HSBC Bank, 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 any Singaporean. 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 loans are known for their 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 loan of up to 8 times your monthly salary to help you tide through a difficult period, for your wedding, or for business development.
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.
This is line of credit that gives you access to extra funds worth up to 2 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 your balance from a line of credit from another bank to HSBC at lower interest rates and less hassle.
This plan is to help you consolidate your loans and make a 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.
The key features and benefits of getting an HSBC personal loan are as mentioned below:
The general eligibility criteria for HSBC personal loans are as given below:
|Product||Tenure||Flat rate (p.a.)||Processing fee||Effective Interest Rate (EIR p.a.)|
|HSBC Personal Loan (Premier banking client)||1 to 7 years||3.8%||S$88||7%|
|HSBC Personal Loan (Advance banking client)||1 to 7 years||4.4%||S$88||8%|
|HSBC Personal Loan (Retail banking client)||1 year||5.5%||S$88||10%|
|HSBC Cash Instalment Loan||1 year||0%||5.88%||11.23%|
|HSBC Personal Line of Credit – Premier customers||Any||NA||NA||12%|
|HSBC Personal Line of Credit – Advance customers||Any||NA||NA||16.5%|
|HSBC Personal Line of Credit – Revolution customers||Any||NA||NA||16.5%|
|Other HSBC customers||Any||NA||NA||18.5%|
|HSBC Debt Consolidation Plan||1 to 7 years||4.7%||NA||8.5%|
|8 to 10 years||5.9%||NA||10%|
The fees and charges associated with HSBC personal loans are as follows:
HSBC has instalment payment and Consolidation calculator 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 our website. All you have to do is to check your eligibility by providing some basic information.
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 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 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 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