one year, you’ll have to repay $4245.85 per month. Contrast this to the same loan over a tenure of 5 years, where you only have to pay $912.50 per month. The only drawback? A slightly higher EIR of 3.63% applies for your 5-year loan, versus the 3.49% associated with your 1-year loan. 

Early redemption fees apply. Managing your budget is key to paying off personal loans. So, what happens if you have a windfall and decide to end your CashOne Personal Loan tenure prematurely? This is where the early redemption fee comes into play. You will either be charged a fee of $150, or 3% of your outstanding principal—whichever is higher. 

>>  MORE: Everything you need to know about personal loans.

High minimum annual income required for foreigners. Standard Chartered’s minimum annual income requirement for Singapore citizens and Permanent Residents is $30,000 per annum, which is also the standard amount you need to qualify for a credit card. Following this logic, the minimum annual income for foreigners should be hovering around $40,000. Instead, Standard Chartered requires a whopping $90,000 per annum for foreigners. This drastic increase may make it harder for foreigners who need affordable loans to qualify for a CashOne Personal Loan.

Late payment fees. The good thing about late payment fees is that you don’t have to pay them, if you make your repayments on time and in full. But sometimes, things just don’t go as planned. CashOne Personal Loan’s late payment fees start at $100, but can also include finance charges of up to 29.9% per annum. Late payment fees apply if the minimum payment due amount is not received by the due date. If, in addition to this, the bank does not receive the full instalment amount on or before the due date, resulting in an outstanding balance being brought forward, finance charges will also apply.

>>  MORE: Secured VS unsecured loans.

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A variety of convenient ways to repay your CashOne Personal Loan is available. Choose from:

• Online banking

• SC Mobile app

• AXS & ATM machines islandwide

• All 10 Standard Chartered Bank (Singapore) Limited branches

• GIRO (For automatic monthly repayments)

Interested in making a GIRO application? You can download the GIRO application form directly from Standard Chartered Bank’s website, or dial 1800 747 7000.

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Here are some ways you may choose to use your CashOne Personal Loan:

• Consolidating credit card debt, especially if you have multiple loans at high interest rates.

• Paying for big-ticket expenses, such as weddings or a dream vacation. (An average wedding in Singapore costs about $30,000, though elaborate ceremonies can cost up to $90,000.) 

• Home renovation expenses. If you have a 4-room flat, you’ll need upwards of $28,000 to renovate your new home.

• Medical expenses. Whether it’s urgent dental surgery you need, or simply some cash to tide you over while you recover from medical treatment, loans are one way to manage sudden or large medical expenses.

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The easiest way to qualify for a CashOne Personal Loan is to be an existing Standard Chartered credit cardholder. But, if you’re new to the bank, do note the eligibility criteria for a CashOne Personal Loan.

• You need to be 21 years of age, or above.

• If you’re a Singapore citizen or Permanent Resident, you need to have a minimum annual income of $30,000. (If you’re a foreigner, you’ll need a minimum annual income of $90,000.)

You may apply for your loan through Standard Chartered’s website. If your information is complete on MyInfo, consider using SingPass to streamline the process, and avoid having to provide multiple documents. Otherwise, do take note of and prepare the following.

For salaried and partial commission-based employees:

• Copy of your NRIC. (Front and back.)

• Latest computerised payslip or the latest 6 latest CPF Contribution History Statements.

• People looking to apply for higher loans should also prepare a copy of their latest Income Tax Notice of Assessment.

For 100% commission-based employees:

• Copy of your NRIC. (Front and back.)

• Last Income Tax Notice of Assessment, or the last 3 months of Commission Statement from the same employer. 

For self-employed individuals:

• Copy of your NRIC. (Front and back.)

• Last Income Tax Notice of Assessment.

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Top lenders compete with each other to offer you varying rates, loan amounts and benefits. For instance, Trust Bank promises no processing or hidden fees, only an early repayment fee—but this comes with a EIR of 4.22%, which is slightly higher than that of Standard Chartered’s EIR of 3.63%. Review and compare loans to find repayment term options that fit your financial goals and spending habits.

>>  MORE: Read our HSBC Personal Loan review.

>>  MORE: Read our Trust Bank Instant Loan review.

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