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

SingSaver team

SingSaver team

Last updated 09 January, 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 at 3.6% 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: 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 at 3.6% 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    

HSBC_PLTIER_BLOGARTICLE_800x250-1

SingSaver Exclusive Promotion: Enjoy the following rewards when you sign up for a HSBC Personal Loan:

Receive an Apple iPhone 15 Pro 256GB (worth S$1,825.75) or an Apple Watch Ultra 2 GPS + Cellular 499mm (worth S$1,210.10) or an Apple iPad 10th Gen 64GB + Magic Keyboard Folio for iPad (worth S$1,077.30) or a PlayStation 5 Digital Version (worth S$669) or a Nintendo Switch OLED (worth S$549) or S$50 cash via PayNow when you get approved for a loan of min. S$10,000 with a tenure of 3 to 5 years. Valid till 29 February 2024. T&Cs apply.

HSBC_PLTIER_BLOGARTICLE_800x250-1

SingSaver Exclusive Promotion: Enjoy the following rewards when you sign up for a HSBC Personal Loan:

Receive an Apple iPhone 15 Pro 256GB (worth S$1,825.75) or an Apple Watch Ultra 2 GPS + Cellular 499mm (worth S$1,210.10) or an Apple iPad 10th Gen 64GB + Magic Keyboard Folio for iPad (worth S$1,077.30) or a PlayStation 5 Digital Version (worth S$669) or a Nintendo Switch OLED (worth S$549) or S$50 cash via PayNow when you get approved for a loan of min. S$10,000 with a tenure of 3 to 5 years. Valid till 29 February 2024. T&Cs apply.


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: 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 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. 


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

HSBC_PLTIER_BLOGARTICLE_800x250-1

SingSaver Exclusive Promotion: Enjoy the following rewards when you sign up for a HSBC Personal Loan:

Receive an Apple iPhone 15 Pro 256GB (worth S$1,825.75) or an Apple Watch Ultra 2 GPS + Cellular 499mm (worth S$1,210.10) or an Apple iPad 10th Gen 64GB + Magic Keyboard Folio for iPad (worth S$1,077.30) or a PlayStation 5 Digital Version (worth S$669) or a Nintendo Switch OLED (worth S$549) or S$50 cash via PayNow when you get approved for a loan of min. S$10,000 with a tenure of 3 to 5 years. Valid till 29 February 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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