Loans on Standard Chartered Credit Cards
Standard Chartered Bank is a product of the mergers between Chartered Bank of India, China and Australia as well as the Standard Bank of British South Africa in the year 1969. Today, it is one of the leading banks in the world. The bank is spread over 1200 offices all across the world to provide financial solutions and banking products to existing and new customers alike. Standard Chartered Bank is one of the oldest banks in Singapore that has been providing financial solutions to its citizen for the past 155 years. It also among the first foreign banks to have received the QFB or Qualifying full Bank license. Through rapid expansion and mergers, today the bank is present in more than 70 countries around the globe including South Asia, Asia Pacific, the Middle East and UK to name a few. It has an extensive network of over 1700 branches and has employed more than 86,000 employees from different nationalities to cater to the needs of its customers hailing from different backgrounds.
Why Choose Loans on Standard Chartered Credit Card
Any loans are normally offered by banks with an interest rate but with Standard Chartered you can convert purchases made using your Credit Card into instalments at a 0% interest rate. Moreover, the bank also provides additional promotional offers and added benefits that is pocket friendly to any customer looking to maintain their current lifestyle without having to make regular heavy payments.
Loans on Standard Chartered Credit Card – EasyPay
Using the EasyPay facility offered by Standard Chartered Bank, you can now manage your bills in a much simpler manner than before by converting your purchases into interest free installment plans.
Features and Benefits
- You can enjoy instalments at 0% interest for all retail purchases including and not limited to the following – travel, shopping, education, insurance premiums, taxes and much more. The interest free instalment is applicable on both, local and overseas purchases. All that is required of you is a onetime service fee of 5%.
- You can choose your installment period from the flexible plans the bank offers – 6 or 12 months repayment.
- You can convert a transaction of a minimum amount of SGD 500 that is charged to your Standard Chartered Credit Card.
- Easy Application Procedure – You no longer have to physically go down to a Standard Chartered Bank Branch and wait in long queues, you can simply apply online through Online Banking. Even if you do not have online banking, you can instantly register and apply for this plan.
EasyPay Promotion – CashBack Offer
- Convert a transaction worth SGD 2000 with EasyPay and be rewarded with a CashBack worth SGD 100.
- This promotion if for a limited period offer and it expires on January 15th, 2016.
- The following are not eligible for this promotion –
- Standard Chartered Corporate Cardmembers
- Standard Chartered Platinum Access Credit Cardmembers
- Standard Chartered Singapore Bank Branch employees
- Standard Chartered (Singapore) Branch Limited
Interest Rate Structure for Standard Chartered EasyPay
Below is an illustration of the figures for both, 6 and 12 months that includes your monthly installment, Effective Interest Rate and Service Charge –
||Instalments for 6 months
||Instalments for 12 months
|Monthly instalment payment
|service fee – One Time Fee
||5 percent (SGD150)
||5 percent (SGD150)
|Effective Interest Rate or EIR
||17.6 percent per annum
||9.5 percent per annum
Note: The figures mentioned in the table are for the purpose of illustration. The interest rates are subject to change as per the discretion of the bank.
Applying for Standard Chartered EasyPay
- You can apply for EasyPay through Online Banking. All you need to do is to log into Online Banking and the select the credit card transaction that you want to convert into EasyPay and “Submit EasyPay Request”.
- You can call Standard Chartered Bank directly and apply for EasyPay. The Standard Chartered Phone Banking Team is available 24 hours a day.
- Once the application has been submitted to the bank, it will take the bank 5 to 7 business days to process your application. Also, the approval or rejection of your EasyPay request is at the sole discretion of the bank.
Terms and Conditions for Standard Chartered EasyPay
- Standard Chartered Platinum Access Credit Cards and Corporate cards are not applicable to apply for the Standard Chartered EasyPay as well as the promotion offered.
- In order to qualify for the EasyPay Interest Free Installment Plan, you need to convert a minimum of SGD 2000 from a transaction made using your Standard Chartered Credit Card.
- The CashBack promotion is limited to a one time cash back for each customer. Once approved, you will receive the CashBack in your respective account by February 28, 2015.
Frequently Asked Questions
- I have submitted my EasyPay Request today. By when will I know if my request has been accepted?
Once the request has been submitted to the bank, it will take 5 to 7 working days for the bank to determine if they want to accept or reject your request. The decision will be taken as per the sole discretion of the bank.
- I do not have Online Banking. How do I apply for the Standard Chartered EasyPay?
If you do have online banking, you can instantly register for the same. However, you also have the option of calling the bank to apply for EasyPay. The Standard Chartered Phone Banking Team is available to assist you 24 hours a day.
- My EasyPay request has been accepted by Standard Chartered Bank. By when will I receive the SGD 100 CashBack as part of the promotion?
The CashBack of SGD 100 will directly be credited into your account by February 26th, 2016.
- What transactions made using my Standard Chartered Credit Card can be converted into EasyPay?
You can convert all retail transactions such as travel, shopping, education, insurance premiums, taxes and many more into EasyPay installment plan. Furthermore, you can convert both, local as well as international transactions into EasyPay. For any conversion of SGD 2000 and above, you will enjoy interest free installments.
- What are the repayment tenures offered on the Standard Chartered EasyPay?
You can choose between the flexible tenures of 6 or 12 months to convert your purchases into interest free installments.