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Change in Early Redemption Fee for CashOne/Credit Card Instalment Loan/Dash Advance/ezyCash Accounts

With effect from 15 January 2019 (inclusive of this date), the early redemption fee applicable to all Standard Chartered Bank (Singapore) Limited CashOne/Credit Card Instalment Loan/Dash Advance/ezyCash accounts (“Early Redemption Fee”) will be revised to S$150 or 3% of the outstanding principal, whichever is higher.

Our Customer Terms, Credit Card Instalment Loan Product Terms, Personal Loan/Personal Line of Credit/Overdraft Terms, Current/Cheque/Savings Account and Time Deposit Terms, Credit Card Terms and CashOne Product Terms apply. Click here for full Terms and Conditions which apply.

A scenario to help you understand:

The scenario below is for illustration purposes only and may differ depending on the individual’s account.

 

If your outstanding principal is $1,000 at the point of account closure, your Early Redemption Fee is,
Prior to 15 January 2019: On or after 15 January 2019:
3% x outstanding principal:

3% x $1,000 = $30

 

As 3% of your outstanding principal is lower than $250, the Early Redemption Fee is $250

 3% x outstanding principal:

3% x $1,000 = $30

 

As 3% of your outstanding principal is lower than $150, the Early Redemption Fee is $150

 

You must notify us if you wish to close your CashOne/Credit Card Instalment Loan/Dash Advance/ezyCash accounts or fully repay any of your CashOne/Credit Card Instalment Loan/Dash Advance/ezyCash accounts prior to the expiry of the respective instalment tenures. For clarity, partial redemption of the CashOne/Credit Card Instalment Loan/Dash Advance/ezyCash account is not allowed.

The following terms and charges will apply if you close or fully repay any of the CashOne /Credit Card Instalment Loan/Dash Advance/ezyCash accounts prior to the expiry of the instalment tenure: (a) we will calculate and notify you of the outstanding balance and the payment due date for the entire outstanding balance; and (b) you must pay the entire outstanding balance together with an Early Redemption Fee of S$150 or 3% of the outstanding principal, whichever is higher.

Frequently Asked Questions

  • We constantly review our existing practices to ensure that they are in line with industry standards.

  • With effect from 15 January 2019 (inclusive of this date), if you have an existing or successfully apply for a new  CashOne/Credit Card Instalment Loan/Dash Advance/ezyCash and you wish to close your CashOne/Credit Card Instalment Loan/Dash Advance/ezyCash accounts or fully repay any of your CashOne/Credit Card Instalment Loan/Dash Advance/ezyCash accounts prior to the expiry of the respective instalment tenure, the following terms and charges will apply: (a) we will calculate and notify you of the outstanding balance and the payment due date for the entire outstanding balance; and (b) you must pay the entire outstanding balance together with an Early Redemption Fee of S$150 or 3% of the outstanding principal, whichever is higher.

    For the avoidance of doubt, with respect to closures of CashOne/Credit Card Instalment Loan/Dash Advance/ezyCash accounts, the revision of the Early Redemption Fee will not impact such closures which do not occur prior to the expiry of the instalment tenure.

  • You may visit our branches or call our 24-hour Client Contact Centre at +65 6747 7000.