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HSBC Personal Loan
- Overview
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Plans (5)
HSBC Personal Loan (1 Year Tenure)
7%
EFFECTIVE INTEREST RATE
3.70%
FLAT INTEREST RATE
1% of principal amount, subjected to min. of S$88
PROCESSING FEE
Details
HSBC Personal Loan Reviews 2021
- Flat interest rate from 3.7% - 4.8% p.a.
- Effective interest rate (EIR) from as low as 7% - 9% p.a.
- Fixed monthly repayment with the choice of 1 - 7 years tenure, with one of the longest loan tenures available in Singapore at 7 years
- Applied Interest Rate (net processing fee) is calculated on the loan amount by a reducing balance method
- Ideal for lump-sum one time borrowing needs
- HSBC's online exclusive promotional rates are very competitive.
- Best for applicants with annual income of at least S$80,000, and are keen on at least a 3 years loan.
- One of the lowest minimum annual income requirements for personal loans for foreigners at S$40,000
- Enjoy S$108 cashback and $0 processing fee as a sign up gift
4.0
1 Reviews
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- Updated on 26 Jun 2020
Purchased
HSBC Personal Loan (4 Year Tenure)
[Application] Smooth application process with MyInfo and uploading of documents to HSBC’s website for additional verification purposes. [Flat Interest Rate] One of the best in the market at 3.7% [Savings Account & Debit Card] You will automatically be attached with a HSBC account. Unfortunately, the debit card never managed to reach my mailbox despite calling the customer service team to verify my address and request for card to be resend.0
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No Question Found.
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Promotional Interest Rates for HSBC Personal Loan
For applicants with annual income of less than S$80,000
Tenor (years) | Equivalent Flat Interest Rate (p.a.) | Applied/Effective Interest Rate (p.a.) |
|---|---|---|
1 - 7 | 4.8% | 9% |
For applicants with annual income of at least S$80,000.
Tenor (years) | Equivalent Flat Interest Rate (p.a.) | Applied/Effective Interest Rate (p.a.) |
|---|---|---|
1 - 2 | 4.8% | 9% |
3-7 | 3.7% | 7% |
Features: Pros and cons of HSBC Personal Loan
- Flat interest rate from 3.7% - 4.8% p.a.
- Effective interest rate (EIR) from as low as 7% - 9% p.a.
- Fixed monthly repayment with the choice of 1 - 7 years tenure
- Longest loan tenure available at 7 years
- Enjoy S$108 cashback and $0 processing fee as a sign up gift
- Applied Interest Rate (net processing fee) is calculated on the loan amount by a reducing balance method
- Ideal for lump-sum one time borrowing needs
- HSBC's online exclusive promotional rates are very competitive.
- For Singaporeans and PR with an annual income between S$30,000 - S$120,000, the maximum loan amount will be 4 x your monthly income
- For Singaporeans and PR with an annual income of at least S$120,000, the maximum loan amount goes up to a maximum of 8 x your monthly income
- With the maximum loan amount being S$200,000
- Best for applicant whose annual income are at least S$80,000, and are keen on at least a 3 years loan.
- One of the lowest minimum annual income requirements of personal loans for foreigners at S$40,000
- However, if applicants are unable to apply online, the interest rates offered will be high
- Loan tenors of 6 and 7 years are only available to salaried employees
- More details on HSBC Personal Loan
Eligibility: who can apply for HSBC Personal Loan
- Between 21 and 65 years of age
- Annual income of S$30,000 for salaried or S$40,000 for self-employed or commission-based Singapore Citizens and Permanent Residents
- Annual income of at least S$40,000 and employment pass with validity of at least 1 year for foreigners
Other Fees
- Minimum monthly repayment: 1% of approved loan amount (or S$88, whichever is greater)
- Early repayment fee: 2.5% of the redemption amount
- Overdue interest: 2.5% + prevailing interest on overdue amount
- Late payment fee: S$75
Contact HSBC Singapore
Tel: +65 64722 669 (+65 6-HSBC NOW )
Contact us at [email protected] should you require any assistance or spot any inaccuracies.