Cash woes? A personal loan to the rescue!

    HSBC Personal Line of Credit Review: Enjoy Easy and Fast Access to Cash

    Are you someone who needs a lot of liquidity throughout the year? This line of credit facility from HSBC could be an ideal option for you, in that case. The most fascinating feature of this product is that you’ll have to pay interest only for the amount that you have used. This means that no interest will be charged on unused credit. You can also make easy repayments every month. Interest rates could be as low as 12% p.a. We’ll shortly walk you through the special features of this loan product.

    Annual Fee Waiver, Access to Quick Funds: Could This Loan Be an Answer to Your Woes?

    Are you struggling currently with insufficient funds? You could end it all with this loan. Here are some of the features and benefits that you could expect:

    High Borrowing Cap:

    You could get funds of up to S$100,000 when you apply. Depending on your annual income and nationality, you could borrow up to 6x your monthly income. If you’re a foreigner, however, you may not be able to borrow more than 4x your monthly income. You could borrow up to the credit limit approved.

    Attractive Interest Rates

    Interest rates could be as low as 12% p.a. The prevailing interest rate could vary depending on the type of relationship you maintain with the bank.

    Minimum 1 Year of Annual Fee Waiver

    While some customers may enjoy a perpetual annual fee waiver, there could be others who could enjoy an annual fee waiver for 2 years from the date of approval. It would depend on the nature of relationship you have with HSBC.

    FREE Debit Card and Cheque Book

    The bank will give you a cheque book and a debit card free of charge. This could make access to the line of credit funds easy and quick.The debit card can give you access to instant cash at HSBC ATMs, locally and overseas. You can also access funds at more than 900,000 Cirrus ATMs globally. In addition, you could also withdraw money via Quickcash. This facility is available at any store under the Cold Storage franchise.You could also access funds using the internet banking facility provided to you by the bank.

    Convenient and Secure Repayment Modes

    Paying back the loan is easy. You could use any one of the following fast and secure payment modes for it:

    • At a bank branch.
    • Through a SAM station.
    • Via a crossed cheque.
    • Through a cash deposit machine.
    • At an AXS station.
    • Using personal internet banking.
    • Via an ATM.
    • At a SingPost branch.

    Facilities That Make Tracking Transactions Easy

    You could check your loan balances, payments, and associated transactions using any of the following modes:

    • Through your internet banking facility.
    • By checking the monthly statement of account that records your transaction history.
    • By contacting the bank’s 24-hour phone banking service.

    Right to Request the Bank to Grant a Certain Credit Limit

    You’ll have the right to inform the bank of your preferred credit limit. However, the bank will retain the right to approve an amount that it considers appropriate. Your request will, however, be taken into consideration at the time of review and processing.

    Exclusive Promotions

    The bank runs promotional offers from time to time. Check their website periodically to discover such deals.

    Save on Interest Payments With This HSBC Loan

    Depending on your banking relationship, you could enjoy the following interest rates on your loan:

    Your Relationship With HSBC Interest Rate
    Retail banking 18.5% p.a.
    Revolution 16.5% p.a.
    Advance 16.5% p.a.
    Premier 12% p.a.

    Whenever the credit line is used, interest will be charged. The interest will be charged on the daily balance outstanding at the end of each day. This will be subject to a minimum charge of S$10 per month.

    What Are the Fees and Charges That You Are Most Likely to Encounter?

    The following are the fees that are most commonly imposed on this loan:

    Annual Fee

    Depending on your banking relationship, you may be charged the following annual fees on your loan:

    Type of Customer Size of Annual Fee
    HSBC Premier customers Waived perpetually
    HSBC Advance customers S$60 (waived for the first 2 years)
    HSBC’s Platinum or Revolution cardholders S$60 (waived for the first 2 years)
    Retail customers S$60 (waived for the first 2 years)

    Other Fees

    The following are the other fees that will be charged:

    Type of Fee Size of Fee
    Late payment charge S$75
    Minimum interest charge S$10
    Minimum payment per month 3% of the balance outstanding, subject to a minimum of S$15
    Failed GIRO payment or other standing instructions S$30
    Fee for returned cheques A maximum of S$50 per instance
    Past statement retrieval S$20 (without GST) per copy
    Default interest rate 3% p.a. above the prevailing rate
    Interest on balance exceeding the approved credit limit 3% p.a. above the interest rate
    Early account termination or early settlement of loan S$40 for an account closed within 6 months of opening. Charges on accounts opened during promotion periods, will be governed by the terms mentioned under the promotion.
    Replacement of debit card S$5 per instance

    Learn more about other lenders who don’t charge a processing fee on their loans here.

    Don’t Forget: Annual Fee Waiver May Be Available for a Limited Period

    The following are some of the important things that you should know, understand, and analyse before you make a loan application:

    • The annual fee waiver may be for a limited period. It would depend on the kind of relationship you have with the bank.
    • You may not be able to borrow more than S$100,000.
    • The debit interest cycle and the billing cycle may not be the same.
    • The payment due date may be 22 days from the date of generation of the last statement. If you don’t pay the dues within this period, additional interest charges may be levied.
    • You may apply for a credit limit review. However, it will be subject to the bank’s review and approval.
    • You won’t be able to use the overdraft facility on your credit line to pay the dues and outstanding balances on it.
    • If the actual due date falls on a non-working day, it will be deferred to the next business day.
    • The bank won’t be obliged to send you statements if your account is in a state of default or inactivity (minimum 1 year).
    • Unless you notify the bank of any error or discrepancy in the statement within 90 days from the date of issue, you may lose your right to challenge the accuracy of the statement or undertake remedial measures.
    • Interest will be charged using the daily-rest method on a 365-day-per-year basis.

    Wish to Know If You Are Eligible? Try This Section

    Here are the conditions you must satisfy in order to be eligible:

    • You must be aged between 21 years and 65 years.
    • If you’re a citizen or PR of Singapore, your annual income can’t be less than S$30,000.
    • If you’re a foreigner, your annual income should exceed S$40,000. Additionally, you must have an employment pass with a minimum validity of 6 months.

    To learn more about the general eligibility conditions and the documents required for verification, check this page on HSBC Personal Loans.

    Want to Apply? Here’s How You Could

    Think you’re ready to apply? Here’s how you could proceed:

    • You can apply online. Upload your completed application form along with the supporting documents.
    • If you want more information or want to speak to the bank’s telesales agents, just fill up the contact form available on the bank’s website. The bank will contact you within 3 working days.
    • You could also send the bank an SMS in the prescribed format.

    Given an option, would you prefer planning a surprise vacation for your family or worrying about money? If you don’t have the money for a big-ticket investment but think that it’s unavoidable, you could consider this loan. However, if you want to check out more options, click here.

    HSBC Personal Line of Credit
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