When you think about some of the more common financial tools that you’d most probably turn to in times of need, personal loans and credit cards usually stand out. Much of this is owed to the fact that the application process is more accommodating and more importantly, you can use the money as you please.
It is in this context that the Standard Chartered CashOne Personal Loan becomes an interesting option. When your application for this personal loan gets approved and the financing amount gets disbursed, you also get a Standard Chartered Visa Platinum Credit Card.
Read on to find out why Standard Chartered CashOne personal loan can be a good option if you’re looking for personal financing.
What do you get with this loan?
- Flat interest rate starting from 6.99% p.a. or 0.583% per month
- A Standard Chartered Visa Platinum Credit Card whose annual fee is waived for life
- The principal amount that’s paid with each monthly loan repayment will be converted into a credit limit for you to spend on the card
- 100% disbursement of the loan amount
- Zero processing fees
What you’ll need to apply for this loan
- You should be at least 21 years of age
- You should have a valid Malaysian mobile number
- You should have a minimum annual income of RM36,000
- You should be a Malaysian or a permanent resident working and residing in Malaysia
- You shouldn’t be older than 60 years if you’re salaried, or 65 years if you’re self-employed
- Submit all required documents based on your employment status as requested by the bank
Documents required for salaried employees:
- EPF statement from a Standard Chartered Bank handheld device
- Latest salary slip
Documents required for self-employed professionals:
- Borang B/BE with LHDN acknowledgement, or
- Latest 6 months’ company bank statements, and Suruhanjaya Syarikat Malaysia validity of 60 days
- Selected side income or commission income documents
Main features of this loan that you should know
- The minimum loan amount you can apply for is RM3,000
- The maximum loan amount you can apply for is RM250,000
- Take your pick from a wide range of flexible repayment periods that start from 12 months and go up to 84 months
- If you’re a new-to-bank customer, you’ll be eligible for repayment periods that go up to 60 months
- If you’re an existing Standard Chartered customer, you’ll be eligible for repayment tenures that go up to 84 months
- Related: 10 Great Personal Loan Options in Malaysia You Must Check Out
Fees and charges
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|Early settlement fees||
|Late payment fees||Additional charge of 1% p.a. calculated on daily rest|
How does this loan work?
- The applicable interest rate—0.583% per month or 6.99% p.a.—is the flat rate. This flat rate is only provided for your ease of comparison
- Your monthly Standard Chartered CashOne instalment is a fixed sum. However, the proportion of the instalment which relates to the payment of the principal amount and the interest amount for each instalment is determined using monthly rest and reducing balance method
- This is done by calculating the amount of interest payable each month using the effective interest rate on the outstanding principal amount. The financing rate offered may differ depending on your eligibility. Other terms and conditions may also apply
- You can choose to settle the loan amount before the term matures. You must give at least one month’s written notice to the bank in advance of your intention to settle the facility
- Upon receiving your notification, the bank will calculate and notify you of the early settlement amount that’s payable and the latest date of payment for the amount
- The early settlement amount must include all accrued but unpaid interest as well as fees and charges in connection to the facility
- Eligibility for self-employed professionals is subject to 100% site visit verification
As such we see that the Standard Chartered CashOne Personal Loan can be a good option if you’re looking to borrow money, especially when you consider the fact that your principal repayments enhance the credit limit of your credit card.
That said, you should get complete clarity on exactly how much you need to pay back every month (once you consider the Effective Interest Rate applicable to you) and go for any loan option only if it suits your affordability and convenience. Being unable to do so will not just adversely impact your credit score, but dent your financial standing with added debt and heavy penalties.
Apply now for Standard Chartered CashOne Personal Loan, right here on BBazaar, and get a Tesco voucher worth RM50 on loan disbursal. T&Cs apply.
You may also like some of our other popular blogs on personal loans:
- 5 Common Personal Loan Myths Busted: What’s True and What’s Not
- 6 Smart Ways to Stay Safe When Applying for a Personal Loan Online
- 6 Tips If You’re Planning to Ask Someone to Become Your Loan Guarantor
- All You Wanted to Know About Taking a Loan to Finance ASB Investment
- 5 Scenarios When Taking a Personal Loan Makes Sense
- 7 Common Mistakes You Must Avoid While Applying for a Personal Loan
All information provided in this article/blog, published on this website is strictly for general information purpose only. BBazaar does not provide any warranty about the authenticity and accuracy of such information. BBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Please visit the websites of respective banks/financial institutions for more details about products.