Personal Loans Comparison: SCB CashOne vs Citi Quick Cash vs HSBC Personal Loan

SCB CashOne, Citi Quick Cash and HSBC Personal Loan deliver competitive interest rates and more. Find out which one’s superior.

In this SCB CashOne vs Citi Quick Cash vs HSBC Personal Loan comparison, you’ll learn more about the features that make these three personal loans some of the most attractive on the market. 

While the banks will not ask customers to divulge why they’re taking up the personal loan during the approval process, it pays to know how these personal loans differ as well as what they have in common. 

As it stands, fixed monthly repayments aren’t the only similarity SCB CashOne, Citi Quick Cash and HSBC Personal Loan share.

Table of contents

• What they have in common
• How they differ
• Conclusion

What SCB CashOne, Citi Quick Cash and HSBC Personal Loan have in common

SCB CashOne, Citi Quick Cash and HSBC Personal Line of Credit Instalment Plan (i.e. HSBC Personal Loan) are accessible. The minimum annual income requirement for Singaporeans and PRs stands at S$20,000 for SCB CashOne and S$30,000 for Citi Quick Cash and HSBC Personal Loan. 

Their minimum loan amount is S$1,000 — great for those who only need to borrow a smaller amount. Eligible applicants for the respective personal loans can also enjoy quick approval and disbursement of loan. 

SCB CashOne, Citi Quick Cash and HSBC Personal Loan are versatile, too. The funds can be used for a variety of purposes without any hard or fast rule. For example, one may utilise the funds to pay for medical bills, unexpected repairs, business expenses or even big ticket purchases. The sky’s the limit, really.

See also: Your Go-to Personal Loans Guide in Singapore

How SCB CashOne, Citi Quick Cash and HSBC Personal Loan differ

#1: Interest rate

SCB CashOne, Citi Quick Cash and HSBC Personal Loan all offer relatively low interest rates in the world of personal loans. 

💡 Pro-tip: Be sure to zoom in on the EIR (i.e. effective interest rate) for a more accurate gauge of the interest rate you’ll actually incur when you take out the personal loan. The EIR factors in other costs such as processing fees.

#2: Maximum loan amount

Citi Quick Cash converts your up to 90% of your unutilised credit limit from your Citi Credit Card or Citibank Ready Credit Account to cash.

A feature of HSBC Personal Line of Credit, HSBC Personal Line of Credit Instalment Plan (i.e. HSBC Personal Loan) lets you apply for an instalment loan with up to 95% of your existing credit limit with HSBC Personal Line of Credit. The bank has made clear only customers with good credit standing are eligible to apply. You can get cash of up to 8X your monthly salary, capped at S$200,000.

#3: Processing fee

SCB CashOne terms its processing fee as an annual fee. Keep in mind that from the second year till the end of your loan period, the bank will charge S$50 annually if any instalments are not paid on or before the due dates in full for the preceding 12 consecutive calendar months. Additionally, if you wish to change your loan period, the bank will levy a charge of S$50 for each change. 

For those interested in HSBC Personal Loan, keep an eye out for HSBC’s processing fee waiver promotions! The bank is known to roll out such promotions from time to time. As of time of writing, HSBC offers S$0 processing fee.

#4: Early repayment fee

An early repayment fee will apply for all three personal loans when you repay your loan in full ahead of time, cancel or terminate the loan. 

#5: Late payment fee

Citi Quick Cash has the most stringent rules among the three personal loans. The bank has no qualms about terminating your loan if you default or don’t make the effort to make the minimum payment amount.  

Important note: Unpaid loan repayments will incur interest charges, so always make it a point to make monthly repayments punctually before the due date!

Conclusion: Which one should you choose?

With so many personal loans available on the market, things can be overwhelming when it comes to narrowing down the loan best suited for your unique needs and circumstances.

Choose SCB CashOne: SCB CashOne is a good pick if you are looking for a personal loan with a relatively low flat rate interest for loan periods ranging from two to five years, or if you need to borrow a fairly large sum of money. 

With an EIR from 5.84% p.a., it is also pretty competitive compared to other personal loan options on the market. Foreigners who are considering SCB CashOne need to make at least S$60,000 per annum.

Choose Citi Quick Cash: As its name suggests, Citi Quick Cash is fantastic for those who already have a Citibank credit card or Citibank Ready Credit account and are sure they can make punctual repayments. New-to-Citi customers will enjoy the 0% processing fee. Foreigners can take advantage of Citi Quick Cash if they earn at least S$42,000 per annum.

Choose HSBC Personal Loan: HSBC Personal Loan is a great option if you need a loan across a longer period; it offers up to seven years. HSBC Personal Loan has the lowest effective interest rate amongst the three personal loans, too. This personal loan is also available to expats so long as they make at least S$40,000 per annum — one of the lowest income criteria for foreigners residing in Singapore.