- Interest Rate (p.a.)
4.70% - 5.90%
- Loan Tenure
1 - 10 years
- Approval Duration
To be advised upon documents submission
- Min. monthly income
Consolidate your outstanding & enjoy S$188 cashback + processing fee waiver this CNY!
Receive S$188 cashback & processing fee waiver for online applications submitted by 3 March 2018 and approved by 31 March 2018. T&c apply.
What's so great about HSBC Debt Consolidation Plan?
- Consolidate all unsecured credits facilities for a lower monthly repayments
- Flexible tenures of up to 10 years
- Access to HSBC Visa Platinum credit card perks & benefits with limit of 1X monthly income
|Min. financing amount||S$30,000|
|Max.financing amount|| To be advised by the bank|
|Min. loan tenure||1 year|
|Max. loan tenure||10 years|
|Interest rate||Flat rate of 4.7% – 5.9% per annum|
|Approval duration||To be advised upon documents submission|
Fees & Charges
|One time set up|
|Processing fee||1% of approved loan amount, subject to a minimum of S$88|
|Early settlement||3.9% of the redemption amount|
|Late payment charges||2.5% + prevailing interest* on overdue amount|
|Age requirement||Age 21 - 65|
|Employment eligibility||For Singaporean &PRs only, with annual income between $30,000 and $119,999|
|Min. salary requirement||S$2,500 gross per month|
|Need to open linked banked account?||N/A|
|Other details||Have a total interest-bearing outstanding balances on credit cards and/or unsecured credit facilities of at least 12 times your monthly salary|
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HSBC Debt Consolidation Plan - FAQ
How much can I borrow?
You can borrow a total amount that is equivalent to the total outstanding including interest and any other fees accruing to your credit accounts plus an additional 5% allowance above the total Debt Consolidation Plan amount.
Who can apply?
Applicant must be a Singaporean citizen or permanent resident
Salaried employee with annual income between S$30,000 and S$120,000
Have total interest-bearing outstanding balances on unsecured credit facilities of at least 12X of monthly income
HSBC Debt Consolidation Plan is having a promotional effective interest rate from 4.7%. It also gives you $188 cashback and processing fee waiver for approved application.
How long will the application take and what documentations are required?
You will be redirected to HSBC's website to complete the application for HSBC Debt Consolidation Plan
You are required to furnish the following documents for your loan application:
- Completed and signed application form
- Photocopy of NRIC (both sides)
- Latest credit card and unsecured credit loan statements (physical or online)
- Latest copy of Credit Bureau Report
- Latest Computerized Payslip; OR
- CPF Contribution Statement for past 12 months (applicable to applicants with monthly income of S$6,000 or less); OR
- Latest Income Tax Notice of Assessment (NOA)
- Proof of outstanding balances (billed and unbilled) for all unsecured credit facilities such as statements and/or confirmation letter
Can you apply if you have a bad credit score in CBS/ FICO/ DP credit bureau?
Your personal loan application is likely to get rejected if you have a bad credit score. Late payments or missed payments are some of the major are some of the major contributors to a bad credit score. If you currently have an unsatisfactory credit score, take steps to rebuild it by clearing overdue payments. Make full and timely payments on your debts for 6 months before reapplying.
If you are looking for personal loans offered by other banks in the Singapore, you may also consider:Standard Chartered CashOne
Dash Advance Personal Loan
You can also take a look at the full line-up of Quick Approval Personal Loans in Singapore listed on our website and choose which is the right one for you.