Standard Chartered Personal Loan Review 2025: Should You Take the SCB CashOne Personal Loan?

Need cash, pronto? We’ve compared the 9 best personal loans in Singapore, and it turns out that at the time of writing, Standard Chartered’s CashOne Personal Loan has some of the lowest rates in the market.

A personal loan is a good option to consider if you need a large amount of cash in a short amount of time. Perhaps a family member has a medical emergency, or maybe you have big renovation plans. In such cases, personal loans can be a lifesaver.

However, we must also caution you that personal loans can come with high interest rates. You need to be sure you’re going to be able to pay back the loan—otherwise, you’ll face even more penalties. 

The Standard Chartered CashOne Personal Loan boasts low advertised interest rates, but that’s not the end of the story. Let’s review its effective interest rates, fees, penalties, and more so you can see if it’s something that may suit your needs. 

 

Standard Chartered CashOne Personal Loan: Interest rate (2025)

Let’s jump into the most important consideration: interest rates. The interest rate for the Standard Chartered CashOne Personal Loan currently stands at 1.90% per annum, with an Effective Interest Rate (EIR) of 3.63% p.a.* This is the lowest rate in the market at the time of writing.

*EIR calculation is based on a 5-year tenure and is not yet inclusive of the first-year annual fee of S$199. Taking that into consideration, the EIR will be 4.04% p.a. for an average loan amount of $20,000.

The EIR is the actual rate you pay after factoring in charges incurred for taking out the personal loan, as well as your loan tenor. It’s better to look at the EIR to know how much you’ll have to pay back.

Standard Chartered also has a loan calculator on its website to easily calculate how much interest you’ll pay depending on the loan amount you take out and tenure. Remember that the interest rates will vary depending on your loan amount and loan tenure. 

For instance, if you take a loan tenure of $20,000, these are the respective EIRs:

Loan tenure (years)	Interest rate	EIR (excluding first year annual fee)	EIR (including first year annual fee)
1	1.90%	3.49%	5.35%
2	1.90%	3.61%	4.58%
3	1.90%	3.63%	4.30%
4	1.90%	3.64%	4.14%
5	1.90%	3.63%	4.04%

 

Standard Chartered CashOne Personal Loan promotions

When you take up Standard Chartered’s CashOne Personal Loan, you get more than the cash you loaned out.

Apply via MoneySmart to score up to $1,200 cash via PayNow or attractive gifts like:

• Apple Watch Ultra 2, 49mm (worth $1,199)
• Apple 11-inch iPad Air, 128GB (worth $899)
• Sony PS5 (SLIM) Digital Edition (worth $669)
• Nintendo Switch OLED (worth $549)
• Apple AirPods Pro 2nd Gen (worth $349) 

You’ll get these rewards when you successfully apply for loans of at least $8,000 with a tenure of 3 to 5 years.

The promotion above ends on 26 Mar 2025. T&Cs apply.

 

Standard Chartered CashOne Personal Loan: Eligibility criteria

To qualify for the Standard Chartered CashOne Personal Loan, you must satisfy the following criteria:

• Aged 21 and above 
• Singapore Citizens and PRs: Minimum annual income of $20,000
• Foreigners: Minimum annual income of $60,000, must hold a valid Singapore Employment Pass

 

Standard Chartered CashOne Personal Loan: Documents required for application

New customers

If you’re a new customer, the easiest way to apply is online with MyInfo—no documents required. That’s if you’re a SingPass holder.

Otherwise, the documents required for application are depend on your citizenship and employment status. Here’s a summary for Singaporean Citizens & PR:

Employment status	Documents required for Singaporean Citizens & PR
Salaried Employees/Partial Commission-based Earners	Copy of NRIC (front and back) Latest computerised payslip OR latest 6 months’ CPF Contribution History Statement (only for higher loan amounts) Income Tax Notice of Assessment (NOA)
100% Commission-based Earners	Copy of NRIC (front and back) Latest Income Tax Notice of Assessment (NOA) OR latest 3 months of Commission Statement from same employer
Self-employed	Copy of NRIC (front and back) Latest Income Tax Notice of Assessment (NOA)

If you are a foreigner, these are the documents you’ll need to apply for the Standard Chartered CashOne Personal Loan:

Employment status	Documents required for all foreigners	Additional documents required
Salaried Employees/Partial Commission-based Earners	Copy of Passport (with at least 6 months’ validity) Copy of your Employment Pass Any ONE of the following documents: – Latest utility bill, rates or tax bill – Latest bank / credit card statement (e-Statements are accepted) – Rental agreement showing your address – Latest mobile phone statement or pay-TV statement – Letter from employer stating current address – Government-issued document stating current address (e.g. IRAS, CPF, ICA)	Latest computerised payslip (only for higher loan amounts) Income Tax Notice of Assessment (NOA)
100% Commission-based Earners		Latest Income Tax Notice of Assessment (NOA) OR Latest 3 months of Commission Statement from same employer
Self-employed		Latest Income Tax Notice of Assessment (NOA)

Existing Standard Chartered credit cardholders

For existing Standard Chartered credit cardholders, there’s no need to submit any documents. But if there’s a change in your income, you need to submit the relevant documents during the application process.

 

Standard Chartered CashOne Personal Loan: Approval time

After you apply for a Standard Chartered CashOne Personal Loan, how long will you wait for them to process your application? In most cases, Standard Chartered offers instant approval of loan applications made online with MyInfo. Yup, the easiest application method is also the fastest!

However in other cases, if the bank requires more information from you, you may need to wait up to 1 working day for your application to be assessed.

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ALSO READ: 9 Best Personal Loans in Singapore with Lowest Interest Rates (2025)

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Things to consider before taking a personal loan

When considering a personal loan, remember that shorter repayment terms are generally to your benefit. While banks might promote longer loan terms (like 5 years) that offer lower monthly payments, this can be a trap. The shorter the loan tenure, the less total interest you’ll pay overall. So, it’s best to pay less and choose a repayment period that allows you to clear the loan quickly and save money in the long run.

Be prudent about deciding on a manageable loan tenure right from the onset—if you want to change your loan tenure subsequently, you’ll be charged a $50 fee.

For the Standard Chartered CashOne, there’s also an initial annual fee of $199 to pay, deducted from your approved loan amount. For subsequent years, the fee will be $50—but this will be waived if all payment is received by the due date for the past 12 months. 

Remember to pay your monthly instalments in full! If you don’t, it’ll be considered a late payment and you’ll be charged $100 on top of the annual fee.

What if you don’t need the loan anymore and want to pay it off early? Well, they also penalise you for it. In Standard Chartered’s case, if you repay the loan back in full before the lock-in period, the fee is $150 or 3% of the remaining loan amount, whichever is higher. 

While SCB’s interest is one of the lowest rates out there, it’s always prudent to look at all your options before committing to a personal loan. Some banks may advertise attractive headline rates, be sure to factor in the Effective Interest Rate (EIR) which includes additional fees. You can use MoneySmart’s personal loan comparison tool to compare what the other banks are offering for your desired loan amount and loan tenure. 

 

Standard Chartered CashOne personal loan vs SCB Credit Card Fund Transfer vs Debt Consolidation

The SCB Credit Card Fund Transfer lets you consolidate your credit card debt from other banks. You can transfer your debt from other cards to SCB and pay off only one credit card bill rather than monitor a few.

Debt consolidation is a different beast from personal loans. Instead of borrowing fresh money, you’re simply transferring your existing debt from various other loans or credit cards to one single loan, typically to take advantage of lower interest rates.

With the CashOne personal loan, it’s different as you will be drawing fresh funds, not just reshuffling your debts into one place. 

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ALSO READ: Should You Take A Personal Loan To Help With The Rising Costs Of Living?

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Comparing Standard Chartered CashOne personal loan vs DBS, POSB, OCBC, UOB personal loan interest rates

How does Standard Chartered’s CashOne Personal Loan compare to other banks’ loans? From interest rates to time-limited promotions, there’s a lot to compare. I recommend you check out our review of the 8 best personal loans in Singapore for an overview—yes, CashOne made the list.

Another good tool you can use to compare personal loans in Singapore is MoneySmart’s personal loan comparison platform. Why open a million tabs when you can open just one?

For now, here’s a list of personal loans from the big banks in Singapore. Standard Chartered’s CashOne is currently the lowest we’ve found, besting other personal loans from banks like DBS, POSB and UOB. In last place is the OCBC ExtraCash Loan, which comes with a high interest rate of 5.42% (EIR: 10.96%).

 

Be careful when taking personal loans

Remember, personal loans are best suited for essential needs, not material wants. The higher interest rates can make them a costly option for non-critical expenses. If you’re reading this article with that dream holiday or luxury handbag in mind, we’d advise saving for them the good ol’ fashioned way. 

 

Not sure if the Standard Chartered personal loan is right for you? Take a look at all the best personal loans in Singapore.