As aforementioned, Standard Chartered Bank offers loan products such as credit card cash loans and Revolving Cash Card. To sum up, the differences between the instalment loan (Personal Loan), credit card cash loans and revolving loan are as follows:
Instalment loan: Also known as ‘personal loan’, which is an unsecured loan that provides high loan amount and long repayment period. It is suitable for ones who needs a substantial loan. Personal loans generally have a lower loan interest rate compared to credit card cash overdraft, and can be quickly approved and disbursed. For example, SC Personal Instalment Loan accepts online application, and offers a personal loan amount of up to 18 times your monthly salary and a loan tenor of up to 60 months.
Credit card cash loan: Credit card cash loans include cash advance, credit card overdraft and credit card statement instalment plan They are more commonly used for smaller loans as the borrowing limit on credit cards is typically the same as the credit limit. It is also noteworthy that the loan interest of credit card cash overdraft is calculated daily and potentially rise beyond 40%. Additional administrative fees and handling fees may also increase the borrowing cost.