Standard Chartered CashOne Loan | Apply for Personal Loans Singapore

Loans | Personal Loans
by Priyadarshini 10 May 2022

With most epidemic limitations eliminated, the list of things we can spend money on has increased dramatically, from abroad vacations to partying sessions. That could explain the current surge in personal loan searches. Now, we genuinely hope that no one is taking out a loan to go on vacations. However, if you need a personal loan for a legitimate reason, such as a medical emergency or to consolidate your existing credit card debt, we’ll look at Standard Chartered CashOne personal loan Singapore, which you may have already heard of due to the bank’s relentless marketing.

Standard Chartered CashOne Loan

Are personal loans harmful?

Personal loans and credit card debt are examples of high-interest debt that can cause some people to declare bankruptcy. By the way, before you sign up for a personal loan, you should perform extensive research and loan comparisons because it’s a long-term commitment that might take years to pay off. Now that we’ve cleared things up, let’s have a look at the SCB personal loan and how it compares to the popular DBS personal loan, OCBC personal loan, and UOB personal loan.

Criteria for applying for a Standard Chartered CashOne personal loan

CashOne is the name of SCB’s personal loan.

To be eligible for the loan, you must meet the following requirements:

  • 21 to 65 years old
  • Singaporeans and Permanent Residents: A minimum annual income of $20,000 is required.
  • Foreigners: A minimum yearly income of $60,000 is required, as well as a valid Singapore Employment Pass.

Application and approval times for Standard Chartered CashOne Loan

You may apply online by submitting the following documents:

  • NRIC or passport photocopy
  • The most recent computerized payslip or the most recent 6-month CPF contribution history statement
  • Notice of Assessment for Income Tax (if you wish to be considered for a higher loan amount)
  • Passport for Work (foreigners only)
  • Address verification (foreigners only)

If you are an existing customer with no changes in income/employment according to SCB’s records! You are not required to submit any supporting documentation. SCB, in theory, provides quick approval for loan applications submitted online or via their mobile app. If the bank requires additional information from you, you may have to wait up to one working day for your application to be reviewed.

The interest rate on an SCB personal loan (2022)

SCB is now offering interest rates starting at 3.48 percent per annum, equating to an Effective Interest Rate (EIR) of 6.95 percent for loan terms ranging from one to five years. In addition, you must pay a $199 yearly fee in the first year, which will be deducted from your authorized loan amount. These interest rates are quite competitive, with local banks UOB and OCBC now offering substantially higher rates. To double-check interest rates, to see what different banks are offering for your preferred loan amount and loan length. Remember that your interest rate and EIR will vary based on the amount of your loan and the length of your loan.

If you can afford it, choose the shorter term because the overall amount of interest you’ll have to pay overtime will be less. Banks frequently try to impose lengthier loan terms, such as 5 years, on you. Don’t fall for it; you’ll pay for it in the long term.

Promotions for Standard Chartered CashOne Loan

The following personal loan promos are presently available from Standard Chartered:

When you sign up for a Personal Loan of at least $10,000 with a 3-5 year term by 30 June 2022, you will receive $100 to $2,400 in cashback.
JumpStart account users can receive up to $2,688 in cashback if they apply for a Personal Loan of at least $5,000 with a term of 3-5 years by 30 June 2022.

Personal loan calculator SCB

Here are the crucial parameters to keep in mind:

Monthly repayments — Indicates how much you must pay in installments each month.
The overall amount repayable — This is the total amount of money you’ll be repaying over the loan’s term, including the amount borrowed plus interest payments.
Applied Or Effective interest rate – This is the interest rate you will pay after all fees and charges are deducted.

It is critical to pay your monthly installments in full! If you don’t, you’ll be charged a $100 late payment fee. Ouch! Not ideal when you’re already in debt!

Your monthly installments can be paid using internet banking, the Stanchart mobile app, or AXS and ATM machines. However, the simplest and most convenient method is to use GIRO—this assures that you never miss a payment because it is deducted immediately from your savings account.

SCB Credit Card Fund Transfer vs Debt Consolidation vs Standard Chartered CashOne Personal Loan

Personal loans are not the same as debt consolidation loans. Instead of borrowing new money, you are merely consolidating your existing debt from many loans or credit cards into a single loan, often to take advantage of reduced interest rates. The SCB Credit Card Fund Transfer works similarly to debt consolidation, but solely for credit card debt. As a result, you can consolidate your debt from multiple credit cards into a single SCB plan. This simplifies your life because you no longer have to juggle many credit card bills.

As you can see, the CashOne personal loan is unique in that it allows you to borrow new funds, which you will then return on top of any other loans or credit cards you may have.

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