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Whether you want to take that long and overdue vacation, help your children pursue their dreams, furnish your dream home or need to some extra cash for anything else you can think and dream of, the HSBC Cash Instalment Plan gives you convenient access to cash directly from your credit card and gives you the choice of picking a repayment plan and monthly instalment that suits your financial needs and help you plan your finances in a much better and wiser way.
HSBC offers its customers an array of features and benefits for the HSBC Cash Instalment Plan making it easier for its customers to make the decision to apply for this plan. Some of the attractive features and benefits are as follows –
Find below the interest rate structure for the HSBC Cash Instalment Plan as per the different loan tenures offered by the bank.
|Tenure||Applied Rate of Interest||Processing Fee||Effective Interest Rate (EIR)|
|12 months||0 percent per annum||5.88 percent||11.23 percent per annum|
|18 months||0 percent per annum||7.88 percent||10.45 percent per annum|
|24 months||6.28 percent per annum||1 percent||12.64 percent per annum|
|36 months||6.88 percent per annum||1 percent||13.32 percent per annum|
Note: The EIR or the Effective Interest Rate is calculated taking into account the processing fee which is a onetime payment which will be charged upfront + the monthly instalment to be paid in full until the end of the tenure. Also, the EIR will start compounding in case the monthly instalment amount is not paid in full.
The HSBC Cash Instalment Plan gives you better control over your finances because the cash flow is channelized through equal monthly instalments. Find below an illustration of what your monthly instalments will look like for the different loan tenures for an approved loan amount of SGD 5000 –
Note: The figures mentioned in the following table have been simplified for the purpose of illustration
|Tenure||12 months||18 months||24 months||36 months|
|Monthly instalment amount||SGD 417||SGD 278||SGD 235||SGD 168|
|Processing fee||SGD 294||SGD 394||SGD 50||SGD 50|
|Total interest payable||Not Applicable||Not Applicable||SGD 628||SGD 1,032|
A termination charge of SGD 100 will be applicable in case of any of the following –
The following applicants are eligible to apply for the HSBC Cash Instalment Plan –
You can apply for the HSBC Cash Instalment Plan using three different ways. They are as follows –
In order to apply for this loan online, you will require the following –
You can apply via telephone in two ways –
Visit your nearest HSBC bank branch, talk to a member of the staff and apply for the HSBC Cash Instalment Plan directly in person.
The HSBC Cash Instalment Plan can be used when you need to get easy access to cash immediately and without much hassle. Through this loan, you can get access to cash in your HSBC credit card for any and all purpose, be it planning the future of your child or taking a long and overdue vacation, furnishing your house and so on. You can choose your repayment period and your monthly instalment making this loan perfect to plan your finances effectively.
The HSBC Cash Instalment Plan offers flexible loan tenures for you to choose from. You can choose a tenure from the following options – 12 months, 18 months, 24 months and 36 months.
The Effective Interest Rate (EIR) for the HSBC Cash Instalment Plan includes the processing fee which is a onetime payment which will be charged upfront plus the monthly instalment which is to be paid in full until the end of the tenure. Also, the EIR will start compounding in case the monthly instalment amount is not paid in full.
The HSBC Cash Instalment Plan offers attractive and competitive interest rate packages for various tenures that starts as low as 0% per annum. Depending on the loan tenure that you have chosen, you can get an interest rate package between 0% per annum and up to 6.88% per annum. Note, that the interest rate does not include the one time processing fees.
In order to apply for the HSBC Cash Instalment Plan, you must be a primary HSBC Credit Card holder. This plan does not apply to HSBC corporate credit cards and US Dollar cards.