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Standard Chartered CashOne Personal Loan Review

Competitive interest rates & cheapest personal loan for lower income earners.

Standard Chartered CashOne Personal Loan Review

Competitive interest rates & cheapest personal loan for lower income earners.


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  • Competitive interest rates for large loans


  • High income requirements for foreigners

Standard Chartered's CashOne personal loan is an especially appealing for low-income borrowers due to its low income requirement and competitive interest rates for this group. It also offers competitive promotions and rates (from 3.48% flat, 6.95% EIR) to qualified borrowers, making it a decent option for those that qualify for this rate.

Summary of the Standard Chartered's CashOne Personal Loan
Interest rates starting at 3.48% p.a. (EIR: from 6.95% p.a.) for qualified loan applicants
Lowest interest rates for low-income individuals: 9.8 - 10.8% p.a. flat rate
Low minimum loan amount: S$1,000

Table of Contents

What Makes Standard Chartered's CashOne Personal Loan Stand Out to Borrowers

Standard Chartered advertises competitive interest rates (from 3.48% p.a.), making it worth considering if you need a personal loan. It also tends to offer competitive promotions. Still, it does not have always offer the cheapest loans, especially if you are unable to qualify for the bank's most competitive interest rates and promotions.

Loan DurationFlat RateFeeEIRMonthly InstallmentTotal Cost
1 year loan3.48%S$1996.95%S$862.33S$348
2 year loan3.48%S$1998.45%S$445.67S$696
3 year loan3.48%S$1997.63%S$306.78S$1,044
4 year loan3.48%S$1997.30%S$237.33$1,392
5 year loan3.48%S$1997.10%S$195.67S$1,740
Assuming a S$10,000 loan and annual income of S$30,000

It is also best lender for individuals with lower annual salaries. This is because the bank charges the lowest interest rates for individuals that earn less than S$30,000 per year. For more details regarding Standard Chartered's personal loans' costs please refer to the table below.

Loan DurationFlat RateEIRMonthly InstallmentTotal Cost
1 year loan9.8%S$19927.56%S$275S$493
2 year loan9.8%S$023.14%S$150S$588
3 year loan10.8%S$022.99%S$110S$972
4 year loan10.8%S$021.80%S$90S$1,296
5 year loan10.8%S$020.92%S$70S$1,620
*Assuming a S$3,000 loan and annual income of S$25,000; includes fee waiver

However, despite the promotions and income-specific rates, Standard Chartered does not offer the most affordable personal loans for all borrowers. For instance, Standard Chartered is not the best personal loan provider for foreigners living in Singapore. SCB requires foreigners to have incomes of at least S$60,000 at minimum, which is stricter requirement than those of other banks. Finally, it is also worth noting that the bank's advertised rates "starting from" 3.48% p.a. (EIR: 6.95% p.a.) are not guaranteed to all loan applicants. This suggests that borrowers may actually be charged higher interest rates depending on their risk profile.

Income Requirement for Foreigners Residing in Singapore

Who Can Apply: Eligibility Criteria

Consider this if you are interested in large personal loans with low rates, or personal loans with the lowest interest rates for low-income borrowers
  • Eligibility
    • S$30,000 of annual income
    • Max. Loan Amount
      • 2x monthly salary for annual income below S$30,000; 4x monthly salary for annual income > S$30,000; 8x monthly income for annual income above S$120,000 (up to S$250,000)
      • Min. Loan Amount
        • S$1,000
        • Processing Fee
          • S$199 for 1st year, S$50 for subsequent years (waived for borrowers who make repayments on time)
          • Approval Time
            • 15 minutes

            Singaporeans ages 21 to 65 with minimum annual incomes of at least S$20,000 and foreigners working in Singapore with annual incomes of at least S$60,000 are eligible for personal loans from Standard Chartered. Foreigners must provide proof of employment, in the form of P1, P2 or Q type Singapore Employment Passes. Applicants with Q type Employment Passes must have at least 1 year remaining on their passes. Accepted applicants will receive funds within one business day.

            Other Charges and Fees

            Standard Chartered charges annual fees for its Cash One personal loans of S$199 in the first year and S$50 in following years. However, the first year's fee is waived for online applicants, and the subsequent annual fees are waived for borrowers that make on-time payments. The bank also charges an early redemption fee of S$150 or 3% of the outstanding principal, a change of loan duration fee of S$50, and a late payment fee of S$100. Additionally, unpaid balances will incur an extra 4% p.a. annually; therefore, we recommend making timely repayments.

            Annual FeeS$199 (First year); S$50 (subsequent years, waived if payments are on-time for entire year)
            Early Redemption FeeS$150 or 3% of outstanding principal, whichever is greater
            Change of Loan DurationS$50
            Late Payment FeeS$100

            How to Apply: Application Process

            Standard Chartered requires personal loan applicants to provide proof of identity, address, and employment/income. Salaried loan applicants must provide their most recent computerised monthly payslip or CPF contribution history for the last 6 months. Self-employed applicants must provide their latest income tax notice assessment and must have a business operating history of at least 2 years. Commision earning applicants must provide their payslips of the last 3 months, CPF contribution history for the last 6 months or latest income tax notice of assessment.

            Consumers who wants to find out more about other personal loans before making a decision can read our other guides to find the best personal loan in Singapore in 2022 that fits your needs.

            Read Also:

            Stephen Lee

            Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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