Frequently Asked Questions

Features

1. What is Salary Advance?

A. Salary Advance is an unsecured revolving credit line that comes with a cheque book and a debit card for you to withdraw cash instantly.

Features

• No collateral required
• Get cash up to 2x monthly salary or $100,000, whichever is lower.
• Receive a cheque book and a debit card for cash withdrawal
• Interest charged only on the amount used
• The borrower may repay over time with minimum payment of only 3% of loan amount or $50, whichever is higher

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2. How much of my Salary Advance can I use?

A. You can use up to your full credit limit for cash withdrawals using your debit card or cheque book. To check your current available balance, please call our 24-hour Phone Banking at 1800 747 7000 or log on to our Internet Banking service at Standard Chartered Online.

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3. Do I only pay for what I use?

A. Yes. You will only pay the amount you used. If you do not use your Salary Advance funds, you will not be charged any interest.

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Application

4. What are the requirements to apply for Salary Advance?

A. You must be between 21 - 60 years old with a minimum annual income of:

• S$30,000 for Singapore Citizens and Permanent Residents
• S$80,000 for Foreigners with Employment Pass*

*   Employment Pass holders:

• Foreigners must be holders of P1, P2 or Q type Singapore Employment Passes
• Q Pass holders must have minimum one year validity remaining on their pass

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5. What are the required documents for application?

A. Please submit the following documents with your application form

For Singaporeans and PR:

• Copy of NRIC (front and back) OR Passport
• Income documents
  • Salaried Employee and Commission Earner:
    
    a. Copy of latest Income Tax Notice of Assessment (must reflect at least 1 month income earned from current employer) OR
    
    b. Copy of last six months' CPF Contribution History Statement (must reflect income contribution from current employer) OR
    
    c. Copy of computerised payslip (handwritten copies are not acceptable)
    
    
    - Salaried employee: Current or previous 1 month's payslip from current employer
    
    - Commission earner: Last 3 months' payslip from the same current employer
    
  • Self-employed:
    
    a.Copy of latest Income Tax Notice of Assessment (must reflect income contribution from current business)

For Foreigners:

• Copy of Passport
• Copy of Employment Pass

*   Employment Pass holders:

• Foreigners must be holders of P1, P2 or Q type Singapore Employment Passes
• Q Pass holders must have minimum one year validity remaining on their pass

• Income documents
  a. Copy of latest Income Tax Notice of Assessment (must reflect at least 1 month income earned from current employer) OR
  b. Copy of latest computerised payslip (handwritten copies are not acceptable)
  
  - Salaried employee: Current or previous 1 month's payslip from current employer
  - Commission earner: Latest 3 months' payslip from the same current employer
  

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Payment

6. How do I keep track of my Salary Advance usage?

A. Every month, you will receive a statement of account which shows your transactions for the past one month from the statement date. Interest charges reflected on the current month's statement are calculated until the last day of the previous month. For example, the statement dated August 27 would reflect your transactions from July 28 to August 27. Interest charges reflected on the statement dated August 27 are only calculated until July 31.

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7. When must I make payments to my Salary Advance?

A. Please ensure that your payment is received by the Bank on or before the payment due date indicated in your monthly statement. Late payments will be charged a default fee of $80 per month.

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8. How do I make my monthly payments to the Bank?

A. You can make payment via cheque, online or cash at any Standard Chartered branch or Cash Deposit Machines. There will be a $5 fee charged for payments made at the branches.

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9. Can I clear all the outstanding balances on my Salary Advance account?

A. Yes, but remember that your monthly statement only shows interest charges up to the last day of the previous month. This means that interest charges for the current month would not be reflected in your statement. Please call us at 1800 747 7000 to determine the exact outstanding amount in your account before making full payment for your Salary Advance account.

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Interest

10. How is interest calculated for Salary Advance?

A. Interest is calculated daily based on the amount used and will only be debited to your Salary Advance account on the last day of the month. You only pay interest on the amount used.

If you don't use your Salary Advance funds at all, you don't pay any interest. For example, if your credit limit is $15,000, and you use just $5,000, you will only need to pay interest on the $5,000.

The minimum monthly interest payable is $5.

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11. Will the interest rate change?

A. Yes, the interest rate may vary from time to time at the Bank's sole discretion, without prior notice.

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12. How does my Salary Advance earn me daily interest?

A. Salary Advance pays you daily interest on credit balances in the account. Please refer to the fees and charges table below for the interest rate on credit balances.

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13 How is the interest earned for credit balances calculated?

A. Interest is calculated daily by multiplying the daily credit balance by the annual rate over 365 days and the total interest will be reflected in your statement.

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Accessing Salary Advance

14. How do I access my Salary Advance line?

A. You can:

a. Issue cheques
b. Access cash via ATMs
• Make cash withdrawals at 30 Standard Chartered ATMs in Singapore
• atm5 - our shared ATM network that gives you access to ATMs from Standard Chartered Bank, ANZ, HSBC, and SBI, plus participating Citibank and Maybank machines that bear the atm5 logo at no charge
• Enjoy instant foreign currency cash access worldwide at 900,000 Cirrus ATMs in more than 120 countries
c.Use our Online Banking
• Online cheques
• Access over 300 billing organisations.
• Funds transfers
• Pay any bank's Visa or MasterCard Credit card bill online
d.Set up Interbank GIRO to make regular payments

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15. How do I obtain a new cheque book?

A new cheque book will be automatically mailed to you when any of the last 20 cheques of your present cheque book have been cleared. If you require a new cheque book urgently, you can request for one through any of our ATMs, branches or phone banking.

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16. In what instances will my Salary Advance cheques be dishonoured?

A. When you write a cheque for an amount which exceeds the credit limit extended to you, payment will be stopped on that cheque. If you are behind in your monthly payments, your credit limit for your Salary Advance may be withdrawn, and payment will be stopped on all cheques.

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17. How much cash can I withdraw using my Salary Advance?

A. You can withdraw up to $4,000 daily at ATMs belonging to Standard Chartered and the atm5 shared ATM network in Singapore. When overseas, you can withdraw up to the equivalent of $4,000 or the maximum withdrawal limit of the ATM you are using, whichever is lower.

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18. How can I use the Phone and Online Banking service to access my account?

A. Phone and Online Banking:

a.24-hour Phone Banking service at 1800 747 7000
• Check the balance available in your Salary Advance account
• Check whether the cheques you issued have been cleared
• Conveniently transfer funds from your Standard Chartered Savings, Current or Cheque & Save accounts to your Salary Advance account
• Transfer funds from your Salary Advance account to repay your credit card bills
• Check prevailing Salary Advance interest rates
• Request for chequebook or statement
b.Log on to our Online Banking
• Check the balance available in your Salary Advance account
• Conveniently transfer funds from your Standard Chartered Savings, Current or Cheque & Save accounts to your Salary Advance account
• Issue online cheques
• Interbank funds transfer
• Make bill payments
• Set up Interbank GIRO to make regular payments

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Fees and Charges

19. What are the fees and charges associated with Salary Advance?

A. Please find the fees and charges relating to Salary Advance listed in the table below.

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