Personal Line of Credit

• General
• Eligibility and Requirements
• Benefits
• Credit Limit
• Interest
• Repayment
• Fees

A Personal Line of Credit is a revolving credit facility and access to extra cash that you may need during emergencies. Interest is only charged on the amount utilised.

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

• S$30,000 for salaried or S$40,000 for self-employed or commission-based Singapore Citizens and Permanent Residents
  
• S$40,000 for foreigners with Employment Pass validity of at least 6 months

For salaried employees:

• Photocopy of National Registration Identity Card (NRIC) (front and back)
• Latest 3 months' computerised payslips OR latest Notice of Assessment with latest 1 month's computerised payslip¹ OR latest six months' Central Provident Fund (CPF) statement²

For self-employed/commission-based earners:

• Photocopy of  NRIC (front and back)
• Last two years' Notice of Assessment¹

For foreigners:

• Photocopy of first page of Passport showing identification details
• Employment Pass (with validity of at least one year)
• Latest 3 months' computerised payslips OR latest Notice of Assessment¹ with latest 1 month's computerised payslip OR latest six months' CPF statement²

¹You can now print your Notices of Assessment at myTax Portal with your Singpass or Inland Revenue Authority of Singapore (IRAS) PIN. This service is free. Log on to mytax.iras.gov.sg for more details.

²You may submit your CPF 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.

Personal Line of Credit is an unsecured credit facility granted to you based on your qualifying monthly income. Hence, no collateral or guarantor is required.

You can use your HSBC Debit Card to access your Personal Line of Credit account anytime and anywhere. The debit card is absolutely free of charge. Find out more about features and promotions for your HSBC Debit Card.

You will receive a monthly Personal Line of Credit statement that shows your transaction history. Alternatively, you can view the transaction details via online@hsbc or contact our 24-hour Phonebanking Service on 1800-HSBC NOW (4722 669), or (65) 6-HSBC NOW (4722 669) from overseas, for assistance.

Yes, you may state your preferred credit limit on the application form, and this will be subject to the Bank's review and approval. Alternatively, you may request for the credit limit to be assigned by the Bank.

Where you have stated a preferred credit limit, this will be subject to the Bank's review and approval, and the amount which the Bank will grant may be lower than the amount you have requested.

Please note that for individuals with annual income between S$30,000 and S$120,000, your aggregate credit limit with HSBC for all unsecured facilities will be capped at four times your monthly income as indicated in the income documents that you submit. Please note that because your unsecured facilities include all of your unsecured credit card, personal line of credit and personal loan, the credit limits for your unsecured credit cards, personal lines of credit and personal loans will be aggregated for the purpose of computing your maximum aggregate credit limit.

Subject to credit limits applicable to any of your other unsecured facilities, HSBC Personal Line of Credit offers you a credit limit of up to six times your monthly income or S$100,000, whichever is lower, according to your annual income as below:

a) Annual income of S$120,000 and above: up to six times monthly income

b) Annual income of S$30,000 and less than S$120,000: up to four times monthly income

You can use up to your available credit limit in the account. Your credit limit will automatically be adjusted when you make payment into the account.

Please complete the Credit Limit Review Form, print, sign and mail (or fax) the application form to us with your latest income documents.

We offer a competitive interest rate of 20.9% per annum currently. Once the credit line is utilised, interest is charged daily on the outstanding balance, subject to a minimum charge of S$10 per month.

Interest accrues on a daily basis on the debit balances outstanding in your account each day based on the prevailing interest rate, subject to a minimum charge of S$10 per month. Interest will be debited from the account at the end of the debit interest cycle or on such other day or days as the Bank shall determine. Please note that the debit interest cycle may differ from your statement cycle.

The payment due date is shown on your monthly statement. It is calculated 22 days from your statement date.

Repayment is flexible, as long as you repay a minimum amount of 3% of the outstanding balance or S$15, whichever is higher.

Repayment is convenient. You can simply make payment through any of the following options:

• HSBC branches
• ATM
• Cash Deposit Machine
• Online Banking
• AXS station
• SingPost branches
• SingPost S.A.Ms
• via cheque

• Annual Fee of SGD120 will be charged on the anniversary of the account opening date and is waived for the first year.
  
• Late charge of SGD120 if the minimum payment amount is not received by payment due date.

For the full list of fees & charges, you may refer to Credit Cards/Unsecured Loans tariffs and charges.