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.
- 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
- Copy of latest Income Tax Notice of Assessment (must be in business for a minimum of two years)
- Salaried employee (any of the following documents)
- 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 3.48% p.a. (Effective Interest Rate of 6.95% p.a.)
- 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 3.88% p.a. (Effective Interest Rate of 8.04% p.a.) Tenor 3 years Total Interest Charged for the Loan $20,000 x 3.88% p.a. x 3 years = $2,328 Loan amount + Total Interest $20,000 + $2,328 = $22,328 Monthly Instalment $22,328 / 36 = $620.22 - 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 $20,000 Applied / Flat Interest Rate p.a. 3.88% Effective Interest Rate p.a. 8.04% Tenor 3 years Period
(month)Loan balance
($)Interest
($)Principal
($)Instalment ($)
(sum of Interest and Principal)1 20,000 122 499 620 2 19,501 118 502 620 3 19,000 115 505 620 4 18,495 112 508 620 5 17,987 109 511 620 6 17,476 106 514 620 7 16,962 103 517 620 8 16,445 100 520 620 9 15,925 97 523 620 10 15,401 94 527 620 11 14,874 90 530 620 12 14,345 87 533 620 13 13,812 84 536 620 14 13,275 81 540 620 15 12,736 77 543 620 16 12,193 74 546 620 17 11,647 71 549 620 18 11,097 67 553 620 19 10,545 64 556 620 20 9,988 61 560 620 21 9,429 57 563 620 22 8,866 54 566 620 23 8,300 50 570 620 24 7,730 47 573 620 25 7,157 43 577 620 26 6,580 40 580 620 27 6,000 36 584 620 28 5,416 33 587 620 29 4,829 29 591 620 30 4,238 26 594 620 31 3,643 22 598 620 32 3,045 18 602 620 33 2,444 15 605 620 34 1,838 11 609 620 35 1,229 7 613 620 36 616 4 616 620 Total 2,328 20,000 22,328 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 $10,000 with a 12 month tenor, applied/flat interest rate of 3.88% and original EIR of 11.15%.
Refer to Table 1
Your original monthly instalments are reflected in Table 1 below
If payment is not received by the instalment payment due date for Month 2 and Month 3, the revised EIR (refer to Table 2) will be effective starting from the next statement date, i.e from the statement you receive in Month 4 onwards.
Refer to Table 2
Your revised EIR is reflected in Table 2 below. Revised EIR = 11.15% p.a. + 4% p.a. (i.e. 15.15% p.a. is payable from the statement you receive in Month 4 onwards)
Refer to Table 3
The revised EIR will be reinstated to the original EIR, if the instalment payment due is made in full by the instalment payment due date for 6 consecutive months. The reinstatement (if any) will be effective from the next statement date after we receive the 6th instalment payment. In the above example, if you make payment in full before the instalment payment due date for 6 consecutive months (Month 4 to Month 9 statements), your revised EIR will revert to the original EIR on the Month 10 statement. After your original EIR has been reinstated, your loan tenor will be recalculated and extended accordingly.
Table 1, Original EIR Loan Balance 10,000.00 Total Interest ($) $388.19 Effective Interest Rate (EIR) 11.15% Month Loan Balance ($) Interest
($)Principal
($)Instalment ($)
(sum of Interest and Principal)1 10,000.00 59.08 806.60 865.68 2 9,193.40 54.32 811.36 865.68 3 8,382.04 49.52 816.16 865.68 4 7,565.88 44.70 820.98 865.68 5 6,744.90 39.85 825.83 865.68 6 5,919.07 34.97 830.71 865.68 7 5,088.36 30.06 835.62 865.68 8 4,252.74 25.13 840.56 865.68 9 3,412.18 20.16 845.52 865.68 10 2,566.66 15.16 850.52 865.68 11 1,716.14 10.14 855.54 865.68 12 860.60 5.08 860.60 865.68 Table 2, Revised EIR Loan Balance $7,565.88 Total Interest ($) $359.99 Effective Interest Rate (EIR) 15.15% Month Loan Balance ($) Interest
($)Principal
($)Instalment ($)
(sum of Interest and Principal)4 7,565.88 69.92 795.76 865.68 5 6,770.12 62.57 803.12 865.68 6 5,967.00 55.15 810.54 865.68 7 5,156.46 47.65 818.03 865.68 8 4,338.44 40.09 825.59 865.68 9 3,512.85 32.46 833.22 865.68 10 2,679.63 24.76 840.92 865.68 11 1,838.71 16.99 848.69 865.68 12 990.02 9.15 856.53 865.68 13 133.49 1.23 133.49 134.72 Table 3, Reinstated EIR Loan Balance $2,679.63 Total Interest ($) $33.08 Effective Interest Rate (EIR) 11.15% Month Loan Balance ($) Interest
($)Principal
($)Instalment ($)
(sum of Interest and Principal)10 2,679.63 15.83 849.85 $865.68 11 1,829.78 10.81 854.87 865.68 12 974.91 5.76 859.92 865.68 13 114.99 0.68 114.99 115.67
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 monthsEarly Redemption Fee $150 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 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 26.9% per annum (0.074% per day). 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.
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 Financed = $50,000
- Flat/Applied Interest Rate = 3.5%
- Hire period = 5 years (60 months)
- Total Interest = 3.5% x $50,000 x 5 = $8,750
- Rental charges/Monthly instalment = $(50,000 + 8,750) / 60 = $979.17
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 6.54%.
- 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) $50,000 Flat / Applied Interest Rate 3.5% Hire Period (N) 60 months Total Interest (TI) $8,750 Rental Charges / Monthly Instalment $979.17 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 AmountTotal of all rental charges paid (RC): $979.17 x 23 = $22,520.91
Number of months remaining in the hire period(n): 60 − 24 = 36outstanding interest (OI)
= [n (n+1) x TI] / [N (N+1)]
= [36 (37) x $8,750] / [60 (61)]
= $3,184.3balance payable
= $50,000 + $8,750 − $22,520.91 − $3,184.43
= $33,044.66early completion fee
= (20% of outstanding interest(OI)) + (1% of balance payable)
= (20% x $3,184.43) + (1% x $33,044.66)
= $967.34
Aggregate amount payable for early completion
= balance payable + early completion fee
= $33,044.66 + $967.34
= $34,012.00 - 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.
- Immediate delivery
- 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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