Loan Review

The HSBC Personal Loan is one of the most comprehensive loan products on the market, providing consumers with a loan that is suited to your everyday needs. With one of the longest loan tenor of up to 7 years, no guarantor or collateral required and extra cash of up to 8x times your monthly salary. With a quick decision based on 1-minute approval-in-principle, the HSBC personal loan offers one of the lowest interest rates. In addition, HSBC is currently offering $0 processing fee waiver for online applications.

The following additional highlights are worth taking note of with the current offer:

• Minimum approved loan amount of $5,000.
• Minimum annual income of s$30,000 a year (Singaporeans and Singapore Permanent Residents).
• Must be aged 21 to 65 years.
• Foreigners must have an annual income of S$40,000 or more.
• Foreigners must hold an Employment Pass with at least 12 months’ validity.
• Quick decision based on 1-minute approval-in-principle.
• Minimum loan tenor of 1 year and the longest loan tenor of up to 7 years.
• Cash the next day upon submission of complete documents.
• Loan amount of up to 8 times your monthly income*.
• Note that the rates provided to you are customised and might differ from what’s displayed.

*Singaporeans and Singapore Permanent Residents with an annual income of between S$30,000 and S$120,000 will have a total loan amount capped at up to four times your monthly salary. For Singaporeans and Singapore Permanent Residents with an annual income of at least S$120,000, the total loan amount for HSBC Personal Loan will be capped at up to eight times your monthly income,  subject to a maximum of S$200,000, or an amount HSBC may in its discretion determine.

*Foreigners residing in Singapore, with a minimum annual income of S$40,000 will be capped at up to four times your monthly salary, subject to a maximum of S$100,000, or an amount HSBC may in its discretion determine.

Fees & charges

• Processing fee: 1% of approved loan amount, subject to a minimum of S$88.
• Early repayment fee: 2.5% of the redemption amount.
• Overdue interest: 2.5% + prevailing interest4 on overdue amount.
• Late payment fee: S$75 for each monthly repayment that is not received in full by the monthly repayment due date.