• Personal Loan BYTES FROM OUR KITCHEN

    How to Apply For a HSBC Personal Loan?

    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.

    Why choose HSBC Personal Loan?

    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.

    Features and Benefits of HSBC Personal Loan

    • The amount of loan that you can avail from HSBC Bank can go up to 8 times to that of your monthly income
    • The longest tenure of the loan that can be enjoyed by you is a period of 7 years
    • The monthly payments that you make while clearing your debt are fixed. So, even if there are any fluctuations in the rate of interest later, you will not be affected due to it. A fixed rate also helps you to manage your finances and allows to plan a budget for yourself
    • The rate of interest is considerably lower, hence, making the monthly payments all the more easier for you

    HSBC Personal Loan Promotional Rate of Interest

    • You can enjoy 5.6 percent per annum (E.I.R of 10 percent per annum) when a loan amount of more than SGD 10,000 is approved
    • Avail 3.8 percent per annum (E.I.R of 7 percent per annum) for an existing customer under the HSBC Premier program
    • Get 4.4 percent per annum (E.I.R of 8 percent per annum) for existing customers of HSBC under the HSBC Advance Program

    HSBC Personal Loan Prevalent Rates of Interest

    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

      Loan Tenor
    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

    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.

    Process - How to apply for HSBC Personal Loan?

    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.

    Fees and Charges

    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.

    Eligibility

    • The age of the applicant must be between 21 to 65 years
    • The annual income for all the salaried citizens of Singapore and the Singaporean permanent resident must be at least SGD 30000
    • The annual income for commission based or self-employed individuals of Singapore must be at least SGD 40000
    • The annual income of the foreigners must be at least SGD 4000o or more than that. The employment pass that they produce must be valid for at least one year.

    Documentation

    For all the salaried employees:

    • Photocopy of the applicant’s NRIC (front and back) is required
    • Latest 3 months' computerised payslips OR latest Notice of Assessment* with latest 1 month's payslip OR latest 6 months' CPF statement#

    For all commission-based / self-employed earners:

    • Photocopy of the applicant’s NRIC (front and back) is required
    • Last 2 years' Notice of Assessment or last 15 months' CPF statement is required

    For foreigners:

    • Valid passport of the applicant
    • Employment Pass (with at least one year validity) is required
    • Latest three month salary slip or latest Notice of Assessment

    Explore the Process How to Apply For A Personal For Other Banks:

    • How to Apply for DBS Personal Loan?
    • How to Apply for ANZ Personal Loan?
    • How to Apply for RHB Personal Loan?
    • How to Apply for OCBC Personal Loan?
    • How to Apply for UOB Personal Loan?
    • How to Apply for Bank of China Personal Loan?
    • How to Apply for Citibank Personal Loan?
    • How to Apply for Maybank Personal Loan?
    • How to Apply for Standard Chartered Personal Loan?
    • How to Apply for POSB Personal Loan?
    • How to Apply for ICBC Personal Loan?
    • How to Apply for CIMB Personal Loan?
    • How to Apply for TCC Personal Loan?

    Frequently Asked Questions

    1. For how many years can I borrow a personal loan from HSBC Bank?
    2. 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.

    3. What is the maximum amount of loan that I can apply for?
    4. 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.

    5. How will I know that my personal loan has been approved by HSBC Bank?
    6. 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.

    7. What are the different modes by which I can clear out the repayments?
      • By standing instruction
      • By cheque
      • By cash
      • By bank transfer
    8. What will happen if I miss a date for the repayment of the loan?
    9. If you miss a monthly repayment date, then you will have to pay the penalty charges for it, as applicable.

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