• HSBC Personal Line of Credit Balance Transfer

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    HSBC is a very popular across the whole world. The bank provides a wide range of personal loan products that can be used for any purpose. You can use it fund your higher education, to organise your wedding, to buy a new house, to renovate your home, or to enhance your cash flow.

    Some of the personal loan products offered by HSBC include personal loan, credit line, debt consolidation, etc.

    Here in Singapore, the bank offers an excellent personal loan product known as HSBC Personal Line of Credit. This line of credit provides you with additional funds of up to 2 times your monthly income. The best thing about this product is that you will need to pay interest solely on the money that you utilise. You can make repayments in a flexible manner. It has a marvellous offer on a personal line of credit balance transfer. This HSBC balance transfer programme comes with preferential rates.

    You can obtain funds of up to S$100,000 with this programme. You can also enjoy a waiver of your annual fee. What’s more, you will get cash with your Personal Line of Credit debit card and cheque book.

    Apart from this, HSBC also has a Personal Line of Credit Balance Transfer programme. When you choose this programme, you can transfer the balances of all your debts (including loan debts and credit card debts) to an HSBC Personal Line of Credit account.

    Features of HSBC Personal Line of Credit Balance Transfer

    Let us discuss the primary features of this personal loan product:

    • You can make only one application for each Personal Line of Credit account.
    • The minimum amount for a balance transfer is S$1,000.
    • The maximum amount that can be moved is up to 90% of the funds fixed by (i) the credit limit that has been provided to you minus (ii) the unsettled amount that is remaining in the Personal Line of Credit account when your application is being processed.

    Interest rates for HSBC Personal Line of Credit Balance Transfer

    Loan period

    Interest rate

    Effective interest rate

    Processing fees

    6 months

    2.50% p.a.

    4.41% p.a.

    S$88

    12 months

    4.88% p.a.

    5.92% p.a.

    S$88

    Your effective interest rate can change if you do not make all your monthly payments completely. You will get a waiver of the processing fees if you apply for a balance transfer amount of S$10,000 and if it gets approved.

    The above-mentioned interest rates are promotional rates and they are valid for a limited period. They are exclusive offers for online purchases.

    If you have a balance transfer amount of S$10,000 for 6 months, you will save up to S$1,090. You will be able to save up to 87%.

    If you have the same balance transfer amount for 12 months, you will save up to S$2,012. With this, you can enjoy savings of up to 80%. This way, you will save a lot of money and you can utilise these funds on your other expenses. You can use these savings even as a form of investment.

    Eligibility criteria for HSBC Personal Line of Credit

    The eligibility criteria for HSBC Personal Line of Credit are as follows:

    • You should be at least 21 years old and not more than 65 years old.
    • If you are a salaried Singapore citizen or Permanent Resident, your annual income should be at least S$30,000.
    • If you are a commission-based or a self-employed Singapore citizen or Permanent Resident, your annual income should be at least S$40,000.
    • If you are a foreigner with Employment Pass that is valid for at least 1 year, your annual income should be at least S$40,000.

    Documents required

    These are the documents that are mandatorily required for applying for HSBC Personal Line of Credit:

    • For salaried individuals:
      • A copy of NRIC (2 sides) or passport
      • Most recent salary slips for 3 months OR
      • Most recent Notice of Assessment with the most recent salary slip for 1 month OR
      • CPF statement for 6 months
    • For individuals who are self-employed or earn through commission:
      • A copy of NRIC (2 sides) OR your passport
      • Notice of Assessment for the last 2 years
    • For foreigners:
      • Your employment pass that is applicable for at least 1 year
      • A copy of the first page of your Passport that gives your identification
      • Your most recent payslips for 3 months OR Notice of Assessment

    Explore the Loans Offered By HSBC Bank

    FAQs

    1. What is the validity for the promotional rates of the balance transfer programme?
    2. They are valid for a limited period. You can enjoy these rates from when your balance transfer is approved for 6 or 12 months (depending on what tenure you have selected). It is valid only for the balance transfer amount and the processing fee.

    3. If interest charges are applicable on my HSBC Personal Line of Credit Balance Transfer programme, how much will I have to pay?
    4. If interest charges are applicable, you will have to pay a minimum of S$10 every month.

    5. When my promotion period for the Balance Transfer programme gets over, what will happen?
    6. When the promotion period expires, you will have to repay your remaining balance transfer amount at the current applicable interest rate.

    7. Can I combine any other promotional offer related to Personal Line of Credit balance transfer along with the promotional interest offer?
    8. No, the promotional interest offer will not be applicable if you use any other offer even if it is associated with the balance transfer programme.

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