HSBC Personal Loan 2022 | Best Loans for Expats in Singapore

Loans | Personal Loans

HSBC’s loans are the market’s most accessible loan. Also, it comes with the lowest income requirements for foreigners. The HSBC Personal Loan, with its liberal loan tenure and maximum, is excellent for customers who need a larger loan serviced over a longer period of time. In this blog, we discuss the HSBC Personal Loan 2022 in Singapore. 

The obvious advantage of this arrangement is that you won’t feel the squeeze when making monthly loan payments. And that’s always a bonus!

Related – Personal Loans Singapore

A product summary for the HSBC Personal Loan 2022:

• The interest rate might be as low as 3.2 percent per year (EIR 6 percent p.a.)
• Loan terms range from one to seven years.
• Maximum credit limit: up to 95% (for HSBC Premier customers) or 90% of your existing credit limit with an HSBC Personal Line of Credit.
• S$1,000 is the minimum loan amount.
• In-principle approval takes one minute.

Costs to Know About

• First and foremost, there is no processing cost.
• The fee for early redemption stands at 2.5 percent of the redemption amount. 
• Overdue interest is calculated as 2.5% plus the current interest rate on the overdue amount.
• Late payment penalty: S$75 for each monthly repayment not submitted in full by the due date.

Eligibility Requirements:

• You have to be between the ages of 21 and 65
• Annual income requirements of S$30,000 (Singaporean) and S$40,000 (for foreigners) (Foreigners)

Why should you choose HSBC Personal Loan 2022?

Loan interest rates start as low as 3.2 percent p.a (EIR 6 percent p.a.). For all qualifying income earners of S$30,000 and above, HSBC offers a flat interest rate as low as 3.2 percent per annum (EIR 6 percent per annum). There are no processing costs and approval takes only one minute.
You are exempted from the S$88 one-time processing cost for online applications. 

Moreover, you may receive the cash distribution as soon as the next working day after approval. This is quick when compared to other loan products on the market, which might take up to 5 working days. Loan terms have been lengthened and a cap has been imposed. The HSBC Personal Loan is suitable for customers who need a larger loan to be serviced over a longer period of time while benefiting from a low yearly interest rate. With the HSBC Personal Line of Credit, applicants can borrow up to 95% (for HSBC Premier customers) or 90% of their existing credit limit.

Expats can easily borrow with the lowest income requirements. If you are an expat in Singapore, earning S$40,000 and above are eligible for the HSBC Personal Loan. But other banks’ minimum income restrictions are often set at S$60,000 per year. To be eligible for the loan, you must have an employment pass that is valid for at least 12 months from the loan distribution date.

Who is the HSBC Personal Loan best suited for?

Expats who require a larger loan than normal but do not want to be burdened by high payback fees will find the HSBC Personal Loan particularly appealing.

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