Disclaimer

This is to inform that by clicking on the hyperlink, you will be leaving sc.com/sg and entering a website operated by other parties.

Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.

The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.

Thank you for visiting www.sc.com/sg


Proceed

How can we help you today?

Open an Account

Apply for a Credit Card

Take up a Loan

Grow my Wealth

Sign-up for Insurance

What kind of loan are you looking for?

CashOne Personal Loan

Debt Consolidation Plan

Credit Card Funds Transfer

Change in Early Redemption Fee for Debt Consolidation Loan Accounts

With effect from 15 January 2019, the early redemption fee applicable to all Standard Chartered Bank (Singapore) Limited Debt Consolidation Loan Accounts (“Early Redemption Fee”) will be revised to S$250 or 5% of the outstanding principal, whichever is higher.

Our Customer Terms, Current/Cheque/Savings Account and Time Deposit Terms, Personal Loan/Personal Line of Credit/Overdraft Terms, Credit Card Terms, Credit Card Tariff Sheet and Terms and Conditions Governing Debt Consolidation Facility 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 $50,000 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 $50,000 = $1,500

 5% x outstanding principal

5% x $50,000 = $2,500

You must notify us if you wish to close your Debt Consolidation Loan Account or fully repay the Debt Consolidation Loan Account prior to the expiry of the instalment tenure. For clarity, partial redemption of the Debt Consolidation Loan Account is not allowed.

The following terms and charges will apply if you close the Debt Consolidation Loan Account or fully repay the Loan Amount: (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$250 or 5% 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 debt consolidation loan account and you wish to close your debt consolidation loan account or fully repay the debt consolidation loan account prior to the expiry of the instalment tenure, the following terms and charges will apply if you close the debt consolidation loan account or fully repay the loan amount: (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$250 or 5% of the outstanding principal, whichever is higher.

    For the avoidance of doubt, with respect to closures of debt consolidation loan 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.