Q: How and when do I get the cashback?

To be eligible for the Anniversary Cashback promotion ($160), you will have to meet the following requirement ( Anniversary Cashback Promotion Terms and Conditions apply): An approved loan amount of S$20,000 or more The cashback will be credited to your credit card or loan account within 50 working days from approval.

Question 1

I'm a principal Standard Chartered Bank (Singapore) Limited Credit Card Cardholder. Do I have to provide any documents?

Accepted Answer

If you already have a credit card with us, you need not submit any documents. However, if you have recently experienced a change in income, you will need to submit your latest income documents during the application, so that we can review your credit limit and your CashOne Personal Loan application accordingly.

Question 2

I'm a principal Standard Chartered Bank (Singapore) Limited Credit Card Cardholder. Will taking a CashOne Personal Loan affect my usage of the card?

Accepted Answer

Yes. If you are an existing principal Standard Chartered Credit Cardholder, by submitting an application for a CashOne Personal Loan, you will actually be applying for a Credit Card Instalment Loan, which will draw down from your existing credit card limit. Your available credit limit on your credit card which can be used for retail transactions will increase as and when you make repayments on the Credit Card Instalment Loan.

For example
You have an existing credit card limit of S$20,000 and have recently spent S$5,000 on it, leaving you with a balance of S$15,000 on your credit card limit. At the same time, you decide you need to take a Credit Card Instalment Loan of S$10,000. This loan amount will be deducted from the remaining S$15,000, giving you a balance of S$5,000 to spend with your credit card.

If you then make a monthly repayment of S$500 on your Credit Card Instalment Loan, you will now have S$5,500 available to spend on retail transactions using your credit card.

If you hold any of our Credit Cards with a credit limit of S$500 and your annual income ranges from S$20,000 to S$29,999, your credit card account will be closed upon approval of the Credit Card Instalment Loan.

Question 3

What is my interest rate and how do I calculate the total interest charged on my CashOne Personal Loan?

Accepted Answer

For annual income of S$30,000 and above, please refer to the calculator above for your interest rate. For annual income of S$20,000 to less than S$30,000:

1-year loan tenure: 9.80% p.a. (EIR 27.56% p.a.)
2-year loan tenure: 9.80% p.a. (EIR 23.14% p.a.)
3-year loan tenure: 10.80% p.a. (EIR 22.99% p.a.)
4-year loan tenure: 10.80% p.a. (EIR 21.80% p.a.)
5-year loan tenure: 10.80% p.a. (EIR 20.92% p.a.)

For illustration, EIR is based on an average loan amount of S$4,000 Interest is calculated based on the ‘front-end add-on’ method by multiplying the principal loan amount by the specified annual Applied Rate for the full tenure of the plan. The interest charged per month is not spread equally throughout the tenure.

Question 4

How and when do I get the cashback?

Accepted Answer

To be eligible for the Anniversary Cashback promotion ($160), you will have to meet the following requirement (Anniversary Cashback Promotion Terms and Conditions apply):

An approved loan amount of S$20,000 or more

The cashback will be credited to your credit card or loan account within 50 working days from approval.

Question 5

I have submitted my CashOne Personal Loan application. When should I expect to receive my approved loan amount?

Accepted Answer

Your application will be reviewed upon submission.

If you choose to have your approved loan amount disbursed to an existing Standard Chartered Current/Cheque & Save Account:

You will receive your funds instantly* upon approval of your loan.

For example
You submitted an application for a loan of S$250,000 to be disbursed to your Standard Chartered savings account. Regardless of time and day, if your application is complete and is approved instantly, you will have cash disbursed to the account immediately.

However, if the Bank requires more information from you, your application may take up to one working day from submission to be assessed.

[*Application has to be done via sc.com/sg/cashone and the CashOne Disbursement Terms and Conditions apply]

If you choose to have your approved loan amount disbursed to a non-Standard Chartered Current or Savings Account:

(i) Loan amount of S$200,000 and less

You will receive your funds within 15 minutes^ upon approval of your loan.

For example
You submitted an application for a loan of S$20,000 to be deposited into a Fast And Secure Transfers (“FAST”) participating bank. As long as your application is complete and is approved instantly, you will receive your funds within 15 minutes.

[^CashOne Disbursement Terms and Conditions apply. If the Bank needs to contact you for additional information/confirmation to complete the application and/or your non-Standard Chartered account of choice is a non-FAST participating bank, cash will be disbursed the next working day instead and will be subject to the Next Day Cash Terms & Conditions.]

(ii) Loan amount of more than S$200,000

You will receive your funds on the next working day, upon approval of your loan.

For example
You submitted an application for a loan of S$200,001 to be deposited into a non-FAST, non-Standard Chartered Current or Savings Account. This submission occurred on Tuesday, 1pm. If your application is complete and is approved instantly, the cash will be disbursed by Wednesday.

However, if the submission took place after 2pm on Tuesday, it will be subject to our Next Day Cash Terms & Conditions, and the cash will only be disbursed on Thursday.

For other scenarios, please refer to the CashOne Personal Loan / Credit Card Instalment Loan Disbursement Terms and Conditions.

Question 6

If I’m late on my monthly repayment, will there be a fee?

Accepted Answer

There will be a flat late payment fee of S$80 with potential for additional charges, depending on how late the payment is made.

For example
You are late on your full monthly payment of S$500 by a total of 7 days. You will have to pay additional interest on the full outstanding balance for those 7 days, calculated on a daily basis at the minimum EIR of 26.9% per annum (0.074% per day), on top of the flat S$80 fee.

Question 7

I forgot to make full payment of my monthly instalment amount twice in the last 6 months. What are my late payment fees?

Accepted Answer

We understand that with a busy lifestyle, it can be easy to forget a payment or two. But in the event of multiple late payments, you will be subject to additional charges.

For example
You were late in making your full monthly repayment of S$1,000 in February and May this year. Because you did not make full repayment of your instalment amount twice within a span of 6 consecutive months, on top of the individual months’ late payment fees and any additional daily interest, a further 4% p.a. will be added to your EIR effective from the next statement date immediately after the second instalment payment due date is missed.

To keep your monthly repayment amounts consistent, your loan tenure will be extended in view of the new EIR. This 4% p.a. of default interest will be removed from your EIR as soon as you make full instalment repayments by the instalment payment due date for 6 consecutive months.

Question 8

If I choose to pay off my loan early, will there be a fee?

Accepted Answer

If you decide to pay off your loan early, bear in mind that there will be an early redemption fee of S$150 or 3% of your outstanding principal, whichever is higher.

For example
You borrowed S$20,000 and after a few years you are left with an outstanding balance of S$6,000. If you choose to pay off this S$6,000 before your loan tenure is up, you will have to pay an additional S$180, as the 3% fee is greater.

Question 9

Why is the Applied Rate (AR) different from the Effective Interest Rate (EIR)?

Accepted Answer

You may have looked at our rates and noticed that there is a significant difference between the AR and the EIR.

The Applied Rate is used as a reference to calculate the total interest charged on your loan over the full tenure, by assuming that the loan principal is constant throughout the loan tenure.

The Effective Interest Rate reflects the true cost of borrowing and is calculated by taking into account the declining principal balance over the tenure of the loan; hence, it is higher than the flat interest rate. The Interest Repayment component of the monthly instalment is higher in the beginning of the loan tenure than towards the end. Additionally, the EIR shown takes into account the first-year annual fee of S$199.

Question 10

Is there an annual fee? How will I be charged it?

Accepted Answer

Yes. For CashOne Personal Loan applications made from now till 31 December 2019 via sc.com/sg/cashone, while there is an annual fee waiver, you will be charged an initial first-year annual fee of S$199. This amount will be taken from your approved loan amount, and will be returned to your credit card or approved Cashone Personal Loan account after 50 working days (CashOne Cashback Promotion Terms and Conditions apply).

For example
You borrowed S$10,000. The initial amount that will be credited to your account will be S$9,801. After 50 working days, the remaining S$199 will be returned to your credit card or CashOne Personal Loan account.

From the second year onwards, until the expiry of the instalment tenure, S$50 will be charged annually if instalments are not paid on time on or before the due dates in full for the preceding 12 consecutive calendar months.

Question 11

If I want to change my instalment tenure, how much do I have to pay?

Accepted Answer

Depending on your existing financial circumstances, changes to an instalment tenure can sometimes be unexpected but necessary.

For example
You decide that it would be in your best interest to extend your instalment tenure from 2 years to 5 years. A S$50 charge will be imposed every time you change the tenure and each change will be subject to the Bank’s approval.

Question 12

What repayment methods do I have?

Accepted Answer

For your convenience, CashOne Personal Loans are repayable through a range of channels, including:

Standard Chartered Bank (Singapore) Limited Online Banking
SC Mobile app
AXS and ATM machines islandwide
All Standard Chartered Bank (Singapore) Limited branches
GIRO (for automatic monthly repayments)

Please click here to download the GIRO application, or call 1800 747 7000.

CashOne Personal Loan

CashOne Personal Loan Benefits¹

CashOne Personal Loan Calculator

Borrow up to 4x your monthly income

Eligibility & Documents

Application Eligibility

For Existing Standard Chartered Credit Cardholders

For New Customers or Existing Customers with Change(s) in Income/Employment

For SingPass holders applying with MyInfo

For Salaried Employees/Partial Commission-based Earners

For 100% Commission-based Earners

For Self-employed

Application Eligibility

For Existing Standard Chartered Credit Cardholders

For New Customers or Existing Customers with Change(s) in Income/Employment

For SingPass holders applying with MyInfo

Please prepare the following:

Additional Documents:

For Salaried Employees/Partial Commission-based Earners

For 100% Commission-based Earners

For Self-employed

Fees and Charges

FAQs

Terms & Conditions

CashOne Personal Loan

CashOne Personal Loan

CashOne Personal Loan Benefits1

CashOne Personal Loan Calculator

Borrow up to 4x your monthly income

Eligibility & Documents

Application Eligibility

For Existing Standard Chartered Credit Cardholders

For New Customers or Existing Customers with Change(s) in Income/Employment

For SingPass holders applying with MyInfo

For Salaried Employees/Partial Commission-based Earners

For 100% Commission-based Earners

For Self-employed

Application Eligibility

For Existing Standard Chartered Credit Cardholders

For New Customers or Existing Customers with Change(s) in Income/Employment

For SingPass holders applying with MyInfo

Please prepare the following:

Additional Documents:

For Salaried Employees/Partial Commission-based Earners

For 100% Commission-based Earners

For Self-employed

Fees and Charges

FAQs

Terms & Conditions

CashOne Personal Loan Benefits¹