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MoneySmart lists Personal Loan products that range between a minimum of 1 to a maximum of 7 years. The effective interest rate (EIR) of loan products on our site range from 8.5% p.a. to up to 20.0% p.a. The EIR of your loan will be dependent on the loan you apply for as well as your personal financial needs. For example, you would need to pay S$316/month for an S$10,000 Personal Loan with a loan tenure of 3 years. This would equate to a total payment of S$11,376 over 3 years. Please view each Personal Loan product in detail for a full breakdown of the interest rate chargeable, minimum and maximum loan tenure as well as processing fees (if applicable).
|Particulars||Singapore / PR||Foreigner|
|Interest Rate||From 3.7% p.a.||From 3.7% p.a|
|Effective Interest Rate (E.I.R)||Fixed at 7.0% p.a.||Fixed at 7.0% p.a.|
|Maximum loan amount||8X of monthly salary, up to $200,000||4X your monthly salary, up to $100,000|
|Minimum Annual Income||$30,000||$40,000|
|Loan Tenure||1 - 7 Years||1 - 7 Years|
|Approval duration||1 min approval in-principal||1 min approval in-principal|
|Late payment charge||S$75||S$75|
|Early settlement penalty||2.5% of the redemption amount||2.5% of the redemption amount|
|Promotion||Processing fee waiver (S$88 or 1% of loan amount)||Processing fee waiver (S$88 or 1% of loan amount)|
HSBC Personal Loan offers the longest loan tenure of up to 7 years. Aside from competitive loan rates, both locals and foreigners may borrow up to 8x their monthly income.
To be eligible for an HSBC Personal Loan, you have to be at least 21 years old. Salaried Singaporeans or PRs should earn a minimum annual income of $30,000. On the other hand, the minimum annual income for self-employed or commission-based citizens or PRs is $40,000.
If you’re a foreigner, your annual income should be $40,000 and above. On top of that, you need to make sure that your employment pass is still valid for at least 1 year.
Currently, the interest rate for HSBC personal loan stands at 3.7% p.a. or EIR 7% p.a. The EIR is already inclusive of the processing fee, which is calculated based on 1% of the approved loan amount (min $88). To secure this low interest rate from HSBC, you may apply for your personal loan through MoneySmart.
Take note that if you choose to repay your personal loan early, you’ll be subject to a repayment fee amounting to 2.5% of the redemption amount.
To get an overview of your monthly repayment based on your chosen loan amount and tenure, you can use the HSBC Personal Loan Calculator.
HSBC is offering a promotional interest rate from as low as 3.7% p.a. (EIR 7% p.a.) until 30 Sep 2019. Aside from this attractive rate, customers who apply through MoneySmart get to waive the processing fee. If you apply online via HSBC, you’ll receive an additional $100 cashback.
Keep in mind that no matter how enticing the interest rates are, you should only sign up for a personal loan if you need to consolidate debts or manage your cash flow.
To learn more about HSBC Personal Loans, you can call HSBC’s 24-hr hotline at 1800 HSBC NOW (4722 669) or if you’re calling from overseas, (65) 64722 669.