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Standard Chartered CashOne Personal Loan Review

Discover key features of the Standard Chartered CashOne Personal Loan, including competitive rates.

Standard Chartered loans can be approved in as little as 15 minutes

The early redemption fee of $150 or 3% of the outstanding principal (whichever is higher) is quite costly

Standard Chartered offers a range of competitive loans tailored to meet individual needs – and one of its leading products is the CashOne Personal Loan.

Read on to find out more about the Standard Chartered CashOne Personal Loan, including the main eligibility requirements.

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James Martin

Updated

Sep 8, 2020

Fact checked

3.48%

EIR: 6.95%

Interest Rate From

Up to 4x your monthly salary, subject to a cap of $250,000

Maximum Loan Amount

1 - 5 years

Loan Tenure

Details

Interest Rate From	3.48% EIR: 6.95%
Minimum Loan Amount	$1,000
Maximum Loan Amount	Up to 4x your monthly salary, subject to a cap of $250,000
Loan Tenure	1 - 5 years
Approval Duration	Next working/banking day. T&C's apply
	More Info

Processing Fee	$199
Late Payment Fee	$100
Early Repayment Fee	$150 or 3% of the outstanding principal (whichever is higher)
Overdue Interest Rate	26.9% p.a. (0.074% daily)
	More Info

Minimum Age	21
Maximum Age	65
Min Annual Income	$20,000
Min Annual Income Foreigner	$60,000
Eligibility Criteria Residents	Aged 21-65 $20,000 minimum annual income Must be salaried, commission-based or self-employed Singapore Citizens and Permanent Residents
Eligibility Criteria Foreigners	Aged 21-65 $60,000 minimum annual income Foreigners must be holders of P1, P2 or Q type Singapore Employment Passes Q Pass holders must have minimum 1-year validity remaining on their passes
	More Info

Pros and cons

Pros

This provider has a high limit of Up to 4x your monthly salary, subject to a cap of $250,000 for its loans.
Standard Chartered is a name you can trust, being one of Singapore’s biggest full-service banks.

Cons

Loan terms have a limit of 5 years.
The early redemption fee of $150 or 3% of the outstanding principal (whichever is higher) is more than the Citi Quick Cash Loan fee.

Main points to consider with a Standard Chartered CashOne Personal Loan

You can borrow for any type of expense with Standard Chartered. Loans start at $1,000 and go Up to 4x your monthly salary, subject to a cap of $250,000 but the amount you can get (if any) will depend on your personal circumstances including your annual income.

Features of a Standard Chartered CashOne Personal Loan

Fast approval times. You may be able to secure a loan in as little as 15 minutes, sent to a bank account of your convenience.
Flexible repayment periods. Repay your loan over as little as 1 year or up to 5 years.
Interest rate. Standard Chartered sets your interest rate based on factors individual to you. Its effective rates of interest start from 6.95%.
Credit card. You may be eligible for a Platinum Visa Credit Card if you have an annual income of $30,000 or above.

How much does the loan cost?

The overall cost of your loan varies depending on factors including your income, how much you’re borrowing and your repayment instalments.

Standard Chartered has an effective interest rate starting at 6.95% per annum. Some of the fees which apply to this loan include a $50 fee if you change your loan terms and an $100 fee for late payments, plus interest. If two full repayments are late within six consecutive months, you’ll revert to a default interest rate and will have to pay additional interest.

Make sure you read your loan terms carefully so that you’re fully aware of all the fees and charges that apply before you sign up.

How to apply for a Standard Chartered CashOne Personal Loan

Click Go to site on this page when you are ready to apply for a personal loan with Standard Chartered.

Ensure you meet the following eligibility requirements before applying:

Be aged between 21 and 65 years of age
Have a minimum annual income of $20,000
Foreigners must hold a Singapore Employment Pass

Required documents

New Customers

If you’re a new customer applying for a loan, you’ll typically have to provide:

Copy of your passport (with at least 6 months’ validity)
Copy of your Employment Pass
One from the following: a bank or credit card statement, a utility bill, a government-issued document, an employment letter, a mobile phone or Pay TV statement, or a rental agreement.

For Salaried Employees/Partial Commission-based Earners

Additional Documents:

Latest computerised payslip
For higher loan amounts you may also need to submit your latest Income Tax Notice of Assessment (NOA).

For 100% Commission-based Earners

Additional Documents:

Last Income Tax Notice of Assessment (NOA), or
Last three months of Commission Statement from the same employer

For Self-employed

Additional Documents:

Latest Income Tax Notice of Assessment (NOA)

Existing customers: If you’re a customer of Standard Chartered and hold a credit card account with this provider, you shouldn’t need to show any documents (unless you’ve had a recent change in your income).

James Martin

James Martin is a senior writer at Finder. He has written on a range of finance and business topics for over five years and his work has been featured in publications including The Irish Times, Companies 100, In Business and Q Magazine (UK). As a trained journalist, James can drill into the finer details of financial products to help you save time and money. In his spare time, James is a committed sports fan, novel reader and Thai food enthusiast.

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