• HSBC Cash Instalment Plan

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    HSBC Cash Instalment Plan

    Overview of HSBC Bank – Hong Kong and Shanghai Banking Corporation

    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.

    Overview of HSBC Cash Installment Plan

    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.

    Repayment Tenure and Interest Rate Structure for the HSBC Cash Installment Plan

    • Flexible Repayment Tenures

      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.

    • Repayment in Instalments

      Your repayments towards the HSBC Cash Installment Plan will be divided into equal monthly instalments (EMI).

    • Interest Rate Structure

      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

    Fees and Charges for the HSBC Cash Installment Plan

    • The Effective Interest Rate (EIR) for Cash Advance is 28% per annum on the withdrawn amount. This amount will be chargeable on a daily basis from the initial date the amount was withdrawn and until the amount is repaid in full.
    • The Effective Interest Rate (EIR) on purchases is 25% per annum. This amount will be chargeable on a daily basis from the transaction date and until the complete current statement balance has been received.
    • 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.

    Eligibility Criteria for the HSBC Cash Installment Plan

    • The HSBC Cash Installment Plan is only applicable for primary HSCB Credit Cardmembers.
    • This plan is not applicable for US Dollars cards and corporate cards.

    Applying for the HSBC Cash Installment Plan

    Applying Online

    To apply online you will need to provide the following contact details to apply for the HSBC Cash Installment Plan –

    • Your personal contact details
    • The account you would like to transfer to
    • The instalment repayment tenure of your choice

    Applying by Phone

    There are two ways of applying via telephone for the HSBC Cash Installment Plan –

    • You can fill in the details of the Contact Sheet available online on the official HSBC Singapore website and submit it. A HSBC representative will then call you within 3 business days.
    • If you have any queries pertaining to the cash instalment plan, your application status or any other general queries to call the HSBC Customer Service Officers, the number is available on the HSBC Singapore website.

    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.

    HSBC Cash Installment Plan - Frequently Asked Questions

    1. What is the HSBC Cash Installment Plan?

      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.

    2. Who is eligible to apply for the HSBC Cash Installment Plan?

      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.

    3. What are the repayment tenures offered under the HSBC Cash Installment Plan?

      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.

    4. Are there any additional charges involved in the HSBC Cash Installment 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.

    5. How do I make the monthly instalment payments for the HSBC Cash Installment 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.

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