Shopping for the best personal loan can lead you to bank loans, but are these the best loans? First, let’s take a look at Standard Chartered Bank Personal Loan!
It is vital to prioritise the eligibility list before filling up the application form. Why? Because you can quickly see if you are qualified based on the general eligibility. Failing to pass the eligibility and submitting the application can blow your credit score. Also, remember that any loan application reflects in your credit history as an inquiry.
Unsurprisingly, Standard Chartered required their applicant to be of legal age. It ranges from 21 up to 65 years old upon loan maturity.
Singapore citizens and permanent residents must have at least an annual income of $20,000. It is quite low. If you compare it to the minimum annual income required for foreigners, $60,000. In addition, expats must be valid Employment Pass holders. Furthermore, Q Pass holders must have at least 1-year validity left on their passes to be eligible.
Be mindful when comparing interest rates. You may see two types of interest rates – Advertised Rate and an Effective Interest Rate. AR includes the other fees upon calculation of interest. In addition, standard Chartered Bank offers interest rates depending on the loan tenor and the borrower’s annual income.
Interest rates depend on the loan quantum and tenor. Apparently, those with an income of $30,000 and higher have lower interest rate charges at a minimum of 6.88%. On the other hand, those with a salary of $20,000 to $29,999 will have the lowest interest rate of 9.80%.
From 1 April to 30 June 2017, you can get up to $1,088 cashback on the approved loan amount. If you borrow less than $50,000, you will get 1% cashback of the approved loan amount. If you borrow $50,000 and more, you will get 1.5% of the approved loan amount.
The cashback cap is at $1,088. So it may be enticing to borrow a high loan due to cash back. But never forget to borrow only the funds you need to avoid a future financial problem.
When you apply for a loan, you must consider if the turnaround time meets your need. Are the funds for urgent needs? Or is it for something that could wait? If it could wait, why not take some time to save up rather than get a bank loan?
Standard Chartered Bank takes four to seven days to process a personal loan like most banks. It will highly depend on completing the application form and required documents. If one week is too long for you, you can get a loan from licensed moneylenders.
Standard Chartered bank offers a personal loan amount of up to four times the monthly income. Or a maximum loan amount of $200,000. However, you need to understand that the loan amount is strictly at the bank’s discretion. The bank may offer a low amount depending on various reasons, such as low credit scores and existing loans.
Submit a completed application to the Standard Chartered Bank for a personal loan before 2 p.m. Then, the bank will then disburse the funds on the next working or banking day.
On the other hand, if you are in an emergency and need the money on the same day. Then, you can drop by Cash Mart’s office at 277 Balestier Road and experience the smoothest loan process.
Cash Mart offers quick cash loans with flexible loans. Give them a call now at 65 6397 4111 to know more.