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.
Atleast 21 years
Less than 65 Years
Salaried or self-employed with regular income
Earn more than the minimum income required
Minimum income required
Max loan amount - upto four times (4X) your monthly income
EMIs of other loans lower your eligibility
Pay off your credit card bills
Choose longer tenure loan up to 7 Years
|Interest Rate||4.8% pa|
|Min Loan Amount||S$5,000|
|Max Loan Amount||up to 8 times your monthly income|
|Loan Tenure||7 Years|
|EIR||9% to 10% p.a.|
|Guarantor Requirement||No Guarantee Required|
HSBC gives the following products under its personal loan category:
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:
The documents required for an HSBC personal loan are:
|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 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:
|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.
There are two ways to apply for HSBC personal loans:
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