Standard Chartered CashOne Personal Loan Review
Standard Chartered CashOne Personal Loan Review
- 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 Duration||Flat Rate||Fee||EIR||Monthly Installment||Total Cost|
|1 year loan||3.48%||S$199||6.95%||S$862.33||S$348|
|2 year loan||3.48%||S$199||8.45%||S$445.67||S$696|
|3 year loan||3.48%||S$199||7.63%||S$306.78||S$1,044|
|4 year loan||3.48%||S$199||7.30%||S$237.33||$1,392|
|5 year loan||3.48%||S$199||7.10%||S$195.67||S$1,740|
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 Duration||Flat Rate||EIR||Monthly Installment||Total Cost|
|1 year loan||9.8%||S$199||27.56%||S$275||S$493|
|2 year loan||9.8%||S$0||23.14%||S$150||S$588|
|3 year loan||10.8%||S$0||22.99%||S$110||S$972|
|4 year loan||10.8%||S$0||21.80%||S$90||S$1,296|
|5 year loan||10.8%||S$0||20.92%||S$70||S$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.
Who Can Apply: Eligibility Criteria
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 Fee||S$199 (First year); S$50 (subsequent years, waived if payments are on-time for entire year)|
|Early Redemption Fee||S$150 or 3% of outstanding principal, whichever is greater|
|Change of Loan Duration||S$50|
|Late Payment Fee||S$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.