HSBC Personal Loan Singapore | Personal Loan in Singapore
Loans | Personal Loansby Priyadarshini 8 June 2023
Singaporeans have been flocking overseas after two holiday-free years since Singapore abolished VTLs and opened the floodgates to travel. If you are looking for a personal loan, this article will walk you through the important variables to consider, such as interest rates and repayments. We tell you about HSBC Personal Loan Singapore.
After DBS and POSB personal loans, OCBC personal loans, and UOB personal loans, HSBC’s personal loan is one of the most commonly searched-for personal loans. Let’s see how the HSBC personal loan stacks up against the three local banks.
Related – Loans in Singapore
HSBC personal loan eligibility criterion
The “HSBC Personal Line of Credit (PLOC) Installment Plan” is the name of HSBC’s personal loan program. The lowest borrowing amount is $1,000, and loan terms range from one to seven years. Borrowing up to 4x your monthly payment is possible for persons earning less than $119,999 per year, though you should avoid borrowing more than you need.
The following are the HSBC PLOC personal loan application criteria:
between the ages of 21 and 65
Singapore Citizens and Permanent Residents: Annual income of 30,000 SGD for salaried employees or 40,000 SGD for self-employed or commission-based employees.
Foreigners must have a yearly income of 40,000 SGD and a valid employment pass for at least 6 months.
Application and approval times for HSBC personal loan Singapore
You can apply online at HSBC’s website using the following documents:
Letter of Instruction, NRIC or Passport Notice of Assessment, and CPF Statement, completed and signed (via Myinfo, Singpass login required)
Computerized pay stubs from the last three months (for salaried employees earning more than $6,000 per month)
Passport for Work (foreigners only)
If you are an existing HSBC customer, you do not need to follow the steps outlined above. Simply apply through your online banking account.
You should receive an acceptance letter from HSBC within five working days of submitting your application.
HSBC Personal loan Singapore interest rate (2022)
When all fees and costs are included, HSBC is now offering promotional interest rates ranging from 3.2 percent to 8.2 percent per annum, resulting in an Effective Interest Rate (EIR) of 6 percent to 14 percent. The promotion expired on May 4, 2022. You must also pay a $60 annual fee (waived for Premier customers).
These interest rates are relatively competitive in comparison to what POSB/DBS, UOB, and OCBC are now charging, however, keep in mind that what you really finish up paying depends on your loan size and loan length.
Calculate Your Personal Loan
You can use HSBC’s personal loan calculator to figure out how much you’ll pay in interest and monthly installments. Here are the figures to keep an eye on:
Monthly installments – These are the monthly payments you must make each month.
Total amount repayable — Subtract the amount borrowed from this figure to find the total cost of the interest payments you’ll make over the loan’s term.
Applied Or Effective interest rate — This is the “actual” annual interest rate you’ll pay after all fees and charges are deducted.