• Personal Loan BYTES FROM OUR KITCHEN

    Standard Chartered CashOne Personal Loan

    With CashOne personal loan from Standard Chartered, you can borrow up to four times your monthly salary. The best part? The cash is disbursed within the next banking day of loan approval, subject to terms and conditions.

    Features and Benefits:

    • Borrow up to four times your monthly salary if your annual income is S$30,000 or more.
    • Borrow up to two times your monthly salary if your annual income is more than or equal to S$20,000 but less than S$30,000.
    • Minimum loan tenure is 1 year.
    • Maximum loan tenure is 5 years.
    • Enjoy competitive interest rates. The annual percentage rate (APR) starts from 6.88% p.a.
    • Get cash within one working day.

    Interest Rates:

    • The APR starts from 6.88% p.a.
    • The corresponding effective interest rate (EIR) starts from 12.75% p.a.
    • The rate applied will depend on the loan tenor and the amount borrowed.
    • The EIR depends on the following:
      • Annual fee.
      • Early redemption fee, if any.
      • Change of loan tenure, if any.
      • Late payment fee, if applied.
      • Higher rate of interest applicable if you default.

      The Standard Chartered CashOne Cashback Promotion

      Apply online for a Standard Chartered CashOne personal loan and get up to S$2,088 cashback on your approved loan until 30 September 2018.

      Terms and Conditions

      If your new CashOne personal loan or Credit Card Instalment Loan application is approved during the promotion period, you will be eligible to receive the following:

      • Waiver of the first year annual fees by providing a one-time credit of S$199 to your account.
      • Cashback of either 2% of your approved loan amount (for new customers) or 1% of your approved loan amount (for existing customers).

      These cashbacks are capped based on the following table:

      Relationship with Standard Chartered Bank Approved Loan Amount Amount of Cashback Cap on Cashback
      Existing Customer < S$50,000 0.8% of approved loan Capped at S$1,088
      S$50,000 & above 1% of approved loan
      New Customer < S$50,000 1.6% of approved loan Capped at S$2,088
      S$50,000 or above 2% of approved loan

      If you submitted your application online and already qualify for the S$199 credit and capped cashback, you may also be eligible to get a one-time online cashback of S$50 per account along with the other two credits. The three amounts may be credited to your account (credit card account or other account) within 50 working days of your loan’s approval date, provided your account is in good standing.

      Fees and Charges:

      Annual fee
      • S$199 for the first year.
      • S$50 for subsequent years till the end of loan (waived if timely payments have been made within the last 12 months).
      Change of loan tenure S$50 per change request.
      Late payment fee S$80 if minimum payment is not made within payment due date.
      Loan prepayment fee 3% of the outstanding balance, subject to a minimum of S$250.
      Interest applicable on default (payment is not received within the due date at least twice within the last six months) 4% p.a. in addition to the original EIR on outstanding balance.

      Eligibility Criteria:

      • You must be aged between 21 and 65.
      • You must have a minimum annual income of:
        • S$20,000, if you’re a Singapore citizen or PR.
        • S$60,000, if you’re a foreigner with an employment pass.
      • A foreigner can apply only if he/she holds one of the following employment passes:
        • P1-type Singapore Employment Pass.
        • P2-type Singapore Employment Pass.
        • Q-type Singapore Employment Pass with at least 1-year validity.

      Documents Needed:

      • Copy of NRIC, passport, or employment pass, as applicable.
      • Salaried employees have to further furnish any one of the following:
        • The statement of CPF contribution history for the last six months.
        • The statement of CPF contribution history for the last six months and the latest income tax notice of assessment.
        • The computerised payslip for the last month and the latest income tax notice of assessment
        • Only the latest computerised payslip, where applicable.
      • A commission-based earner has to furnish one of the following documents:
        • The statement of CPF contribution history for the last six months.
        • The latest notice of assessment from the income tax department, only for those whose 100% earnings comprise commissions.
        • Payslips for the last three months and the latest income tax notice of assessment.
        • Payslips for the last three months only, where applicable.
        • A self-employed can apply only if he/she has been in business for at least two years. Document required is the latest notice of assessment issued by the income tax department.
      • A self-employed can apply only if he/she has been in business for at least two years. Document required is the latest notice of assessment issued by the income tax department.

      How to Apply?

      Apply through our website for convenience and quick approval if you think that this loan is ideal for you. Not sure yet? Get started today by checking your eligibility for the loan on our website. All you need to do is answer a few basic questions.

      FAQs:

      Q. The bank says that I can borrow up to four times my monthly salary if my annual income is S$30,000 or more. So, is my loan approval of S$10,000 guaranteed?

      A. The bank allows you to borrow up to four times your monthly income if your annual income is at least S$30,000. However, the bank can approve or reject your application based on its sole discretion and judgement. The quantum of loan approved would also depend on them.

      Q. Apart from the minimum income criteria, are there any other determinants for this loan?

      A. Apart from income, some of the other factors determining the quantum of loan could be (but not limited to):

      • Credit score
      • Total debt service ratio

      Q. If I default on my payment and higher interest is applied, will my monthly instalment quantum change?

      A. No. In order to keep the monthly instalment same, the bank will increase the loan tenor. That means, you have to pay the same amount every month but for a longer period.

      Q. Once default interest starts applying, do I have to repay the loan at higher rate of interest till the end of the loan tenure?

      A. No. If you make full payment of your monthly instalment dues for six consecutive months, the default rate will be replaced by the original rate of interest.

      Q. Will I get cash within the next banking day under all circumstances?

      A. No. Only if you apply for this loan by 2:00 p.m. on a regular working day and the bank approves it without asking for any additional information or clarification, will you get cash by the next working day. For all other instances, standard processing time will apply.

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