HSBC, which started out as the Hong Kong and Shanghai Banking Corporation in 1865, is a premier international bank with offices in Singapore as well. HSBC offers financial products and services that can be used by Singaporeans, Permanent Residents and foreigners. From credit cards to loans, investment to insurance, and personal banking to private and corporate banking, HSBC has everything a banking customer needs. Among its financial products, HSBC’s Personal Loan is known for its ease of application and low interest rates.
HSBC gives the following products under its personal loan category:
With this product, you can get unsecured personal loans of up to 8 times your monthly salary to help you tide through a difficult period, for your wedding, or for business development. However, you must have an annual income of at least S$120,000 to qualify for an 8X credit limit. If your annual income is between S$30,000 and S$120,000, you will be eligible for a loan amount of up to 4x your credit limit.
This is a short-term cash loan to help you meet small goals such as home redecoration or a holiday. The Cash Instalment Loan is linked to your HSBC credit card. It comes with attractive interest rates and fixed monthly repayments.
This is a line of credit that gives you access to extra funds worth up to 6 times your monthly income. This is revolving credit and you have to pay interest only on the amount you withdraw.
Under this scheme, you can transfer balances from different lines of credit from other banks to HSBC to get lower interest rates and endure less hassle.
This plan is to help you consolidate your loans and ease single repayment instead of multiple ones. You also get a revolving credit facility with the Debt Consolidation Loan to help you manage your finances well.
This loan is especially to help you make investments and grow your money. This feature promises you with low interest rates and no minimum monthly repayments. Besides, repayments are flexible on our secured overdraft facility.
The key features and benefits of getting an HSBC's Personal Loan are as mentioned below:
The general eligibility criteria for HSBC's Personal Loan is given below:
|Type of Customer||Tenure||Flat Interest Rate||Effective Interest Rate|
|Premier||1 year to 7 years||3.8% p.a.||7% p.a.|
|Advance||1 year to 7 years||4.4% p.a.||8% p.a.|
|Retail Banking Customer||1 year||5.5% p.a.||10% p.a.|
|2 years||5.4% p.a.||10% p.a.|
|3 years||4.8% p.a.||9% p.a.|
|4 years||4.9% p.a.||9% p.a.|
|5 years||4.9% p.a.||9% p.a.|
|6 years||5% p.a.||9% p.a.|
|7 years||5% p.a.||9% p.a.|
Note: The minimum approved loan amount for Retail Banking Customers to enjoy the above interest rates is S$10,000
|Tenure (in months)||Applied Interest Rate (p.a.)||Effective Interest Rate (p.a.)||Processing Fee|
|Type of Customer||Prevailing Interest Rate (p.a.)||With interest rebate of 50% (p.a.)|
|Advance or HSBC's Revolution and Platinum Credit Cardholders||16.5%||8.25%|
|Retail Banking customers||18.5%||9.25%|
|Tenure||Flat interest rate||EIR|
|1 year to 7 years||4.7% p.a.||8.5% p.a.|
|8 years to 10 years||5.9% p.a.||10% p.a.|
The fees and charges associated with this loan are as follows:
HSBC has instalment payment and consolidation calculators for its Personal Loan and Debt Consolidation Plan products. These tools are available on the bank’s website.
The monthly instalment calculator helps you find out how much repayment you will be making every month. You need to input your relationship with the bank (Premier, Advance or Retail customer), the loan amount, loan tenure and annual income.
For example, if you are a retail banking customer with an annual income of S$60,000, taking a loan of S$20,000 for a period of 5 years, then the calculator will tell you that your monthly repayment amount is S$416 at a fixed EIR of 9% p.a. If you are a Premier customer, for the loan amount and duration, you will pay just 7% EIR and a monthly instalment of S$397.
Using the Debt Consolidation Calculator tells you how much you will save and how much your loan should be. You need to first enter your current commitments – type of credit, outstanding balance, monthly repayment and interest rate.
You can apply for a personal loan online through Bankbazaar.sg. All you have to do is to check your eligibility by providing some basic information.
Q. Can I apply for HSBC’s Personal Loan without any guarantor or collateral?
A. Yes. You do not need any guarantor or collateral to apply for a personal loan from HSBC.
Q. Is there any minimum amount applicable to apply for HSBC’s Personal Loan?
A. Yes. You must apply for a personal loan of at least S$5,000.
Q. Is there any cap on the loan amount I can apply for?
A. If your annual earnings are in the range of S$30,000 to S$120,000, you can apply for a personal loan of up to four times your monthly income. However, your loan amount can’t exceed S$100,000, unless HSBC decides otherwise. If your annual income is more than S$120,000, you will be allowed to borrow up to eight times your monthly income, subject to a cap of S$200,000.
Q. How will HSBC notify me when my personal loan is approved?
A. When you apply for a personal loan online, you will get an email from HSBC regarding the status of your application. Once you receive an in-principle approval, you will have to submit all the required documents. After verifying your documents, HSBC will give final approval to your application. If approved, you will get the loan amount in your HSBC repayment account. Once all of this is completed, HSBC will send a letter to your registered address to inform you about all the details of your loan.
If you are a non-Singapore resident, you will have to visit an HSBC branch to sign the facility offer letter.
Q. How to withdraw the funds after my loan is approved?
A. You can take out your funds over-the-counter at any HSBC branch. There will be no charge on your first cashier’s order issuance. Alternatively, you can also withdraw the cash at an ATM with the debit card that will be sent to you by mail.
Q. Can I top-up my loan account in case I need more funds?
A. When you are in need of more funds, you can use the redraw facility to borrow funds that you have already repaid. You will have to provide your updated documents to the bank to be able to use this facility. The minimum amount to redraw on your existing loan is S$1,000.
Q. How does the bank determine interest on my loan account?
A. The bank uses reducing balance method and at daily rest (per 365 days/year basis) to calculate interest on your personal loan account.
Q. How will I know my due date for the repayment of the loan?
A. The due date for the repayment of your loan will be stated on the notification letter that you will receive from the bank. Generally, the first due date is one month from the date of approval of your loan. Subsequent repayment due dates will be the same date of each month.
Q. How will I know my repayment amount for each month?
A. Your monthly repayment amount will be stated by the bank in the notification letter.
Q. What different modes are available for repayment of my personal loan?
A. HSBC automatically debits the loan repayment amount from your repayment account on the due date of each month. You can add funds to your repayment account through internet banking, cash, cheque, phone banking, and over-the-counter.
Q. Is there any late payment charge?
A. Yes. If you fail to make the payment by the due date, the bank will charge a late payment interest and fee stated in your notification letter.
Q. Can I repay my loan in advance?
A. Yes. You can repay your outstanding loan amount, fully or partially, in advance by submitting a written notice to the bank. The notice should be given at least one month before the repayment date. Once the bank receives your notice, it will provide you with all the details related to the amount that you need to deposit into your account. It will also specify the date from which your repayment will come into effect.
HSBC Holdings PLC has announced that its pretax profit has increased by five-fold. This is the pretax profit for the third quarter after the bank expanded its operations in Asia. In September quarter alone, the bank’s pretax profit was US$4.6 billion.
HSBC, during stock filing, said its profit was tentatively on par with analysts’ estimates of US$4.7 billion. HSBC suffered a loss of US$1.7 billion last year from the sale of its Brazilian unit and also due to fluctuating foreign currency. HSBC has ramped up its revenue and has restructured itself post the 2008 global financial meltdown.
The pretax profit for Asia has increased to US$4 billion. HSBC group chief executive Stuart Gulliver said the international network has continued to excel, and the Asian market has been promising delivering higher returns and lending growth, especially in Hong Kong.
HSBC has been rapidly expanding its market base in Asia. It gets half of its profits from the Asian region. HSBC has also been able to increase its capital by offering to buy back shares (latest in July by up to US$2 billion).
With billions in investments, HSBC plans to bolster its business in the wealth and retail management sector.
30th November 2017
HSBC has begun expanding its North Asian private banking coverage team in Singapore.
HSBC Singapore has appointed Alfred Low as the market head, North Asia and ex-Hong Kong. He is joined by Yi Mun Tse who has been appointed as the market head, Hong Kong, at HSBC Private Bank.
Low’s portfolio will include handling clients from China, Taiwan, Philippines, and Japan who have their bank accounts in Singapore.
Having joined HSBC in 2009, Tse carries rich experience in her field. She has held various positions that include senior director and desk head for the North Asian region.
The newly appointed Singapore market heads will be managing the new business development and implementing HSBC Singapore’s private banking strategy.
Both Tse and Low will be reporting to Chingyee Yau, who is leading the HSBC Private Bank for the North Asian region, and Philip Kunz, who is the head of HSBC private banking for South East Asia.
16th November 2017
Philip Kunz, who headed the Wealth Management System for Southeast Asia at UBS, will now return to HSBC, Singapore. He will be the head of global private banking for the Southeast Asia region.
While he was with UBS, Kunz held a number of leadership roles, mostly in the private banking division. He held senior-level management jobs, wealth management, and oversaw progress in the client operations space.
Kunz will particularly be focusing on augmenting HSBC’s private banking strategy across Southeast Asia. Kunz boasts of experience that spans over three and a half decades, with a major portion of the experience – over 20 years – in the Asian continent. His ability to understand the market dynamics of the Southeast Asian region will be a something that will help him a lot in his new role.
Mr. Kunz returns to HSBC, where he held a similar role – head of private banking for the South Asia team. HSBC’s previous private banking head, Sandeep Sharma, recently resigned from the bank to pursue other career opportunities.
31st October 2017
Multigenerational flats have become more popular than ever in the current day, with latest trends indicating a drastic increase in the number of applicants. In fact, the number of people evincing interest in these flats has even gone on to surprise analysts, with the take-up rate for these flats hitting 83%. These flats weren’t so popular until a short term ago owing to several restrictions, but these flats have off late come to help Singaporeans in saving big money.
The Multigenerational flat, also known as a 3-gen flat, are available to courting and married couples. Launched in 2013, the cost of purchasing these flats is mostly dependent on the location.
Let’s take a look at the most prominent cost-saving solutions that these flats offer:
Shared utilities cost much lower: The thing with 3-gen flats is that with more people sharing utilities, the expense on utilities is going to cost much less. This way, they become a natural means of saving money on spending.
Looking after your parents will cost much lower: If you move-in to a 3-gen flat with your parents, you can hope to achieve significant savings for the next 10 or 20 years. It definitely will cost much less to have parents under the same roof and attend to their needs.
Childcare costs are less: This goes in tandem with the previous point. Working couples can save big by having their parents (grandparents) take care of the children.
04th October 2017
Despite a challenging and competitive retail market, HSBC Singapore is investing immensely in turning around revenue and profitability. Customers are sophisticated here, and the bank set up a local subsidiary last year to support the retail and wealth business.
Besides, HSBC has upgraded their core banking platforms and infrastructure. This includes upgrading branches and opening new ones, and improving their products and digital capabilities. Interestingly, the recent data from the bank showed that it had spent over US$1 billion on its global digital investment since 2015.
The bank currently has 11 branches and about 1,000 employees under the retail banking and wealth management business here. HSBC’s retail and banking management unit usually have customers who have a minimum of $200,000 with the bank. This is an important aspect to measure growth of the bank.
Basically, HSBC is positioned to capture the offshore wealth segment because of several supporting factors which includes its international network.
22nd September 2017
Run Time –From now till 31 Dec, 2016
Particulars –Apply for an HSBC's Personal Loan and enjoy an interest rate of 3.8 % per annum with a Premier account, 4.4 % per annum with an Advance account and 5.6 % per annum with other accounts for a minimum approved loan amount of SGD 10,000. You will also get a waiver of SGD 88 of the processing fee and cashback of up to SGD 120 for a minimum approved loan amount of SGD 10,000.
When you refer a friend to apply for HSBC's Personal Loan, you will get shopping vouchers worth up to SGD 30 when the loan application gets approved.
Please contact HSBC Bank Singapore to know about the applicable terms and conditions.
The Hong Kong and Shanghai Banking Corporation (HSBC) continues to invest money in Singapore despite the fact that the business of the bank has been slowing over the last few years. HSBC Bank hopes that it will be able to attract the business of the affluent middle class in the country and grow in the process. HSBC is the largest bank in Europe and has a significant presence in most countries in Asia. HSBC Bank is even planning to incorporate its retail operations in Singapore locally. Recently, the bank has upgraded 2 of its branches, which are situated in Jurong and Plaza Singapura. HSBC now has 11 branches in Singapore.
21st January 2016
Run Time – It is an ongoing offer.
Particulars – Apply for a HSBC's personal loan to get benefits like –
• Interest rate of 5.6 percent per annum on approved loan of at least SGD10, 000
• Waiver of the processing fee, which is SGD88
• SGD 100 ez- link card online
To know more about the offer and its terms and conditions, please contact the bank or visit their website.
Run Time – It is an ongoing offer.
Particulars – Apply for a personal loan with HSBC and enjoy attractive rates of interest.
• Only 5.6 percent per annum on an approved loan of at least SGD 10, 000
• Existing customers of HSBC Premier will enjoy 3.8 percent per annum on every loan tenures. Here, the Effective Interest Rate will be 7 percent per annum
• Existing customers of HSBC Advance will enjoy 4.4 percent per annum on every loan tenures. Here, the Effective Interest Rate will be 8 percent per annum
To know more about the offer and its terms and conditions, please contact HSBC bank or visit their website.
HSBC Bank conducted a survey of more than 21,000 expats in over 100 countries and found that Singapore was the top destination for these expats. This survey was conducted for HSBC by YouGov, a research firm. Globally, 56 percent of people who were surveyed said that it was convenient for them to start a new business in the country they were living at present. On the contrary, 87 percent of the surveyed expats living in Singapore mentioned the island nation as a great place to start a new business venture. Singapore has also been featured in this survey as one of the top destinations for high standard of living and quality of life.
65 percent of the expats surveyed in Singapore further commented that the health and wellbeing of their children have improved once they moved to the Lion City. The other countries that ranked higher in this survey are given below in the order of their ranking:
• New Zealand
• United Arab Emirates
The expats who were surveyed stated that better quality of education was available in the island nation of Singapore even though it was more expensive than many of the top cities in their native countries. 79 percent of the respondents residing in Singapore also portrayed a positive outlook of the city, whereas only 48 percent of the respondents globally had such a positive view of the economy. One of the main reasons for these expats to move to a new country was the need to improve their quality of life.
Singapore is regarded as one of the top financial hubs in the world and is also home to some of the largest banking and financial institutions in the world. The economy of the country is very stable and so it is able to attract people from around the globe to move to the city in search of a better life.
24th September 2015