Yahoo Finance Standard Chartered Personal Loan Review 2024: Should You Take the SCB CashOne Personal Loan?
Need money for your flat or condo downpayment? Perhaps you have big renovation plans or you’ve had a bit of an emergency that requires a large amount of cash in a short time. A personal loan may be the solution.
Before you do, we must caution you that personal loans can come with high interest rates and you’ll need to be financially secure to be able to pay back the loan, otherwise, you’ll face even more penalties.
But if you genuinely need cash for a legitimate reason, check out the 8 best personal loans in Singapore.
We’ll be reviewing Standard Chartered’s CashOne personal loan so you can see if it’s something that may suit your needs.
Standard Chartered CashOne personal loan application criteria
Standard Chartered Bank’s (SCB) personal loan is called CashOne.
To qualify for the loan, you must satisfy the following criteria:
Aged 21 and above
Singapore Citizens and PRs: Minimum annual income of $20,000
Foreigners: Minimum annual income of $60,000, must hold a valid Singapore Employment Pass
SCB personal loan application & approval time
You can apply online with the following documents:
SingPass MyInfo or copy of NRIC or Passport
Latest computerised payslip OR latest 6 months’ CPF contribution history statement
Income Tax Notice of Assessment (if you wish to be considered for a higher loan amount)
Employment Pass (foreigners only)
Proof of address (foreigners only)
For existing SCB credit cardholders, there’s no need to submit any documents. But if there’s a change in your income, you need to submit the relevant documents during the application process.
In most cases, SCB offers instant approval of loan applications made online or the mobile app. However, if the bank requires more information from you, you may need to wait up to 1 working day for your application to be assessed.
ALSO READ: 8 Best Personal Loans in Singapore with Lowest Interest Rates (Apr 2024)
SCB personal loan interest rate (2024)
The interest rate for Standard Chartered Cashone currently stands at 2.88% per annum, with an Effective Interest Rate (EIR) of 5.84% p.a. for a loan tenor of 1 year.
The EIR is the actual rate you pay after factoring in charges incurred for taking out the personal loan, as well as your loan tenor. It’s better to look at the EIR to know how much you’ll have to pay back.
SCB also has a loan calculator on its website to easily calculate how much interest you’ll pay depending on the loan amount you take out and tenure.
For instance, if you take a loan tenure of $20,000 for 2 years, the EIR is 6.42% p.a., with monthly repayment $881.33.
If the loan tenure for the same amount is 4 years, the EIR is 5.96% p.a., with a monthly repayment of $464.67.
Remember that the interest rate and EIR will vary depending on your loan amount and loan tenure.
Things to consider before taking a personal loan
When considering a personal loan, remember that shorter repayment terms are generally to your benefit. While banks might promote longer loan terms (like 5 years) that offer lower monthly payments, this can be a trap. The shorter the loan tenure, the less total interest you’ll pay overall. So, it’s best to pay less and choose a repayment period that allows you to clear the loan quickly and save money in the long run.
There’s also an initial annual fee of $199 to pay, deducted from your approved loan amount. For subsequent years, the fee will be $50 but this will be waived if all payment is received by the due date for the past 12 months.
Remember to pay your monthly instalments in full! If you don’t, it’ll be considered a late payment and you’ll be charged $50 on top of the annual fee. If you want to change your loan tenure, you’ll also be charged $50.
What if you don’t need the loan anymore and want to pay it off early? Well, they also penalise you for it. In SCB’s case, if you repay the loan back in full before the lock-in period, the fee is $150 or 3% of the outstanding principal, whichever is higher.
While SCB’s 2.88% p.a. interest is one of the lowest rates out there, it’s best to shop around. Some banks may advertise attractive headline rates, be sure to factor in the Effective Interest Rate (EIR) which includes additional fees. You can use MoneySmart’s personal loan comparison tool to compare what the other banks are offering for your desired loan amount and loan tenure.
StanChart CashOne personal loan promotions
Standard Chartered is currently running the following promotions if you take up the CashOne personal loan:
3X cashback on the first month’s interest
New Stanchart clients get an extra 1% of the approved loan back in FairPrice E-Vouchers
If you take a loan between $8,000 – $9,999 for a tenure of 3 to 5 years, you’ll stand to get a MoneySmart Gift Incentive of S$100 cash transferred to you via PayNow. For loans above S$10,000, check out the MoneySmart website for more promos.
Standard Chartered CashOne personal loan vs SCB Credit Card Fund Transfer vs Debt Consolidation
The SCB Credit Card Fund Transfer lets you consolidate your credit card debt from other banks. You can transfer your debt from other cards to SCB and pay off only one credit card bill rather than monitor a few.
Debt consolidation is a different beast from personal loans. Instead of borrowing fresh money, you’re simply transferring your existing debt from various other loans or credit cards to one single loan, typically to take advantage of lower interest rates.
With the CashOne personal loan, it’s different as you will be drawing fresh funds, not just reshuffling your debts into one place.
ALSO READ: Should You Take A Personal Loan To Help With The Rising Costs Of Living?
Comparing Standard Chartered CashOne personal loan vs DBS, POSB, OCBC, UOB personal loan interest rates
How does SCB’s CashOne loan compare to other banks’ loans? We’ve listed the current loans from the big banks:
Sponsored
Per Month
S$302
Per Month
MoneySmart Exclusive
Receive Cash in 15 mins! | HIGHEST CASHBACK
Standard Chartered CashOne
EIR: From 5.84%
MoneySmart Exclusive:
[HIGHEST CASHBACK | CASH BONUS]
Get up to S$1,200 Cash via PayNow or attractive gifts like an Apple iPhone 15, 128GB (worth S$1,311) or an Apple iPad Air, 64GB (worth S$895.40) or a Sony PS5 (SLIM) Digital Edition (worth S$669)! T&Cs apply.
That’s not all! Get up to S$500 Cash Bonus and up to S$4,100 Cashback from SCB, now that’s up to S$5,800 worth of cash rewards*!
Valid until 30 Apr 2024
More Details
Key Features
Interest Rate of 2.88% is not guaranteed and it’s based on the applicants' credit risk
*Note that the rates provided to you are customised and might differ from what is displayed here. Standard Chartered Bank is regulated by the Monetary Authority of Singapore.
Subject to a max loan amount of S$250,000
Note: No processing fees, but first year annual fee of $199 applies. $50 annual fee for subsequent years (waived if all payment is received by due date for the past 12 months).
Learn more about the key features and details of Standard Chartered CashOne Loan.
If you are looking for an emergency loan, learn more about the different personal loans with fast approval.
Per Month
S$302
Per Month
Online Promo
DBS Personal Loan
EIR: From 5.79%
More Details
Key Features
*Note that the rates provided to you are customised and might differ from what's displayed here. DBS Bank is regulated by the Monetary Authority of Singapore.
Per Month
S$302
Per Month
Online Promo
POSB Personal Loan
EIR: From 5.79%
More Details
Key Features
Existing POSB/DBS users can apply directly to receive instant cash disbursement to your POSB/DBS account!
*Note that the rates provided to you are customised and might differ from what's displayed here. POSB Bank is regulated by the Monetary Authority of Singapore.
Per Month
S$323
Per Month
OCBC ExtraCash Loan
EIR: 11.47%
More Details
Key Features
Loan tenure from 12 to 60 months
Borrow up to 6x monthly salary for annual income S$120,000 and above, 4x monthly salary for annual income S$30,000-S$119,999 and 2x monthly salary for annual income S$20,000-S$29,000
Make repayments easily via online or Mobile Banking funds transfer, cheque deposit or cash deposit machine
Easy ways to manage your account with Online and Mobile banking
Note that the rates provided to you are customised and might differ from what is displayed here. OCBC Bank is regulated by the Monetary Authority of Singapore.
Per Month
S$302
Per Month
MoneySmart Exclusive
Faster Gift Redemption
UOB Personal Loan
EIR: From 5.43%
MoneySmart Exclusive:
[Faster Gift Redemption]
Get attractive gifts like an Apple Mac Mini, 512GB (worth S$1,156.85) or an Apple iPad Air, 64GB (worth S$895.40) or a Apple Watch Series 9 (GPS), 45mm (worth S$655) or a Samsung 32-inch Smart Monitor M5 (worth S$493) or a ErgoTune Classic Ergonomic Chair (worth S$399) or up to S$1,200 Cash via PayNow when you apply for UOB Loan through MoneySmart! T&Cs apply.
Valid until 30 Apr 2024
More Details
Key Features
Loans starting from S$1000
Loan tenure period of minimum 1 year to a maximum of 5 years
Rates from 2.88% p.a. (EIR from 5.43%) + 0% Processing Fee
No documents required for existing Credit Card members
Instant approval for applications submitted between 8am to 9pm for new UOB customers. Terms and conditions apply.
UOB Bank is regulated by the Monetary Authority of Singapore.
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
Be careful when taking personal loans
Remember, personal loans are best suited for essential needs, not material wants. The higher interest rates can make them a costly option for non-critical expenses. If you’re reading this article with that dream holiday or luxury handbag in mind, we’d advise saving for them in the good ol’ fashioned way.
Not sure if the Standard Chartered personal loan is right for you? Take a look at all the best personal loans in Singapore.
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Original article: Standard Chartered Personal Loan Review 2024: Should You Take the SCB CashOne Personal Loan?.
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