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Hong Leong Personal Loan Review

Hong Leong's personal loans are a good option for high-salary people looking to take out a large loan at competitive effective interest rates.

Hong Leong Personal Loan Review

Hong Leong's personal loans are a good option for high-salary people looking to take out a large loan at competitive effective interest rates.


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  • High maximum loan amounts


  • Not the lowest interest rates
  • Not the quickest loan disbursement

Hong Leong's personal loan allows customers to take out up to S$250,000 for up to 5 years, making it useful for those who need money to pay for home, medical, educational, and many other large-scale purchases. The promotional interest rate of 3.88% p.a. is slightly higher compared to other banks, so customers who are looking for the lowest rate may not find this loan to be the best fit. However, for wealthier and self-employed people who are looking to take out one of the largest loans available without a surplus of additional forms, this could be for you.

Summary of Hong Leong's Personal Loan
Loan credit between S$5,000 to S$250,000
Interest rates starting at 3.88% per annum
Good for self-employed individuals
Loan tenure of 1-5 years

Table of Contents

What Makes Hong Leong's Personal Loans Stand Out To Borrowers

Hong Leong's personal loan stands out due to its max borrow limit of S$250,000. Of course, this is conditional on the loan being 4x your monthly income, making it less attractive for those with lower incomes. On the other hand, other banks with high maximum limits, like POSB bank who offers up to 10x your monthly income if you make over S$120,000 per annum, may offer more flexibility with the maximum loan amount.

However, Hong Leong's personal loans are a bit more expensive compared to the market average of 3.48 – 3.7% p.a. Furthermore, regarding the EIR, which is the total amount you will pay for the loan, Hong Leong has a rate of 9.93% which decreases with loan duration. This is fairly average in Singapore, where the EIR ranges from 7.87% to 12%.

This loan could be useful for wealthier and self-employed individuals who want to take out a large loan, as Hong Leong requires minimal paperwork. For those who would like a shorter-term loan or have lower annual income, we recommend other banks like HSBC , which has lower interest rates and allows you to take out up to 8x your monthly income.

Table of Hong Leong's Personal Loan Charges

Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
1 year3.88%1.5%9.93%S$865.67S$538
2 years3.88%1.5%8.78%S$449.00S$926
3 years3.88%1.5%8.32%S$310.11S$1,314
4 years3.88%1.5%8.04%S$240.67S$1,702
5 years3.88%1.5%7.85%S$199.00S$2,090
*Assuming a loan of S$10,000

Who Can Apply: Eligibility Criteria

Consider this if you would like a large personal loan with low interest rates
  • Eligibility
    • S$30,000 of annual income
    • Max. Loan Amount
      • 4x monthly income (or S$250,000)
      • Min. Loan Amount
        • S$5,000
        • Processing Fee
          • 1.5% OR S$100
          • Approval Time
            • 2-3 days

            In order to apply, you must be a Singaporean citizen or permanent resident between 21 and 60 years old who earns at least S$30,000 a year. The minimum amount you can borrow is S$5,000, whereas the maximum is up to 4x your monthly income or S$250,000.

            Other Charges and Fees

            Hong Leong has other charges and stipulations you should know prior to applying for the loan. For example, you will have to pay a fee of 3% or S$200 if you want to fully pay off the loan early. The chart below lists the most important fees to consider.

            Processing Fee1.5% of the loan amount or S$100, whichever is higher
            Late Payment FeeS$80
            Late Payment Interest5% p.a. plus HLBS Prime (5.75%)
            Early Termination Fee3% of outstanding loan amount or S$200, whichever is higher

            How To Apply: Application Process

            You can apply directly on their website by downloading the application form and sending it virtually or by post. Be ready to submit the following documents:

            • The completed and signed application
            • A copy of your NRIC and passport if applicable
            • Credit Bureau Report
            • A computerized payslip and CP contribution, if your salary is over S$60,000, or two years of Income Tax Notice of Assessment if you are self-employed

            The application will be reviewed and either accepted or rejected within 2-3 days. Upon acceptance, you will receive the funds in your account subject to the contractual agreement. Due to the longer amount of time it takes to receive funds, Hong Leong may not be the best choice if you are looking to get cash immediately.

            Stephen Lee

            Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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