Cash woes? A personal loan to the rescue!

    HSBC’s Cash Instalment Plan Review: Enjoy Attractive Interest Rates

    If you don’t want a long-term financial solution, how about some short-term fixes? Were you planning to renovate your home or shop for the upcoming festival? This term loan from HSBC may be able cover for these expenses – small and big. Enjoy a hassle-free application process and competitive interest rates with this HSBC loan.

    Low Interest Charges, Fixed Monthly Payments: Is This Loan Another Name for Convenience?

    • Maximum loan amount: You can borrow up to 90% of the credit limit available on your HSBC card.
    • Minimum loan amount: You can borrow as little as S$1,000. Application for any amount below this, however, may be rejected.
    • Competitive interest rates: Interest rate on this loan starts from 0% p.a.
    • Fuss-free application: Multiple channels of application such as online and phone banking are available. Choose the one that suits you best.
    • Loan tenure: Choose a loan tenure between 1 year and 3 years. You’ll have to make fixed monthly repayments throughout the duration of the loan or until such time as the dues are settled in full.
    • Welcoming staff: If you want guidance or detailed information about the loan, you may talk to an executive at a local HSBC branch.
    • Easy loan disbursal: Upon loan approval, HSBC will credit the loan to a Singapore dollar denominated bank account held by you, provided you’re the primary cardholder.

    Enjoy Greater Interest Savings With HSBC Cash Instalment Plan

    Loan Tenure Applied Rate (Flat) Effective Rate of Interest (EIR) Processing Fee
    12 months 0% p.a. 11.23% p.a. 5.88%
    18 months 0% p.a. 10.45% p.a. 7.88%
    24 months 6.28% p.a. 12.64% p.a. 1%
    36 months 6.88% p.a. 13.32% p.a. 1%

    [Please note: EIR, in this case, takes into consideration the fact that the processing fee will be charged upfront. Also the computation of EIR is based on the assumption that the monthly instalment is settled in full every month until the end of the loan tenure. Failure to clear your dues on time may attract higher rates.]

    Fees and Charges That You’ll Have to Deal With

     Cancellation fee (on termination of programme or card account) S$100
    Instalment period restructuring S$100
    Early repayment fee S$100
    Cash advance rate (applicable if monthly instalment is not paid on time)  28% p.a.

    Keep in Mind: Minimum Borrowing Amount is S$1,000

    Hasty decisions can almost always ruin your plans. So, take some time to mull over the following points before you click the “apply” button:

    • The minimum amount that you can borrow is S$1,000.
    • You can’t borrow any amount that exceeds 90% of the credit limit available on your card account.
    • Upon approval of your loan application, you would notice a dip in the credit limit available on your card. The reduction in value will be equal to the total of the loan amount and the interest charges payable.
    • If the sum of the borrowing amount and the interest charges can’t be divided into equal monthly instalments perfectly, you’ll have to pay the difference in the last instalment.
    • If you hold a card from HSBC that’s denominated in US dollars, you won’t be eligible for this loan.
    • Incomplete applications may be rejected. Also, if the bank asks for additional information during the processing period, you’ll have to provide them with the required information.

    Are You Eligible for This Loan?

    You may be able to apply for this loan only if you’re a principal holder of an HSBC card. If you want to know whether you meet the card eligibility requirements, click here. To learn more about the general eligibility conditions for HSBC personal loans, click here. Don’t forget to check the list of supporting documents on both the pages.

    Ready to Apply? Here Are the Channels Available

    The following are the modes of application that the bank provides to loan applicants:

    • Fill out the contact form available on the official website of HSBC. Under normal circumstances, someone from the bank will get in touch with you within 3 business days, during the bank’s office hours.
    • You may also submit your application online.

    If you want answers to your general queries or an update on the status of your application, you may call the bank’s hotline. The bank’s customer service officers will assist you.

    What More Should You Know About This Personal Loan Product?

    Q. Will I receive Rewards points for instalment payments that I charge to my HSBC card?

    A. No. The bank won’t offer rewards points for instalment payments, interest charges, fees, or any other related charges.

    Q. The bank approved only a percentage of the loan amount that I had applied for. Why?

    A. The bank uses its discretionary powers and determinants that it may not reveal publicly, to evaluate your application. Hence, the loan amount approved may be different from what you had applied for.

    Q. I don’t have an HSBC credit card. Can I apply for this loan?

    A. You can apply for this loan only if you’re the principal owner of an HSBC card. Hence, if you don’t have a card already, you’ll have to get one first before you can apply for this instalment loan.

    Q. I own an HSBC corporate card. Can I apply for this loan?

    A. No. Holders of HSBC corporate cards may not be eligible for the programme.

    Q. Is there a fixed date on which the bank will charge the instalment amount to my card?

    A. The instalment amount, will be charged to your account every month, on the relevant statement date.

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