The HSBC personal loan is the most accessible in the market, with the lowest income criteria for expats.
Equipped with an attractive interest rate from 3.6% p.a. (EIR 6.5% p.a.) and generous personal loan tenure and cap, the HSBC Personal Loan is ideal for those who require a larger loan to be serviced over a longer period of time. The obvious upside to this arrangement is that you won’t feel the pinch when making the monthly loan repayments – that’s always a plus in our book!
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What the HSBC Personal Loan can do for you
HSBC Personal Loan product summary:
- Interest rate: from 3.6% p.a. (EIR 6.5% p.a.)
- Loan tenures: 1 to 7 years
- Max. credit limit: Up to 95% (HSBC Premier customers) or 90% of your existing credit limit with HSBC Personal Line of Credit
- Min. loan amount: S$1,000
- Approval time: 1-minute in-principle approval
Pros | Cons | |
A relatively low rate starting from 3.6% p.a. (EIR 6.5% p.a.) | Longer loan tenure of 6-7 years are only applicable for salaried employees | |
Offers the longest loan tenures of up to 7 years | Hefty overdue interest of 2.5% + prevailing interest on overdue amount | |
Low barrier to entry for expats with lowest annual income eligibility at S$40,000 | ||
Loan up to 95% (HSBC Premier customers) or 90% of your existing credit limit with HSBC Personal Line of Credit | ||
Fast 1-minute in-principle approval on loan applications |
See also: Your Go-to Personal Loans Guide in Singapore
Why you should choose HSBC Personal Loan
#1: Attractive loan interest rate from 3.6% p.a. (EIR 6.5% p.a.)
HSBC offers a flat interest rate from as low as 3.6% p.a (EIR 6.5% p.a) for all eligible income earners of S$30,000 and above.
#2: 1-minute approval
Upon approval, you may get the cash disbursement as quickly as the next working day. This is fast, considering other loan products on the market may take 3 to 5 working days.
#3: Upsized loan tenures and cap
HSBC Personal Loan is ideal for those requiring a larger loan to be serviced over a longer period while taking advantage of the low annual interest rate. Applicants can borrow up to 95% (HSBC Premier customers) or 90% of their existing credit limit with HSBC Personal Line of Credit.
#4: Lowest income criteria for foreigners
Expats earning S$40,000 and above can qualify for the HSBC Personal Loan, with other banks’ minimum income criteria are usually set at a higher annual income of S$60,000. An employment pass with at least 12 months’ validity from the loan disbursement date is needed to be eligible for the loan.
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SingSaver Exclusive Promotion: Enjoy the following rewards when you sign up for an HSBC Personal Loan:
Receive an Apple iPhone 15 Pro 256GB (worth S$1,825.75) or a Dyson 360 Vis Nav™ robot vacuum (worth S$1,649) or an Apple Bundle (worth S$$1057.60) [Apple iPad 10th Gen 64GB (worth S$691.60) + Apple AirPods Pro Gen 2 (worth S$386)] or a PlayStation 5 Digital Version (worth S$669) or Dyson V8 Slim Fluffy (worth S$509) or S$50 cash via PayNow when you get approved for a loan of min. S$10,000 with tenure of 3 to 5 years. Valid till 30 April 2024. T&Cs apply.
For whom is the HSBC Personal Loan best for?
Expats who may find themselves in need of a larger than usual loan and do not want to be overburdened by hefty repayment fees may find the HSBC Personal Loan particularly enticing.
Summary of interest rates
Loan Tenure | Flat Interest Rate (p.a.) | Effective Interest Rate (p.a.) | Processing Fee | Monthly Instalments |
1 year | 3.6% | 6.5% | S$0 | S$1,725.93 |
2 years | 3.6% | 6.5% | S$0 | S$890.93 |
3 years | 3.6% | 6.5% | S$0 | S$612.98 |
4 years | 3.6% | 6.5% | S$0 | S$474.30 |
5 years | 3.6% | 6.5% | S$0 | S$391.32 |
6 years | 3.6% | 6.5% | S$0 | S$336.20 |
7 years | 3.6% | 6.5% | S$0 | S$296.99 |
*Note that the above monthly repayment is based on the calculation of a S$20,000 loan amount, unless otherwise stated.
What charges or fees should you look out for?
- Processing fee: None
- Early redemption fee: 2.5% of redemption amount
- Overdue interest: 2.5% + prevailing interest on overdue amount
- Late payment fee: S$75 for each monthly repayment that is not received in full by the due date
Eligibility criteria
- From 21 to 65 years of age
- Annual income requirement of S$30,000 (Singaporeans) and S$40,000 (Foreigners)
How to apply?
Click on the ‘Apply Now’ button and complete the application form on HSBC’s page. Note that you will need to prepare the following documents:
- Front and back of NRIC/ Passport / Employment Pass and signed Letter of Instruction
- For salaried employees: Last 3 months’ computerised payslip; or Latest Income Tax Notice of Assessment with latest 1 month’s computerised payslip; or latest 6 months’ CPF statement (for Singaporeans or PRs)
- For self-employed persons: Last 2 years’ Notice of Assessment
🎉SingSaver's March Madness Grand Lucky Draw🎉: Get 1x chance to win a pair of Round Trip Business Class plane tickets to Tokyo (worth S$13,144) when you successfully apply for an HSBC Personal Loan. Promo runs from 6 Mar 2024, 5pm, to 31 Mar 2024. T&Cs apply.
SingSaver Exclusive Promotion: Enjoy the following rewards when you sign up for an HSBC Personal Loan:
Receive an Apple iPhone 15 Pro 256GB (worth S$1,825.75) or a Dyson 360 Vis Nav™ robot vacuum (worth S$1,649) or an Apple Bundle (worth S$$1057.60) [Apple iPad 10th Gen 64GB (worth S$691.60) + Apple AirPods Pro Gen 2 (worth S$386)] or a PlayStation 5 Digital Version (worth S$669) or Dyson V8 Slim Fluffy (worth S$509) or S$50 cash via PayNow when you get approved for a loan of min. S$10,000 with tenure of 3 to 5 years. Valid till 30 April 2024. T&Cs apply.
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