HSBC Personal Loan Review (2024): Lowest Income Criteria For Expats

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!

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

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.

SingSaver Exclusive Cashback Offer: Enjoy the following rewards when you sign up for an HSBC Personal Loan:

Get up to S$1,100 Cash, an Apple iPhone 16 Pro 256 GB (worth S$1,749), a Dyson AirWrap 2.0 (worth S$859), an Apple Watch Series 10 GPS 42mm (worth S$599), or Apple AirPods Pro (Gen 2) With Magsafe Charging Case (worth S$349) when you get approved for a loan of min. S$8,000 with a minimum loan tenure of 3 years. Available to new and existing customers. Valid till 1 May 2025. T&Cs apply.

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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

SingSaver Exclusive Cashback Offer: Enjoy the following rewards when you sign up for an HSBC Personal Loan:

Apply Now

HSBC Personal Loan Review: Lowest Income Criteria For Expats

SingSaver team

Table of Contents:

What the HSBC Personal Loan can do for you

Why you should choose the HSBC Personal Loan