Cash woes? A personal loan to the rescue!
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    Standard Chartered CashOne Personal Loan Review: Enjoy Fast Turnaround


    Have you run up a considerable debt on your cards? Are you planning to renovate your house? Do you need money to clear unpaid medical bills? This Standard Chartered Bank (SCB) loan offers fast cash at competitive rates and even a complimentary credit card to manage your daily expenses better. To top it all, if you apply now, you’ll also get cashback as a welcome gift.

    Next-Day Cash, Free Card: Is This Loan Worth the Trouble?

    • Maximum loan amount: The combined credit limit on all the open credit lines that you hold with this bank (including this loan) can’t exceed 4 times your monthly income, subject to a maximum of S$250,000.
    • Minimum loan amount: The loan amount can’t be less than S$1,000.
    • Fast disbursal: Cash will be disbursed within 1 working day after loan approval, subject to conditions.
    • Credit card: If your annual income is equal to or greater than S$30,000, you’ll receive a complimentary Platinum Visa Credit Card. What’s more, you’ll enjoy an annual-fee waiver for 5 years on the card.
    • Available tenures: You can choose a loan tenure from 1 year to 5 years.
    • Restructuring possible: You can restructure your loan by paying a token fee.
    • Consolidated statements: To help you track your payments and stay on course with your budgetary goals, the bank will send you a consolidated statement every month that will contain a detailed payment history.
    • Annual fee waiver: The annual fee of S$50 applicable on the loan account from the second year onwards until the end of the tenure, will be waived if you have made timely payments for the last 1 year.

    Apply Now, and Get Assured Cashback and More

    Apply for a CashOne Loan before 30 September 2018 and get cashback of up to S$2,088 upon approval of your loan. Here’s how the cashback amount will be decided:

    Type of Customer Loan Amount Amount of Cashback Cap on Cashback
    New-to-bank customer Below S$50,000 1.6% of the approved loan amount S$2,088
    S$50,000 or more 2% of the approved loan amount S$2,088
    Customer with existing relationship with the bank Below S$50,000 0.8% of the approved loan amount S$1,088
    S$50,000 or more 1% of the approved loan amount S$1,088

    If you apply online during the qualifying period, you’ll be eligible for additional gifts. Apart from an additional cashback of S$50, you’ll also receive a cash credit of S$199 to offset the first year annual fee of S$199 that will be charged upfront and deducted from the loan amount approved.

    Find Out How Lower Interest Charges Can Make This Loan an Excellent Choice

    The bank claims to offer low interest rates on this personal loan. Depending on the loan tenure and the amount approved, the interest rates are as follows:

    Type of Interest Lowest Rate Highest Rate
    Applied or flat interest rate 6.88% p.a. 10.8% p.a.
    Effective interest rate (EIR) 12.75% p.a. 27.56% p.a.

    Important Fees and Charges That Would Apply

    The fees that you pay along with the interest charges also go some way in determining the affordability of your loan. Hence, lower the fees, higher could be your savings. The following fees will apply on your borrowing:

    Annual fee S$199 for the first year S$50 from the second year till the expiry of the loan
    Early repayment charge 3% of the outstanding balance, subject to a minimum of S$250
    Loan restructuring fee (for changing the initial tenure) S$50 per change
    Default interest rate 4% p.a. will be added to the original EIR
    EIR on balance carried forward 25.9% p.a. or 0.071% per day
    Late payment fee S$80
    Annual fee on the SCB card S$192.60 (Waived for the first 5 years)
    Minimum payment 3% of the outstanding balance in addition to any outstanding on your Paylite loan, subject to a minimum of S$45

    Keep in Mind: Amount Smaller Than S$1,000 Can’t be Borrowed

    • Application for an amount lesser than S$1,000 will be rejected.
    • You can’t apply for an instalment loan which is more than 98% of the CashOne credit limit available.
    • The bank reserves the right to choose an interest computation method that it deems fit to arrive at the monthly instalment amount for your loan. It may use the reducing-balance method, the “rule of 78” method, or any other method.
    • If you don’t pay the full instalment amount on time for a particular year during the tenure of the loan, an annual fee may be applied.
    • If you take a CashOne Loan, the credit limit on your SCB Visa Platinum Card will be reduced by an equal amount, on a provisional basis. The credit limit on the card will be restored when you start making instalment payments.
    • If you already have a personal line of credit from SCB, it may be converted to a CashOne Loan.
    • If your annual income exceeds S$20,000 but is less than S$30,000 and you have an SCB card with a credit limit of S$500, the bank may terminate the card account upon approval of your instalment loan.
    • During the promotion period, a cashback limit/cap will apply.
    • If you carry forward balance from one statement cycle to the next, higher finance charges will apply.
    • Although technically speaking, you save the annual fee payable for the first year, the amount will, nevertheless, be charged upfront and refunded through a cash credit later.
    • The 5-year annual fee waiver applies to your SCB Visa Platinum Credit Card only after successful approval and disbursal of the CashOne term loan amount.
    • An SCB Platinum Card will be issued to you only if your annual income is S$30,000 or more.
    • Unless specified explicitly by the bank, CashOne payments won’t be eligible for rewards of any kind.

    Do You Meet the Eligibility Criteria? Find Out

    • You’re aged between 21 years and 65 years.
    • If you’re a Singaporean citizen or PR, you must be earning at least S$20,000 p.a.
    • If you’re a foreigner, you must be earning at least S$60,000 p.a. Moreover, you may not be able to apply if you don’t have a valid employment pass.

    Want to Know More? Check Out This List of Frequently Asked Questions

    Q. How does the bank calculate the interest on my loan?

    A. The bank uses the front-end, add-on method to compute the interest chargeable on your outstanding dues. Under this method, the approved loan amount is multiplied by the flat interest rate for the full tenure of the loan.

    Q. Is partial repayment of my CashOne Loan possible?

    A. The bank doesn’t allow partial repayments. For premature account cancellation or early redemption, certain fees may be added to the outstanding principal and interest charges.

    Q. What is default interest?

    A. If you fail to pay the monthly instalment at least twice within a six-month period, an additional interest rate of 4% p.a. will be charged by the bank along with the normal EIR. This rate is called the revised interest rate and it will become effective from the next statement cycle.

    Q. Once the default interest rate becomes effective, will it apply for the remainder of the loan tenure?

    A. From the time the revised interest rate comes into effect, if you make full payments on the outstanding loan within the due date for 6 consecutive months, the bank may revoke the revised rate and reinstate the original EIR.

    Q. How is the monthly instalment calculated?

    A. The monthly instalment (MI) is calculated thus:

    MI = (A+B)/C, where A = the loan amount, B = the interest applicable over the full tenure, C = the number of months in the loan tenure.

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