Standard Chartered CashOne Personal Loan Review

Standard Chartered CashOne Personal Loan Review

Cheapest personal loan for low income earners in Singapore.

Good for

  • Low-income borrowers

Bad for

  • Borrowers seeking large or long-term loans
  • Foreigners residing in Singapore

Editor's Rating

4.5/5.0

Standard Chartered's CashOne is an especially appealing personal loan for low-income borrowers, as the bank offers the best interest rates to individuals with incomes of S$20,000 to S$30,000. It also offers competitive promotions and rates (from 3.88% flat, 7.56% 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
Lowest interest rates for low-income individuals: 9.8 - 10.8% p.a. flat rate
Interest rates starting from 3.88% p.a. (EIR: 7.56% p.a.) for qualified loan applicants
Low minimum loan amount: S$1,000
Promotions: Annual fee waiver, cashback of 50% of first month's instalment

Table of Contents

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

Standard Chartered is the best source of personal loans 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 year9.8%27.56%S$274.50S$282
2 years9.8%23.14%S$149.50S$576
3 years10.8%22.99%S$110.33S$980
4 years10.8%21.80%S$89.50S$1,284
5 years10.8%20.92%S$77.00S$1,608
*Assuming a S$3,000 loan and annual income of S$25,000; includes fee waiver

While the bank's other interest rates are slightly less competitive compared to those of other lenders, Standard Chartered is worth considering due to its promotions. These include a S$199 annual fee waiver and cashback of 50% of the borrower's first month's instalment (for loans of at least S$15,000). It is also worth noting that the bank's advertised rates "starting from" 3.88% p.a. (EIR: 7.56% 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.

Loan DurationFlat RateEIRMonthly InstallmentTotal Cost
1 year3.88%7.76%S$866S$388
2 years3.88%7.76%S$449S$776
3 years3.88%7.76%S$310S$1,164
4 years3.88%7.76%S$241S$1,552
5 years3.88%7.76%S$199S$1,940
*Assuming a S$10,000 loan and annual income of S$30,000; includes fee waiver

However, despite the promotions and income-specific rates, Standard Chartered does not offer the most affordable personal loans for all borrowers, as other banks offer materially lower interest rates for individuals that earn at least S$30,000. Additionally, 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.

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 (S$60,000 for foreigners)
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 (waived for online application), S$50 for subsequent years (waived for borrowers who make repayments on time)
Approval Time 1 day

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$80. Additionally, unpaid balances will incur an extra 4% p.a. annually; therefore, we recommend making timely repayments.

FeeAmount
Annual FeeS$199 (First year, waived for online applicants); 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$80

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.

Comments and Questions

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