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    HSBC Cash Instalment Plan

    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.

    Overview of the Features and Benefits of the HSBC Cash Instalment Plan

    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 –

    • Attractive and competitive interest rate packages. The interest rate packages start as low as 0% per annum.
    • Immense flexibility to choose a repayment period that suits the customer’s financial needs and expectations. You can choose a repayment period from the following loan tenures offered by the bank – 12 months, 18 months, 24 months and 36 months.
    • Fixed monthly repayment options to plan your finances better. The repayments are divided into equal monthly installments.
    • The application process is completely hassle free and requires only a minimum supporting documents.

    Interest Rate Structure for the HSBC Cash Instalment Plan

    Find below the interest rate structure for the HSBC Cash Instalment Plan as per the different loan tenures offered by the bank.

    Table 1:

    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 –

    Table 2:

    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

    Additional Fees and Charges –

    A termination charge of SGD 100 will be applicable in case of any of the following –

    • Early repayment of the loan amount
    • Change in the installation period
    • Termination of the programme
    • Termination of the account

    Eligibility Criteria for the HSBC Cash Instalment Plan

    The following applicants are eligible to apply for the HSBC Cash Instalment Plan –

    • The applicant must be a primary HSBC Credit Card holder.
    • This loan is not applicable on HSBC Corporate Cards and US Dollar cards.

    Applying for the HSBC Cash Instalment Plan

    You can apply for the HSBC Cash Instalment Plan using three different ways. They are as follows –

    • Apply Online
    • In order to apply for this loan online, you will require the following –

      1. Your contact details and other personal details
      2. The account details for the account you would like to transfer
      3. The instalment tenure for the loan you are looking at
    • Apply through Phone
    • You can apply via telephone in two ways –

      1. You can fill in your contact details on the HSBC Cash Instalment Plan Contact sheet and the bank will then contact you within 3 business days during the office hours to take this forward.
      2. If you have any queries regarding this loan, you want to know the status of your application or any other general queries, you can contact the HSBC Customer Service Office regardless of whether you are in Singapore or overseas.
    • Apply In Person
    • Visit your nearest HSBC bank branch, talk to a member of the staff and apply for the HSBC Cash Instalment Plan directly in person.

    Frequently Asked Questions

    1. What is the purpose of the HSBC Cash Instalment Plan?
    2. 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.

    3. What are the loan tenures offered by the HSBC Cash Instalment Plan?
    4. 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.

    5. How is the Effective Interest Rate (EIR) calculated for the HSBC Cash Instalment Plan?
    6. 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.

    7. What are the interest rate packages offered for the HSBC Cash Instalment Plan?
    8. 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.

    9. Who can apply for the HSBC Cash Instalment Plan?
    10. 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.

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