HSBC Personal Line of Credit Singapore

    HSBC Personal Line of Credit is a type of personal loan that gives you a line of credit that you can use at your convenience. You will be charged an interest on the amount you use and you can make repayments depending on your convenience, with the interest amount requiring payment on a monthly basis.

    Let’s take a look at some notable features, the various benefits, the eligibility criteria and other related details of the HSBC Personal Line of Credit.

    HSBC Personal Line of Credit Promotion

    Maintain an average monthly balance in your debit account of S$1,500 for the first three months of approval of your HSBC credit line (any one of the months) and enjoy a 50% interest rebate. The application should be processed before 30 September 2017 to enjoy this discounted interest offer.

    Features of the HSBC Personal Line of Credit

    The Personal Line of Credit is provided to Singaporean citizens, Permanent Residents and foreigners against their credit card. Let’s take a look at some notable features associated with the credit product:

    • The interest rate varies on the type of credit card you own or your banking relationship with HSBC.
    • Customers who opt for HSBC’s line of credit don’t have to pay the annual fee on their credit card.
    • Interest rates are highly affordable – they start at 12% p.a.
    • The amount that can be granted as a personal line of credit is dependent on factors including your annual income, the credit limit on your existing HSBC credit card, the type of HSBC credit card you own, your existing relationship with the bank, etc.
    • Balance transfer options are available for 6-month and 12-month periods.
    • If your approved amount is over S$10,000, you can enjoy waiver of the entire processing fee when you apply for the HSBC Personal Line of Credit.
    • Access to cash is easy and convenient. You can access cash via ATMs, chequebook or your debit card.
    • You will get a personal line of credit up to 6 times your net monthly salary. You will have to meet other eligibility parameters as well.

    HSBC Personal Line of Credit Promotional Offer Interest Rate

    HSBC Credit Card Current Interest Rate Promotional Offer (50% Rebate)
    Premier Credit Card 12% p.a. 6% p.a.
    Revolution Card, Platinum Card, Advance Card 16.5% p.a. 8.25% p.a.
    HSBC Retail Banking Customers 18.5% p.a. 9.25% p.a.

    HSBC Personal Line of Credit Balance Transfer

    Tenure for repayment 6-month tenure 12-month tenure
    Processing fee S$88 S$88
    Rate of Interest 4.41% p.a. 5.92% p.a.

    Eligibility Criteria for HSBC Personal Line of Credit

    • Minimum age: 21 years
    • Minimum income:
      • Singapore citizens and PRs (salaried, commissioned or with variable income): S$30,000 p.a.
      • Foreigners: S$40,000 p.a.

    Documents to be Submitted to the Bank 

    • Salaried individuals:
      • Copy of NRIC, CPF statement, latest computerised payslips.
    • Self-employed individuals and individuals with varied income:
      • Copy of your NRIC, CPF contribution history/statement, latest computerised payslips.
    • Foreigners:
      • Copy of Passport, proof of employment from employer, Employment Pass, latest computerised payslips.

    How to Apply for the HSBC Personal Line of Credit

    You can apply for the HSBC Personal Line of Credit by visiting the official HSBC Singapore website and filling out the online application form. You will also need to submit your supporting documents, following which an executive from the bank will get in touch with you and help you take your application process forward.

    HSBC Personal Line of Credit Frequently Asked Questions

    1. What is the maximum credit limit Available to me?

      A. Your Credit limit (maximum) will be six times your net monthly income. You can, however, choose a credit limit you prefer.

    2. Can I use my entire credit limit that’s available to me?

      A. Yes. You can use the entire amount at once or in parts. You will be charged interest only for the amount you use.

    3. Do I have to submit any collateral?

      A. No. you don’t have to submit any collateral to apply for the Personal Line of Credit.

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