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Important Information

Personal Line of Credit/Business Line of Credit Minimum Monthly Repayment

With effect from 22 January 2018, the Minimum Monthly Repayment amount ("MMR") (which is also known as the Minimum Monthly Crediting Amount for Business Overdraft clients), applicable to all your Standard Chartered Bank (Singapore) Limited Personal and Business Line of Credit accounts will be revised to:

  1. 1% of outstanding principal amount plus interest, fees and charges; or
  2. The minimum amount of S$50 (for Personal Line of Credit accounts* as defined below) / S$30 (for Business Line of Credit accounts^ as defined below),

whichever amount is higher, plus any amount in the account balance exceeding your credit limit ("Overlimit Amount"), and any past due amount.

With this revision, if you pay the MMR monthly, a part of each payment made (equal to 1% of your outstanding principal) will go towards paying down your principal, enabling you to work towards reducing your outstanding balance over time.

Please note that our prevailing Personal and Business Line of Credit Terms and Conditions will be amended accordingly and effective from 22 January 2018.

* Personal Line of Credit accounts include Personal Credit, Salary Advance, Preferred Credit, Personal Line of Credit, Credit Manhattan and Credit One.

^ Business Line of Credit accounts include Business Overdraft and Business Credit Line.

Scenarios to help you understand MMR better

The scenarios below are for illustration purposes only and may differ depending on the individual's account.

New balance refers to the total outstanding amount that month, including balances from transactions posted in the current month’s statement and any unpaid previous month’s outstanding balance less interest, fees, charges and credit protector amount (collectively, “outstanding principal amount”), as well as interest, fees, charges and credit protector amount.

Scenario 1: Full payment made every month

If you have a new balance of $10,000, with no previous outstanding balance or fees ($10,000 outstanding principal amount)

Your minimum monthly due:

PRIOR TO 22 January 2018: AFTER 22 January 2018:
3% x new balance:

3% x $10,000 = $300

1% x outstanding principal amount:

1% x $10,000 = $100

In this scenario, your revised MMR is lower.

 

 

Scenario 2: Partial payment made every month

If your new balance of $10,200 comprises: $10,000 outstanding principal amount + $200 interest

Your minimum monthly due:

PRIOR TO 22 January 2018: AFTER 22 January 2018:
(3% x new balance):

(3% x $10,200) = $306

(1% x outstanding principal amount) + interest, fees and other charges:

(1% x $10,000) + $200 = $300

In this scenario, your revised MMR is marginally lower.

 

 

Scenario 3: Partial payment made every month, with credit limit exceeded

You have exceeded your credit limit by $100. Your new balance of $10,200 comprises: $10,000 outstanding principal amount + $200 interest

Your minimum monthly due:

PRIOR TO 22 January 2018: AFTER  22 January 2018:
(3% x new balance):

(3% x $10,200) = $306

(1% x outstanding principal amount) + interest, fees and other charges + overlimit amount:

(1% x $10,000) + $200 + $100 = $400

In this scenario, your revised MMR is higher.

 

 

Scenario 4: Payment was late in the previous month

You did not make the minimum payment last month. The past due amount is $250.

Your current month new balance of $10,280 comprises: $10,000 principal + $200 interest + $80 late payment charge

Your minimum monthly due:

PRIOR TO 22 January 2018: AFTER 22 January 2018:
(3% x new balance) + past due amount:

(3% x $10,260) + $250 = $557.80

(1% x outstanding principal amount) + interest, fees and other charges + past due amount:

(1% x $10,000) + $200 + $80 + $250= $630

In this scenario, your revised MMR is higher.

 

 

Frequently Asked Questions (“FAQ”)

Why are you revising the Minimum Monthly Repayment? We constantly review our existing practices to ensure that they are in line with the industry best standards.

With this revision, if you pay the Minimum Monthly Repayment amount each month, a part of each payment made (equal to 1% of your outstanding principal) will go towards paying down your principal, enabling you to work towards reducing your outstanding balance over time.

How does the revision in the Minimum Monthly Repayment  affect me? If you make full payment of your outstanding balance every month by the payment due date, this revision will not affect you.

.If you choose to pay the Minimum Monthly Repayment amount each month, a part of each payment made (equal to 1% of your outstanding principal) will go towards paying down your principal, enabling you to work towards reducing your outstanding balance over time

How would I know what my Minimum Monthly Repayment for this month is? Your Minimum Monthly Repayment will be indicated in your monthly statement as usual.

We encourage you to make full payment of any outstanding balance indicated in the statement before the payment due date each month.

Will this revision of Minimum Monthly Repayment increase the minimum payment I am required to make each month? This revision will typically reduce the Minimum Monthly Repayment for most customers.

However, in certain cases, this revision may result in an increase in the Minimum Monthly Repayment. This will differ from case to case.

Is the Minimum Monthly Repayment all I have to pay each month? We offer you the flexibility to manage your finances. You can choose to make full or partial payment of amounts outstanding, or pay the Minimum Monthly Repayment.

Please note that if you choose not to pay the amount in full, you will continue to incur interest and fees.

When will the revised Minimum Monthly Repayment be reflected in my monthly statements? The revised Minimum Monthly Repayment will be reflected in your statements generated on and after 22 January 2018 .

If you require any information, please call the following hotline for assistance:

Personal Banking 1800 747 7000 (24-hour)
Business Banking 1800 743 3000 (Mon-Fri, 9am-6pm)