Standard Chartered Interest Free Installment Payment Plan

Standard Chartered Bank provides its cardholders instalment payment plans to help them split their big-ticket purchases instantly and conveniently. You can use these plans to convert your payments into interest-free, monthly instalments.

These plans can not only help you split your retail, shopping, and travel expenses but can also help you pay taxes as well as insurance premiums. You can easily apply for one of the instalment plans and a low service fee will be charged only once.

Key Features and Benefits

There are two primary instalment plans offered for Standard Chartered credit cardholders. The key benefits and features of these plans are listed below.

EasyPay Instalment Plan

  • Make use of tenure of either 6 months or a year.
  • 0% interest charged on your monthly instalments.
  • Split transactions made across categories such a shopping, travel, education, and retail spend in monthly instalments.
  • Use EasyPay Instalment plan to also clear your taxes and insurance premiums.
  • A one-time service fee of 5% will be applicable.

0% Interest Instalment Plan

  • Enjoy 0% interest on your monthly instalments.
  • Choose from tenures of up to 36 months.
  • No extra sign-up charges for the plan.
  • Earn cashback or 360° Rewards Points on the purchases you make using the 0% Interest Instalment Plan.
  • Apply directly at the participating merchant outlet.

You can get in touch with Standard Chartered Bank to find the list of merchants participating in the 0% Interest Instalment Plan.

How It Works

How the Instalments Are Split

  • In case of EasyPay Instalment Plan, the instalments will be billed to your primary card account, once the application is processed.
  • The application for EasyPay Instalment Plan has to be made within 30 days, from the date the transaction is made.
  • EasyPay Instalment Plan can’t be utilised in case of a balance transfer, cash advance, and 0% IPP transactions.
  • In case of the 0% Interest Instalment Plan, the application can be made directly by requesting the participating merchant under it.
  • The instalment amount will be paid to the participating merchant from your credit card account every month, until it is cleared in full, in case of the 0% Interest Instalment Plan.

For instance, let us assume a transaction amount of S$3,000 is charged to Standard Chartered credit card for a particular purchase and you want to pay back the sum in instalments using the EasyPay Instalment Plan, within a tenure of 6 months. In this case, the instalment will amount to S$500 every month for the 6-month tenure. Besides, you will have to pay a one-time low processing fee of 5% of the total purchase amount.

How the Instalments Have to Be Repaid

  • The available credit limit is provisionally reduced by the sum, equivalent to instalment purchase amount. This excludes any temporary increase of credit limit and the actual credit limit will be restored gradually every month by the same amount as the instalment you pay for that particular month.
  • The calculation of the credit limit will take into account the sum of each approved instalments for the EasyPay Instalment Plan.
  • The EasyPay Instalment Plan can’t be used by cardmembers who have chosen to pay only the minimum payment outstanding on any particular statement.
  • In case of 0% Interest Instalment Plan, you can't request a temporary increase in credit limit if the existing credit limit on your account has already been utilised.
  • Any difference in payment remaining as a result of the unequal splitting of instalments has to be paid in the last instalment.
  • Besides, if there is any overdue amount, you will have to pay the overdue sum, along with the interest and late payment charge on it.

Interest Rates

The table below illustrates the various rates of interest and processing fees charged for Standard Chartered instalment plans:

EasyPay Instalment Plan

This plan not only helps your split your retail and shopping spend into monthly instalments, but it also helps you in clearing taxes.

Tenure Processing fee EIR
6 months 5% 17.6% p.a.
12 months 5% 9.5% p.a.

Fees and Charges

  • One-time service fee for EasyPay Plan: 5% of the total amount
  • Non-refundable service charge for tenure change: S$50
  • A one-time cancellation fee, if you wish to terminate the plan: S$150.

How to Apply

You can apply for the instalment plans in the following ways:

EasyPay Instalment Plan

  • Apply through Online Banking by simply selecting the relevant transaction on your credit card, and click on "Submit EasyPay Request".
  • Apply by calling the 24/7 Phone Banking team.
  • Application pertaining to EasyPay Instalment Plan usually takes 5-7 working days before they are processed, starting from the day your application is submitted.

0% Interest Instalment Plan

  • You can apply for this plan directly at the participating merchant outlet by simply requesting the plan prior to making a purchase.
  • Submit the relevant authorisation form to apply.
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