• Personal Loan BYTES FROM OUR KITCHEN

    HSBC Cash Instalment Plan

    HSBC offers a spate of banking products in Singapore from credit cards and personal loans to home loans, car loans, investment options, and more. The Bank’s personal loan offering is particularly worth mentioning, as the bank offers affordable interest rates and fixed repayments over the period of the loan tenure.

    You can avail a personal loan from HSBC to go on your long awaited vacation, to cover your marriage expenses, take care of a financial or medical emergency, renovate your home, or anything for that matter.

    Features of the HSBC Cash Instalment Loan

    • The HSBC Cash Instalment loan can be borrowed against fixed monthly repayments over tenure periods that can stretch from 1 year to 3 years.
    • The loan’s Effective Interest Rate (EIR) depends on the loan tenure. The EIR is lower in case of longer tenures and higher in case of shorter tenures. SO basically, if you’ve chosen a 1 year tenure, your interest rate will be high – a longer tenure will see you getting a lower interest rate on your loan.
    • The application process is simple and convenient. You can apply for the loan by filling out the online loan application form and submitting your loan documents.

    Benefits of the HSBC Cash Instalment Loan

    The Cash Instalment loan comes with a string of impressive benefits. Let us take a look at the advantages the loan has to offer:

    • Customers can choose a tenure period of their choice. As mentioned earlier, tenure periods can range from 1 year to 3 years, depending on the loan amount. It is always advisable to choose a tenure period in accordance with the loan amount – if the amount is high, a longer tenure is recommended.
    • Once the customer fills out his application details, the loan is approved almost instantly, after which the documents are verified, the customer’s credit history is evaluated, and the loan amount is disbursed.
    • Customers can expect to receive the loan amount in as less as 3 working days after the final approval is received.

    Interest rates on the HSBC Cash Instalment Loan

    Below is a list of interest rates for loan amounts exceeding S$1,000:

    Loan Tenure Applied Interest Rate (% p.a.) Effective Interest Rate (% p.a.) Loan processing fee (%)
    12 months 0% 11.23% 5.88%
    18 months 0% 10.45% 7.88%
    24 months 6.28% 12.64% 1%
    36 months 6.28% 13.32% 1%

    Eligibility criteria

    • The applicant has to be minimum 18 years of age.
    • The loan is available to customers who possess a HSBC credit card with an active account for a minimum period of 2 months.
    • The minimum loan amount is S$1,000.
    • Customers are expected to meet the minimum eligibility criterion in order to qualify for the loan.

    Documents to be submitted to the bank

    Here is a list of documents that you are required to submit along with your loan application:

    • Front and back copy of NRIC
    • CPF contribution history for the last 2 years
    • Latest Income Tax Notice of Assessment
    • Income documents - latest computerized payslips
    • Bank statements for the last 3 months

    Explore the Products Offered By HSBC Bank

    FAQs

    1. How do I apply for the HSBC Cash Instalment Loan?
    2. You can apply for the loan by visiting the official HSBC website and filling out the online loan application form. You will also have to submit relevant loan documents to the bank. The list of documents has already been mentioned above.

    3. Is there a facility to close the Instalment loan before the completion of the loan tenure?
    4. Yes, you can close the loan at a charge of 3% of the outstanding loan balance before the completion of your loan tenure. The fee will be deducted from your CIMB credit card account.

    5. Are repayments fixed throughout the loan tenure?
    6. Yes. Repayments towards the loan remain fixed all through your loan tenure. If you’ve opted for a 36 month loan tenure, your monthly repayments will remain fixed throughout that period.

    Read More about Personal Loans in Singapore

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