CashOne default interest
With effect from 15 February 2011, if CashOne instalment loan payment is not received in full before the payment due date twice within any consecutive 6 months, 4% p.a. will be added to the original effective interest rate (“EIR”) on the entire CashOne outstanding balance. For clarity, the 4% (or any other rate we may stipulate) plus the original EIR is known as "revised EIR". The revised EIR will be effective starting from the next statement date immediately after the second payment due date being missed.
For example: Payment not received by the payment due date for January 2011 statement (1st time) and June 2011 statement (2nd time)
* Original EIR = 14.72% p.a.
* Revised EIR = 14.72% p.a. + 4% p.a. (i.e. 18.72% p.a. is payable from July 2011 statement onwards)
The revised EIR will be reinstated to the original EIR, if the payment due is made in full before payment due date for six consecutive months. The reinstatement (if any) will be effective from the next statement date after we receive the 6th payment. In the above example, if you make payment due in full for six consecutive months (September 2011 – February 2012 statements), your revised EIR will revert to the original EIR on the March 2012 statement.
Note: outstanding balance is subject to late payment charges and finance charges as per current terms – refer to FAQ on fees.
To keep your account in good standing, please ensure that payment is made before the payment due date via the following payment channels:
* Repayment can be made via AXS, GIRO, ATM or branch counter
* Please ensure separate repayments are made to the following accounts:
- CashOne Personal Loan Account (9702 2228 XXXX XXXX)
- CashOne Platinum Credit Card Account (4300 9201 XXXX XXXX)
* For GIRO application, please call 1800 747 7000.