Whether you need cash for your wedding or whether you need a loan to consolidate your interest-bearing unsecured debts, you may consider Standard Chartered Bank to dish out what you need. If you opt for the CashOne Personal Loan and your application is approved, the loan may be sanctioned and the money may be released within a single working day, subject to certain conditions. If your annual income is greater than or equal to S$30,000, you’ll also get a credit card with the loan. The card will come with an annual fee waiver for 5 years. If you’re on the verge of bankruptcy or if your debt burden ratio is too high, you can also approach the bank and set up a debt consolidation arrangement. With this, you can not only gain more control over your cash flow and finances but you may also become debt-free faster due to low interest charges.
Standard Chartered Bank offers a range of personal loans. While a term loan could pave the way for a surprise foreign holiday package, a DCP can help you recover from a potential financial crisis. Here’s what you should know about the options:
Are you wondering if the loan offerings from SCB provide a lot of bang for the buck or not? A look at the following features and benefits of these products might help you get an idea:
If you apply for this instalment loan, you may be offered an interest rate that will be in the range of 6.88% p.a. and 10.8% p.a. Remember that the bank will take the final call on the rate that you’ll be offered. It can be different from the published rates or from what other customers have been offered.
If your annual income is at least S$30,000 and if you have applied for a loan of S$20,000, you’ll enjoy the following rates, based on the tenure of your loan:
|Loan Tenure||Applied Interest Rate||Effective Interest Rate|
|1 year||7.8% p.a.||16.01% p.a.|
|2 years||7.8% p.a.||15.35% p.a.|
|3 years||7.5% p.a.||14.39% p.a.|
|4 years||7.5% p.a.||14.06% p.a.|
|5 years||6.88% p.a.||12.75% p.a.|
[Disclaimer: The rates listed here are for illustrative purposes only and can be different from the actual rates offered. The effective interest rate, in the example, accounts for the first year annual fee of S$199.]
For the DCP loan, the flat rate will range from 4.98% p.a. to 6.88% p.a. The effective interest rate will depend on the loan amount and administrative fees, where applicable. If you were to apply for a DCP amount of S$60,000, and choose a tenure of 8 years, you’ll possibly be charged an applied interest rate of 5.68% p.a. and an effective interest rate of 10.05% p.a. To calculate the actual cost of your borrowing, the bank will consider administrative charges such as the annual fee.
Click here to form a detailed understanding of the fees applicable on CashOne Personal Loan and here to learn about the fees that will be charged on the Debt Consolidation Plan.
In brief, the following fees may apply to your loan:
You may also have to pay additional charges for your card.
Don’t apply before you have carefully pondered over the following:
In order to be eligible, you’ll have to satisfy the following common criteria:
If you’re a foreigner, you can’t apply for a DCP loan but you may apply for the term loan, provided you meet the minimum income conditions. Don’t forget to submit the relevant documents to buttress your application. An incomplete application and/or missing documents can lead to unnecessary delays.
Applying for either of the two loans is simple and fast. If you wish to apply for the instalment loan from the bank, you can do so on our website. If you wish to apply for the DCP loan from SCB, fill up the contact form on the bank’s website. A bank official will contact you to take the process forward.
Sometimes, despite financial planning, you may find yourself in situations where you have to borrow money to honour a commitment. These SCB loans are customer-friendly and could offer you value for money. Borrowing isn’t financially unhealthy until you start defaulting on your payments. Remember to make your payments on time and enjoy a fuss-free life with these loans.
Standard Chartered Plc creates two new hubs for its Asian operations in Hong Kong and Singapore. This initiative will simplify the extensive network of the bank and also reduce costs. The bank is planning to combine 10 South Asian and Southeast countries, which includes India and Indonesia, into one Singapore subsidiary. This will allow Standard Chartered to handle its capital and assets efficiently and decrease the size of the emergency buffers. The bank is also combining its North Asian countries like South Korea into a Hong Kong subsidiary. Currently, the bank is suffering from high management and compliance costs as it operates in around 60 markets. Bill Winters, the Chief Executive Officer of the bank, said that the restructure could lead to partial listing or sale of the new units in the future. The bank will also be able to merge its capital and liquidity by uniting several countries.
8th June 2018
Standard Chartered’s wealth management business has been growing at a steady pace, and the bank’s recent move to offer a digital platform to their customers has created a significant growth in their customer base. More and more customers seem to prefer transacting online. The bank says that this ties in with the customers’ need to protect and invest their increasing wealth. In South Asia and ASEAN, Standard Chartered’s retail asset management sector grew by 41% in 2017 when compared to the previous year. Asset management under private banking for the same year showed a growth of 25%. Given that Singapore is an important hub for wealth management, it is natural that it contributes one-third of the bank’s income from retail banking in the country.
Last October, Standard Chartered launched its new platform, Personalised Investment Ideas (PII), in Singapore. It is a smart investment tool on a digital platform that gives priority clients practical investment ideas in a matter of minutes. In order to use this facility, priority clients have to invest at least S$200,000 with the bank. Sumeet Bhambri, Regional Head of Standard Chartered Wealth Management, ASEAN and South Asia, said the PII tool enables relationship managers to assess clients’ risk appetites and suggest suitable hold, sell, and buy investment ideas. He added that the tool helps build customers’ confidence in the investment advice given to them, proven by the fact that more than 8,000 customers have used the new platform since October 2017.
The bank does not mandate a minimum amount for online trading nor does it charge custody fees. While the old version of the platform was available only on computers, the newly revamped platform can also be accessed on tablets and mobiles.
30th May 2018
Standard Chartered Bank customers in Asia, Africa and Middle East have a reason to rejoice as they can now access their mobile banking services without the need of any password. The bank is all set to roll out a new feature known as the “touch login” feature to its mobile service banking with just a touch through the fingerprint recognition technology that is imbedded in the device. The feature is available on both iOS and Android platforms.The feature is live in Singapore, India and United Arab Emirates (UAE). The bank will also launch a voice biometric technology for its mobile banking service in UAE and India by the end of this year.
07th September 2016
Particulars: Get up to SGD 1,088 as cashback when you apply for a personal loan from Standard Chartered Bank Singapore. You will also enjoy approval-in-principle in 60 seconds. Apart from that you will also receive an additional cashback of SGD 50 if you apply online and the annual fee of SGD 199 charged for the loan will be waived for the first year. If the loan amount is less than SGD 50,000, you will get 1.2% of the amount as cashback and if the amount is SGD 50,000 or more you will get 1.5% of the amount as cashback.
Terms and conditions
You will be eligible for this promotion only if your loan application is approved by the bank. The maximum amount that you can get as cashback is SGD 1,088. Others terms and conditions may apply.
Enjoy cashback of up to SGD 888 or 1.2 percent when you apply for a CashOne personal loan from Standard Chartered Bank in Singapore. Apart from that, you will get cash back of SGD 199, the annual fee charged for the loan for the first year. You will also enjoy approval-in-principle in a minute (60 seconds).
Please contact the bank to know about the applicable terms and conditions.
Dash, the mobile banking app from Standard Chartered Bank, now available on Lazada. This mobile banking app was launched by the bank in the Lion City in collaboration with Singtel. This app can now be used when shopping with the online retailer Lazada, who is the first e-commerce partner of this app. This collaboration between Standard Chartered Bank and the retailer Lazada has been facilitated by helloPay, which is a fin-tech platform powered by the Lazada group. Lazada is one of the most popular online shopping website in Singapore and it offers a wide range of products to the customers.
At present, customers can enjoy cash back of 5 percent on all the purchases made on Lazada with the help of the Dash app. This is an introductory offer that will be available till the end of the year i.e. 31 Dec, 2015. In order to avail this facility and to make payments with the Dash app on Lazada, customers need to select the helloPay option at first when they checkout, then choose Dash as the payment portal and then log in to the portal with their PIN and mobile number for making the payment. Standard Chartered bank and Lazada have now launched a promotional campaign to make this collaboration popular with the consumers.
05th October 2015