Dear Clients,

With effect from 15 June 2023, the minimum monthly repayment amount applicable to all Standard Chartered Bank (Singapore) Limited Instalment repayment accounts¹ (excluding accounts opened for debt repayment assistance schemes) will be revised to include only 1% of the approved monthly principal instalments billed in the statement for selected accounts. This will be reflected in your account statement or the next account statement.

We have revised the minimum payment due calculation to provide our clients with greater financial flexibility in the repayment of their loan instalment balance.

With this change, the Minimum Payment Due will be either:

(i) Statement billed monthly instalment amount (OR)

(ii) 1% of the approved monthly principal instalment amount or S$50 whichever is greater*;

(iii) Plus, any interest, fees, charges and any overlimit and past due balance.

*We reserve the right to determine at our sole and absolute discretion whether to offer the revised minimum payment due calculation of 1% of approved monthly principal instalment amount.

Please note that the minimum payment due includes only 1% of the approved monthly principal instalment amount. The Bank strongly recommends our clients to choose to pay 100% of the full billed monthly instalments whenever possible which will be beneficial in ensuring quicker settlement of their outstanding balance.

The Product Terms will be amended accordingly and are effective from 15 June 2023.

¹ Applicable to all accounts opened for the purpose of instalments repayments under Credit Card Instalment Loan, Personal Loan, and Automatic Payment Scheme on Platinum Access credit cards (excluding accounts opened for debt repayment assistance schemes)

For more information, please refer to the pricing guide on our website.

Thank you for banking with Standard Chartered.