HSBC Personal Loan Review (2022): Lowest Income Criteria For Expats

SingSaver team
Last updated Jan 06, 2022

Most accessible loan in the market with the lowest income criteria for expats

Equipped with an attractive interest rate from as low as 3.2% p.a. (psst… exclusive to those who signed up via SingSaver!) and generous 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: As low as 3.2% p.a. (EIR 6% 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
Enjoy one of the lowest rates in the market at 3.2% 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 HSBC Personal Loan 

#1: Attractive loan interest rate from as low as 3.2% p.a. (EIR 6% p.a.)

HSBC offers a flat interest rate from as low as 3.2% p.a (EIR 6% p.a) for all eligible income earners of S$30,000 and above.

#2: Zero processing fees and 1-minute approval 

The one-time processing fee charge of S$88 for online applications is waived for you. 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 as long as 3 to 5 working days.

#3: Upsized loan tenures and cap

HSBC Personal Loan is ideal for those who may require 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. 


SingSaver promotion: Enjoy a flat interest rate from as low as 3.2% p.a (EIR 6% p.a) for all eligible income earners of S$30,000 and above.


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 TenureFlat Interest Rate (p.a.)Effective Interest Rate (p.a.)Processing FeeMonthly Instalments
1 year3.2%6%S$0S$1,722
2 years3.2%6%S$0S$887
3 years3.2%6%S$0S$609
4 years3.2%6%S$0S$470
5 years3.2%6%S$0S$387
6 years3.2%6%S$0S$332
7 years3.2%6%S$0S$293

*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 (Singaporean) 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 Exclusive Promo: Receive an Apple Macbook Air 512GB (worth S$1,799), Apple iPhone 13 128GB (worth S$1,299), Dyson TP00 Air Purifier (worth S$549) or S$100 cash upon loan approval. Valid till 24 Feb 2022. T&Cs apply.

Plus, get up to S$100 cashback and up to 1% cashback on loan amount upon loan approval. Valid till 17 Mar 2022. T&Cs apply.

Read these next: 
Is the HSBC Advance Credit Card the Best Cashback Card Right Now?
Best Personal Loan Promotions In Singapore
Are Personal Loans The Answer To Your Money Problems?
Best Personal Loans In Singapore With The Lowest Interest Rates
Top 6 Myths About Personal Loans, Busted

SingSaver team January 6, 2022 57748