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|PARTICULARS||SINGAPORE / PR||FOREIGNER|
|Interest Rate||From 3.88% p.a.||From 3.88% p.a.|
|Effective Interest Rate (E.I.R)||From 7.67% p.a.||From 7.67% p.a.|
|Processing Fee||$0 (full rebate of fee)||$0 (full rebate of $199 fee)|
|Maximum loan amount||4X your monthly salary or $250,000||4X your monthly salary or $250,000|
|Minimum Annual Income||$20,000||$60,000|
|Loan Tenure||1 - 5 Years||1 - 5 Years|
|Approval Duration||Instant approval & instant cash with SingPass MyInfo. For loan amount of >$200,000, cash is disbursed by next working day||Instant approval & instant cash with SingPass MyInfo. For loan amount of >$200,000, cash is disbursed by next working day|
|Late payment charge||$80 + additional interest at 0.074% per day (EIR 26.9% p.a.)||$80 + additional interest at 0.074% per day (EIR 26.9% p.a.)|
|Early settlement penalty||$150 or 3% of the outstanding principal (whichever is higher)||$150 or 3% of the outstanding principal (whichever is higher)|
|Promotion||Moneysmart Exclusive: 3.88% p.a. guaranteed + $100 Instant Cash via PayNow + $199 Cashback! Valid till 29 Feb 2020.||Moneysmart Exclusive: 3.88% p.a. guaranteed + $100 Instant Cash via PayNow + $199 Cashback! Valid till 29 Feb 2020.|
Standard Chartered’s personal loan product is called Standard Chartered CashOne. It offers an attractively low promotional interest rate and extremely fast cash disbursement (ranging from instant cash to next working day at most). It is lenient for Singaporean/PR borrowers but foreigners may find it difficult to meet the eligibility requirements.
The Standard Chartered Personal Loan is open to applicants aged from 21 to 65 years old. Singaporeans/PRs may apply, but there are different eligibility criteria for each group.
For Singaporeans/PRs, the minimum annual income requirement is $20,000. Foreigners, on the other hand, need to be earning $60,000 and above a year, as well as hold an Employment Pass.
There are several ways to apply for a Standard Chartered Personal Loan. If you already have a Standard Chartered credit card, you can apply instantly and need not submit any income documents.
If you are a new customer, the quickest way to apply is with SingPass MyInfo. You will not need to submit any documents separately.
If you do not have SingPass, then you will need to submit your identification (NRIC/Passport), Employment Pass (if applicable) and income documents. Your application may take longer to get approved.
At the moment, Standard Chartered is offering an attractive interest rate of 3.88% p.a. (EIR 7.67% p.a.) for their personal loans.
What is EIR, you ask? The EIR, or Effective Interest Rate, is higher because it reflects all other fees and charges, and takes into account the loan tenure. When comparing different loans, it is best to compare the EIR rather than the advertised interest rate.
Note that the attractive Standard Chartered personal loan interest rate is promotional in nature and comes with some terms & conditions. For example, your income needs to be at least $30,000 annually. Also, it is only valid for a limited time.
Not sure what this personal loan interest rate looks like in terms of monthly repayments? Use our Standard Chartered Personal Loan Calculator to work out your ideal loan amount and tenure.
There are several Standard Chartered personal loan promotions you can enjoy if you apply through MoneySmart. These are valid until 29 Feb 2020.
First, the interest rate of 3.88% p.a. is guaranteed if you apply here. You also get $199 cashback (effectively a waiver of the processing fee). These 2 promotions apply to all customers whose income is at least $30,000, for any loan tenure and any loan amount from $1,000.
In addition, you can get $100 instant cash by PayNow when your loan is approved. This is for those with a minimum loan amount of $20,000 only.
However, if you do not need that much money, it is wiser to take on a smaller loan as you would end up paying less in interest anyway.
To contact Standard Chartered about Personal Loans, you can call the 24-hour Standard Chartered hotline at +65 6747 7000.
You may also live chat with a bank representative via www.sc.com/sg/help/contact-us/. The Standard Chartered live chat service is available from 9am to 12am daily.
MoneySmart lists Personal Loan products that range between a minimum of 1 to a maximum of 7 years. The effective interest rate (EIR) of loan products on our site range from 8.5% p.a. to up to 20.0% p.a. The EIR of your loan will be dependent on the loan you apply for as well as your personal financial needs. For example, you would need to pay S$316/month for an S$10,000 Personal Loan with a loan tenure of 3 years. This would equate to a total payment of S$11,376 over 3 years. Please view each Personal Loan product in detail for a full breakdown of the interest rate chargeable, minimum and maximum loan tenure as well as processing fees (if applicable).