Cash woes? A personal loan to the rescue!

    HSBC Personal Loan Rates Update

    HSBC personal loans allow the bank’s customers to plan an adventure, get further education or go on an exotic holiday, all at the click of a few buttons. HSBC permits loan amounts of up to 8 times the monthly income of the loan-seeker. Repayments are easy with fixed monthly payments made over a flexible loan tenor of 1-7 years.HSBC customers can also redraw on their existing personal loan without paying any processing fee. And the loan decision is made quickly, on a 1 minute approval-in-principle.

    Types of Interest Rates Used by HSBC

    Equivalent Flat Interest Rate - Flat rate of interest is the simple rate of interest calculated on the entire loan amount without considering the amount already repaid by borrowers. The calculation of a loan on flat rate depends on the principal amount and the rate of interest computed for each pay period individually. Thus, a loan amount of S$2,400 taken at the rate of 5% for 1 year will be paid in 12 months in equal payments of S$200 per month.

    Effective Interest Rate (EIR) - The annual EIR is the rate one actually earns or pays on a loan or other financial products as a result of interest compounding over the term of loan. EIR is also known as the annual equivalent rate or effective rate. EIR is subject to compounding if the monthly instalment amount is not paid in full.

    HSBC Personal Loan Effective Interest Rate

    HSBC's Personal Loan offers low interest rates along with a long loan tenor of up to 7 years. The bank allows for fixed monthly repayments of their loans.

      Tenor (years) Equivalent Flat Interest Rate (p.a.) EIR (p.a.)
    Premier 1 - 7 3.8% 7%
    Advance 1 - 7 4.4% 8%
    Retail Banking Customer 1 5.5% 10%
    2 5.4%
    3 4.8% 9%
    4 4.9%
    5 4.9%
    6 5.0%
    7 5.0%

    HSBC Debt Consolidation Effective Interest Rates

    HSBC’s Debt Consolidation Plan is a refinancing programme to consolidate the outstanding balances from all existing unsecured credit facilities of a customer. It also comes bundled with a revolving credit facility as a convenient mode for managing daily essentials.

    Tenor (years) Equivalent flat interest rate (p.a.) EIR (p.a.)
    1 7.6% 15.7%
    2 7.5% 14.8%
    3 7.6% 14.5%
    4 7.7% 14.3%
    5 7.8% 14.3%
    6 7.9% 14.2%
    7 8.1% 14.1%
    8 8.9% 15.1%
    9 9.1% 15.1%
    10 9.2% 15.1%

    Personal Line of Credit Interest Rates

    Personal credit line at HSBC lets you get extra cash of up to 2 times the monthly salary. A customer has to pay interest only on what credit they use and enjoy flexibility on monthly repayments.

    Customer type Interest Rate
    HSBC Premier customers 12.0% p.a.
    HSBC Advance customers 16.5% p.a.
    HSBC's Revolution customers
    All other HSBC customers 18.5% p.a.

    Cash Instalment Plan Interest Rates

    HSBC Cash Instalment Plan helps customers get easy cash for all small expenses like holiday plans, house furnishing, etc. HSBC credit cardholders can get cash at hand easily, and also have choose their repayment period and monthly repayment amount. This monthly payment amount being fixed also helps in better planning of finances.

    Tenor Applied Rate (per annum) Processing Fee Annual Effective Interest Rate (EIR)
    12 months 0% 5.88% 11.23%
    18 months 0% 7.88% 10.45%
    24 months 6.28% 1% 12.64%
    36 months 6.88% 1% 13.32%

    EIR is computed by taking into account an upfront one-time processing charge and a monthly amount of instalment paid in full, until the end of the loan tenor.

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