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Standard Cashone Review 2023: Do Competitive Rates Apply for Everyone?

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For those Singapore residents who have a bad credit history, Standard Chartered CashOne personal loan is their likely perfect match.

It offers large loans with competitive rates and demands a significantly lower standard of requirements as compared to other banks. Standard Chartered is known as a bank with its line of credit cards, savings accounts, and other loans (e.g. home loans).

Related: Personal Loan Interest Rates

The personal loans also have the same instant approval policies and a competitive effective interest rate (EIR) if you qualify; the details of which are discussed briefly below.

Pros Cons
  • Ideal for those who are looking for large personal loans that have competitive interest rates (EIR)
  • Does not cater well to foreign residents

Features and Benefits

Standard Chartered CashOne offers a low minimum loan amount of SGD 1000 that is especially helpful for those who are seeking quick, short-term loans to supplement their financial dilemma.

This could go up to 4x your monthly income, with a maximum amount of SGD 250,000.

Interest rates for the loan are low, starting at 3.48%p.a., but these are not applicable for all customers of Standard Chartered CashOne.

Your credibility that is dictated by your credit score will determine whether you are eligible for the bank’s most competitive personal loan interest rates.

Rates and Fees

When you get a personal loan, you must have a plan for how you can work your way through repaying its interest rates (the effective interest rate rather than the flat interest rate) and other applicable fees, on time.

You do not want to place yourself in even more financial burdens after getting the loan. To do this, you have to understand the personal loan interest rate and processing fee that may be charged.

For Standard Chartered personal loan, these have been compiled in the following tables below:

Note: Assume an SGD 10,000 loan for an annual income of SGD 30,000.

Loan Tenure Flat Interest Rate Processing Fees EIR Monthly Installment Total Cost
1 year 3.48% SGD 199 8.45% SGD 1,725 SGD 895
2 years 3.48% 7.63% SGD 891 SGD 1,392
3 years 3.48% 7.30% SGD 614 SGD 2,088
4 years 3.48% 7.10% SGD 475 SGD 2,546.67
5 years 3.48% 6.95% SGD 391 SGD 3,284.33

You must also prepare to pay for the following additional processing fees for your Standard Chartered Personal loan aside from your monthly payment fee:

Fee Amount
Annual fee SGD 150 (first year); SGD 50 (subsequent years, waived if payments are done on time)
Early redemption fee SGD 150 or 3% of the outstanding balance, whichever is greater
Change of loan duration SGD 50
Late payment fee SGD 80

How Does It Compare to Other Banks?

The following table compares the details of Standard Chartered CashOne personal loan with that of other banks in Singapore. You may use this as an initial comparison guide for when you are choosing which institution to apply for a loan.

This includes the interest rate, processing fee, first-month installment, etc.:

Bank Loanable Amount Interest rate Monthly repayment Processing Fee
OCBC Up to 6x monthly salary 8.2%p.a. – 13.1%p.a. Lowest at S$238 2% of the loan amount or S$200
DBS-POSB Up to 10x monthly salary 3.88%p.a. Lowest at S$199 1% of the loan amount
Bank of China Up to 95% of your credit limit 6.52%p.a. S$332 3% of the loan amount or S$150
Standard Chartered Up to 4x monthly salary 3.48%p.a. (if you qualify) S$391 SGD 199 for the first year
Citibank Up to 4x monthly income 4.94%p.a. – 7.79%p.a. Lowest at S$214.92 3.5% of the loan amount
HSBC Up to 8x monthly salary 3.7% Lowest at S$149.88 S$88

Eligibility and Requirements

If you are convinced that Standard Chartered CashOne is the personal loan for you, check whether you pass their eligibility criteria using the following list:

  • At least 21 years old
  • Earn at least S$20,000 annually (Singapore and permanent residents) and S$60,000 if a foreign borrower
  • Singapore residents, permanent residents, and foreigners can apply

If you qualify, you can then proceed to prepare the following documents for submission to the bank:

  • Front and back copy of NRIC and Passport
  • Employee Pass
  • Proof of residence

You also have to provide income documents as these are necessary for the assessment of your interest rate.

For salaried employees:

  • Electronic payslip for the past 3 months
  • Latest 6 months CPF contribution history

For self-employed individuals:

  • The latest income tax notice
  • Must have a business operating for at least 2 years

For commission earning individuals:

  • Payslips of the last 3 months
  • Latest 6 months’ CPF statement
  • Latest income tax notice (for the past 24 months)

How to Apply

If you qualify, you may proceed to do the following steps to apply for the personal loan:

For new customers:

  1. Submit your documents online or through an in-person application.
  2. Wait for approval of the loan.
  3. You can choose to open a credit card in Standard Chartered or you can also disburse the loan amount in your existing bank account.

For existing customers:

  1. Proceed to the Standard Chartered bank website and update your documents if there are any recent changes in your income.
  2. Apply for the loan by filling the application form or contacting a bank representative.

Loan disbursement is immediate as the bank has an instant approval policy if you qualify and if your documents are complete. You can get instant cash from your approved loan to supplement your minimum annual income, but make sure to pay on time as the late payment fee can become a problem.


The following are some FAQs that can help shed light on common queries that you might be asking yourself:

Which personal loan is the best in Singapore?

To find the best personal loan in Singapore, you may conveniently compare loan offers through loan comparison sites, such as Loan Advisor. Request for a quote to get up to three loan offers from top loan providers in Singapore.

How does the Standard Chartered CashOne personal loan work?

Standard Chartered CashOne personal loan offers you a personal loan whose interest rate decreases the longer your loan tenure is. It is known as the balance of reducing the loan method.

What is the best company to get a personal loan from?

The best company to get a personal loan from here in Singapore is the one that can address your current need (could be banks or moneylenders). Each has a different approach that can fulfill your demand.


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