facebookHSBC Personal Loan Reviews and Comparison - Seedly

Advertisement

Personal Loans/HSBC Personal Loan
Personal Loans/HSBC Personal Loan
4.0
1 reviews
Visit Site
claimed

Unclaimed

This product has not been claimed by the company yet.

Summary

HSBC Personal Loan

  • 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

Product Page Transparency

  • Pays to access additional features

Loan Features & Details

1) Key Features

  • Interest rate: 3.2% p.a onwards 
  • Effective interest rate: From 6% onwards 
  • Loan tenure period from a minimum of 1 year to a maximum of 7 years
  • Quick in-principle approval for online applications 

2) Eligibility

  • Citizenship: Singaporean or PRs only
  • Age: 21-65 years old
  • Minimum income requirement: S$30,000 per annum

3) Fees

  • Processing fee: 1% of approved instalment plan amount, or a minimum of S$88
  • Late repayment fee: S$75
  • Early repayment fee: 2.5% of redemption amount

4) Application Process

How to apply?
  • Apply online through HSBC’s website or via online banking
  • Apply via SMS. A HSBC customer service officer will contact you within three working days
  • Apply via phone. A HSBC customer service officer will be in touch within three working days
5) Supporting documents
  • NRIC (front and back)
  • Salaried employees: 3 months payslip, or latest Income Tax Notice of Assessment with 1 month payslip, or latest 6 months CPF statement
  • Self-employed persons: Last 2 years of Income Tax Notice of Assessment

...see more

Popular Products

Plans (5)

Slide 1 of 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

HSBC Personal Loan (2 Year Tenure)

7%

EFFECTIVE INTEREST RATE

3.70%

FLAT INTEREST RATE

1% of principal amount, subjected to min. of S$88

PROCESSING FEE

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

Reviews (1)

4.0

1 Reviews

5
0
4
1
3
0
2
0
1
0
      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

      What are your thoughts?

    Discussions (0)

      No Posts Found.

      Popular Products

      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

      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.

      Advertisement