CashOne

Features
  • What is CashOne?

    CashOne is an instalment loan on your credit card that allows you to enjoy a loan amount of up to 4 times your monthly income.

    Annual income

  • How many years can I borrow the loan for?

    Loan tenors available are 1, 2, 3, 4 and 5 years.

  • Will I be able to use my Platinum Credit Card or existing Standard Chartered Credit Card for retail transactions?

    If your annual income is $30,000 and above, you will be issued a Platinum Credit Card. As the credit limit on your Platinum Credit Card or existing Standard Chartered Credit Card is treated as a loan, you will only be able to use the available credit limit on your Platinum Credit Card for retail transactions as and when you have repaid the CashOne loan.

Application
  • How do I qualify for CashOne?

    You must be between 21 and 65 years of age with a minimum annual income of:

    • $20,000 for Singapore Citizens and Permanent Residents
    • $60,000 for foreigners with Employment Pass

  • What are the required documents for application?

    For existing Standard Chartered Principal Cardholders (excluding $500 Credit Cards) or CashOne account holders, no documents are required. New credit card(s) with the same combined credit limit for all your existing credit card(s) will be issued to you upon approval and your credit card(s) will be delivered to your correspondence address. However, if there has been a change in your employer or income records, please submit your income documents. We will review your income documents and adjust your credit limit accordingly. Please refer to the list of accepted income documents set out below.

    For new Standard Chartered Principal Cardholders or CashOne account holders, please provide:

    • Copy of NRIC (front and back) or Passport
    • Income documents for:
      • Salaried employee (any of the following documents)
        • Copy of latest month's computerised payslip from current employer or
        • Copy of latest month's computerised payslip from current employer and latest Income Tax Notice of Assessment or
        • Copy of last six months' CPF Contribution History Statement*
      • Commission earners (any of the following documents)
        • Copy of latest three months' computerised payslips or
        • Copy of latest three months' computerised payslips and latest Income Tax Notice of Assessment or
        • Copy of latest six months' CPF Contribution History Statement* or
        • Copy of latest Income Tax Notice of Assessment* (For 100% commission earner)
      • Self-employed
        • Copy of latest Income Tax Notice of Assessment (must be in business for a minimum of two years)
          *Must reflect at least 1 month's income earned from current employer
    • Any one of the following documents*
      • Latest Utility bills (electricity, water, refuse collection), rates or tax bills
      • Latest Bank or Credit Card statements (including e-statement)
      • Copy of Rental agreements showing your address
      • Latest Mobile phone statements / pay TV statement
      • Letter from Employer stating current address
      • Government issued documents stating address (e.g. IRAS, CPF, ICA)
        *Compulsory for Foreigners. For Singapore Citizens/ Singapore Permanent Residents, only applicable if your residential address in Singapore indicated on the application form differs from the address stated on your NRIC.
    • Additional documents for Foreigners only:
      • Copy of Employment Pass Foreigners must be holders of P1, P2 or Q type Singapore Employment Passes (Q Pass holders must have minimum one year validity remaining on their passes)

  • Will I be guaranteed a loan amount of up to 4 times my monthly income?

    No. Your loan amount will either be up to 2 times or 4 times your monthly income depending on your credit history and annual income.

    Annual Income Approved Limit Approved Products Approved Products
    $30,000 and above Up to 4X monthly income Personal Loan on Platinum Credit Card Personal Loan disbursement advice
    Platinum Credit Card pack
    $20,000 and $29,999 Up to 2X monthly income Personal Loan Personal Loan disbursement advice
  • Will my existing credit facility with Standard Chartered Bank (Singapore) Limited be affected?

    If you are an existing Standard Chartered Personal Credit customer, your line of credit may be converted to CashOne.

    If you are an existing Standard Chartered Credit Cardholder, the credit limit on your existing credit card is treated as a loan. As such, you will only be able to use the available credit limit on your credit card for retail transactions as and when you have repaid the CashOne.

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

Interest
  • What is the interest rate for CashOne?

    Depending on your loan amount and tenor, you can get interest rates from as low as 6.88% p.a. (Effective Interest Rate of 12.75% p.a.)

    Approved Loan Amount ($)
    Loan Tenor $15,000 and Above $14,999-$5,000 $4,999 and Below
      AR
    (% p.a.)
    EIR1
    (% p.a.)
    AR
    (% p.a.)
    EIR2
    (% p.a.)
    AR
    (% p.a.)
    EIR3
    (% p.a.)
    1-year 7.80% 16.01% 8.58% 19.34% 9.80% 27.56%
    2-year 7.80% 15.35% 8.58% 17.76% 9.80% 23.14%
    3-year 7.50% 14.39% 8.38% 16.63% 10.80% 22.99%
    4-year 7.50% 14.06% 8.38% 16.08% 10.80% 21.80%
    5-year 6.88%# 12.75% 8.08% 15.16% 10.80% 20.92%

    AR: Applied / Flat Interest Rate
    EIR: Effective Interest Rate.
    For illustration, EIR is calculated taking into consideration the first year annual fee of $199; and
    1 is based on average loan amount of $20,000
    2 is based on average loan amount of $10,000
    3 is based on average loan amount of $4,000
    # Valid for applications submitted and approved from 1 February 2014 to 31 August 2014

  • How do I calculate the total interest charged on my CashOne?

    Interest is calculated based on the 'front-end add-on' method by multiplying the principal loan amount with the specified annual Applied Interest Rate / Flat Interest Rate for the full tenor of the plan. The interest charged per month is not spread equally throughout the tenor. But the total interest chargeable is based on the above calculation.

    For illustration only:

    Loan Amount $20,000
    Flat Interest Rate 7.50% p.a. (Effective Interest Rate of 14.39% p.a.)
    Tenor 3 years
    Total Interest Charged for the Loan $20,000 x 7.50% p.a. x 3 years = $4,500
    Loan amount + Total Interest $20,000 + $4,500 = $24,500
    Monthly Instalment $24,500 / 36 = $680.56
  • What is the interest apportioned in my monthly repayment?

    Below is an illustration of a loan amortisation schedule based on an approved loan of $20,000 over a 3-year tenor. Note that monthly instalment is constant throughout the loan tenor.

    Monthly interest and principal is apportioned differently; amount of instalment apportioned to interest is highest in the first month and decreases gradually throughout the loan tenor.

    Loan amount $20,000
    Applied / Flat Interest Rate p.a. 7.50%
    Effective Interest Rate p.a. 14.39%
    Tenor 3 years
    Period
    (month)
    Loan balance
    ($)
    Interest
    ($)
    Principal
    ($)
    Instalment ($)
    (sum of Interest and Principal)
    1 20,000 228 452 681
    2 19,548 223 458 681
    3 19,090 218 463 681
    4 18,627 213 468 681
    5 18,159 207 473 681
    6 17,686 202 479 681
    7 17,207 196 484 681
    8 16,723 191 490 681
    9 16,233 185 495 681
    10 15,738 180 501 681
    11 15,237 174 507 681
    12 14,730 168 512 681
    13 14,218 162 518 681
    14 13,699 156 524 681
    15 13,175 150 530 681
    16 12,645 144 536 681
    17 12,108 138 542 681
    18 11,566 132 549 681
    19 11,017 126 555 681
    20 10,463 119 561 681
    21 9,901 113 568 681
    22 9,334 106 574 681
    23 8,760 100 581 681
    24 8,179 93 587 681
    25 7,592 87 594 681
    26 6,998 80 601 681
    27 6,397 73 608 681
    28 5,790 66 614 681
    29 5,175 59 622 681
    30 4,554 52 629 681
    31 3,925 45 636 681
    32 3,289 38 643 681
    33 2,646 30 650 681
    34 1,996 23 658 681
    35 1,338 15 665 681
    36 673 8 673 681
    Total 4,500 20,000 24,500

    The above table is for illustrative purpose only (figures above have been rounded off to whole numbers) and is based on a loan of $20,000 with a tenor of 3 years (36 months).

Payment
  • What is my monthly repayment amount and when do I have to repay?

    Please follow the payment due date stated on your monthly statement

    Approved Product CashOne
    Repayment Account Starts with "9702 2228 xxx xxx"
    Repayment Amount Stated on your monthly statement
    Payment Due Date Stated on your monthly statement
  • What are the repayment methods for CashOne?

    CashOne offers a range of repayment channels:

    • Repayment can be made via AXS, GIRO, ATM or branch counter.
    • Please ensure separate repayments are made out to the following accounts:
      • CashOne Personal Loan Account (9702 2228 XXXX XXXX)
      • CashOne Platinum Credit Card Account (4300 9201 XXXX XXXX)
    • Please click here to download the GIRO application form or call 1800 747 7000.

  • What happens if I miss my CashOne instalment payment?

    If we do not receive your payment in full by the instalment payment due date for 2 instalments within any consecutive 6 month period, 4% p.a. will be added to the original effective interest rate (EIR) on your entire CashOne outstanding balance. The revised EIR will be effective starting from the next statement date immediately after the second instalment payment due date is missed. The loan tenor will be extended so that your monthly instalment remains the same.

    The following illustration is based on a loan amount of $10,000 with a 12 month tenor, applied/flat interest rate of 8.58% and original EIR of 15.48%.

    Refer to Table 1

    Your original monthly instalments are reflected in Table 1 below

    If payment is not received by the instalment payment due date for Month 2 and Month 3, the revised EIR (refer to Table 2) will be effective starting from the next statement date, i.e from the statement you receive in Month 4 onwards.

    Refer to Table 2

    Your revised EIR is reflected in Table 2 below. Revised EIR = 15.48% p.a. + 4% p.a. (i.e. 19.48% p.a. is payable from the statement you receive in Month 4 onwards)

    Refer to Table 3

    The revised EIR will be reinstated to the original EIR, if the instalment payment due is made in full by the instalment payment due date for 6 consecutive months. The reinstatement (if any) will be effective from the next statement date after we receive the 6th instalment payment. In the above example, if you make payment in full before the instalment payment due date for 6 consecutive months (Month 4 to Month 9 statements), your revised EIR will revert to the original EIR on the Month 10 statement. After your original EIR has been reinstated, your loan tenor will be recalculated and extended accordingly.

    Table 1, Original EIR
    Loan Balance 10,000.00
    Total Interest ($) 858.20
    Effective Interest Rate (EIR) 15.48
    Month Loan Balance ($) Interest
    ($)
    Principal
    ($)
    Instalment ($)
    (sum of Interest and Principal)
    1 10,000.00 129.00 775.85 904.85
    2 9,224.15 118.99 785.86 904.85
    3 8,438.29 108.85 796.00 904.85
    4 7,642.30 98.59 806.26 904.85
    5 6,836.03 88.18 816.66 904.85
    6 6,019.37 77.65 827.20 904.85
    7 5,192.17 66.98 837.87 904.85
    8 4,354.30 56.17 848.68 904.85
    9 3,505.62 45.22 859.63 904.85
    10 2,645.99 34.13 870.72 904.85
    11 1,775.27 22.90 881.95 904.85
    12 893.33 11.52 893.33 904.85
    Table 2, Revised EIR
    Loan Balance 6,836.03
    Total Interest ($) 516.79
    Effective Interest Rate (EIR) 19.48
    Month Loan Balance ($) Interest
    ($)
    Principal
    ($)
    Instalment ($)
    (sum of Interest and Principal)
    4 7,642.30 124.06 780.79 904.85
    5 6,861.51 111.39 793.46 904.85
    6 6,068.04 98.50 806.35 904.85
    7 5,261.70 85.41 819.43 904.85
    8 4,442.26 72.11 832.74 904.85
    9 3,609.53 58.59 846.26 904.85
    10 2,763.27 44.86 859.99 904.85
    11 1,903.28 30.90 873.95 904.85
    12 1,029.32 16.71 888.14 904.85
    13 141.18 2.29 141.18 143.48
    Table 3, Reinstated EIR
    Loan Balance 1,875.22
    Total Interest ($) 38.34
    Effective Interest Rate (EIR) 15.48
    Month Loan Balance ($) Interest
    ($)
    Principal
    ($)
    Instalment ($)
    (sum of Interest and Principal)
    10 2,763.27 35.65 869.20 $904.85
    11 1,894.07 24.43 880.42 904.85
    12 1,013.65 13.08 891.77 904.85
    13 121.88 1.57 121.88 123.45
Fees
  • What are the applicable fees associated with a CashOne account?

    The fees are listed in the table below:

    Fee Charge
    Annual Fee First year:
    $199 (deducted from the loan approved)
    Second year till expiry of instalment tenor:
    $50 annual fee waived if all payment is received by payment due date for the past 12 months
    Early Redemption Fee $250 or 3% of the outstanding principal, whichever is higher
    Change Tenor Fee $50 per change
    Default interest (payment is not received by payment due date twice within 6 consecutive months) 4% p.a. will be added to the original EIR on your entire CashOne outstanding balance. This revised EIR will be reinstated to the original EIR if payment due is made in full by payment due date for 6 consecutive months
    Late Payment $60 will be charged if minimum payment is not received by the due date. With effect from 1 November 2016, S$80 will be charged if minimum payment is not received by the due date.
    If the instalment amount payment is not received on or before the due date in full and a balance is carried forward from the relevant statement, finance charges will be calculated on a daily basis at the EIR of 24.455% per annum (minimum). With effect from 1 November 2016, if we do not receive the instalment amount payment for your Credit Card Instalment Loan in full on or before the due date and a balance is carried forward from the relevant statement, finance charges will be calculated on a daily basis at the minimum EIR of 25.9% per annum.

    Please note that the above information serves only as a guide and usage of the CashOne account is governed by the CashOne Product Terms, Customer Terms, Credit Card Terms and Personal Loan/Personal Line of Credit/Overdraft Terms.

Salary Advance

Features
  • What is Salary Advance?

    Salary Advance is an unsecured revolving credit line that comes with a cheque book and a debit card for you to withdraw cash instantly

    Features:

    • No collateral required
    • Get cash up to 2x monthly slary or $100,000, whichever is lower.
    • Receive a cheque book and a debit card for cash withdrawal
    • Interest charged only on the amount used
    • The borrower may repay over time with minimum payment of only 3% of outstanding balances or a minimum of $50, whichever is higher

  • How much of my Salary Advance can I use?

    You can use up to your full credit limit for cash withdrawals using your debit card or cheque book. To check your current available balance, please call our 24-hour Phone Banking at 1800 747 7000 or log on to our Internet Banking service at Standard Chartered Online.

  • Do I only pay for what I use?

    Yes. You will only pay the amount you used. If you do not use your Salary Advance funds, you will not be charged any interest.

Application
  • What are the requirements to apply for Salary Advance?

    You must be between 21 and 65 years old with a minimum annual income of:

    • S$30,000 for Singapore Citizens and Permanent Residents
    • S$80,000 for Foreigners with Employment Pass
    • Employment Pass holders:
    • Foreigners must be holders of P1, P2 or Q type Singapore Employment Passes
    • Q Pass holders must have minimum one year validity remaining on their pass

  • What are the required documents for application?

    Please submit the following documents with your application form

    For Singaporeans and PR:

    • Copy of NRIC (front and back) OR Passport
    • Income documents
      • Salaried Employee and Commission Earner:
        • Copy of latest Income Tax Notice of Assessment (must reflect 1 month income earned from current employer) OR
        • Copy of last six months' CPF Contribution History Statement (must reflect income contribution from current employer) OR
        • Copy of computerised payslip (handwritten copies are not acceptable)
          • Salaried employee: Current or previous 1 month's payslip from current employer
          • Commission earner: Last 3 months' payslip from the same current employer
      • Self-employed:
        • Copy of latest Income Tax Notice of Assessment (must reflect income contribution from current business)

    For Foreigners:

    • Copy of Passport
    • Copy of Employment Pass
    • Income documents
      • Copy of latest Income Tax Notice of Assessment (must reflect at least 1 month income earned from current employer) OR
      • Copy of latest computerised payslip (handwritten copies are not acceptable)
        • Salaried employee: Current or previous 1 month's payslip from current employer
Payment
  • How do I keep track of my Salary Advance usage?

    Every month, you will receive a statement of account which shows your transactions for the past one month from the statement date. Interest charges reflected on the current month's statement are calculated until the last day of the previous month. For example, the statement dated August 27 would reflect your transactions from July 28 to August 27. Interest charges reflected on the statement dated August 27 are only calculated until July 31.

  • When must I make payments to my Salary Advance?

    Please ensure that your payment is received by the Bank on or before the payment due date indicated in your monthly statement. Late payments will be charged a default fee of $80 per month.

  • How do I make my monthly payments to the Bank?

    You can make payment via Online Banking or with cash at any Standard Chartered branch, ATM or cash deposit machine. There will be a $5 fee charged for payments made at branches.

    You can also pay your bills via cheque, AXS stations or SAM machines.

  • Can I clear all the outstanding balances on my Salary Advance account?

    Yes, but remember that your monthly statement only shows interest charges up to the last day of the previous month. This means that interest charges for the current month would not be reflected in your statement. Please call us at 1800 747 7000 to determine the exact outstanding amount in your account before making full payment for your Salary Advance account.

Interest
  • How is interest calculated for Salary Advance?

    Interest is calculated daily based on the amount used and will only be debited to your Salary Advance account on the last day of the month. You only pay interest on the amount used.

    If you don't use your Salary Advance funds at all, you don't pay any interest. For example, if your credit limit is $15,000, and you use just $5,000, you will only need to pay interest on the $5,000. The minimum monthly interest payable is $5.

  • Will the interest rate change?

    Yes, the interest rate may vary from time to time at the Bank's sole discretion, without prior notice.

  • How does my Salary Advance earn me daily interest?

    Salary Advance pays you daily interest on credit balances in the account. Please refer to the fees and charges table below for the interest rate on credit balances.

  • How is the interest earned for credit balances calculated?

    Interest is calculated daily by multiplying the daily credit balance by the annual rate over 365 days and the total interest will be reflected in your statement.

Accessing Salary Advance
  • How do I access my Salary Advance line?

    You can:

    • Issue cheques
    • Access cash via ATMs
      • Make cash withdrawals at 30 Standard Chartered ATMs in Singapore
      • atm5 - our shared ATM network that gives you access to ATMs from Standard Chartered Bank (Singapore) Limited, ANZ, HSBC, and SBI, plus participating Citibank and Maybank machines that bear the atm5 logo at no charge
      • Enjoy instant foreign currency cash access worldwide at 900,000 Cirrus ATMs in more than 120 countries
    • Use our Online Banking
      • Online cheques
      • Access over 300 billing organisations.
      • Funds transfers
      • Pay any bank's Visa or MasterCard Credit card bill online
    • Set up Interbank GIRO to make regular payments

  • How do I obtain a new cheque book?

    A new cheque book will be automatically mailed to you when any of the last 20 cheques of your present cheque book have been cleared. If you require a new cheque book urgently, you can request for one through any of our ATMs, branches or phone banking.

  • In what instances will my Salary Advance cheques be dishonoured?

    When you write a cheque for an amount which exceeds the credit limit extended to you, payment will be stopped on that cheque. If you are behind in your monthly payments, your credit limit for your Salary Advance may be withdrawn, and payment will be stopped on all cheques.

  • How much cash can I withdraw using my Salary Advance?

    You can withdraw up to $4,000 daily at ATMs belonging to Standard Chartered and the atm5 shared ATM network in Singapore. When overseas, you can withdraw up to the equivalent of $4,000 or the maximum withdrawal limit of the ATM you are using, whichever is lower.

  • How can I use the Phone and Online Banking service to access my account?

    Phone and Online Banking:

    • 24-hour Phone Banking service at 1800 747 7000
      • Check the balance available in your Salary Advance account
      • Check whether the cheques you issued have been cleared
      • Conveniently transfer funds from your Standard Chartered Savings, Current or Cheque & Save accounts to your Salary Advance account
      • Transfer funds from your Salary Advance account to repay your credit card bills
      • Check prevailing Salary Advance interest rates
      • Request for chequebook or statement
    • Log on to our Online Banking
      • Check the balance available in your Salary Advance account
      • Conveniently transfer funds from your Standard Chartered Savings, Current or Cheque & Save accounts to your Salary Advance account
      • Issue online cheques
      • Interbank funds transfer
      • Make bill payments
      • Set up Interbank GIRO to make regular payments

Fees and Charges
  • What are the fees and charges associated with Salary Advance?

    Please find the fees and charges relating to Salary Advance listed in the table below.

    Annual Fee $85.60
    First three years FREE!
    Maximum Credit Limit Two times monthly salary, up to $100,000*
    Minimum Monthly Repayment 3% outstanding balance or a minimum of $50, whichever is higher.
    Over Limit Charges 5% p.a. in addition to the prevailing interest rate on the over limit balances
    Fees
    • Returned cheque fee $50 per cheque
    • Stop cheque fee: $40 per cheque
    • GIRO returned fee: $10 per transaction
    • Payment processing fee: $5 per card
    • Lost card replacement fee: $5 per card
    • Chequebook: free
    ATM Cash Withdrawal Fee Free at Standard Chartered ATMs and atm5 network
    Overseas Cash Withdrawal Fee 2% of amount withdrawn, subject to a minimum of $5 and maximum of $60 per withdrawal
    Prevailing Interest Rate 0% for the first $3,000, 17.9% p.a. for $3,000.01 and above (minimum monthly interest payable is $5)

    * The Bank reserves the right to grant and/or assign a lower credit limit as it deems fit.
    Please note that the above information serves only as a guide and usage of the Salary Advance facility is governed by the Customer Terms and Personal Loan/Personal Line of Credit/Overdraft Terms.

Auto Financing

  • How much financing should I apply for?

    The amount of financing you would need or should apply for would depend on your personal circumstances. If you take up 100% financing, you would not have to fork out as much cash in the short term. However, in the long run, you would pay more money for your vehicle than if you had taken a smaller Amount Financed. You also pay more interest the longer the hire period.

  • How is interest charged?

    The market practice is typically to charge what is known as a "flat" or "applied" interest rate. In calculating the amount of interest payable in flat interest rate calculations, it is assumed that the Amount Financed is constant throughout the hire period.

    An example of flat interest rate calculation:

    • Amount Finance (AF) = $60,000
    • Flat/Applied Interest Rate = 3.5%
    • hire period = 7 years (84 months)
    • Total Interest = 3.5% x $60,000 x 7 = $14,700
    • Rental Charges / Monthly instalment = $(60,000 + 14,700) / 84 = $889.29

    In reality, the Amount Financed reduces over time. Because this is not taken into account, the "effective" interest rate is in fact higher than the flat rate. In the above example, the effective interest rate is in fact 6.44%.

  • Will any fees be charged if I am able to repay my financing before the hire period ends?

    Yes, you may complete the purchase of your vehicle before the expiry of the hire period. An early completion fee of 20% of outstanding interest plus 1% of balance payable will be charged.

    Here is an example of what would be payable upon early completion of the purchase of your vehicle.

    Amount Finance (AF) $80,000
    Flat / Applied Interest Rate 3.5%
    Hire Period (N) 120 months
    Total Interest (TI) $28,000
    Rental Charges / Monthly Instalment $900

    If you decide to exercise your right to complete the purchase of the vehicle (Early Completion) on the 24th month having paid 23 instalments in arrears, balance payable (as defined in the hire purchase agreement) would be calculated with the following formula:

    (AF+TI)-(RC+OI+RV)+(OA)

    Where
    - RV is Recovered Value
    - OA is Outstanding Amount

    Total of all rental charges paid (RC): $900 x 23 = $20,700
    Number of months remaining in the hire period(n): 120 − 24 = 96

    outstanding interest (OI)
    = [n (n+1) x TI] / [N (N+1)]
    = [96 (97) x $28,000] / [120 (121)]
    = $17,957

    balance payable
    = $80,000 + $28,000 − $20,700 − $17,957
    = $69,343

    early completion fee
    = (20% of outstanding interest) + (1% of balance payable)
    = (20% x $17,957) + (1% x $69,343)
    = $3,591.40 + $693.43
    = $4,284.83

    Aggregate amount payable for early completion
    = balance payable + early completion fee
    = $69,343 + $4,284.83
    = $73,627.83

  • I would like to buy a car. Where do I begin?

    You can start by visiting car dealers and checking out the makes and models available. It is also important to read up motoring magazines and car reviews on the Internet. You should also consider your transportation needs, calculate the additional costs that come with owning a car (such as fuel, parking and ERP charges), and decide on what you are able to afford for your car expenses.

    Measure up these considerations against the car's characteristics such as fuel consumption, luggage space, acceleration, and most importantly of course, the price.

    Suggested online resources:

  • Where can I find out about my Certificate of Entitlement (COE) package options?

    A few options may be available from your car dealer. You should understand the implications of each option.

    • Immediate delivery
      This option offers almost-immediate delivery of your car with COE. This is usually available when the car that you want is in stock. You may or may not be charged a small premium for such benefit. Ask your dealer about the COE price if he already has one in hand so that you can gauge the relative value of this option.
    • Guaranteed COE
      If the car that you want is not in stock, a "Guaranteed COE" package will promise delivery of the car with a COE within 1 to 3 months (i.e. 2 to 6 fortnightly rounds of COE bidding). The price is typically fixed upfront. With this option, a minimum COE value is usually stipulated in the sales agreement, which means you get a price rebate if the COE falls below a certain amount. This amount is usually fixed at a very low rate so the rebate is rarely exercised.
    • Non-Guaranteed COE
      This may be a cheaper option as it allows your dealer up to several months to deliver the car and bid for a COE within a stipulated price range. However, there is a risk of not being able to obtain a COE should prices continue to rise. You should consider this option only where you do not need a car urgently.
  • What do I look out for before I sign the car sales agreement?

    Always read the sales agreement carefully. It is important to pay attention to the small print so you understand the implications of the agreement. Here are a few areas you should review in detail:

    • sales agreement should accurately reflect the agreed price(s)
    • clearly outlines all relevant accessories and extras that you have agreed with your car dealer
    • status of your deposit in the event you are unable to secure financing for your car purchase
    • fees charged for processing your application
  • Do I really need insurance and must I buy it from my dealer?

    Singapore laws require that you obtain a minimum of Third Party Liability insurance. Most financiers would however, require that you obtain Comprehensive Insurance coverage. Such protection will provide coverage against damage to your own car as well as that of a third party.

    You can choose to shop around for your own insurance. However, many dealers may give an additional discount on the car prices should you purchase your coverage through them. You should consider whether this discount outweighs the savings you may enjoy from purchasing your insurance elsewhere.

  • What if I'm interested in a pre-owned car?

    The process involved is fairly similar. You should visit several dealers and select a car that fits your needs and budget. These are the differences between purchasing a new and used car:

    • Financed Amount Limit - some financiers may require that you pay a higher deposit.
    • COE - your car will already have a COE. Be sure to note when it expires and how much it is worth.
    • Car Registration - your car will already have a number plate. You can choose to have this changed at additional cost.
    • Road Tax - check on the expiry date of your road tax as it may be valid for only a few months and you may need to have it renewed before it expires.

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Speaking Up

Standard Chartered Bank (the “Bank”) is committed to maintaining a culture of the highest ethics and integrity, and in compliance with all applicable law, regulation and internal policy. As part of this commitment, the Bank has a ‘Speaking Up’ programme through which genuine concerns in this regard can be raised. Members of the public can securely raise Speaking Up concerns through this hyperlink, which is hosted on behalf of the Bank by a third party ‘InTouch’. Examples of concerns that can be raised through this website are concerns that relate to accounting, internal accounting controls or auditing matters and concerns relating to bribery or banking and financial crime. Concerns received will be forwarded to the Bank’s investigations team for review. Complaints relating to SCB banking services should not be raised through this site in the first instance, but through the SCB branch network, contact centres, Relationship Managers or the ‘Contact Us’ webpage.

Disclaimer

Please note that this hyperlink will bring to you to another website on the Internet, which is operated by InTouch, an independent company appointed by the Bank to support its Speaking Up programme. Please be mindful that when you click on the link and open a new window in your browser, you will be subject to the additional terms of use of the website that you are going to visit.

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