Standard Chartered Personal Loan, You never know when you might need some extra cash. That is where Standard Chartered bank loans comes in handy. And when you apply for a loan with Standard Chartered, you can expect to receive your funds on the very next working day. If you choose to apply online, there are additional benefits you get that will save you some of your hard-earned money.
Compare Personal Loan Options from Standard Chartered
Here are the different personal loan options from Standard Chartered bank. Find out which is the best option based on your needs:
|Loan||Interest rate||Loan amount||Tenure|
|Standard Chartered CashOne Personal Loan||From 4.98% p.a.||up to 4X your monthly income||1-5 Years|
|Debt Consolidation Plan||4.5% to 5.88% p.a.||Based on the total eligible outstanding loans that are unsecured forms of credit||Up to 10 years|
Are you wondering if the loan offerings from SCB provide a lot of bang for the buck or not? A look at the following features and benefits of these products might help you get an idea:
- Maximum amount available for borrowing: With the CashOne Personal Loan, you can borrow up to 4x your monthly income, capped at S$250,000. If you choose the DCP loan, you can borrow an amount equal to the value of your outstanding unsecured debt balance, including fees and interest charges and an additional allowance of 5%, if you’re applying for a DCP for the first time.
- Minimum amount available for borrowing: You can’t borrow less than S$1,000 with the instalment loan. The approved loan amount for your DCP has to exceed 12 times your monthly income.
- Superfast turnaround: If you apply for a term loan by 2:00 p.m. on a working day and if your application is approved, funds will be released on the next business day.
- Flexible loan repayment period: For the debt consolidation programme, the tenure can be as low as 3 years and it can stretch up to 10 years. With the CashOne term loan, however, you can’t stretch your loans beyond 5 years. The lowest tenure is 1 year for this loan.
- Competitive rates: The effective interest rate on the instalment loan starts from 12.75% p.a. and can go up to 27.56% p.a. The effective interest rate varies in the range of 9.55% p.a. and 11.77% p.a. on the DCP.
- Revolving credit: With the CashOne loan, you’ll get a Platinum Visa Credit Card for which you’ll be charged no annual fee for 5 years. If you apply for the DCP loan, you’ll also get a card for daily use that comes with a credit limit equal to your monthly income. Under this programme, you’ll enjoy an annual fee waiver on your card.
- Consolidated statements: The bank issues consolidated statements on regular intervals to help you stay up to date with your loan transactions.
- Exclusive promotions: From time to time, the bank rolls out promotional offers exclusively for its loan customers. If you time it right, you could get cashback, gift vouchers, or more along with your loan.
Eligibility Criteria for Standard Chartered loans
The income you earn, your age, and the status of your residency in Singapore are crucial eligibility criteria for this loan. Here are the eligibility criteria details:
|Nationality status||Singaporean, PR holder, or foreigner|
|Age||21 to 65|
|Income||Singaporeans and PR holders: S$20,000 per year |
Foreigners: S$60,000 per year
|Employment||Foreign workers should hold P1, P2, or Q type Employment Passes|
If you hold a Q Employment Pass, you should have a minimum validity of 1 year remaining on your pass
What Are the Documents Required?
The documents you need to submit to the bank may vary depending on your employment status. Take a look at the various documents needed based on your employment:
All applicants need to supply a copy (both front and back) of their NRIC, Passport, or Employment Pass.
|Salaried (any 1)||Self-employed||Commission earner (any 1)|
|The most recent computerised payslip and Income Tax Notice of Assessment.The latest CPF contribution history statement (last 6 months) and most recent Income Tax Notice of Assessment.Historical CPF statement showing contributions for the last 6 months.Latest computerised payslip.||Provide your latest Notice of Assessment from IRAS. You also should have been self-employed for at least 2 years.||Your last 3 payslips and the most recent Income Tax Notice of Assessment.CPF contribution statement for the last 6 months.Last 3 months of your payslips.As a commission earner with 100% of your earnings from commissions, you need to provide a copy of your latest Notice of Assessment from IRAS.|
Fees and Charges
The bank charges certain fees and charges for various reasons. From annual fees to fees charged for alterations made to your loan, find out what you may be required to pay:
|Annual fee||1st year: S$199 (This amount is deducted from your approved loan amount) |
2nd year and thereafter: S$50 per year. This amount, however, will be waived if all payments for the past 12 months are paid by the due date
|Changing tenure||S$50 charged for each change|
|Early redemption||Either 3% or S$250, depending on which is higher (this rate is applicable for loans taken on or after 15 January 2019)|
|Interest for defaults (if your instalment has not been paid twice in a span of 6 months by the specified due date)||An additional 4% p.a. gets added to your loan’s initial EIR for the outstanding balance |
The tenure of your loan will be extended to keep your instalment amount the same
Once full payments are made by the due date for 6 consecutive months, the EIR of your loan will change to its original rate
|Late payments||If you don’t make the minimum payment by the specified due date, you will be charged S$80 |
When an instalment has not been paid in full by the due date and the balance gets carried forward, finance charges are calculated per day and an EIR rate of 25.9% p.a. will be applicable
If you need to contact the bank, you can reach them on (65) 6747 7000. This number is open 24 hours a day.
You can also chat with an executive from the bank if you visit the bank’s website. If you navigate to the “contact” section of the bank, you will find a floating icon at the bottom of the page towards the right. Click on the icon to begin chatting with the bank. This facility is available on all days of the week including public holidays. Timings are 9:00 a.m. to 12:00 a.m.
If you prefer to visit the bank, you can do that too. Again, if you visit Standard Chartered’s website, you will be able to find the branch that is the closest to you.
Applying for a Personal Loan
Applying for either of the two loans is simple and fast. If you wish to apply for the instalment loan from the bank, you can do so on our website. If you wish to apply for the DCP loan from SCB, fill up the contact form on the bank’s website. A bank official will contact you to take the process forward.
Sometimes, despite financial planning, you may find yourself in situations where you have to borrow money to honour a commitment. These SCB loans are customer-friendly and could offer you value for money. Borrowing isn’t financially unhealthy until you start defaulting on your payments. Remember to make your payments on time and enjoy a fuss-free life with these loans.
Frequently Asked Questions
Q. What form of loan is the CashOne Personal Loan?
A. This is a personal loan that is offered on your credit card. The amount you receive can go up to 4x your monthly income.
Q. Is a loan amount of 4x of the monthly salary guaranteed?
A. No, the amount is not guaranteed. You will either receive a loan that is 2x or 4x your monthly income. This is based on your annual income and credit history.
Q. Will an existing line of credit with Standard Chartered be affected?
A. As an existing customer with Standard Chartered Personal Credit, your loan could get converted to a CashOne.
Q. By what date should payments be made?
A. Payments should be paid by the due date. This will be specified in your monthly statement.
Q. How can a CashOne Personal Loan be repaid?
A. You can repay your loan using GIRO, AXS, at a counter at a branch, or an ATM. When making repayments, do take care to make separate payments for a CashOne Personal Loan and your CashOne Platinum Credit Card.