HSBC Personal Loan

🏦 HSBC Personal Loan Overview

Key Features

• Promo interest rate from 1.80% p.a. (EIR ~3.50% p.a.) with no processing fee
• Longest repayment tenor in market up to 7 years 
• Borrow up to 4× monthly income (or 8× if annual income ≥ S$120,000; max limit S$200K) 
• Application via SingPass MyInfo for faster approval 
• Up to S$1,100 cash depending on loan amount and tenure via SingSaver
• Open to Singaporeans, PRs (min S$30K), and foreigners (min S$40K, valid work pass) 

How to Apply

1. Apply via SingPass MyInfo; existing Personal Line of Credit customers may enjoy faster approval without documents
2. Enter loan amount and tenure, select payout bank
3. Review personalised rate, EIR and estimated repayments
4. Submit & receive approval in principle within a minute and cash disbursal to your bank (instantly for HSBC; up to 5 business days for non‑HSBC) 

Interest & Repayment

• Headline rate ~1.80% p.a., Effective Interest Rate from ~3.50% p.a.
• Example: S$10,000 over 36 months → total repayable ≈ S$10,220; monthly ≈ S$852 
• Minimum monthly payment is 3% of balance or S$15, whichever higher 

Fees & Charges

• Processing Fee: Waived (0%) for promotional period
• Annual Fee: S$120 (first year waived for new applicants)
• Late Payment Fee: S$120 per missed instalment 
• Early Repayment Penalty: 2.5% of redemption amount (same for partial or full early settlement) 

Pros & Cons

✅ Pros

• Lowest rate from 1.80% p.a. (EIR ~3.50%)
• Longest tenure up to 7 years, ideal for lower monthly payments
• No processing fee
• Instant in-principle approval via SingPass
• Attractive cashback up to S$1,100 via SingSaver promo
• Accessible to foreigners with relatively low income requirement

❌ Cons

• Annual fee applies each year after first (S$120)
• Cash disbursement to non-HSBC accounts may take up to 5 days
• Early settlement penalty of 2.5%
• Cashback only applies to loans ≥ S$10,000 and ≥3-year tenure

Other Notable Features

• No need for existing HSBC credit card or savings account to apply 
• Borrowing limit up to S$200,000 depending on your income 
• Flexible repayment plan suitable for debt consolidation, renovation, education or cash buffer