Cash woes? A personal loan to the rescue!

    HSBC’s Personal Line of Credit Balance Transfer Review: Enjoy Hassle-Free Application Process

    Are you paying exorbitant rates of interest on multiple credit cards? You may be able to enjoy greater freedom, convenience, and certainly savings if you consolidate the debt on your cards under a personal line of credit from HSBC. Think what you can do with the savings! Gifting your family an expensive overseas holiday package, starting a new endowment plan for your child’s education, or buying yourself a smartphone that can turn a few heads - the possibilities are endless.

    Interest Savings, Quick Cash: Do You Get Assured Value?

    • Maximum balance transfer: In general, you can transfer up to 90% of the difference between the credit limit approved and outstanding balance on this HSBC line of credit, if any. If you’re an HSBC Premier customer, you may be able to transfer up to 95% of the aforementioned amount.
    • Minimum balance transfer: You can consolidate debt worth S$1,000 or more with this facility.
    • Multiple channels of application: Apply online, place a call, or send an SMS to register your application and get approval and disbursal in a fast and efficient manner.
    • Higher savings: Based on certain assumptions and factors, you may be able to save around 83% by transferring outstanding balance from your card(s) to this facility.
    • Processing fee waiver and 0% interest: Depending on the tenure you have chosen, you may be able to avoid the upfront processing fee charged on the loan or enjoy a flat interest rate of 0% p.a.

    Apply Today for Substantial Savings

    Currently, the bank is running a promotional offer. If you apply now for the 12-month balance transfer option, you’ll enjoy a full waiver on the one-time processing fee of S$88 otherwise applicable. If you choose a 6-month tenure, you’ll enjoy a flat rate of 0% p.a. on your borrowing. After the promotion period ends, however, the interest charged on the outstanding balance would revert to the prevailing rate. See the illustration scrawled below to get a rough estimate of the potential savings.

    Enjoy Enhanced Loan Affordability Through Greater Interest Savings

    Interest would be charged at the following rate depending on the tenure of your loan and whether you’re enjoying promotional rates or not:

    Tenure Nominal Interest Rate (Flat) Effective Interest Rate (Promotional) Effective Interest Rate (Prevailing)
    6 months 0% p.a. 3% p.a. 18.5% p.a.
    12 months 4.88% p.a. 4.88% p.a. 18.5% p.a.

    Important Fees and Charges That You Will Have to Consider

    Here are the most important fees and charges that would apply on your line of credit balance transfer:

    Minimum monthly payment 3% of the outstanding balance
    Upfront processing fee for 6-month loan 1.38%
    Upfront processing fee for 12-month loan S$88
    Minimum interest charge S$10 per month

    Keep in Mind: Termination of Credit Facility Not Possible After Submission of Your Application

    The benefits of this HSBC personal credit facility are for you to see. Nevertheless, you should consider a few things first:

    • Once you have submitted your application, you may not be able to terminate the balance transfer account or change the loan amount.
    • You can’t borrow an amount less than S$1,000.
    • You can’t borrow more than 90% of the credit limit available under normal circumstances.
    • Penalty charges and higher interest rates may be applicable if you fail to settle the loan within the chosen loan tenure. In any case, your monthly interest burden may suddenly increase at the end of the current promotion.
    • You can only apply for one balance transfer per line of credit account at a time.
    • The current promotion can’t be clubbed with any other special offer/s.
    • The bank can reject your application without offering a reason.
    • If timely payments on the outstanding debt isn’t made for any reason, including technical reasons, and you’re charged overdue interest or additional fees, HSBC can’t be held liable.

    Are You Eligible for This HSBC Credit Facility?

    Before you apply, make sure that you’re well-versed with the eligibility criteria applicable for this loan product and the full list of documents required. Click here for updated information.

    Does the Application Process Offer Convenience, Privacy, Security, and Speed?

    Ease of application is one of the most important consideration factors for personal loans. While the attractiveness of a loan may well be determined by low interest rates, low fees, and flexible tenures, ease of application has its own appeal. You may apply for this balance transfer product in a hassle-free and secure manner through one of the following channels:

    • Call the bank’s dedicated helpline number. You may also leave your contact details with the bank by filling out a form. A bank representative may contact you later at an appropriate time.
    • If you don’t have access to the personal internet banking facility, you may fill up an online application and upload your Enrolment Form digitally. If you have internet banking login credentials, you may use the facility to apply.
    • Send an SMS to the bank. You can expect a customer service executive to contact you within 3 working days.

    Haven’t Found an Answer to Your Query Yet? Try This Section

    Q. I applied for a higher amount. The bank gave me a lower one. Why?

    A. The bank reserves the right to decide whether to approve your application, even if you apparently meet the eligibility conditions and has the final say on the loan amount approved. The bank’s decision is absolute.

    Q. Can I apply for this HSBC balance transfer facility if I already have another balance transfer facility?

    A. No. If you’re already enrolled in a balance transfer programme or enjoying special interest rates, you may not be eligible.

    Q. Can I terminate this facility while I am still enjoying promotional rates? Will penalties apply?

    A. Yes, you can terminate your account. However, HSBC reserves the right to charge you the full interest payable during this period had the prevailing interest rate been applied. You’ll have to settle the debt in full before you cancel the account.

    Q. Can I use my borrowings from this credit facility to pay down the outstanding debt on my HSBC credit card or another HSBC credit line?

    A. No. You won’t be able to use money from this credit facility to settle debt on a card/personal line of credit from HSBC.

    Q. What is an enrolment form? Why do I have to fill it up?

    A. You’ll have to fill up an enrolment form only if you don’t have internet banking credentials. This form has to be filled up and submitted along with your supporting documents, if you’re applying online.

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