Who Can Apply for the CashOne Personal Loan?
The Standard Chartered CashOne Personal Loan is available to Singaporean citizens, permanent residents (PR), and foreigners residing in Singapore. Applicants must be at least 21 years old and have a minimum annual income of S$20,000. Existing Standard Chartered credit cardholders have an easier application process since no additional documents are required.
For those who are new customers or have recently changed their employment or income status, additional documentation is required. These include recent income statements and identification proof to verify eligibility.
Required Documents
✔️Copy of NRIC (front and back)
✔️Latest computerised payslip or CPF Contribution History (for salaried employees)
✔️Income Tax Notice of Assessment (for self-employed or commission-based earners)
Fees and Applicable Rates
✔️First-year annual fee: S$199
✔️Early redemption fee: S$150 or 3% of the outstanding loan
✔️Late payment charges: S$100 plus interest at EIR of 29.9% p.a.
✔️Default interest: EIR + 4% p.a.
Advice for the Reader
Before applying for the CashOne Personal Loan, ensure you meet the eligibility criteria and can provide the necessary documents. Keep in mind that although the loan offers a competitive interest rate, there are associated fees, such as the first-year annual fee and early redemption penalties, which may affect the total cost of borrowing.
It’s essential to calculate your monthly repayments based on your loan amount and tenure. For example, borrowing S$30,000 over 3 years at an EIR of 5.43% would result in monthly payments of approximately S$900, depending on the exact terms.
Finally, remember that maintaining consistent payments will help you avoid late penalties. Paying on time also ensures that you can make the most of the loan’s benefits, like flexible repayment terms and no late fees after six consecutive months of full payments.
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