HSBC is one of the largest banking and financial services organizations in the world. HSBC was established in the year 1865 and today has a widespread network that is present in 72 different countries and territories that includes Asia, Europe, Africa, the Middle East, Latin America and North America to name a few. The bank has survived the test of time as it has been through revolutions, both the world wars, The Great Depression and the Cold War. The bank has approximately 6100 offices across the globe and serves around 48 million customers worldwide through its global operations. HSBC established its very first branch in Singapore in the year 1877. It has obtained the Qualifying Full Bank License and provides its customers an array of financial services and banking products that include wealth management, retail banking, investment banking, private banking, commercial banking, insurance, Cards and many more. HSBC in Singapore maintains a very strong retail network that includes self-service terminals, HSBC Premier Centres and key locations across the island.
You can use the HSBC Cash Installment Plan to kick start your adventures be it taking a long and overdue vacation, pursuing your dreams, furnishing your new house or anything else that is of consequence to you. The HSBC Cash Installment Plan grants you easy access to cash from your HSBC Credit Card where you have the choice to pick your repayment tenure and your monthly instalment payments that will help you plan your finances in a much more organized manner.
HSBC offers flexible repayment tenures that caters to the financial needs and expectations of every individual customer. You have the option to choose a repayment tenure that starts from 12 months and up to 36 months.
Your repayments towards the HSBC Cash Installment Plan will be divided into equal monthly instalments (EMI).
You can now manage your finances much better with attractive interest rate packages offered by HSBC for the HSBC Cash Installment Plan that starts as low as 0% per annum.
Table 1 - Please find below the interest rate structure for the HSBC Cash Installment Plan –
|Tenure||Applied Interest Rate||Processing Fee||Effective Interest Rate (EIR)|
|12 months||0 percent per annum||5.88 percent per annum||11.23 percent per annum.|
|18 months||0 percent per annum||7.88 percent per annum||10.45 percent per annum|
|24 months||6.28 percent per annum||1 percent per annum||12.64 percent per annum|
|36 months||6.88 percent per annum||1 percent per annum||13.32 percent per annum|
Note: The Effective Interest Rate (EIR) is calculated by including a onetime processing fee that will be charged upfront + the monthly instalment amount that will be paid in full until the end of the tenure. In case the monthly instalments are not paid in full, the EIR will be subject to compounding.
The HSBC Cash Installment Plan can help you gain better control your cash flow through the fixed monthly instalment plans. Please find below your processing fee, monthly instalment and interest payments for an approved amount of SGD 500 for various tenures –
Table 2 - Note the figures in the following table are for illustration purpose only
|Tenure||12 months||18 months||24 months||36 months|
|Monthly instalment repayment||SGD 417||SGD 278||SGD 235||SGD 168|
|Processing fee||SGD 294||SGD 394||SGD 50||SGD 50|
|Total interest payable||SGD 0||SGD 0||SGD 628||SGD 1,032|
To apply online you will need to provide the following contact details to apply for the HSBC Cash Installment Plan –
Applying by Phone
There are two ways of applying via telephone for the HSBC Cash Installment Plan –
Applying in Person
You can walk into your nearest HSBC bank branch, talk to a member of the staff and apply for the HSBC Cash Installment Plan directly in person.
The HSBC Cash Installment Plan gives you easy access to cash directly from your HSBC Credit Card. You can utilize this money for any and all purpose be it taking a vacation, furnishing your new house or any other adventure. You can choose your repayment tenure and monthly instalment amount that will help you plan your finances better.
Primary HSBC Credit Cardmembers are eligible to apply for the HSBC Cash Installment Plan. This plan is not applicable to HSBC corporate cardmembers and HSBC US Dollar Cards.
HSBC takes into consideration the financial needs and requirements of every HSBC customer by offering flexible repayment tenures for the HSBC Cash Installment Plan. You can choose a repayment tenure ranging from 12 months and up to 36 months for this plan.
In case of early repayment, termination of the program or the account or a change in your installment plan for the HSBC Cash Installment Plan, a termination charge of SGD 100 will be applicable. There are no hidden charges involved for this plan.
The monthly instalment payment that is due for your HSBC Cash Installment Plan will be charged directly to your account each month on the statement date for you to make the payment.