HSBC Personal Loan: Get Up To S$3,000 Cashback When You Apply Online
Whether you need extra cash to renovate your home, hold your dream wedding or send your children overseas to study, HSBC has the right loan for you.
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When to Apply For Personal Loan
Many of us may hesitate to get a personal loan and be in debt, but sometimes having one can help to finance large purchases or an important undertaking.
Home Remodelling/Renovation
Typically, users would turn to renovation loans when it comes to renovating their homes. The loan can be used for a variety of items, including:
- Carpentry (e.g. built-in wardrobe and kitchen cabinets)
- Electrical and wiring
- Painting
- Flooring
- Tiling
- Sanitary fittings
- Structural alterations (e.g. hacking of walls, etc)
The glaring drawback, however, is that the money obtained from your renovation loan cannot be used to furnish your home, including furniture and electrical appliances.
If you’re looking to remodel or renovate your home, a personal loan might just be what you need.
The flexibility of being able to use the money for your personal loan comes in extremely handy when unforeseen changes happen during your renovation or remodelling.
For example, if you obtain a renovation loan and decide to enhance your renovation designs halfway through the works, you might be liable for an additional charge.
Or, if you need to make any additional last-minute repairs to your new home, you might need to fork out moving fees or even pay for the final rent to your previous residence.
Sending Your Children To Study Overseas
Children studying overseas will need more than just tuition fees. Lodgings, travel allowance, and emergency funds are what the children will also require when studying abroad.
For parents looking to fund their children’s overseas endeavours (and ambitions), a personal loan, especially one with an interest rate as low as 4% p.a. (E.I.R 7.5% p.a.), might just be the solution to keep the young ones safe and happy.
Wedding
A wedding is a once-in-a-lifetime event that couples tend to splurge on to create a wonderful memory. From wedding invitations to wedding dresses and venues, they could easily rake up a hefty five-digit bill. In cases where one has limited funds but would like to actualise their dream wedding, a personal loan may be an option.
Emergencies
An accident, getting scammed, or even a loved one’s funeral — emergencies always happen when they are least expected. If such emergencies occur and you are unprepared, a personal loan may be a viable solution to tide you through the difficult times.
- Eligibility
- S$30,000 of annual income
- Max. Loan Amount
- 4x monthly salary for income S$30,000 to S$120,000; 8x monthly salary for income > S$120,000; S$200,000 Maximum Loan Size (2x monthly salary for foreigners)
- Min. Loan Amount
- S$10,000
- Processing Fee
- S$0
- Approval Time
- 1 minute approval, receive cash in one business day
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When it comes to personal loans, HSBC offers one of the lowest effective interest rates in the market (from EIR 7.5% p.a.). In addition, HSBC is the only lender that provides seven-year personal loans in Singapore. This can reduce the monthly payment burden as customers can spread their payments over a longer period of time.
| Loan Duration | Flat Rate | Processing Fee | EIR | Monthly Instalment | Total Cost |
|---|---|---|---|---|---|
| 1 year | 4% | 0% | 7.5% | S$866.67 | S$400 |
| 2 years | 4% | 0% | 7.5% | S$450.00 | S$800 |
| 3 years | 4% | 0% | 7.5% | S$311.11 | S$1,200 |
| 4 years | 4% | 0% | 7.5% | S$241.67 | S$1,600 |
| 5 years | 4% | 0% | 7.5% | S$200.00 | S$2,000 |
| 6 years | 4% | 0% | 7.5% | S$172.22 | S$2,400 |
| 7 years | 4% | 0% | 7.5% | S$152.38 | S$2,800 |
To find out the exact cost of your personal loan, you can use the HSBC calculator here.
Eligibility & Maximum Loan Amount
| Singaporean/Singapore PR | Foreigner (employment pass with at least 6 months’ validity) | ||
|---|---|---|---|
| Age | 21 – 65 years old | ||
| Income Requirements | Salaried: S$30,000 annual income Self-employed or commission-based: S$40,000 annual income | S$40,000 annual income (lowest among banks in Singapore) | |
| Maximum Loan Amount | S$30,000 – S$119,999 annual income: 4X monthly income S$120,000 and above annual income: 8X monthly income up to S$200,000 | Up to 1X monthly income | |
Application & Fees
You can apply for an HSBC Personal Loan easily via the HSBC website.
To calculate monthly repayments and fees for each month, you can use the HSBC Monthly Instalment calculator.
To find out more about the HSBC Personal Loan’s fees and charges, click here.
Additional Resources:
Boon Hun spent over five years in the content marketing space as the managing editor of Goody Feed creating interesting and relevant content for the social media generation. In 2022, he moved to the FinTech space while remaining true to his roots, intending to bring financial literacy to more people in Singapore. When not doing his work, he can be found watching people build homes on YouTube.