If you’re looking for a personal loan in Singapore, Standard Chartered’s CashOne loan might be a great option to consider. This loan offers competitive interest rates starting from as low as 2.88% p.a. and flexible repayment terms of up to 5 years. With such favourable terms, it’s no surprise that Standard Chartered’s CashOne loan is a popular choice among Singaporeans.
One of the key features of the Standard Chartered CashOne loan is its low interest rates. With rates starting from as low as 2.88% p.a., this loan is one of the most affordable personal loans in Singapore. Additionally, the loan offers flexible repayment terms of up to 5 years, making it easier for you to manage your finances.
To be eligible for the Standard Chartered CashOne loan, you need to be a Singaporean or Permanent Resident aged between 21 and 65 years old with a minimum annual income of $20,000. You can apply for the loan online or in person at a Standard Chartered branch. Once approved, you can receive your loan disbursal within just one working day.
Key Takeaways
- Standard Chartered’s CashOne loan offers competitive interest rates starting from 2.88% p.a.
- The loan provides flexible repayment terms of up to 5 years.
- To be eligible for the loan, you need to be a Singaporean or Permanent Resident aged between 21 and 65 years old with a minimum annual income of $20,000.
Key Features of Standard Chartered CashOne Loan
If you are looking for a personal loan that offers competitive interest rates, flexible loan amounts, and varied loan tenures, then the Standard Chartered CashOne Loan is an excellent choice for you. Here are some of the key features of this loan:
Competitive Interest Rates
One of the main benefits of the Standard Chartered CashOne Loan is that it offers competitive interest rates. This means that you can borrow money at a lower interest rate than other personal loans in Singapore. The interest rate for this loan starts from as low as 3.48% flat, which translates to an effective interest rate (EIR) of 6.95%.
Flexible Loan Amounts
The Standard Chartered CashOne Loan offers flexible loan amounts to suit your needs. You can borrow as little as $1,000 or up to 4 times your monthly income, with a maximum loan amount of $250,000. This makes it an excellent option for those who need a quick, short-term loan to supplement their financial needs.
Varied Loan Tenures
The Standard Chartered CashOne Loan offers varied loan tenures, ranging from 12 to 60 months. This means that you can choose a loan tenure that suits your financial situation and repayment capacity. The longer loan tenures can help you spread out your repayment over a longer period, reducing your monthly repayments and making it easier to manage your finances.
Overall, the Standard Chartered CashOne Loan is an excellent choice for those who need a personal loan with competitive interest rates, flexible loan amounts, and varied loan tenures. With a low minimum loan amount and competitive promotions and rates, this loan is an especially appealing option for low-income borrowers.
Eligibility and Application
If you are looking for a personal loan in Singapore, the Standard Chartered CashOne Personal Loan is an excellent option. In this section, we will discuss the eligibility criteria and application process for this loan.
Basic Eligibility Criteria
To be eligible for the Standard Chartered CashOne Personal Loan, you must be a Singapore citizen, permanent resident, or a foreigner with a valid Singapore Employment Pass. You must also be at least 21 years old and have a minimum annual income of $30,000 for Singapore citizens and permanent residents, and $60,000 for foreigners.
Required Documents
When applying for the Standard Chartered CashOne Personal Loan, you will need to provide the following documents:
- NRIC or passport
- Latest payslip
- Proof of income (e.g. income tax statement or CPF contribution history)
- Proof of residence (e.g. utility bill or tenancy agreement)
Application Process
The application process for the Standard Chartered CashOne Personal Loan is quick and easy. You can apply online, and you will receive an instant approval decision. You will also be able to see the interest rate and repayment amount within the application journey. You can decide thereafter whether to proceed with application submission.
Once your loan is approved, the funds will be disbursed to your designated account within one working day.
In summary, the Standard Chartered CashOne Personal Loan is an excellent option for those who need quick access to cash. With its low interest rates and easy application process, it is a great choice for Singapore citizens, permanent residents, and foreigners with a valid Singapore Employment Pass.
Understanding the Costs
When applying for a loan, it is important to understand the costs involved to make an informed decision. In this section, we will break down the costs associated with the Standard Chartered CashOne loan in Singapore.
Fees and Charges
The Standard Chartered CashOne loan has several fees and charges that you should be aware of. These include a processing fee of 1% of the approved loan amount, subject to a minimum of $199 and a maximum of $999, and an annual fee of $199 for the first year and $50 for subsequent years.
Late payment fees are also applicable, with a charge of $80 for each late payment. Additionally, there is an early redemption fee of 3% of the outstanding loan amount if you choose to repay the loan before the end of the loan tenure.
Interest Rate Calculation
The interest rate for the Standard Chartered CashOne loan is calculated based on a reducing balance method. The effective interest rate (EIR) ranges from 3.88% to 9.00% per annum, depending on the loan tenure and the loan amount.
It is important to note that if you default on your loan repayments, a default interest rate of 28% per annum will be charged on the outstanding amount.
In conclusion, the Standard Chartered CashOne loan offers competitive interest rates and flexible loan tenures. However, it is important to take note of the fees and charges associated with the loan to avoid any unexpected costs.
Benefits and Promotions
If you’re looking for a personal loan in Singapore, Standard Chartered CashOne Personal Loan is one of the best options available. It comes with a range of benefits and promotions that make it an attractive choice for many borrowers.
Cashback and Discounts
Standard Chartered CashOne Personal Loan offers a cashback promotion of up to S$4,100. This promotion is available for new and existing customers. To be eligible for the cashback, you need to apply for a loan of at least S$20,000 and maintain a minimum loan tenure of 3 years. The cashback amount will be credited to your CashOne account within 30 days of loan disbursement.
In addition to the cashback promotion, Standard Chartered CashOne Personal Loan also offers discounts on processing fees. New customers can enjoy a processing fee waiver, while existing customers can enjoy a discounted processing fee of up to 50%.
Exclusive Offers for New Clients
Standard Chartered CashOne Personal Loan also has exclusive offers for new clients. If you’re a new customer, you can enjoy a promotional interest rate of as low as 2.88% p.a. This rate is one of the lowest available in the market, making it an attractive option for those looking for a low-cost loan.
In addition to the low-interest rate, new customers can also enjoy a processing fee waiver. This means that you won’t have to pay any processing fees when you apply for a loan.
Overall, Standard Chartered CashOne Personal Loan offers a range of benefits and promotions that make it an attractive choice for borrowers in Singapore. Whether you’re looking for a low-interest rate, cashback promotion, or processing fee waiver, CashOne has got you covered.
Managing Your Loan
Once you have successfully applied and received approval for the Standard Chartered CashOne Personal Loan, it is important to manage your loan effectively to avoid any unnecessary charges or penalties.
Repayment Options
Standard Chartered offers flexible repayment options to suit your financial needs. You can choose to make repayments via GIRO, online banking, or at any Standard Chartered branch. It is important to make your repayments on time to avoid any late payment charges.
Early Settlement Advantages
If you have extra funds and wish to settle your loan early, Standard Chartered offers early settlement advantages. You can enjoy a rebate on the interest charged on the outstanding unbilled loan balance. This means that you can save on interest charges and pay off your loan faster.
Standard Chartered also provides instant cash disbursement of your loan within 15 minutes. You can receive cash in your account in no time, allowing you to use the funds for any urgent financial needs.
Overall, managing your Standard Chartered CashOne Personal Loan is easy and flexible. With a range of repayment options and early settlement advantages, you can pay off your loan faster and save on interest charges.
Frequently Asked Questions
What’s the excitement about the interest rates for personal loans at Standard Chartered?
Standard Chartered’s CashOne Personal Loan offers one of the lowest interest rates in Singapore, starting from just 2.88% p.a. This means that you can enjoy significant savings on interest payments compared to other personal loan options in the market.
How quickly can I receive approval for a CashOne loan from Standard Chartered?
Standard Chartered offers fast loan approval for CashOne loans. You can receive approval within one hour of submitting your application, provided that all required documents are in order.
What are the maximum loan amounts available with Standard Chartered’s personal loans?
With CashOne, you can borrow up to 4 times your monthly income, subject to a maximum loan amount of $250,000. This means that you can get the financing you need to achieve your goals, whether it’s to renovate your home, pay for your wedding or consolidate your debts.
Could you tell me the eligibility criteria for securing an instant cash loan?
To be eligible for a CashOne loan, you must be a Singaporean or Permanent Resident aged 21 years and above, with a minimum annual income of $30,000. You must also have a Standard Chartered credit card or CashOne account.
Is there a loan calculator available to estimate my repayments for Standard Chartered’s CashOne loan?
Yes, Standard Chartered offers a loan calculator on their website that allows you to estimate your monthly repayments based on your loan amount and preferred repayment period. This can help you plan your finances better and make informed decisions.
How can I contact Standard Chartered for enquiries about CashOne loans?
You can contact Standard Chartered’s customer service hotline at 1800 747 7000 or visit any of their branches for enquiries about CashOne loans. Alternatively, you can visit their website to learn more about the product and apply online.