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Personal Loans

Frequently asked questions (FAQ).

General

What is HSBC's personal loan?

It is a loan that allows you to enjoy loan amount of up to four times (4x) your monthly income with fixed monthly repayments/installments.

How many years can I borrow for?

You may apply for a loan tenor for one, two, three, four or five years. If you are a salaried employee, you may apply for up to six or seven years.

Eligibility and requirements

What are the minimum requirements to apply for HSBC's personal loan?

You must be between 21 and 65 years of age with a minimum annual income of:

  • S$30,000 for salaried, commission-based or self-employed Singapore citizens and permanent residents
  • S$40,000 for foreigners with employment pass validity of at least one year

What are the documents required for submission?

For salaried employees:

  • Photocopy of National Registration Identity Card (front and back)
  • Latest 3 months' computerised payslips OR latest notice of assessment1 with latest 1 month's payslip or latest 6 months' Central Provident Fund statement2

 

For self-employed/commission-based earners:

  • Photocopy of National Registration Identity Card (front and back)
  • Last 2 years' notice of assessment

 

For foreigners:

  • Passport
  • Employment Pass (with validity of at least one year)
  • Latest 3 months' computerised payslips OR latest notice of assessment1 with latest 1 month's payslip or latest 6 months' Central Provident Fund statement2

 

1You can now print your notices of assessment at myTax portal with your SingPass or IRAS PIN. This service is free. Log on to www.mytax.iras.gov.sg for more details. 

2You may submit your Central Provident Fund statements via www.hsbc.com.sg

Note: Proof of residential or mailing address is required should any of the addresses indicated on the application form differs from either one of the addresses in the documents provided.

Do I need to provide a guarantor or any collateral to apply for a personal loan?

No. You do not need a guarantor or any collateral to avail HSBC's personal loan.

How can I apply for HSBC's personal loan?

Credit limit

What is the minimum loan amount that I can apply for?

The minimum loan amount is S$5,000.

What is the maximum loan amount that I can apply for?

For individuals with an annual income of at least S$30,000 but less than S$120,000, up to four times (4x) your monthly income subject to a maximum of S$100,000 or an amount HSBC may in its discretion determine. 

For individuals with an annual income of at least S$120,000, the total loan amount for HSBC's personal loan will be capped at up to eight times your monthly income as indicated in the income documents submitted, subject to a maximum of S$200,000, or a higher amount which HSBC may in its discretion determine. 

This is subject always to your aggregate maximum credit limit with HSBC for all unsecured facilities, regardless of the number of HSBC credit card(s) and/or unsecured loans facility(ies) you hold or apply for, being no more than 4x your monthly income. 

Loan Approval

How will I know if my personal loan had been approved?

If you are applying online, you will receive an email informing you of the preliminary result of your application.

If you have been granted approval-in-principle, you will be requested to submit the required application documents, as will be indicated in the email sent to you. 

Once your personal loan application is granted a final approval, HSBC will disburse the loan proceeds into an HSBC repayment account. Subsequently, HSBC will send you a notification letter via post to your address informing you of your loan details such as loan amount, interest rate, loan tenor, monthly installment amount and repayment account number. 

For foreigners, once your loan is approved, an HSBC officer will be contacting you to invite you to your selected branch for signing of the facility offer letter. 

How can I access the funds to my personal loan?

Upon loan approval, a repayment account will be opened along with your loan account to facilitate your monthly repayments. The loan proceeds will be disbursed into your repayment account. You may withdraw the funds over-the-counter at any HSBC branch in Singapore (first Casher's Order issuance is free) or via ATM using the debit card, which will be sent to you via post.

How will I get a top-up on my loan account if I need more funds?

You may apply for a redraw on your personal loan account online via this link. Please submit your updated income documents (refer to documents required for submission under eligibility and requirements) in order for us to process your application.

Interest

What is the interest rate of HSBC's Personal Loan?

Please refer to our personal loans page.

How will interest be charged on my loan account?

Interest will be charged using the reducing balance method, and at daily rest on 365 days per year basis. The applicable interest rate will be stated on the notification letter to be sent to you.

Repayment

When is the repayment due date?

Your repayment due date will be stated on the notification letter that the Bank will post to you. In general, your first repayment due date will be one month from your loan approval date, and will fall on the same date on subsequent months, unless otherwise stated in the notification letter. 

What is my monthly repayment amount?

Your monthly repayment amount will be stated on the notification letter sent to you.

What are the modes of repayment for HSBC's personal loan?

The monthly repayment amount will be debited from your HSBC repayment account each due date. You may deposit funds into your repayment account via the following methods:

  • By cheque - you may drop your cheque in the cheque deposit box found in any HSBC branch (please allow for two banking days cheque clearing period).
  • By cash - you may make your cash deposit using the cash deposit machines found at HSBC branches.
  • By bank transfer - you may transfer funds from your other bank accounts to your repayment account through online banking, phone banking or over-the-counter.
     

Please ensure that the funds are deposited into your repayment account by 3pm on each loan repayment date.

Will I get a loan account statement detailing my payments and outstanding balance?

Yes. You will receive an annual loan account statement, which will reflect your payments, transactions, and outstanding balance. You will also receive a monthly composite statement, which will reflect the transactions and outstanding balance on your HSBC accounts (except personal line of credit).

What will happen if I miss a loan repayment?

If the monthly installment is not received by the due date, late payment interest and late payment fee (as stated in the notification letter) will apply.

What should I do if I want to repay my loan (partially or in full) in advance?

If you wish to make an early repayment, whether partial or in full, you need to send your original written instruction to HSBC at least one month prior to the repayment date. Upon receipt, HSBC will send you details of the amount you need to pay into your repayment account, as well as the date that the repayment will be effected.

Fees

What are the fees associated with HSBC's personal loan?