HSBC Personal Loan Review (2020)

One of the lowest rate in the market + Best for long term loan tenure


  • Lowest rate in the market for income segment of S$30,000 and above
  • Longest loan tenure of up to 7 years
  • Lowest annual income eligibility for expats at S$40,000


  • Loan tenures of 6 and 7 years are only applicable to salaried employees
  • Loan amount of >4x of monthly salary is only applicable for income earners of $120,000 and above
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

Table of Content

Why should you choose HSBC Personal Loan?

Low interest rate from as low as 3.7% p.a (EIR 7% p.a) for annual income earners of $30,000 and above

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.

In addition, HSBC is giving away $108 cashback for every approved application before 31 March 2020. Terms and Conditions apply.

Here is the full summary of the interest rates for all tenures for HSBC Personal Loan.

No processing fees with 1 min approval in-principle

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.

Longest loan tenure of up to 7 years

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.

Lowest income criteria for expats

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.

Flexible loan amount with up to 8x of monthly income

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.

Who can apply?

Age Requirement 21 - 65 years old
Income Requirement Singaporeans/PRs: S$30,000 of annual income
Foreigners: S$40,000 of annual income

What charges or fees should you look out for?

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

How to apply?

Once you have decided to take up for this loan, click on the “Apply Now” button and complete the application form on HSBC page.

Here’s what you will need during the application process:
  • Front and back of NRIC/Passport/Employment Pass
  • Completed and signed Letter of Instruction
  • For salaried employees,
    • Last 3 months' computerised payslip; OR
    • Latest Notice of Assessment with latest 1 month's computerised payslip; OR
    • Latest 6 months' CPF statement (if Singaporean/PR)
  • For self-employed/Commission-based earners,
    • Last 2 years’ Notice of Assessment

Other Personal Loans for your consideration

  • Standard Chartered is offering 3.88% p.a (EIR from 7.63% p.a) for all loan amount and tenures.
  • OCBC is offering a promotional rate of 5.8% p.a (EIR from 12.11% p.a)
  • Appendix: Summary of Interest Rate for all tenures

    For all annual income earners
    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
    *Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.

    Looking for other personal loans? Check out the Best Personal Loans in Singapore 2020.