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


Standard Chartered's CashOne's is an especially appealing lender for low-income borrowers, as the bank offers the best interest rates to individuals with incomes of S$20,000 to S$30,000. However, its rates for other borrowers are less competitive.

Summary of the Standard Chartered's CashOne Personal Loan
Lowest interest rates for low-income individuals: 9.8 - 10.8% p.a. flat rate
Low minimum loan amount: S$1,000
Promotions: Annual fee waiver, cashback up to S$2,088, plus S$50 cashback for online applicants & S$100 bonus cashback

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 RateEffective Interest RatesMonthly InstallmentTotal Cost of Borrowing
1 year9.8%27.56%S$275S$220
2 years9.8%23.14%S$150S$514
3 years9.8%22.99%S$110S$898
4 years10.8%21.80%S$90S$1,222
5 years10.8%20.92%S$77S$1,546
*Assuming existing SC customer with a S$3,000 loan and annual income of S$25,000; includes fees

While the bank's other interest rates are less competitive, the bank is worth considering due to its promotions. These include a S$199 annual fee waiver and S$50 cashback for online applicants, as well as cashback of 0.8% of the approved loan amount for loans under S$50,000 and 1% of the approved loan amount for loans above S$50,000 (capped at S$2,088 for new-to-bank customers and S$1,088 for existing customers).

Loan AmountNew Customer CashbackExisting Customer Cashback
Less than S$50,0001.6% of loan amount0.8% of loan amount
Greater than S$50,0002% of loan amount1% of loan amount

However, despite the promotions and income-specific rates, Standard Chartered does not offer the best long-term personal loans, as other banks offer lower interest rates for 3 to 5 year loans and longer durations. 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$250 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 cost an EIR of 25.9% annually; therefore, we recommend making timely repayments.

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$250 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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