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HSBC Personal Loan Review: Cheapest in the Market?

HSBC's personal loans are the most affordable in Singapore.

HSBC Personal Loan Review: Cheapest in the Market?

HSBC's personal loans are the most affordable in Singapore.


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Processing Fee
Approval Time


  • Affordable personal loans
  • Great for Foreigners seeking personal loan in Singapore


  • Not the best for individuals seeking a specific-use loan (e.g. car loan)

HSBC offers some of the cheapest personal loans in Singapore due to its market leading effective interest rates (starting at 7.5%) with no processing fee . The bank also provides personal loans of up to 7 years, which is the longest tenure available in Singapore.

Summary of HSBC Personal Loans
Lowest Effective Interest Rates: from 7.5%
No Processing Fee
Longest Loan Durations: 1 - 7 years
Quick Approval: 1 minute approval, receive cash within one business day
Lowest Income Requirement for Foreigners: S$40,000

Table of Contents

What Makes HSBC's Personal Loans Stand Out to Borrowers

HSBC offers the most affordable personal loans in Singapore, given its promotional interest rates offered through ValueChampion starting at 4% p.a. (EIR 7.5%). The bank also provides loans with the longest tenures (up to 7 years) in Singapore. This allows borrowers to decrease their monthly payments by spreading the cost of the loan over a longer period of time. This helps individuals that are worried about their ability to meet monthly payment requirements. The bank also offers loan approval within 1 minute and cash disbursement within one day, making it one of the fastest lending options.

Loan DurationFlat RateProcessing FeeEIRMonthly InstalmentTotal Cost
1 year4%0%7.5%S$866.67S$400
2 years4%0%7.5%S$450.00S$800
3 years4%0%7.5%S$311.11S$1,200
4 years4%0%7.5%S$241.67S$1,600
5 years4%0%7.5%S$200.00S$2,000
6 years4%0%7.5%S$172.22S$2,400
7 years4%0%7.5%S$152.38S$2,800

Assuming S$10,000 loan and income of S$30,000; Please note that rates above are not indicative of your customised loan offer. Figures accurate as of 7 Oct 2022 including promotional offers.

While HSBC's loans are the most affordable personal loans in Singapore, individuals seeking smaller loans may be better off with another lender. For example, HSBC's minimum loan requirement of S$5,000 is not the lowest, making other banks better options for very small loans. Finally, individuals seeking a loan for a specific use, such as a car loan, will likely find better rates elsewhere.

Great Personal Loan for Foreigners in Singapore

HSBC is a great option for foreigners in Singapore that seek personal loans. First, the bank has the lowest minimum income requirement for foreign borrowers in the country (S$40,000). This requirement is thousands of dollars less than other banks. Additionally, foreigners with at least S$120,000 are allowed to borrow 8x their monthly income up to S$200,000, while those earning S$40,000 to S$120,000 may borrow 4x their monthly income up to S$100,000, making HSBC a great option for foreigners that are in need of a sizable personal loan.

Income Requirement for Foreigners Residing in Singapore

Who Can Apply: Eligibility Criteria

Consider this if you require a large, long-term personal loan
  • 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

            HSBC offers personal loans to Singapore citizens and permanent residents with annual salaries of at least S$30,000, as well as self-employed and commission-based workers and foreign residents in Singapore with annual incomes of at least S$40,000. All individuals with at least S$120,000 are eligible for loans of up to 8 times their monthly income up to S$200,000. Additionally, foreigners must provide proof of employment in Singapore. Please note that HSBC offers personalised interest rate offers depending on your borrowing profile, and that you may not be eligible for their lowest rates.

            FeatureForeigner Residing in SingaporeCitizens & Permanent Residents
            Income RequirementS$40,000S$120,000S$30,000*S$120,000
            Maximum Loan Amount4x monthly income up to S$100,0008x monthly income up to S$200,0004x monthly income8x monthly income up to S$200,000
            Minimum Loan AmountS$5,000S$5,000S$5,000S$5,000
            *Annual income requirement for self-employed and commission-based earners is S$40,000

            Other Charges & Fees

            HSBC charges an early repayment fee of 2.5% of redemption and a late fee of $75. Both are quite similar to other banks in Singapore. That being said, we recommend repaying any loan in a timely fashion in order to avoid accumulating costs from fees.

            How to Apply for HSBC's Personal Loans

            Before applying, make sure to review your options and understand the different costs associated with each loan. To begin the application process, you'll need to provide the bank with your personal contact, financial and employment information. HSBC offers approval confirmation within 1 minute, making the application process hassle-free.

            • Completed and signed Letter of Instruction
            • Clear photocopy of NRIC
            • Clear photocopy of employment pass (foreigners only)
            • Income documents

            Consumers who wants to find out more about other personal loans before making a decision can read our other guides to find the best personal loan in Singapore in 2022 that fits your needs.

            The information, including credit card and personal loan rates and fees, presented in the review is accurate as of the date of the review. Please refer to issuer website and application for the most current information.

            Read Also:

            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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