Quick Application via MyInfo, Instant Disbursement
If you need to borrow a large amount but cannot afford a big monthly repayment, consider the HSBC personal loan offers the longest loan tenure (7 years!) in Singapore. You do not need an HSBC account or credit card to apply for this loan; however, it can take up to 5 days to approve the loan.
From 2.92%
Interest Rate*
Total Amount Payable
Processing Fee

Quick Facts

Loan Approval Time

1 minute in-principle approval

Loan Disbursement

3 to 5 business days

All Details

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HSBC Personal Loan Review 2024

With total assets of over S$31 million (as per its latest 2023 Statement of Financial Position), HSBC has grown to be a prominent player in Singapore’s financial services sector serving multinational corporations, home-grown businesses, private banking clients, institutional and retail customers, and has a selection of loans for you to choose from including personal loans.

HSBC’s personal loan is offered with a choice of fixed instalments up to 84 months tenure, at competitive annual interest rates and effective interest rate (EIR). As most interest rates are kind of personalised for each customer, the HSBC personal loan rates you get might differ, depending on other factors which the bank will take into consideration.

Let’s dive deeper in this review, look at the highlights of taking up a HSBC Personal Loan, and see how it compares to some of its closest competitors.

Pros & Cons

  • Up to S$3,000 cashback (upon fulfilling the minimum loan size of S$10,000 and tenor of at least 2 years)
  • Longest loan tenure of 7 years around as compared to other personal loans by banks like DBS, OCBC, and UOB
  • Fast loan approval (approval in principle within 1 minute) and cash disbursement for online applications
  • Convenient online application with SingPass for quicker application
  • Competitive interest rates
  • Waiver of processing fees available
  • Open to Singapore Citizens, PRs, and foreigners with a valid Singapore Employment Pass (all categories to be aged 21 to 65)
  • Minimum annual income of $30,000 for Singaporeans and PRs
  • Minimum annual income of $40,000 for foreigners
  • Flexibility of choosing repayment loan tenor (1 year - 7 years)
  • No need to be existing HSBC Credit card holder or account holder to apply for this loan
  • New HSBC Credit card holder or account holders may need to wait up to 5 days for approval of loan
  • Not instant loan approval and/or cash disbursement unlike the personal loans by Citibank and UOB
  • Credit limit of up to S$200,000

How Are HSBC Personal Loan’s Repayment Terms Like?

Since HSBC does not disclose their interest rates upfront on their website, it is only possible to find out your most accurate estimated rate upon applying for a loan with HSBC. Currently, their advertised interest rates start at 2.92% with an EIR from 5.50%, though these rates may change based on global economic conditions.

To make things easier to understand, here is an example to illustrate. (But keep in mind that in reality, interest rates are personalised, so yours might differ from this example which was calculated using HSBC’s personal loan calculator.

Let’s say you’re taking up a $20,000 loan over 5 years for your wedding and honeymoon expenses and your monthly income is about $4,000. With an interest rate of 2.92% p.a., your estimated monthly repayment amount would be $383, taking into account the EIR of 5.50% p.a. which can be determined by many other factors besides the interest you are charged, such as your number of installments, frequency of installments, whether your installment amounts are equal or not, administrative fee or processing fees.

Here's a quick breakdown of the estimated calculation: Loan amount: S$20,000
Interest rate: 2.92% p.a. (EIR 5.50% p.a.)
Total interest payable: 2.92% p.a. x S$20,000 x 5 years = S$2,920
Total repayment: S$22,922
Monthly instalment: S$382

Check Out Our Review Of HSBC Personal Loan In This Article!

Compare HSBC personal loan vs UOB personal loan vs SCB personal loan

There's a wide range of personal loans available in the market today, including popular options like Standard Chartered's CashOne and UOB's personal loan, in addition to HSBC's personal loan. By comparing the various interest rates and benefits using MoneySmart’s online personal loan wizard, you can make a more informed decision.

Typically, we consider factors such as interest rates, annual fees, minimum annual income requirements, and loan disbursement speed. Among the three personal loans, the HSBC personal loan has the highest interest rate of 2.92% and the highest annual fee of $120. This makes the UOB personal loan a more attractive option due to its lower interest rate and no annual fee. Additionally, the UOB personal loan offers faster disbursement compared to both the HSBC personal loan and SCB CashOne.

However, if you have a minimum annual income of $20,000 and are a Singaporean or Permanent Resident, the SCB CashOne may be a better option, as both the HSBC and UOB personal loans require a higher minimum annual income of $30,000 for Singaporeans and PRs.

HSBC Personal LoanSCB CashOneUOB Personal Loan
Interest rate:
Interest rate:
Interest rate:
Annual Fee:
$120 (First year waiver available)
Annual Fee:
$199 (2nd year and subsequent years’ waiver available)
Annual Fee:
Minimum annual income:
$30,000 for Singaporeans and PRs $40,000 for foreigners
Minimum annual income:
$20,000 for Singaporeans and PRs $60,000 for foreigners
Minimum annual income:
$30,000 for Singaporeans and PRs, foreigners are not eligible to apply.
Loan disbursement speed:
1 minute
Loan disbursement speed:
15 minutes
Loan disbursement speed:
Immediate (only for applications submitted between 8am to 9pm)

HSBC Personal Loan Application

Before you start applying for the HSBC Personal Loan or any other personal loans, it’s important to plan your finances well and only take up a manageable loan amount that you can afford to pay off in monthly instalments, and consider the other costs involved such as Effective Interest Rate (EIR), processing fees, annual fees, vice versa.

Here are 3 simple steps to apply for the HSBC Personal Loan

Step 1

Apply via MoneySmart’s Personal Loans page

Simply start your application by clicking on our HSBC Personal Loan application link.

The application can be done online with your SingPass MyInfo account details. Once you’ve entered the required information, HSBC will pull your identity and income data from SingPass (which is already verified), which shortens the processing time. You can expect the approval-in-principle page to appear within minutes of submitting your MyInfo details.

Step 2

Get all required documentation ready

Next, prepare all the necessary documentation that is needed for HSBC to approve your personal loan application. The list of documents include:

  • NRIC or other identification details
  • Latest computerised payslip
  • Latest 6 months’ CPF Contribution History Statement
  • Latest Income Tax Notice of Assessment (NOA) if you wish to be considered for a higher loan amount

Step 3

Look out for your loan disbursement

The loan disbursement will be completed (approval in principle within 1 minute) upon HSBC’s approval of your online application.

Frequently Asked Questions

What are the annual fee and processing fees payable if I take up the HSBC loan?

HSBC does not charge any processing fees but charges an annual fee of $120.

How do I apply for the HSBC Personal Loan?

You can apply for the HSBC Personal Loan in 3 simple steps.
1. Click “Apply Now” on the HSBC Personal Loan option on MoneySmart’s Personal Loans page
2. Provide your NRIC or other identification details, latest computerised payslip, latest 6 months’ CPF Contribution History Statement, and latest Income Tax Notice of Assessment (NOA) if you wish to be considered for a higher loan amount
3. Receive your loan disbursement (approval in principle within 1 minute) upon HSBC’s approval of your online application