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Standard Chartered CashOne
Standard Chartered CashOne
- 3.48%
- Interest Rate*
- S$11,044
- Total Amount Payable
- S$0
- Processing Fee
[MoneySmart Exclusive]
Get up to S$4,915 worth of free gifts [up to Apple iPhone 14 Pro Max, 128 GB (worth $1,815.80) AND up to S$3,100 Cashback from Standard Chartered] when your loan is approved this May! T&Cs apply.
Are you eligible?
Promotion is valid from 01-June-2023 till 07-June-2023
Customers must apply through MoneySmart to be eligible
What you need to know
Log into your MoneySmart account so you can submit your claim.
S$10,000 - S$15,000 Loan Size:
Incentive: S$250 Cash via PayNow + 100% Cashback on first 2 months interestS$15,001 - S$20,000 Loan Size:
Incentive: S$450 Cash via PayNow OR Titan V1 7 Speed Foldable Bike (worth S$399) + 100% Cashback on first 2 months interestS$20,001 - S$30,000 Loan Size:
Incentive: S$450 Cash via PayNow OR Nintendo Switch OLED (worth S$549) OR Apple Watch Series 8, 41mm (worth S$604.55) + 100% Cashback on first 2 months interestS$30,001 - S$50,000 Loan Size:
Incentive: S$620 Cash via PayNow OR Everdesk+ Lite (Black or Lily White) (worth S$619) OR Sony Playstation 5 Digital Edition (worth S$669) + 100% Cashback on first 2 months interestS$50,001 - S$100,000 Loan Size:
Incentive: S$820 Cash via PayNow OR Apple Mac Mini M2 Chip with 8-core CPU and 10-core GPU (worth S$849) OR Apple iPad Air Wi-Fi 64GB (worth S$887.20) + 100% Cashback on first 2 months interestS$100,001 - S$250,000 Loan Size:
Incentive: $1,120 Cash via PayNow OR Apple iPhone 14 Pro Max, 128GB (worth S$1,815.80) + 100% Cashback on first 2 months interestFor additional information on the cashback incentive from Standard Charted, please refer here.
All Details
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Standard Chartered CashOne Personal Loan Review 2023
Standard Chartered Bank, with a whopping $9.2 billion in total assets (as per its latest 2021 annual report), is one of the renowned banks in Singapore that offers personal loans to Singapore citizens, PRs and foreigners.
Their Standard Chartered CashOne personal loan is offered with competitive annual interest rates and effective interest rate (EIR). Currently, their interest rates are being advertised as starting from 3.48%, working out to an EIR of 10.4% and above. As most interest rates are personalised, the Standard Chartered CashOne loan rates you get might differ, depending on other factors (which we will talk about later).
In this review, we’ll weigh the pros and cons of taking up a Standard Chartered CashOne personal loan, and compare it against some of its closest competitors.
Pros and Cons
Pros
- Fast loan approval
- Convenient online application with SingPass for quicker application
- Loan disbursement within 15 minutes
- No need to be an existing Standard Chartered customer to apply
- Open to Singapore Citizens, PRs and foreigners with a Singapore Employment Pass aged 21 to 65
Cons
- Initial annual fee of $199 (deducted from your approved loan)
- No instant loan disbursement
Standard Chartered CashOne Requirements
Whether you’re a Singapore Citizen, Permanent Resident (PR) or foreigner with a valid Singapore Employment Pass, you’re eligible to apply for the Standard Chartered CashOne personal loan, as long as you’re aged 21 to 65.
The minimum annual income requirements are $20,000 for Singaporeans and PRs and $60,000 for foreigners as per Standard Chartered CashOne’s application eligibility requirements. This makes Standard Chartered CashOne personal loan a great option for Singaporeans and PRs with lower annual salaries, especially those earning less than $30,000 per year.
As for new customers or existing customers who are SingPass holders applying with MyInfo, you’ll be required to submit a copy of your NRIC (front and back), your latest computerised payslip or latest 6 months’ CPF Contribution History Statement for the Standard Chartered CashOne personal loan application.
If you’d like to apply for a higher loan amount, you’ve got to prepare your latest Income Tax Notice of Assessment (NOA) in addition to the above required documents.
Standard Chartered CashOne Interest Rates & Fees
| Loan tenure of 1 year | Loan tenure of 2 years | |
|---|---|---|
| Interest rate | 3.48% | 3.48% |
| Annual fee | $199 | None |
| Effective interest rate (EIR) | 8.45% | 7.63% |
| Monthly instalment | $1,724.67 | $891.33 |
While several banks do not charge any processing fees or initial annual fee, Standard Chartered Bank (SCB) charges an initial annual fee of $199 (deducted from your approved loan). You will not need to pay any more processing fees after the first year unless you miss any payments for your instalments, in which case you will have to fork out another $50 annually if any instalments are not paid on time for the preceding 12 consecutive calendar months.
Considering the $199 initial annual fee, Standard Chartered CashOne is more worthwhile if you’re taking out a big loan. To make things easier to understand, here is an example to illustrate.
Let’s say you’re taking up a $10,000 loan. It would mean that you’ll be paying a fee worth 1.99% of your principal amount. Although interest rates are being advertised by Standard Chartered as starting from 3.48%, working out to an EIR of 10.4% and above, in reality, interest rates are personalised, so yours might differ from this example which was calculated using Standard Chartered’s loan calculator.
Standard Chartered CashOne Application
Before you start applying for Standard Chartered CashOne or any other personal loans, you’ve got to be clear of the reason why you need to take up a personal loan, a manageable loan amount that you can afford to pay off in monthly instalments, the other costs involved such as Effective Interest Rate (EIR), processing fees, annual fees, vice versa.
Here are 3 simple steps to apply for Standard Chartered CashOne
Apply via MoneySmart’s Personal Loans page
You may begin your application clicking on the Standard Chartered link.
If you choose to apply online via SingPass MyInfo, Standard Chartered Bank will pull your identity and income data from SingPass (which is already verified), thus cutting short the processing time. The approval-in-principle page will appear within minutes of submitting your MyInfo.
Provide all documentation required
You’ll need to provide all the necessary documentation in order for Standard Chartered Bank to approve your personal loan application. This list of documents include:
- NRIC or other identification details
- Latest computerised payslip
- Latest 6 months’ CPF Contribution History Statement
- Latest Income Tax Notice of Assessment (NOA) if you wish to be considered for a higher loan amount
Receive your loan disbursement within 15 minutes
The loan disbursement will be completed within 15 minutes of Standard Chartered Bank’s approval of your online application.
Compare SCB CashOne vs HSBC personal loan vs UOB personal loan
Besides Standard Chartered CashOne, HSBC personal loan and UOB personal loan are also among the other popular options you would have come across on MoneySmart’s online personal loan comparison page while comparing their interest rates and benefits. Let’s pit these 3 personal loans against one another to help you make a better decision.
The key factors which we’ll look at are interest rates, annual fees, minimum annual income requirements and loan disbursement speed.
Among the 3 personal loans, SCB CashOne charges the highest interest rate of 3.48% and even has an initial annual fee of $199, followed by UOB personal loan which offers 3.4% and finally HSBC personal loan that comes with the lowest interest rate of 3.2%.
However, HSBC’s and UOB’s have a higher minimum annual income requirement of $30,000 for Singaporeans and PRs, while SCB CashOne has a lower minimum annual income requirement of $20,000, making SCB CashOne a viable choice for Singaporeans and PRs with lower annual salaries, especially those earning less than $30,000 per year.
On the other hand, HSBC personal loan is a more attractive option than SCB CashOne for foreigners drawing annual salaries which are lower than $60,000.
SCB CashOne vs HSBC personal loan vs UOB personal loan
| SCB CashOne | HSBC Personal Loan | UOB Personal Loan |
|---|---|---|
| Interest rate: 3.48% | Interest rate: 3.2% | Interest rate: 3.4% |
| Annual fee: $199 for Year 1 (None from Year 2 onwards) | Annual fee: None | Annual fee: None |
| Minimum annual income: $20,000 for Singaporeans and PRs $60,000 for foreigners | Minimum annual income: $30,000 for Singaporeans and PRs $40,000 for foreigners | Minimum annual income: $30,000 for Singaporeans and PRs Foreigners are not eligible to apply. |
| Loan disbursement speed: 15 minutes | Loan disbursement speed: 3 to 5 business days | Loan disbursement speed: Within 1 day (if you have a UOB credit card and apply between 8am and 9pm) |
Frequently Asked Questions
Are there any fees if I take up the SCB CashOne loan?
- Standard Chartered Bank charges an initial annual fee of $199 (deducted from your approved loan). You will not need to pay any more processing fees after the first year unless you miss any payments for your instalments. There’s also an early redemption fee of $150 or 3% of the outstanding principal (whichever is higher).
How do I apply for a SCB personal loan?
You can apply for Standard Chartered CashOne in 3 simple steps.
1. Click "Apply Now" on the Standard Chartered Bank CashOne option on MoneySmart's Personal Loans page
2. Provide your NRIC or other identification details, latest computerised payslip, latest 6 months; CPF Contribution History Statement, and latest Income Tax Notice of Assessment (NOA) if you wish to be considered for a higher loan amount
3. Receive your loan disbursement within 15 minutes
Am I eligible for SCB CashOne?
- If you’re a Singapore Citizen, Permanent Resident (PR) or foreigner with a valid Singapore Employment Pass, you’re eligible to apply for the Standard Chartered CashOne personal loan, as long as you’re aged 21 to 65, and earn a minimum annual income of $20,000 (for Singaporeans and PRs) or $60,000 (for foreigners).
If I’m late for my monthly instalment, how much do I have to pay?
- Late payment charge is S$100 and additional interest will be calculated on a daily basis at the EIR of 26.9% p.a. (0.074% per day). Also, $50 will be charged annually if any instalments are not paid on or before the due dates in full for the preceding 12 consecutive calendar months.
When will I receive the approved loan amount in my bank account?
- Your application will be reviewed by Standard Chartered Bank upon submission. If you choose to have your approved loan amount disbursed to an existing Standard Current/Cheque and Save Account, you’ll receive your loan amount instantly upon approval of your loan. If you choose to have your approved loan amount disbursed to a non-Standard Chartered Current or Savings Account, you’ll get it within 15 minutes upon approval of your loan.
I am an existing SCB cardholder, will taking the SCB CashOne affect the credit limit of my card?
- Yes, you will actually be applying for a Credit Card Instalment Loan which will draw down from your existing credit card limit.
Are there any charges if I would like to change my SCB CashOne loan tenure?
- Yes, there is a fee of $50 per change, subject to Standard Chartered Bank’s approval.