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Auto Financing Priority Banking Promotion Terms and Conditions

  1. The Auto Financing Priority Banking Promotion (this “Promotion”) is available from 1 June 2021 to 30 November 2021 (both dates inclusive) (this “Promotion Period”). This Promotion is not transferable, and is only open to the customers of Standard Chartered Bank (Singapore) Limited (the “Bank”) who have received an invitation from the Bank, to participate in this Promotion and which contains a link to these Promotion Terms and Conditions, via an SMS or an electronic direct mailer sent by the Bank or a communication from their Relationship Manager (each such customer shall be known as “you” and each such invitation shall be known as an “Invite”). By participating in this Promotion, you agree to be bound by these terms and conditions.
  2. To receive the Eligible Account Credit (as defined at Clause 4) below, you will need to meet all the following criteria:z
    1. You must have an application for Auto Financing that is approved by the Bank before 30 November 2021 (“Auto Loan Application”);
    2. The amount financed that the Bank approves in respect of your Auto Loan Application (“Loan Amount”) is disbursed within this Promotion Period;
    3. Your Auto Financing which is obtained pursuant to the Auto Loan Application (“Auto Loan”) must not be terminated before the Eligible Account Credit (as defined in Clause 4 below) is credited in accordance with Clause 6 below;
    4. You must be a New-to-Priority Customer (as defined in Clause 13) who within four (4) calendar months from the date of commencement (as per your hire purchase agreement) of your Auto Loan:
      1. successfully establish a new Priority Banking or Priority Private relationship with the Bank as a primary account holder; and
      2. place a minimum amount of S$200,000 (or its equivalent in foreign currency) in case of Priority Banking and a minimum of S$1.5 million (or its equivalent in foreign currency) in case of Priority Private relationship, of Fresh Funds (as defined in Clause 13) with the Bank, either in the form of Eligible Deposits (as defined in Clause 13) and/or Eligible Investments (as defined in Clause 13); and
      3. (A) where a Priority Banking relationship is established, complete Financial Needs Analysis (“FNA”), or (B) where a Priority Private relationship is established, where applicable, are declared and treated as Accredited Investors. To declare to the Bank as an eligible Accredited Investor, an individual must have an annual income in the preceding 12 months of not less than S$300,000 (or its equivalent in foreign currency), OR have financial assets (net of any related liabilities) exceeding S$1,000,000 (or its equivalent in foreign currency), OR have net personal assets exceeding S$2,000,000 (or its equivalent in foreign currency), of which the net equity of the individual’s primary residence is no more than S$1,000,000. Please note the application for Accredited Investor status is approved at the sole discretion of the Bank; and
      4. are at least 21 years as at the date of becoming a New-to-Priority Customer.

To clarify, clients who have belonged to Priority Banking or Priority Private in the last 12 months, albeit with no existing relationships, will not be eligible for this Promotion.

  1. Employees of the Bank and Standard Chartered Bank, Singapore Branch may be subject to additional eligibility criteria, and should contact their Relationship Manager for details.

 

Promotion Mechanics

  1. If you satisfy the qualifying criteria set out in Clause 2 above, you will be eligible to receive a one-off account credit (“Eligible Account Credit”). The amount of the Eligible Account Credit will depend on the amount of the Computed Interest, as stipulated in Table A below, and the “Computed Interest” is, for the purposes of this Promotion, the total sum of the interest component of each of the first twelve (12) monthly instalments, which are payable by you in respect of the Auto Loan and is calculated using the formula stated below in Clause 5. For the avoidance of doubt, the amount of the Eligible Account Credit (see the right-most column of Table A below) shall correspond to the amount of the Computed Interest (see the left-most column of Table A below) and the Eligible Account Credit is capped at a maximum of S$3,000 per customer. This is further illustrated in the table at Clause 5 below.

Table A:

Amount of Computed Interest Amount of Eligible Account Credit
S$1 to S$1,999.99 S$2,000
S$2,000 to S$3,000 Same as the amount of the Computed Interest
More than S$3,000 S$3,000

 

  1. The Computed Interest can be calculated by the formula below:

where,

  1. N is the hire period of the Auto Loan in months;
  2. Total interest is the amount financed x flat interest rate x N ÷ 12

 

Illustration:

Auto Loan details Computed Interest Eligible Account Credit
S$50,000 @ 2.28%

36 months’ hire period

S$1,879.46 S$2,000.00
S$80,000 @ 1.88%

60 months’ hire period

S$2,687.48 S$2,687.48
S$120,000 @ 1.88%

60 months’ hire period

S$4,031.21 S$3,000.00

 

Awarding of Eligible Account Credit

  1. The Eligible Account Credit will be awarded by the Bank and credited directly into any of your Singapore denominated current/cheque/savings accounts with the Bank, as determined by the Bank in its sole and absolute discretion, within six (6) calendar months from the date of approval of your Auto Loan Application, subject to the Bank accounts tagged to the Priority Banking or Priority Private relationship being valid and in good standing. The Eligible Account Credit will be forfeited if any of your account(s) with the Bank are suspended, closed, or you are in breach of our banking agreement within this Promotion Period.
  2. In the event that you cease to maintain a minimum of one (1) Singapore Dollar denominated current/cheque/savings account with the Bank prior to receiving the Eligible Account Credit, you will be considered as disqualified from this Promotion and the Eligible Account Credit will be forfeited.
  3. The Bank reserves the right to decline to award the Eligible Account Credit, or cancel crediting of the Eligible Account Credit (without notice to you) under this Promotion, in the event that the Bank determines that any of the requirements or the terms of our banking agreement had not been complied with, including but not limited to the following:
    1. where you have acted fraudulently or dishonestly;
    2. where the you have conducted yourself in bad faith or otherwise in an inappropriate manner to gain an unfair advantage against the Bank;
    3. upon the occurrence of any event giving rise to a right for the Bank to suspend or terminate any (or all) of our banking agreement for a product, as set out at Clause 29.3 and Clause 33 of our Customer Terms and elsewhere in our banking agreement
  4. In addition, in the event that you terminate your Priority Banking or Priority Private relationship or withdraw, cancel or otherwise reduces your Eligible Deposits or Eligible Investments with the Bank or in case of Priority Private relationship, where applicable, opts-out of being treated as an Accredited Investor by the Bank, within six (6) calendar months from the month of establishment of the Priority Banking or Priority Private relationship, the Bank reserves the right to decline to award the Eligible Account Credit, or cancel the crediting of the Eligible Account Credit and/or deduct from any of the your account(s) with the Bank (without notice to you) the value of the Eligible Account Credit under this Promotion.
  5. You further agree that, under any of the circumstances stated at Clause 8 above, the Bank is not obliged to substitute the Eligible Account Credit with a gift or account credit of lower value.
  6. The Eligible Account Credit awarded under this Promotion is not exchangeable for cash or any other items and is non-transferable and non-assignable.

 General

  1. No payment or compensation whether in cash, credit or kind shall be made for any lost, misplaced or stolen Eligible Account Credit.
  2. For the purpose of this Promotion:
    1. “New-to-Priority Customer” refers to an individual who opens at least one current/cheque account(s), and/or savings account(s) and/or time deposit(s) (“Deposits Relationship”) as the primary holder, with the Bank during this Promotion Period but does not include an individual who maintains or had maintained a Deposits Relationship as the primary holder with the Bank within the past twelve (12) months from the date of commencement of this Promotion Period.
    2. “Fresh Funds” means funds that:
      1. do not originate from any existing account with the Bank and can be in terms of Eligible Deposits and/or Eligible Investments available with or through the Bank (as the case may be);
      2. if Eligible Deposits, have not been withdrawn and re-deposited within the last 30 days; and
      3. if Eligible Investments, have not been transferred-out and transferred-in (where applicable) within the last 30 days

“Eligible Deposits” refers to current/cheque account(s) and/or savings account(s) with the Bank but does NOT include time deposits and amounts over which security has been placed in favour of the Bank.

“Eligible Investments” refers to investments product(s) available with or through the Bank, but do NOT include:

  1. insurance policies;
    1. foreign currency exchange transactions; and
    2. investments using the Central Provident Fund Investment Scheme / Supplementary Retirement Scheme.
  1. “valid and in good standing” means:
      1. the account must not be suspended, cancelled, terminated or closed for any reason;
      2. the account is not delinquent or unsatisfactorily conducted for any reason; and
      3. you have not breached any term of our banking agreement.
  1. Unless otherwise stated, this Promotion is not valid in conjunction with other offers, discounts, rebates, vouchers, privileges, or promotions. In other words, the same client cannot receive both the Eligible Account Credit awarded pursuant to this Promotion, and any other gift or account credit from other sign-up promotions, including but not limited to the Priority Banking & Priority Private Q4 2021 Sign-Up Promotion and Standard Chartered Priority Banking Exclusive Sign-Up Promotion.
  2. The Bank reserves the right to vary, modify, revise, add and/or delete any of this Promotion Terms and Conditions and/or modify, terminate, shorten, extend or withdraw this Promotion and/or replace or substitute the Eligible Account Credit with any other item (which may or may not be of equivalent or similar value), at any time, without prior notice or reason and the Bank shall not be obliged to disclose its reason.
  3. The Bank reserves the right to determine at its sole and absolute discretion all matters arising out of or in connection with this Promotion, including:
    1. your eligibility to participate in this Promotion;
    2. determining if an account is eligible to be credited with the Eligible Account Credit;
    3. your eligibility to receive any Eligible Account Credit pursuant to this Promotion; and/or
    4. calculation of the amount of the Eligible Account Credit that is awarded to you pursuant to this Promotion.

The Bank’s determination of all matters relating to, arising out of and/or in connection with this Promotion shall be final and binding and no correspondence will be entertained.

  1. Except for death or personal injury caused by the negligence of the Bank, to the fullest extent permitted by law, the Bank and members of the Bank’s group shall have no liability in respect of, and will be indemnified from and against, any liability, loss, claim, damage or costs of any kind (including legal costs) to any person or entity, in whole or in part, directly or indirectly, whether by reason of the acceptance, possession, use or misuse of the Eligible Account Credit.
  2. By participating in this Promotion, you consent to the use of your personal data for marketing purposes, including but not limited to the use of your telephone number to contact you about products and promotions offered by the Bank from time to time via telephone, SMS or multimedia messaging. Such consent will also prevail even if you are registered or subsequently register your contact information with the national Do Not Call Registry.
  3. In the event of any inconsistency between this Promotion Terms and Conditions and any brochures, marketing or promotional materials relating to this Promotion, this Promotion Terms and Conditions shall, to the extent of such inconsistency, prevail.
  4. Please read this Auto Financing Priority Banking Promotion Terms and Conditions together with our Customer Terms, Auto Financing Terms, Current/Cheque/Savings Account and Time Deposit Terms, Priority Banking Services and Privileges International Terms and Conditions, and Investment Products Terms (collectively, “Other Terms”). If there is any inconsistency between this Promotion Terms and Conditions and the Other Terms, this Promotion Terms and Conditions shall, to the extent of such inconsistency, prevail.
  5. A person who is not a party to this Auto Financing Priority Banking Promotion Terms and Conditions has no right under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any of this Promotion Terms and Conditions.
  6. This Auto Financing Priority Banking Promotion Terms and Conditions and any dispute or claim arising out of or in connection with this Auto Financing Priority Banking Promotion Terms and Conditions, shall be governed by and are to be construed in accordance with, the laws of the Republic of Singapore and you agree to submit to the exclusive jurisdiction of the courts of the Republic of Singapore.
  7. Unless otherwise defined in this Promotion, all expressions used in this Promotion shall have the same meaning given to them in the Customer Terms, Auto Loan Terms and the Invite (as applicable).
  8. All information is accurate at the time of publication.
  9. If any of the provisions above shall be, or at any time shall become invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not in any way affect or impair any other provisions set out above or the new hire-purchase agreement entered into pursuant to the Auto Loan Application.

IMPORTANT DISCLAIMERS:

Investment Products

This document does not constitute an offer, recommendation or solicitation of an offer to enter into a transaction or adopt any hedging, trading or investment strategy. It has not been prepared for any particular person or class of persons and does not constitute and should not be construed as investment advice nor an investment recommendation. It has been prepared without regards to the specific investment objectives, financial situation or particular needs of any person. You should seek advice from a financial adviser on the suitability of an investment for you, taking into account these factors before making a commitment to invest in an investment.

Investment products are not deposits and each of the investment products mentioned does not qualify as an insured deposit under the Singapore Deposit Insurance and Policy Owners’ Protection Schemes Act 2012, Rev. Ed. The products / services involved are not principal-protected and you may lose all or part of your original investment amount.

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.