Terms and conditions

1. General terms and conditions:

  • The one month 0% p.a. interest rate promotion and one year interest-free lucky draw and online offers ("The Promotions") are applicable to HSBC’s personal line of credit or personal loan account applied between 18 May 2009 and 30 September 2009 and opened by 30 October 2009.
  • Customers on staff preferential interest rates are not eligible for The Promotions, unless otherwise specified by the Bank.
  • All the terms and conditions under The Promotions should be read in conjunction with the prevailing personal line of credit and personal term credit terms and conditions.
  • The Bank reserves the right to vary the terms and conditions of and to suspend or terminate The Promotions at any time without prior notice.
  • The Bank’s decision on all matters relating to The Promotions is final and no appeal or correspondence will be entertained.
  • For personal loan accounts which enjoyed The Promotions and are closed within six months from the date of account opening, an early closure fee of S$100 will apply.
  • For personal line of credit accounts which enjoyed The Promotions and are closed within six months from the date of account opening, an early closure fee of S$100 will apply; otherwise the prevailing early closure fee will apply.

1.1 One month 0% p.a. interest rate promotion

  • Successful customers will be given a cash rebate in accordance with these terms and conditions.
  • The cash rebate will be computed based on the monthly average interest paid in the first instalment for each personal loan account or monthly average interest charged in the first three statements for each personal line of credit account.
  • The cash rebate will be credited to the personal loan repayment account or personal line of credit account in the fifth month from the disbursement date and account opening date respectively, unless otherwise determined by the Bank.
  • The personal loan, personal line of credit account or any other unsecured facilities (with the Bank) must at all times be in good standing (as determined by the Bank at its absolute discretion) from account opening to the point of cash rebate, otherwise the cash rebate amount shall be forfeited.
  • The Bank reserves the right to compute the cash rebate amount in a manner that the Bank may in its absolute discretion deem appropriate.
  • The cash rebate is not transferrable and the rebate amount is not exchangeable for cash or in kind.
  • Effective Interest Rates:
    The first year effective interest rate for HSBC’s personal line of credit is 16.32% p.a. (taking into account the full utilisation of the credit limit), and the prevailing interest rate of 17.8% p.a. applies thereafter. The first year effective interest rate for HSBC’s personal loan is 12.65% p.a. (for loan tenor of two, three, four years) or 13.75% p.a. (for loan tenor of five, six, seven years), and the prevailing interest rate of 13.8% p.a. (for loan tenor of two, three, four years) or 15% p.a. (for loan tenor of five, six, seven years) applies thereafter. A processing fee of 1.5% of the approved loan amount or S$50, whichever is higher, is applicable for all approved personal loan applications

1.2 One year interest-free lucky draw

  • All approved accounts will get 1 chance each. For approved accounts applied via online with one hour approval in principle granted, they will get double chance.
  • There will be a total of 4 draws and there will be 1 winner per draw. Refer below for the lucky draw dates and announcement of winners.
    Personal loan disbursement date /
    Personal line of credit account open date    		 Lucky draw dates Results announcement
    18 May - 30 June 2009 17 July 2009 24 July 2009
    1 July - 14 August 2009 28 August 2009 4 September 2009
    15 August - 30 September 2009 16 October 2009 23 October 2009
    1 October - 30 October 2009 13 November 2009 20 November 2009
  • The lucky draws will be conducted at:
    The Hongkong and Shanghai Banking Corporation Limited
    #03-02 The Comtech, Lobby A, 60 Alexandra Terrace,
    Singapore 118502
  • The winners will be notified by post.
  • The names of the winners of the draw will be posted and updated at www.hsbc.com.sg..
  • This lucky draw is also open to HSBC’s appointed agencies not directly involved in the promotion.
  • The Bank reserves the right to change the allocation of lucky draw chances from time to time at its absolute discretion.
  • The winners will be given a cash rebate in accordance with these terms and conditions.
    a) The cash rebate will be computed based on the interest paid in the first 12 instalments for each personal loan account or interest charged in the first 12 statements for each personal line of credit account.
    b) The cash rebate will be credited to the personal loan repayment account or personal line of credit account in the 14th month from the disbursement date and account opening date respectively, unless otherwise determined by the Bank. 
    c) The cash rebate will be capped at S$2,000 per winner. 
    d) The personal loan, personal line of credit account or any other unsecured facilities (with the Bank) must at all times be in good standing (as determined by the Bank at its absolute discretion) from account opening to the point of cash rebate, otherwise the cash rebate amount shall be forfeited.  
    e) The Bank reserves the right to compute the cash rebate amount in a manner that the Bank may in its absolute discretion deem appropriate. 
    f) The cash rebate is not transferrable and the rebate amount is not exchangeable for cash or in kind. 

1.3 Online offer

  • The online offers are applicable to approved HSBC’s personal line of credit or personal loan accounts applied via online with one hour approval in principle granted.
  • The approved personal line of credit account will enjoy 2 years annual fee waive.
  • A processing fee of 0.75% of the approved loan amount or S$50, whichever is higher, is applicable for all approved personal loan applications.

2. Preferential interest rates for HSBC’s customers:

  • HSBC Premier customers will enjoy 20% and 50% preferential discounts off HSBC’s personal loan and personal line of credit prevailing interest rate respectively.
  • HSBC Infinity and HSBC’s Revolution customers will enjoy 20% preferential discounts off HSBC’s personal loan and personal line of credit prevailing interest rate.
  • The prevailing interest rates for HSBC’s personal loan is 13.8% p.a. (for loan tenor of two, three, four years) or 15% p.a. (for loan tenor of five, six, seven years), and the prevailing interest rate for HSBC’s personal line of credit is 17.8% p.a..
  • To enjoy preferential interest rate discount, the applicant has to be a HSBC Premier or HSBC Infinity customer at point of sign up.
  • Current terms and conditions under the Revolution programme applies.
  • All the terms and conditions should be read in conjunction with the prevailing personal line of credit and personal term credit terms and conditions.
  • The Bank reserves the right to vary the terms and conditions of and to suspend or terminate the preferential interest rate discounts at any time without prior notice.
  • The Bank’s decision on all matters relating to the preferential discounts is final and no appeal or correspondence will be entertained.

 

3. Terms and conditions - Approval In-Principle

  • The online application is subject to approval. The Bank will notify the applicant of the outcome of the application via communication methods previously authorised by the applicant and/or in writing. 
  • The notifications of the outcome of the application will be sent to the applicant within one hour for applications submitted between 8 am to 11 pm provided the Bank's server is not experiencing unexceptionally high volume or undergoing system maintenance. For applications submitted after 11 pm, notifications will be given the next day.
  • Approval in-principle is a provisional approval provided by the Bank based on the information provided by the applicant. Upon satisfaction of all requirements fulfilled by the applicant, including submission of the documents as stated on the Letter of Instruction, the Bank shall review and if appropriate, grant a formal approval and provide the applicant a newly opened personal loan or personal line of credit account.  
  • Approval in-principle is only valid for 14 days during which the applicant must submit the neccessary documents to the Bank for processing. 
  • Approval in-principle is only applicable for online applications.
  • Approval in-principle is not applicable for joint applicants and other circumstances as prescribed by the Bank from time to time.   
  • HSBC reserves the right to vary the terms without prior notice at any time.  
  • These terms and conditions should be read in conjunction with the personal line of credit and personal term credit, terms and conditions. For full details, please click here.  

 

4. Terms and conditions – eCPF submission for travel bag promotion

  • This promotion is valid for HSBC's personal loan and personal line of credit applications submitted from 22 June 2009 to 24 July 2009 (the "promotion period"), or while stocks last, whichever is the earlier.
  • Customers will receive a travel bag for every personal loan or personal line of credit application approved by
    14 August 2009 and where eCPF statement is submitted online as supporting document during the promotion period.
  • The travel bag is not exchangeable for cash, points or other rewards from HSBC.
  • Any customer eligible for the travel bag will be issued a redemption letter from HSBC within 2 months from the end of the promotion period. The personal loan, personal line of credit account or any other unsecured facilities (with the Bank) must at all times be in good standing (as determined by the Bank at its absolute discretion) from account opening to the date of issuance of redemption letter, failing which the travel bag shall be forfeited.
  • HSBC is not a supplier of the products or services redeemed under this promotion and will not accept any liability in relation thereto.
  • HSBC reserves the right to vary the terms and conditions of and to suspend or terminate this promotion at any time without prior notice.
  • HSBC's decision on all matters relating to this promotion is final and no appeal or correspondence will be entertained.
  • Terms and conditions for redemption of the travel bag apply.

© Copyright. The Hongkong and Shanghai Banking Corporation Limited 2009