Receive cash in 15 mins!
Standard Chartered provides instant approval and cash disbursement of loan within 15 minutes.
3.48%
Interest Rate*
S$11,044
Total Amount Payable
S$0
Processing Fee
MoneySmart Exclusive

Receive your loan as quick as 15 mins and enjoy more than S$4,200 worth of free gifts! Get an additional cash incentive of up to S$2,400 from Standard Chartered Bank!

Valid until 31 May 2022 - See more details below

Are you eligible?

    • Promotion is valid from 23-May-2022 till 31-May-2022

    • Customers must apply through MoneySmart to be eligible

What you need to know

  1. Log into your MoneySmart account and complete your Financial profile so you can submit a claim.

  2. S$10,000 to S$14,999 Loan Size:
    - Cash Incentive: S$350

  3. S$20,001 to S$50,000 Loan Size:
    - Cash Incentive: S$750
    - Gift Incentive: [Apple iPad 10.2-inch Wi-Fi 64GB + Apple Pencil] (worth $637) + S$300

  4. S$50,001 to S$100,000 Loan Size:
    - Cash Incentive: S$1,150
    - Gift Incentive: Apple iPad Air Wi-Fi 64GB (worth S$879) + S$600

  5. $100,001 and above Loan Size:
    - Cash Incentive: S$3,000
    - Gift Incentive:  Samsung Galaxy S22 ULTRA 5G 128GB (worth S$1,718) + S$2,400

  6. For additional cashback from Standard Chartered, please refer to our T&Cs for more information

  7. Customers are able to receive their Cash via PayNow “Gift” as early as 14 days after getting their loan approved.

T&Cs
FAQ
Claim Form

Quick Facts

Best For

Instant loan approval

Loan Approval Time

Instant approval

Loan Disbursement

Instant cash disbursement

Guaranteed Interest Rate?

No, interest rate is adjusted based on your risk profile

Expert Tips

Apply via MyInfo to get instant approval for your Standard Chartered Bank CashOne loan. You do not need to create a StanChart deposit account.

All Details

Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products and services are presented without warranty. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first.

Per Month
S$307

Standard Chartered CashOne Personal Loan Review 2022

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 yearLoan tenure of 2 years
Interest rate3.48%3.48%
Annual fee$199None
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

Step 1

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.

Step 2

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

Step 3

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 CashOneHSBC Personal LoanUOB 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: NoneAnnual fee: None
Minimum annual income: $20,000 for Singaporeans and PRs $60,000 for foreignersMinimum annual income: $30,000 for Singaporeans and PRs $40,000 for foreignersMinimum annual income: $30,000 for Singaporeans and PRs Foreigners are not eligible to apply.
Loan disbursement speed: 15 minutesLoan disbursement speed: 3 to 5 business daysLoan 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.