HSBC Personal Loan Singapore: Must-Know Facts

HSBC is one of the banks offering competitive rates. They have these personal loans (6.5% EIR) and processing fees waived. NOW might be the right time for you to apply for an HSBC personal loan. 

HSBC personal loan offers a 7-year tenure, which is longer than most other loans in Singapore. It’s also much easier to repay them since you can make monthly instalment payments. 

Furthermore, HSBC is a reliable bank providing personal loans to foreign applicants.

Who Qualifies for an HSBC Personal Loan in Singapore? 

An HSBC Personal Loan is available up to a 7-year loan tenure and does have a competitive interest rate. Locals and foreigners can borrow up to eight times their monthly income. 

You must be at least 21 years old to be eligible for an HSBC Personal Loan. Singaporeans or permanent residents should make at least $30,000 a year. 

Self-employed or commission-based citizens must have an annual income of $40,000. At the same time, foreigners should be earning $40,000 per year. 

Besides that, you should also make sure your employment permit is valid for six months up to one year.

Personal loans from HSBC are outstanding for foreigners in Singapore. The Bank does have the lowest income requirements for foreign borrowers. 

Such requirements are thousands of dollars lower than those of other banks. That said, HSBC proves to be a good option for foreigners seeking large personal loans.

If you plan to apply for a loan, be sure to review your options and understand the various costs. Moreover, they’ll ask for your personal information, including your employment and financial details. 

HSBC’s loan approval is fast and effortless, where you get a confirmation in less than a minute. 

What is In-Principle Approval for HSBC Personal Loan?

In-principle Approval refers to a provisional approval granted by the Bank. That means the bank guarantees to give the loan amount when needed. That’s if all information stated in the documents gets verified. 

Wait for the Approval. It will only take you a minute for that Approval. Take note that the validity of the in-principle Approval lasts for 14 days. 

What to Look for in a Great Personal Loan?

An important consideration when choosing a personal loan is the interest rate. Low-interest rates are usually better. You should consider this, especially if you need to borrow large amounts of money.

If you need a loan of 1 to 7 years, you may find the best annual interest rate with the HSBC Personal Loan, ranging from 3.4% p.a. (EIR 6.5% p.a.) if you are earning more than $30,000 per year.

You can also spread out payments over up to 7 years with the HSBC Personal Loan. 

If you also qualify for the promos, you won’t have to pay the processing fee.

Applying for an HSBC Personal Loan

Applying for a personal loan with HSBC is easy and fast. An individual must fill out an application form to apply for an HSBC personal loan. 

After receiving in-principle Approval, there will be more documents required to submit. Submit such documents containing accurate information to get full Approval. 

Documents included are proof of income, billing address, etc.

You can choose one of the four ways below:

Online application

You can fill up the online forms and submit the required supporting documents. 

For Singaporeans and permanent resident employees, you’ll need:

• NRIC (front and back)
• Notice of Assessment and CPF Statement via MyInfo
• Latest three months’ computerized payslips
• Proof of billing address

For commission-based and self-employed Singaporeans and permanent residents:

• NRIC (front and back)
• Notice of Assessment and CPF Statement via MyInfo
• Latest three months’ computerized payslips
• Latest two years’ Notice of Assessment(Self-employed)
• Proof of billing address

For employed foreigners:

• Completed and signed Letter of Instruction
• Passport
• Employment Pass(at least six months to one-year validity)
• Notice of Assessment and CPF Statement via MyInfo
• Latest three months’ computerized payslips
• Latest one year Notice of Assessment with latest one month’s computerized payslip
• Proof of billing address

For commission-based and self-employed foreigners:

• Completed and signed Letter of Instruction
• Passport
• Employment Pass(at least six months to one-year validity)
• Notice of Assessment and CPF Statement via MyInfo
• Latest two years’ Notice of Assessment
• Proof of billing address

Online banking Application

Enrol in HSBC’s internet banking, log in to your account and apply there. It is the quickest and easiest way to apply for a loan.

SMS Application

Another easy and simple way to apply is through SMS. You can send PLOCNAME to 4722. The HSBC customer service team will then contact you within three working days. 

Phone Call Application

Another way you can opt to do this is to contact HSBC through 1800-HSBC NOW (4722 669). 

Provide all necessary personal information to them. HSBC will keep all your information with the utmost confidentiality. Wait for them to reach out to you within the next three working days.

How long does HSBC take to approve a personal loan?

The loan process takes 3-5 business days. HSBC will start the process once all the necessary documents, including application forms.

How to check the status of your HSBC personal loan application?

You can ask HSBC’s customer service department to check your loan status. Reach them through 1800 HSBC NOW (4722 669). If you’re contacting HSBC from overseas, you can call (65) 64722 669. 

It is also possible to inquire with the Bank to find out the status of your application.

How to calculate HSBC’s Interest Rates?

“Reducing method” is what HSBC using in calculating the interest rate. Your account will get charged daily interest on the outstanding balance each day. The amount is subject to the least charge of S$10 per month. 

During a debit interest cycle, interest will be debited from the account each day. Or maybe more times than specified by the Bank. There will be a difference between your statement cycle and the debit interest cycle.

What are the benefits of an HSBC Personal Loan? 

HSBC personal loans are unsecured loans. It means you get a loan without collateral. 

HSBC gives its personal loan account holders a chequebook and a debit card. And that’ll give them easy access to their account. Both the chequebooks and the debit cards are offered at no cost.

Each month you’ll receive a personal loan statement that displays your transaction history. You can also view the details of the transactions through HSBC’s online site: www.hsbc.com. 

Another way is their 24-hour phone bank on 1800-HSBC-NOW (4702 669). For those working overseas, contact HSBC at (65) 6-HSBC-NOW (4702 669).

What are the Fees that HSBC Charges?

There’ll be a late fee of 2.5% will be charged once your loan account becomes overdue. Plus, your loan’s interest rate. Add to that is the early repayment fee of 2.5%. 

Singapore banks charge similar rates for their services if you don’t want to pay charges, better to repay a loan on time.

How to Repay my HSBC Personal Loan?

HSBC provided a repayment account designed to use for personal loan repayments. It is where your monthly payments will be deducted from the account. You can replenish your account through cash, bank transfers, or cheque payments. 

What other products does HSBC offer?

HSBC is a full-service bank offering a wide range of personal banking services. These products include:

Bank accounts

The Bank offers current accounts and a wide range of savings accounts and time deposits. HSBC extends several premium banking services, including HSBC Advance and HSBC Premier. 

Digital banking options are also included with each of your accounts. In this way, your banking experience will be more convenient and accessible.

Credit cards

You can choose from a wide range of cards at HSBC. You can choose from the following:

• Rewards cards
• Cashback Cards
• Premium cards with special perks.

Home loans

HSBC offers several options in home loan services. That includes buying your first home and refinancing your existing one. Or you can choose to get home equity loans.

Insurance

You can get insurance from HSBC, available for critical illness and mortgage repayment protection. 

Also, it is available for travel, vehicle, and home protection.

Investment and wealth management

It doesn’t matter if you have a small amount to invest in or if you’re seeking advice on wealth management. HSBC offers a range of services.

Foreign Exchange

Does HSBC’s international products interest you? 

You get a wide range of international products. Get a multi-currency savings account or either out-of-the-country cash for travel. With the latter one, you can travel and make payments in a foreign currency. 

An Easier and Faster Way to Get a Personal Loan

Do you want a quicker and easier way to get a personal loan? Consider getting one with Cash Mart Singapore. It’s a licensed money lending company you can trust. 

Cash Mart has been operating for fifty years and has built enough reputation in the industry. You get a safe loan transaction with the said moneylending company since they follow the Moneylenders Act. It is a law mandated by the Ministry of Law to regulate the financial industry of Singapore.

Cash Mart offers risk-free loans, covering a 7-day unconditional service guarantee. With Cash mart, you can borrow with confidence. Whenever you need urgent loans, you can directly go to the online loans services of Cash Mart Singapore. When you’re in a tight situation and seem to get short on budget, you can get a payday loan from them.

Cash Mart offers other instant cash loans. The same to other banks. You can enjoy a low-interest personal loan. And it’s way affordable compared to other personal loans of banks. For business people who need additional money to support business operations, a business loan can help. You may opt to get other products: a wedding loan, renovation loan, foreigner, and jewellery loan.

With their transparency, you can see all the costs upfront without any hidden charges. You can also make an early settlement and avoid a penalty fee.