HSBC Personal Loan Review

HSBC Personal Loan Review Singapore

HSBC Personal Loan offers one of the cheapest loans in Singapore but its loan requirement of S$5,000 is not the lowest, making other banks better options for very small deals. 

Pros and Cons


  • One of the lowest interest rates in the market at 3.7% p.a.
  • Lowest annual income eligibility for expats at S$40,000
  • Offers the longest loan tenure of up to 7 years
  • Instant in-principle approval on loan applications


  • Loan amount of up to eight times the monthly salary is only applicable for income earners of S$120,000 and above
  • Loan tenures of six and/or seven years are only offered to salaried employees
  • Overdue interest: 2.5% + prevailing interest on overdue amount


HSBC Personal Loan Features

With HSBC’s Personal Loan, borrowers can easily enjoy the most affordable deals as its promotional interest rates offered through ValueChampion are starting at 3.7% p.a. (EIR 7%). 

To aid borrowers on their monthly payments, this bank also provides loans with the longest tenures by spreading the cost of the loan for up to seven years. It is considered the longest duration available in Singapore. 

Moreover, you’re guaranteed to get your loan approval within a minute and the cash disbursement in just a day with its $88 processing fee.

  • HSBC provides a flat interest rate from as low as 3.7% p.a (EIR 7% p.a) for all eligible income earners of S$30,000 and up.
  • The one-time processing fee charge of S$88 for online applications is waived for you. It’s assured borrowers can get the cash disbursement as quickly as the next working day.
  • Expats earning S$40,000 and over can also qualify for the HSBC Personal Loan, while other banks’ minimum income criteria are usually at S$60,000.
  • Easy access to extra cash via Debit Card, funds transfer via Online Banking or withdrawal from ATM.

Types of HSBC Loans

1. Fixed Repayment

Receive SGD88 cashback upon approval and enjoy promotional interest rate from 3.7% (EIR 7.0% p.a.) with no processing fee. Convert your available credit limit into a fixed instalment plan.

  • No documentation required (for existing Personal Line of Credit customers)
  • Affordable fixed monthly repayments
  • Loan tenor of up to 7 years

2. Flexible Repayment

(a) Personal Line of Credit:

Get convenient access to cash available whenever you need.

  • Get extra cash of up to 8X your monthly incomeGet extra cash of up to 8X your monthly income View Personal Line of Credit page
  • Low prevailing interest rates from 12% per annum
  • Flexible repayments, and pay only for what you use

(b) Personal Line of Credit Balance Transfer:

Whether it’s to finance your personal goals or pay off outstanding credit card bills, take advantage of our limited period promotional interest rates.

  • 0% interest for 6 months
  • Flexible repayment of as low as 3% of outstanding balance, of SGD15, whichever is higher
  • No early repayment fee

How Does HSBC Personal Loan Compare With Other Banks?

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.

For a clearer view of their comparison, we have trimmed down features from other banks below:

Bank Deals Interest Rate Total Amount Payable Processing Fee Per Month
HSBC Personal Loan 3.7% S$11,110 S$0 S$309
UOB Personal Loan 3.68% S$11,104 S$100 S$308
POSB Personal Loan 3.88% S$11,164 S$100 S$310
HL Bank Personal Loan 3.88% S$11,164 S$150 S$310
Standard Chartered CashOne 3.48% S$11,044 S$0 S$307
DBS Personal Loan 3.88% S$11,164 S$100 S$310

What Makes HSBC Personal Loan Attractive?

HSBC offers personal loans to Singapore citizens and permanent residents with the lowest minimum income requirement. With the $40,000 requirement, it’s evident to be significantly lesser than what other banks mandate. 

Foreigners with at least $120,000 are also welcome to borrow eight times their monthly salary for nearly up to $200,000. Note that your personal loan plan can also be fixed or flexible.

Fixed repayments offer no documentation, with affordable fixed monthly repayments with loan tenor of nearly up to seven years. Meanwhile, flexible repayments provide low prevailing interest rates from 12% per annum. Repayments are for as low as 3% of the outstanding balance with no early repayment charge.

Moreover, HSBC Personal Loan is ideal for those who may require a larger loan to be serviced over a longer time horizon, while taking advantage of the low annual interest rate. Applicants earning between S$30,000 and S$120,000 can get up to four times of monthly salary, whereas S$120,000 and above earners get nearly up to eight times. 

What Charges or Fees Should You Look Out for?

  • Early Redemption fee: 2.5% of redemption amount
  • Overdue Interest: 2.5% + prevailing interest on overdue amount
  • Late Payment fee: S$75 for each monthly repayment that is not received in full by due date

Who Can Apply?

  • Singaporeans or Permanent Residents
  • At least 21 to 65 years old
  • Singaporean workers with an annual income of $30,000
  • Foreigners workers with an annual income of $40,000

How to Apply?

Upon viewing the website for an application, you can immediately avail by completing its form. You will be required to prepare the following documents as well:

Salaried employees:

  • Last 3 months’ computerised payslip
  • OR Latest Income Tax Notice of Assessment with latest 1 month’s computerised payslip
  • OR latest 6 months’ CPF statement (if Singaporean/PR)


  • Last 2 years’ Notice of Assessment

All Applicants:

  • Front and back of NRIC
  • Passport
  • Employment Pass Completed
  • signed Letter of Instruction


Always remember that it’s always ideal to weigh rates, terms and other fees beforehand. Whenever applying for loans, make sure you can use your money for the purpose you already have in mind. Furthermore, it’s necessary to make relevant inquiries and avoid predatory financial institutions.

It’s best to verify your financial institutions whether they are listed under the Ministry of Law and check reliable reviews as an assurance. Keep in mind that finding quality financial institutions can help you identify an option that will best cater to your needs.

To know more about personal loans in Singapore, visit Instant Loan now. Instant Loan is the best loan comparison site dedicated to comparing the cost of financial products and other services in Singapore. 

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