Cash woes? A personal loan to the rescue!
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    We found 2 HSBC Personal Loan Review: Offers One of the Lowest Interest Rates in the Market
    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 3.7% p.a. EIR from 7% p.a.
    1-7 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 4% p.a. EIR from 7.5% p.a.
    1-10 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    Personal Loan BYTES FROM OUR KITCHEN

    HSBC Personal Loan Review: Offers One of the Lowest Interest Rates in the Market


    After managing all your household expenses and honouring all your other financial commitments, you may see a shortfall in funds meant for all your discretionary spends. However, if you wait until your cash flow improves, you may never be able to enjoy life the way you have planned. Whether it’s a trip to the US with your family or your plans to renovate your home before Christmas, postponing your plans in the hope that you can implement them when things get better may not always work.

    A personal loan from HSBC can help you enjoy life without having to bear an unmanageable interest burden for the rest of your life. Whether you’re comfortable with a term loan, a line of credit, or a debt consolidation plan (DCP), you may find an option that’s suited perfectly to your needs.

    A Loan Personalised for Your Specific Need: Personal Loan Options from HSBC

    • HSBC’s Cash Instalment Plan: Do you have an HSBC card? You can borrow up to 90% of the credit limit available on your card through this loan. Repayments can be spread over 1 year and can go up to 3 years. An applied interest rate as low as 0% p.a. and a one-time processing fee as low as 1% will apply. Thanks to fixed monthly instalments, you may be able to enjoy better control over your finances.
    • HSBC Personal Loan: Need to make a big-ticket purchase or investment? You can rely on this loan because you may be able to borrow up to 8x your monthly income through this loan product. Monthly instalment payments are fixed which means that your cash flow will be regular and probably easier to manage. Flat interest rates start from 3.7% p.a. and can go up to 4.8% p.a. The repayment period can be from 1 year to 7 years.
    • HSBC Personal Line of Credit: A personal credit can be a great tool to manage your unforeseen and unbudgeted financial commitments. With access to a credit facility from which you can draw cash multiple times, you’ll have the much-needed financial stability that you have always wanted. The credit limit can go up to 6 times your monthly earnings. Interest rates can be as low as 12% p.a.
    • Balance Transfer: If you want to consolidate unpaid balances from multiple credit cards into one card, you may consider this loan as an option. The tenures available are 6 months and 1 year. Interest rates can be as low as 0% p.a. A one-time processing fee may or may not apply depending on the tenure that you choose.
    • Debt Consolidation Plan: Have you accumulated a mountain of debt? You may still have one option left to escape bankruptcy. This loan product offers interest rates as low as 4% p.a. and allows you to consolidate the unsettled balances from your existing unsecured credit facilities under a single loan account. You’ll enjoy the convenience of making fixed payments every month to this account and deal with only one financial institution instead of many. The tenor can be stretched up to 10 years. You’ll enjoy a processing fee waiver if you opt for this loan.

    Competitive Interest Rates, Flexible Tenure: Are the Special Features Truly ‘Special’?

    • Maximum borrowing limit: With some loans such as the Cash Instalment Plan and the Line of Credit, you may be able to borrow up to 90% of the credit limit approved. If you’re an HSBC Premier Customer, you’ll enjoy an extended limit of 95%. In some cases, you may be able to borrow up to 6 times your monthly income with this line of credit. If you’re applying for the debt consolidation plan, however, the amount can be equal to the outstanding balances in your unsecured loan accounts in addition to an allowance of 5% (for first-time applicants only).
    • Minimum borrowing amount: The minimum borrowing limit is S$1,000 for loan products such as the Line of Credit and Cash Instalment Plan loans from HSBC. It may not be less than S$5,000 for the HSBC term loan. If you choose the debt consolidation programme, the loan amount has to exceed 12 times your monthly income.
    • Loan tenure: The tenure for various HSBC loans may vary from a few months to a few years. The lowest tenure is 6 months for Balance Transfer and the highest is 10 years for DCP. Compared to most lenders in Singapore who offer a maximum tenure of 5 years on their instalment loans, HSBC allows you to stretch your payments up to 7 years.
    • Moderately Low Interest Rate: The applied rates can be as low as 0% p.a. on some loans depending on the repayment period chosen. It is 0% for a 6-month Balance Transfer loan. Also, you’ll enjoy a no-interest loan with HSBC’s Cash Instalment Plan if you choose the 1-year tenure or the 18-month tenure.
    • Easy monitoring of the transactions: Get a monthly statement and an >annual loan account report to track your loan transactions – inflows and outflows. These statements will help you keep track of your payment due dates and also adjust your budget accordingly. Transactions made in relation to your line of credit will, however, not be reflected under these monthly statements.
    • Easy application: If you receive any assistance with the application process, get in touch with the bank. They will help you complete the process in no time.
    • Processing fee waiver: You may receive a complete waiver of the processing fees. This offer is available on the term loan from the bank on applications submitted by 31 October 2018. You’ll also enjoy a waiver of processing fees on the 12-month Balance Transfer loan. In general, it could be 1% of the loan amount approved and it will usually be charged upfront at the time of cash disbursal, if applicable.
    • In-principle approval: With some loans such as HSBC Personal Loan, you’ll receive an almost immediate in-principle approval, provided the application is complete and the supporting documents are in order. Cash will be disbursed the very next day provided the bank has no further queries.
    • Attractive promotional offers: The bank offers promotional deals on personal loan applications from time to time. The offer could be in the form of lower interest rates, fee waivers, cashback, and more. Don’t forget to keep an eye out on the validity of such offers. Also, some of these offers may be available exclusively on select channels of application.
    • No guarantor required: You may not need to have a guarantor or submit a collateral to use one of the HSBC personal loans. The bank may, however, conduct a thorough background verification to determine your suitability for a particular loan and your ability to repay the loan on time.
    • Multiple modes of repayment: To repay the monthly instalments or to pay the minimum amount due, you may use any one of the following options:By cheque
    • By electronic fund transfer
    • By cash

    Enjoy Affordable Interest Charges on HSBC Loans

    If your application for an HSBC loan is approved, you may be charged interest at the following rates:

    Loan Product Applied Interest Rate Effective Interest Rate
    HSBC’s Cash Instalment Plan Between 0% p.a. and 6.88% p.a. Between 10.45% p.a. and 13.32% p.a.
    HSBC Personal Line of Credit -
    • 12% p.a. for Premier Customers
    • 16.5% p.a. for Advance, Visa Revolution, and Platinum cardholders
    • 18.5% p.a. for all other customers
    Balance Transfer Between 0% p.a. and 4.88% p.a. Between 2.17% p.a. and 4.88% p.a.
    HSBC Personal Loan (term loan) Between 3.7% p.a. and 4.8% p.a. Between 7% p.a. and 9% p.a.
    Debt Consolidation Plan Between 4% p.a. and 5.7% p.a. Between 7.5% p.a. and 10% p.a.

    Enjoy Fees That Are Commensurate With Low Interest Rates

    Affordability of a loan is generally determined by two related but distinct factors – interest rates and fees. A loan is affordable when both these components remain low. With HSBC personal loans, you’ll enjoy affordable fees/charges along with attractive interest rates. The following fees may be relevant to these loans:

    • Processing fee.
    • Early repayment fee.
    • Late fee.
    • Overdue interest rate.
    • Default interest rate.
    • Minimum monthly payment and minimum interest charge in case of line of credit.
    • Restructuring fee.
    • Overlimit fee, if any, in case of personal line of credit.
    • Service fees such as: Returned cheques, Statement retrieval and Failed GIRO payment.

    Check the product pages on our website for the latest fee rates and charges.

    Bear in Mind: Next-Day Approval Not Available on Redraw

    Before you apply, spend some time considering the following points:

    • Although approval by next day is a feature of term loans from HSBC, it is, however, not available on redraw requests.
    • Next-day approval will also not be offered by the bank for loan amounts greater than S$100,000.
    • You can’t consolidate your outstanding debts partially with HSBC DCP.
    • ·There could be a minimum and maximum borrowing limit on a particular loan type. Any request for an amount outside this range may not be considered.

    • Only one balance transfer per line of credit will be allowed.
    • Once you have applied for a balance transfer loan, you may not be able to cancel it.
    • The payment due date will be mentioned in the notification letter and the subsequent statements. If you don’t pay the notified amount on time, you’ll have to pay additional interest and charges.
    • If you’re a foreigner, you may not be eligible for all the HSBC personal loan products available. Refer to the individual product pages on our website to check your eligibility.
    • If you have set up a DCP arrangement, you’ll have no further access to your existing credit lines. No request for credit limit reviews will be entertained as long as you have unpaid balances in your account. In case your income increases, you can, however, apply for a credit limit increase on your revolving credit facility by submitting relevant documents.
    • Promotional offers, if any, may not be available for loan redraws.

    • The bank reserves the right to vary interest rates or certain loan clauses without prior notice or consultation.
    • Loan tenure of 6 years and 7 years available on HSBC Personal Loan applies only to successful, salaried applicants.
    • The Cash Instalment Plan loan may not be available on US-dollar denominated cards. It is also not available to holders of corporate cards.

    Are You Eligible for These Loans?

    Before you posit your application for approval to the bank, make sure that you meet the following conditions:

    • You’re a citizen or permanent resident of Singapore.
    • If you’re a foreigner, you may be eligible for some loans but may not be eligible for all. HSBC DCP is a case in point.
    • You should be aged between 21 years and 65 years for most loans.
    • Your minimum income should exceed S$30,000 or at least be equal to it in most cases. Loans for which foreigners are eligible, only those with a minimum income of S$40,000 may apply.
    • If you’re a foreigner, make sure that you have an employment pass with a minimum validity of 1 year. For some loans such as the Personal Line of Credit, the validity of your employment pass can’t be less than 6 months.
    • For DCPs, your balance-to-income ratio should exceed 12x your monthly income also.

    What Are the Supporting Documents That You Will Have to Submit?

    You’ll have to submit the following for validation:

    • Your completed application.
    • A copy of your NRIC, or your passport and employment pass, whichever is applicable.
    • Proof of your mailing address if it is different from the one mentioned on your NRIC.
    • Proof of the billed and unbilled outstanding balances in case of a DCP loan. You may also have to provide confirmation letters and online invoices to provide proof of purchase instalment plans, if any.
    • You may additionally have to submit the following income documents:
      • If you’re a salaried employee, you can provide any one of the following:
        • Your electronic payslips for the last 3 months.
        • Your latest Income Tax Notice of Assessment (NOA) with computerised payslip for the last 1 month.
        • CPF statement for the last 6 months. The statement could be submitted online on the bank’s website. Your SingPass login may be required.
      • If you’re a self-employed professional or a commissioned earner, you’ll have to submit your NOA for the last 2 years.

    Want to Apply? Try One of the Following Channels of Application

    Once you have decided to apply, you can use any of the following modes to complete the process:

    • you wish to apply for HSBC Personal Loan or Debt Consolidation Plan, you can do so on our website.

    For other loans, you may employ one of the following modes (as and where applicable):

    • Submit your application online.
    • Call the bank’s hotline.
    • Fill up the contact form available on the bank’s website. A representative from the bank will get in touch with you.

    Personal loans from HSBC can solve your short-term or your long-term cash needs depending on how you use them.  Low interest rates and fees mean can reduce the chances of default. If you continue to make payments on time, you can actually see an improvement in your credit score instead of a dip which you might have expected when you had applied for the loan.

    News About HSBC Bank Personal Loan

    • HSBC to Refocus on Market Expansion

      HSBC Bank, one of the largest lenders in Europe, has recently announced its plans to invest US$17 billion in market expansion across key Asian markets for capacity building. The announcement was made by John Flint, CEO of HSBC Holdings. Mr Flint said that the bank will now focus again on growth after a phase of restructuring and consolidation.

      According to the announcement, the bank will invest almost two-thirds of the total amount in ramping up its presence in Hong Kong, the Pearl River Delta region in China, and also on the wealth management vertical. The remaining one-third will be spent mainly on meeting the cybersecurity challenges that bank foresees. This is part of the bank’s new strategy to contain cost escalations and grow its topline. The bank has also said that it plans to get an 11% return on tangible equity by the end of 2020.

      12th June 2018

    • HSBC Launches Powerful API in Line With Open Banking Regulations

      HSBC has recently launched Connected Money, a smart application programming interface (API) that assembles data and information related to every single bank account owned by a customer on a single screen. Customers will now be able to see their savings, current, loan and mortgage, and card accounts that they have with different lenders, through this app. This app aims to provide customers with relevant financial education and insights to help them analyse their spend patterns, and modulate their spending based on their cash flow and reserves. Since customers won’t have to log onto multiple accounts and can get information assembled at one place, they’re expected to get a lowdown on their financial standing in a clear manner.

      This app, which is compliant with iOS 10 and newer versions, can display accounts and data from 21 different banks. A user can easily download it from the App Store and start using it without a fuss. Open banking is a concept that allows banks to provide third-party service providers access to customer-owned data, provided a customer agrees. These providers can then add new features to the API to provide more personalised services to the customer. This app, with an inbuilt messaging feature, can also make suggestions on savings.

      25th May 2018

    • HSBC Q3 pretax profit up in Asia

      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 Singapore expands its North Asian business unit

      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

    • Ex UBS Banker returns to HSBC

      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

    • Did you know that your multi-generational flat can earn a string of benefits?

      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

    • HSBC Singapore reclaims its growth in the country

      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

    • HSBC's Personal Loan Sign Up and Referral Promotion

      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.

    • HSBC Continues To Invest in Singapore

      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

    • HSBC's Personal Loan Promotion

      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.

    • HSBC's Personal Loan Interest Rate Promotion

      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 Report Names Singapore As The Top Destination For Expats

      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

        • Sweden

        • Bahrain

        • Germany

        • Canada

        • Australia

        • Taiwan

        • United Arab Emirates

        • Switzerland

      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

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