HSBC Bank, also called The Hongkong and Shanghai Bank was established in the year 1865 and was founded by Sir Thomas Sutherland. It is one of leading banks in the world and provides great financial products and solutions for the customers. It has more six thousand offices over eighty countries and territories that include Europe, Africa, Oceania, Asia, South America and North America. It is one of the largest banks considering the assets it has. The Hongkong and Shanghai Bank has been organised into 4 different business groups. They are Global Banking and Markets, Commercial Banking, Wealth Management and Retail banking,
If you wish to borrow a certain amount of money and then pay it back in monthly instalments, then going for a personal loan can prove to be a good option. There are several advantages of personal loan. With personal loans, you can borrow an amount that is more than what you can borrow with a credit card. May it be an exotic holiday plan or a grand wedding, seize the moment and opportunity to enjoy more using the personal loan offered by the Hongkong and Shanghai Bank.
The Hongkong and Shanghai Bank, being one of the leading banks all across the globe, has taken utmost care of its customers. They have earned a lot of goodwill and reputation in their run so far. A bank that has earned the trust of people over generations by offering innovative and customisable financial solutions is definitely a good option for a personal loan. The loan amount come with fixed repayment options that also allows you to plan a budget and control the cash flow. The interest rate is low and the loan scheme offers a lot of flexibility with it.
For annual income of S$40,000 and above
|Loan Amount||Loan Tenor|
|1 year||2 years||3 years||4 years||5 years||6 years||7 years|
|SGD 25,000 & above
(Assumed SGD 25,000 approved loan amount)
|Monthly Repayment||SGD 2,222||SGD 1,177||SGD 831||SGD 659||SGD 557||SGD 489||SGD 442|
|Flat Rate per annum||6.6 percent||6.5 percent||6.5 percent||6.6 percent||6.7 percent||6.8 percent||6.9 percent|
|E.I.R. per annum||12.67 percent||12.36 percent||12.25 percent||12.19 percent||12.16 percent||12.13 percent||12.12 percent|
|SGD 12,000 & SGD 24,999
(Assumed SGD 12,000 approved loan amount)
|Monthly Repayment||SGD 1,073||SGD 572||SGD 406||SGD 324||SGD 275||SGD 243||SGD 220|
|Flat Rate per annum||7.3 percent||7.2 percent||7.2 percent||7.3 percent||7.4 percent||7.5 percent||7.7 percent|
|E.I.R. per annum||14.60 percent||13.95 percent||13.72 percent||13.60 percent||13.53 percent||13.48 percent||13.45 percent|
|Less than SGD 12,000
(Assumed SGD 8,000 approved loan amount)
|Monthly Repayment||SGD 718||SGD 384||SGD 273||SGD 218||SGD 186||SGD 170||SGD 155|
|Flat Rate per annum||7.6 percent||7.5 percent||7.6 percent||7.7 percent||7.8 percent||8.7 percent||8.9 percent|
|E.I.R. per annum||15.91 percent||14.93 percent||14.58 percent||14.40 percent||14.30 percent||15.43 percent||15.38 percent|
For annual income of SGD 30,000 to SGD 39,999
|1 year||2 years||3 years||4 years||5 years||6 years||7 years|
|Monthly Repayment based on SGD 5,000 loan||SGD 451||SGD 242||SGD 173||SGD 139||SGD 119||SGD 109||SGD 100|
|Flat Rate per annum||8.2 percent||8.1 percent||8.1 percent||8.3 percent||8.4 percent||9.4 percent||9.5 percent|
|E.I.R. per annum||18.21 percent||16.62 percent||16.06 percent||15.78 percent||15.61 percent||16.70 percent||16.62 percent|
The monthly repayment calculator tool allows you to understand how much you need to pay every month to clear your debts. There are certain parameters that you need to fill in, like the type of customer you are, your annual income, the amount that you wish to borrow and tenure or period over which you would like to repay the debt amount.
Let us elaborate this with an example. Consider, that you are an HSBC Premier customer and your annual income is SGD 30000. If you borrow an amount of SGD 5000 for a tenure of 1 year at an effective rate of interest of 7 percent per annum. Thus, your monthly repayment amount woul come up to SGD 433.
Applying for an HSBC personal loan is very easy. All you need to do is go on to the bank’s website and enter the details like your financing needs and requirements, the details of your employer and employment along with all your required personal information and contact details.
If you want to speak to one of the HSBC personal loan agents then all you need to do is leave your contact details with the bank and the representatives will call you back within a period of three working days.
You could also walk into any of the nearest Hongkong and Shanghai Bank and talk to a banker to know more about the personal loan and you can also apply for it directly from the bank.
The processing fee for the Personal Loan is SGD 88. In case you wish you make early repayments, you will have to pay a fee of SGD 150. The amendment fee is SGD 100. If you delay in making the payments then an extra 2.5 percent will be added to the present rate of interest which will be duly charged on the amount that is outstanding.
For all the salaried employees:
For all commission-based / self-employed earners:
A personal loan from the HSBC Bank can have loan tenor of 1, 2, 3, 4 or 5 years In case you area salaried employee working in Singapore, you can also go for a personal loan that that a 6 year tenor.
For all the individuals who have an annual income between SGD 30000 to SGD 120000, a loan amount that is four times of the monthly income can be approved by HSBC Bank. The maximum amount, however, is capped to an amount of SGD 100,000. The maximum limit of personal loan is subject to the aggregate of the maximum limit of credit with HSBC Bank for all the unsecured facilities, regardless of the how many credit cards or unsecured loan that you have or have applied for.
In case you applied online for your personal loan from HSBC Bank then you will be receiving an email stating the status of your application. If the loan amount is approved or granted by the bank then you will be requested to submit all the documents that are required to initiate the loan process.
Once all the required documents are received and the loan process is initiated, the disbursement of loan will take place. You will also get a mail and a notification letter stating the other details like loan tenor, rate of interest, amount of the loan, monthly instalments and the account number to which to should make the repayments.
If you miss a monthly repayment date, then you will have to pay the penalty charges for it, as applicable.