| Summary of Product |
|---|
|
Interest Rate: As low as 3.7% p.a (EIR 7% p.a)
|
|
Loan Tenures: Choice of 1 year to 7 years
|
|
Max. Credit Limit: Up to 8x of monthly income
|
|
Min. Loan Amount: S$1,000
|
|
Turnaround Time: 1-min approval in-principle & cash disbursement as fast as next working day
|
Exclusively on SingSaver, HSBC is currently offering a flat interest rate from as low as 3.7% p.a (EIR 7% p.a) for all eligible income earners of >$30,000. This is currently the lowest in the market with the next lowest rate at 3.88% p.a. (7.97% p.a.). Regardless of the tenure and loan amount, with no additional fees, HSBC offers the lowest effective interest rate of 7% p.a.
Here is the full summary of the interest rates for all tenures for HSBC Personal Loan.Currently they are having a promotion to waive off the one-time processing fee charge of S$88 for online applications, making it more affordable to you. In addition, HSBC offers a 1-min approval in-principle on your loan application, and cash disbursement on next business day with all documents submitted to the banks.
HSBC Personal Loan is ideal for anyone who are taking large amount of loan and requires a longer tenure to repay their debt. The additional option of 6-7 years will allow the borrowers to better manage their monthly expenditures as the cost of borrowing is lowered with longer tenures.
For expats, you can apply for HSBC Personal Loan as long as your annual income is minimally S$40,000. This is by far the lowest criteria we’ve seen across all the banks in Singapore. That being said, foreigners will need an employment pass with at least 12 months’ of validity from loan disbursement date to be eligible for the loan.
The minimum loan amount required is S$1,000. But depending on your annual income and your residential statuses, HSBC allows you to borrow a maximum loan amount of either up to 4x or 8x of your monthly income. If you are a Singaporean/PR with an annual income between S$30,000 and S$120,000, you can borrow up to 4x your monthly income. However for Singaporean/PR with annual income of S$120,000 and above, you can loan 8x of your monthly income with a cap of S$200,000. As for foreigners, you can only borrow up to 4x of your monthly income regardless of your annual income, with a cap of S$100,000.
| Age Requirement | 21 - 65 years old |
| Income Requirement | Singaporeans/PRs: S$30,000 of annual income Foreigners: S$40,000 of annual income |
| Processing fee | S$0 |
| 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 due date |
| Loan Tenure | Flat Interest Rate (p.a) | Effective Interest Rate (p.a) | Processing Fee | Monthly Instalments |
|---|---|---|---|---|
| 1 year | 3.8% | 7% | S$0 | S$1,730 |
| 2 years | 3.7% | 7% | S$0 | S$895 |
| 3 years | 3.7% | 7% | S$0 | S$617 |
| 4 years | 3.7% | 7% | S$0 | S$478 |
| 5 years | 3.8% | 7% | S$0 | S$397 |
| 6 years | 3.8% | 7% | S$0 | S$341 |
| 7 years | 3.8% | 7% | S$0 | S$301 |
