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    We found 1 HSBC Bank Personal Loan

    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 3.8% 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

    BankBazaar HSBC Bank Personal Loan


    HSBC Bank Personal Loan

    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.

    You’re probably eligible for a HSBC Bank Personal Loan if you are

    HSBC Bank Personal Loan Minimum Age

    Atleast 21 years

     HSBC Bank Personal LoanMaximum Age

    Less than 65 Years

     HSBC Bank Personal Loan Eligible Employment Type

    Salaried or self-employed with regular income

     HSBC Bank Personal Loan Minimum Income

    Earn more than the minimum income required

    Your HSBC Bank Personal Loan amount eligibility is based on these factors

     HSBC Bank Personal Loan Minimum Salary

    Minimum income required

    HSBC Bank Personal Loan Maximum Loan Funded

    Max loan amount - upto four times (4X) your monthly income

     HSBC Bank Personal Loan EMI

    EMIs of other loans lower your eligibility

    Increase your eligible HSBC Bank Personal Loan amount by these steps

     HSBC Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    HSBC Bank Personal Loan Tenure

    Choose longer tenure loan up to 7 Years

    Documentation needed to apply for an HSBC Bank Personal Loan

    • 1.Photocopy of NRIC
    • 2. Salaried Employee
      • Latest Computerized Payslip OR
      • CPF Contribution Statement for past 12 months OR
      • Latest Income Tax Notice of Assessment (NOA)
    • 3. Variable Income/Commission Based Earner
      • Latest 6 months Computerized Payslip OR
      • CPF Contribution Statement for past 12 months OR
      • Latest Income Tax Notice of Assessment (NOA)
    • 4. Self-Employed
      • Income Tax Notices of Assessment (NOA) for past 2 years
    • 5.Any other documents as may be requested by the Bank at its sole discretion

    HSBC Bank Personal Loan DetailsUpdated on 28 Jun 2017

    HSBC Bank Personal Loan Details
    Interest Rate 4.8% pa
    Min Loan Amount S$5,000
    Minimum Income S$30,000
    Max Loan Amount up to 8 times your monthly income
    Loan Tenure 7 Years
    Processing Fee S$88
    EIR 9% to 10% p.a.
    Guarantor Requirement No Guarantee Required

    Why choose HSBC personal loans

    • HSBC personal loans can come with interest rates as low as 7% p.a.
    • You can get high loan amounts for a long duration.
    • You can leverage your relationship with the bank and get lower interest rates and better benefits.
    • HSBC does not require you to produce too many supporting documents. You identity card, income proof and personal details are all that are needed for a successful loan application.
    • Your application will be approved in minutes if you already have the in-principle approval.
    • The bank comes up with special offers periodically that will give you discount on interest, cashback or special gifts when your personal loan is approved.
    • HSBC has excellent customer service and support team. Any queries you may have or complaints and feedback on your products and services, the HSBC team will handle it professionally and to your satisfaction.

    Types of HSBC personal loan

    HSBC gives the following products under its personal loan category:

    • HSBC Personal Loan: 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.
    • HSBC Cash Instalment Plan: 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.
    • HSBC Personal Line of Credit: 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.
    • HSBC Personal Line of Credit Balance Transfer: 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.
    • HSBC Debt Consolidation Plan: 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.
    • HSBC Investment Financing: This loan is especially to help you make investments and grow your money.

    HSBC personal loan features & benefits

    The key features and benefits of getting an HSBC personal loan are as mentioned below:

    • Multipurpose loans: HSBC personal loans can be used for any purpose by you. You may use it for a medical emergency, for your wedding expenses, to pay the school fees of your kid, or for a holiday to New Zealand – the choice is yours!
    • Low interest rate: The interest rate on HSBC personal loans is as low as 7%.
    • High loan amount: You can get from 2 times your monthly salary to 8 times your monthly salary as loan.
    • Quick approval: Once you get the in-principle approval for your personal loan, your loan application will be sanctioned within 24 hours.
    • Joining benefits: HSBC offers promotional perks such as cashback and lower interest rates on its personal loan products from time to time. Online applications are often granted special discounts.
    • Low fees: The processing fees charged is quite low, and in some cases the processing fee is waived off altogether.
    • Easy repayment: You can repay your loan amount in ways convenient to you – from fixed monthly repayments to repaying only the amount you have used from your sanctioned loan amount.
    • Flexible tenures: You can select repayment periods of 1 year to 10 years.
    • Balance transfer: You can transfer your balance on a personal line of credit from another bank to HSBC at lower interest rates and better repayment rates.

    HSBC personal loan eligibility & documentation

    The general eligibility criteria for HSBC personal loans are as given below:

    • You can be a Singapore citizen, Permanent Resident or a foreigner.
    • If you are a foreigner you should hold an employment permit, which should be valid for at least one year.
    • You should be between 21 and 65 years of age.
    • Your annual income should be:
      • At least S$30,000 if you are a salaried Singapore citizen or Permanent Resident
      • At least S$40,000 if you are a commissioned or self-employed Singapore citizen or Permanent Resident
      • At least S$40,000 if you are a foreigner
    • You should have an HSBC credit card to apply for the HSBC Cash Instalment Loan.
    • For Debt Consolidation Plan (DCP), your yearly income should not be more than S$119,999.

    The documents required for an HSBC personal loan are:

    • Copy of NRIC (front and back)
    • Copy of passport (for foreigners)
    • Work permit/employment pass with at least 1 year’s validity (for foreigners)
    • Income proof: One or all of the following -
      • Computerised salary slips for the last 3 months
      • Most recent Income Tax Notice of Assessment
      • CPF statement for the last 6 to 12 months

    HSBC personal loan promotions

    • For HSBC Personal Loan, get a cashback of S$50 if you apply online, in addition to getting a processing fee waiver.
    • For HSBC Debt Consolidation Loan, get special flat interest rates of 4.7% p.a. (8.5% effective interest rate) for tenures of 1 to 7 years, and 5.8% (10% EIR) for tenures of 8 to 10 years. You will also get S$100 as cashback if you apply online, and not have to pay the processing fees.

    HSBC personal loan interest rates

    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%
    2 years 5.4% S$88 10%
    3 years 4.8% S$88 9%
    4 years 4.9% S$88 9%
    5 years 4.9% S$88 9%
    6 years 5% S$88 9%
    7 years 5% S$88 9%
    HSBC Cash Instalment Loan 1 year 0% 5.88% 11.23%
    18 months 0% 7.88% 10.45%
    2 years 6.28% 1% 12.64%
    3 years 6.88% 1% 13.32%
    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%

    HSBC personal loan fees & charges

    The fees and charges associated with HSBC personal loans are as follows:

    • Processing fees: As given in the table above.
    • Annual fee: S$60 (only for the Personal Line of Credit)
    • Late payment charge: S$75 (only for the Personal Line of Credit)
    • Fee for failed Standing Instructions/GIRO: S$30 (only for the Personal Line of Credit)
    • Returned cheque fee: S$50
    • Retrieval of statements: S$20 per copy
    • Penal interest rate in case of crossing credit limit or default: 3% more than the prevalent rate
    • Loan prepayment fee: Varied for each loan product

    HSBC EMI calculator

    HSBC has Equated Monthly Instalment (EMI) and Consolidation calculator for its Personal Loan and Debt Consolidation Plan products. These tools are available on the bank’s website.

    The EMI 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 an EMI 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. Let us take an example: You have 4 outstanding loans - two credit cards with dues of S$6,800 and S$5,200 each, one line of credit with balance of S$2,500 and a personal loan of S$15,000. The interest rates of the outstanding loans are: 26% and 25% for the credit cards, 16% for the line of credit and 14% for the personal loan. Once you enter these details along with the monthly payments you are making for each loan, you will be taken to the next section of the calculator, which is Consolidated Debt. You need to now put in the DCP tenure you want. The above values, when entered with a tenure of 10 years, will give the following results:

    Current commitment S$29,500
    Debt Consolidation Loan amount S$30,900
    Monthly repayment on current commitments S$1,525
    Monthly repayment on DCP S$408.35
    Total interest payable on current commitments in 1 years S$5,680
    Total interest payable on DCP in 10 years S$18,101.49
    Interest savings S$3,868.79 (69%) in a year

    These tools are very useful to give you a close-to-truth idea of how much you can save or how much your monthly commitment will be on taking a loan. This will help you plan your repayments and finances well.

    How to apply for HSBC personal loan

    There are two ways to apply for HSBC personal loans:

    • Online: You can apply for a personal loan online by visiting the bank’s official website and applying for the product directly online. You need to fill in the application online and upload the relevant documents to facilitate online application. HSBC personal loans can also be applied for through third party financial websites such as BankBazaar.
    • Offline: You can apply for the loan without using the internet by visiting one of the bank’s many branches on the island. You need to fill the application form and attach the required documents at the branch. An HSBC official will help you with the procedures.

    News About HSBC Bank Personal Loan

    • HSBC Personal Loan Sign Up and Referral Promotion

      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.

    • 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 Personal Loan Promotion

      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.

    • HSBC 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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