HSBC Personal Loan Review: Lowest Income Criteria For Expats

SingSaver team

SingSaver team

Last updated 31 March, 2024

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 2.92% p.a. (EIR 5.5% 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!


Table of Contents:


What the HSBC Personal Loan can do for you 

HSBC Personal Loan product summary:

  • Interest rate: from 2.92% p.a. (EIR 5.5% p.a.)
  • Loan tenures: 1 to 7 years 
  • Age requirement: between 21 and 65 years old
  • Minimum annual income: S$30,000 (Singapore citizens and PRs), S$40,000 (foreigners)
  • Min. loan amount: S$1,000
  • Approval time: 1-minute in-principle approval
Pros Cons
A relatively low rate starting from 2.92% p.a. (EIR 5.5% 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 the HSBC Personal Loan 

#1: Attractive loan interest rate from 2.92% p.a. (EIR 5.5% p.a.)

HSBC offers a flat interest rate from as low as 2.92% p.a (EIR 5.5% 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: Borrow up to 8x your monthly income

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 8x their monthly income if they have an annual income of at least S$120,000, and up to 4x their monthly income if they earn between S$30,000 and S$120,000 per year. 

#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 6 months’ validity from the loan disbursement date is needed to be eligible for the loan. 

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⚡Flash Deal⚡: Be one of the first two daily at 12pm to apply for an HSBC Personal Loan with at least a minimum loan amount of S$20,000 and SingSaver will cover your 1st year’s interest (up to S$400) on top of existing rewards. Remaining approved applicants will enjoy SingSaver’s Exclusive Offer. Valid till 31 May 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 an Apple Macbook Air 256GB 13 inch (M2 chip) (worth $1,613.80) or an Apple Bundle (worth S$$1057.60) [Apple iPad 10th Gen 64GB (worth S$691.60) + Apple AirPods Pro Gen 2 (worth S$365.70)] or a Dyson AirWrap 2.0(worth $859) or Dyson V8 Slim Fluffy (worth $509) or S$700 eCapita Vouchers when you get approved for a loan of min. S$10,000 with tenure of 3 to 5 years. Valid till 30 June 2024. T&Cs apply.


For whom is the HSBC Personal Loan best?

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 2.92% 5.5% S$200 S$1,717.00
2 years 2.92% 5.5% S$200 S$882.00
3 years 2.92% 5.5% S$200 S$604.00
4 years 2.92% 5.5% S$200 S$466.00
5 years 2.92% 5.5% S$200 S$383.00
6 years 2.92% 5.5% S$200 S$327.00
7 years 2.92% 5.5% S$200 S$288.00

*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: 1% of approved loan amount, or a minimum of S$88
  • Early redemption fee: will be indicated in the notification letter provided with the loan
  • Overdue interest: 2.5% + prevailing interest on overdue amount
  • Late payment fee: S$120 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 (salaried Singaporeans) and S$40,000 (Foreigners/Self-employed or commission-based Singaporeans)

How to apply?

Click the ‘Apply Now’ button below and you'l be directed to the application form on SingSaver's site. Input your email and complete your application using SingPass. If you don't have SingPass, you need to manually fill out the application form on HSBC's site. Note that you may 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 CPF statement (for Singaporeans or PRs); or Latest Income Tax Notice of Assessment with latest 1 month’s computerised payslip (for foreigners)
  • For commission-based earners:  Latest Income Tax Notice of Assessment with latest CPF statement (for Singaporeans or PRs); or Latest 2 years Income Tax Notice of Assessment (for foreigners)
  • For self-employed persons: Last 2 years’ of Notice of Assessment

HSBC_PL_TIERED_KV1_BLOGARTICLE_800x250

⚡Flash Deal⚡: Be one of the first two daily at 12pm to apply for an HSBC Personal Loan with at least a minimum loan amount of S$20,000 and SingSaver will cover your 1st year’s interest (up to S$400) on top of existing rewards. Remaining approved applicants will enjoy SingSaver’s Exclusive Offer. Valid till 31 May 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 an Apple Macbook Air 256GB 13 inch (M2 chip) (worth $1,613.80) or an Apple Bundle (worth S$$1057.60) [Apple iPad 10th Gen 64GB (worth S$691.60) + Apple AirPods Pro Gen 2 (worth S$365.70)] or a Dyson AirWrap 2.0(worth $859) or Dyson V8 Slim Fluffy (worth $509) or S$700 eCapita Vouchers when you get approved for a loan of min. S$10,000 with tenure of 3 to 5 years. Valid till 30 June 2024. T&Cs apply.

At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.

FINANCIAL TIP:

Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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