Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

HSBC Personal Instalment Loans Review

Qualify for competitive rates on personal loans and flexible loan tenures of up to 7 years with HSBC.

Updated

Fact checked
HSBC
Looking for a personal loan that is flexible, while still meeting your financial needs? With HSBC, you can borrow up to 8X your monthly income and repay your loan over a period of 1 year through to 7 years.

As one of Asia’s biggest banks, HSBC supports its personal banking customers with personal loans in a range of sizes that can be awarded in principal in as little as one minute. This review covers HSBC Personal Instalment Loans, including the type of loans offered and features involved.

HSBC Personal Instalment Loan

HSBC Personal Instalment Loan

From

3.7 % p.a.

rate

  • Borrow from S$1,000
  • Fixed monthly repayments
  • Redraw on your existing loan

HSBC Personal Instalment Loan

Apply today to get approved for up to S$200,000 over 7 years.

  • Max. loan amount: Up to 8x fixed monthly income or up to S$200,000
  • Loan tenure: Up to 7 years
  • Approval duration: 1 minute approval in principle. "Next Day" approval available for loans up to S$100,000
  • Effective Interest Rate: 7%
  • Fees: S$88 processing fee, S$75 late payment fee, 2.5% early repayment fee, 2.5% + prevailing interest overdue interest fee
Go to site
Promoted

Compare HSBC Personal Instalment Loans and apply securely

Name Product Interest Rate From Loan Amount Processing Fee
HSBC Personal Instalment Loan
3.7%

EIR: 7%

S$1,000 – S$200,000
S$88
Get an S$88 processing fee waiver if you apply by 31 October 2020. T&Cs apply.
HSBC Debt Consolidation Plan
3.8%

EIR: 7%

1% of approved loan amount (S$88 minimum)
Consolidate your outstanding balances from as low as 3.8% p.a. (EIR 7% p.a.) with no processing fee. Ends 30 September 2020. T&Cs apply.
loading

Compare up to 4 providers

Types of personal loans from HSBC

The bank offers flexible personal borrowing options, including:

  • Personal loans. Personal loans at HSBC are unsecured, so you don’t need to post collateral. You can borrow as little as S$1,000 up to a maximum of four times or eight times your salary depending on what salary bracket you fall in. The loan amount you can qualify for is subject to an overall credit limit with HSBC across all products including credit cards.
  • Debt consolidation loans Consolidate your debts and loans into a single loan with HSBC and pay back the amount you borrowed over up to ten years.
  • Personal lines of credit. If you would like easy access to credit but don’t have a specific need for a fixed loan amount you might want to think about HSBC’s Personal Line of Credit product which can give you access to credit of up to six times your monthly salary. You only pay interest on the amount of credit you are actively using.

Features of an HSBC Personal Instalment Loan

You can borrow from HSBC for a range of purposes. Here are the most important features you should consider when applying.

  • Fast approval. Your HSBC Personal Instalment Loan application can be approved in-principle in as little as one minute. “Next Day” Loan Approval service is also available to Singaporeans whose approved loan does not exceed S$100,000.
  • Advance and Premier rates. If you bank with HSBC as an Advance or a Premier customer you can qualify for a reduced interest rate on your loan. Interest rates generally stand at 3.7% p.a.
  • Choice of loan tenure. Repay your loan over as little as 1 year, or as long as 7 years. Debt consolidation loans can be repaid over a period of up to 10 years.
  • Redraw on an existing loan. If you already have a personal loan with HSBC you can request for your loan to be topped up without paying a processing fee for the new amount you are borrowing.
  • Accessible customer service. Whether you’re at home in Singapore or busy overseas, you can contact HSBC’s 24-hour hotline to resolve any issues related to your personal loan, or to check on your loan status.
  • Easy repayments. HSBC Personal Instalment Loans may be repaid through a HSBC repayment account. Deposit funds into that account and your repayments will be debited on a monthly basis. This account may be topped up through cash, bank transfers or cheque payments.

What other products does HSBC offer?

HSBC is a full-service bank offering every important personal banking service to customers across Singapore, including:

    • Bank accounts. The bank offers a standard current account plus a range of savings accounts and time deposits. You can also apply for premium banking services such as HSBC Advance and HSBC Premier. Additionally, each account comes with digital banking options to give you a more convenient, accessible banking experience.
    • Credit cards. There is a wide choice of cards at HSBC, including cards that offer rewards when you spend including cashback, and premium cards with special perks and privileges.
    • Home loans. Consider HSBC’s home loans if you are planning on buying a new home, refinancing your property or getting home equity loans.
    • Insurance. HSBC offers insurance products that can cover you for a variety of risks including critical illness, mortgage repayment protection as well as vehicle, home and travel insurance.
    • Investment and wealth management. Whether you have a small amount to invest or you’re looking for wealth management advice, HSBC offers a selection of suitable services.
    • Foreign Exchange. If you travel regularly or make payments in a foreign currency you could look at one of HSBC’s range of forex products, including a multi-currency savings account and cash for travel.

    How to apply for a personal loan from HSBC

    There are several providers of personal loans in Singapore, so be sure to compare the HSBC personal loan option to other providers. To apply for a loan at HSBC click the green “Go to Site” button to start the application.

    Eligibility requirements

    • Age restriction. Applicants must be over the age of 21 and under the age of 65 to apply.
    • Residency. You can apply if you are not a citizen or permanent resident of Singapore, but you need to hold an eligible employment pass valid for one year.
    • Income requirement. Singapore citizens and permanent residents need to earn S$30,000 p.a. or more. Foreigners, self-employed and commission-based earners need to earn S$40,000 p.a. or more.
    • Credit file. HSBC will only approve a loan if your credit file does not report an adverse credit history.

    Necessary documents and information

    • ID requirement. Citizens of Singapore can supply their NRIC card (both front and back). Foreigners can submit their passport.
    • Employment pass. If you are in Singapore on an employment permit you will also need to supply your employment pass.
    • Proof of income. You must provide your eCPF statement, last 3 months payslip or latest 1 month’s Notice of Assessment computerized payslip or latest 6 months CPF statement. For self-employed or commission based earners, your last 2 years of Notice of Assessment is required.
    Go to HSBC's website

    Read more on this topic

    • UOB Personal Loan Review Singapore The UOB Personal Loan offers a range of benefits, including quick funds disbursal and flexible repayment terms.
    • Education Loans in Singapore Guide to getting an Education Loan in Singapore – Education loans can help cover your course fees while you’re still studying.
    • DBS Debt Consolidation Plan DBS offers a debt consolidation plan with a flexible loan tenure and promotional interest rate.
    • DBS Balance Transfer Review Access short term financing with 0% interest for up to 12 months with DBS Balance Transfer.
    • DBS Personal Loan Review Repay your personal loan over a period of up to five years with DBS.
    • POSB Personal Loan Review Take advantage of a fast approval process for a personal loan with POSB.
    • HSBC Personal Instalment Loan Get a quick decision in-principle on your personal loan of up to seven years with HSBC.
    • Standard Chartered CashOne Personal Loan Review Find out what you need to know about Standard Chartered CashOne Personal Loan. Get competitive rates and a loan that’s matched to your needs.
    • Citi Quick Cash Loan Review If you’re looking for a loan to meet any type of expenses, Citi Quick Cash Loan could be an option to consider. Existing Citibank customers with a Citi Credit Card or a Citibank Ready Credit can apply to convert their unused credit limit to cash in their Citi Deposit Account. This needs to be paid back in monthly instalments, along with your regular credit card payments.
    • What is a processing fee on a personal loan? Learn how lenders apply processing fees, how much they cost and where to find a personal loan without this fee.
    Go to site