Features & Benefits
Interest Rate
An interest rate from 3.88% p.a. (EIR: 8.78% p.a.) to 8.88% p.a. (EIR: 17.77% p.a.).*
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Loan Amount
Borrow up to 4 times your monthly salary.
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Flexible Repayment
Choose from a loan tenor of between 1 year and 5 years to repay your loan
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One-time Processing Fee
A one-time processing fee of 1.5% on the approved loan amount or a minimum of S$100 (whichever amount is higher). This fee will be debited from the Personal Loan account when we disburse the loan.
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Fuss-free Payment Methods
Don't have an account with us? Don't worry. An iSavings account will be opened so you can make easy repayments. We'll also set up HL Bank Connect to give you quick access to your banking details anytime.
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*Terms and Conditions apply.
How it works
Here's an example of how much your monthly instalment will be, depending on the tenure selected. This example assumes a loan amount of S$11,000 and an interest rate of 3.88% p.a.
| Tenor | Interest Rate (p.a.) | Effective Interest Rate p.a.+ | Monthly Instalment^ |
|---|---|---|---|
| 1 year | 3.88% | 9.93% | S$953 |
| 2 years | 3.88% | 8.78% | S$494 |
| 3 years | 3.88% | 8.32% | S$342 |
| 4 years | 3.88% | 8.04% | S$265 |
| 5 years | 3.88% | 7.85% | S$219 |
+ The effective interest rate (EIR) is calculated taking into consideration applicable one-time processing fee of 1.5% or minimum S$100, whichever amount is higher and based on the approved loan amount and the respective loan tenor.
^ Monthly instalment amounts are calculated based on a fixed monthly payment options and are for illustrative purposes only.
* Terms and Conditions apply
This calculator is intended to be used for illustrative purposes only.
Requirements:
Between 21 and 60 years old A Singapore citizen or Singapore permanent resident Earning a minimum annual income of S$30,000 STEP 1
Before you start, make sure you have the following documents:
- If you're a Singapore citizen: Copy of NRIC (Front and Back)
- If you're a Singapore permanent resident: Copy of NRIC (Front and Back) and a copy of valid passport
- Latest copy of your Credit Bureau Report and income documents (dated within last 3 months);
a) If you're salaried employee:
- Latest computerized payslip and income tax notice of assessment
- Past 12 months' CPF contribution history statement
b) If you're self-employed or commission earner:
- Latest 2 years' Income Tax Notice of Assessment
| Fees | Description |
|---|---|
| Processing Fee | 1.5% of the approved loan amount of a minimum of S$100, whichever is higher |
| Late Fee | S$80 |
| Early/Full Repayment Fee ** | 3% of outstanding loan amount or S$200, whichever is higher |
| Overdue/Default Interest | 5% p.a. plus HL Bank Prime Rate (current prime rate is at 5.75% p.a.), the monthly instalment will be charged with this default interest rate when the monthly instalment is not made |
** 1 month interest in lieu will be charged if redemption is done immediately
Q1. What is the maximum loan amount that I can apply for?
The loan amount you can apply for will be up to 4 times of your monthly salary. For example, if your monthly salary is S$2,500, you can apply for a loan amount of up to S$10,000 subject to bank's approval.
Q2. Do I need to provide a guarantor or any collateral to apply for HL Bank Personal Loan?
There is no need to provide a guarantor or any collateral in order to apply.
Q3. What is the processing time for my HL Bank Personal Loan application?
The processing time is 7 to 14 business days.
Q4. What is the minimum and maximum loan amount I can apply for?
Minimum loan amount - S$5,000
Maximum loan amount - S$250,000
Q5. Will there be any processing fee?
There is a one-time processing fee of 1.5% of the approved loan amount, or minimum S$100, whichever is higher. It will be deducted from the approved loan amount.
Q6. Can I choose to disburse the approved loan amount to my joint account?
No, joint accounts will not be allowed.
Q7. How will I know if my HL Bank Personal Loan application has been approved?
You will be informed via SMS.
Q8. What happens after my HL Bank Personal Loan application is approved?
- HL Bank will disburse the loan amount (after the processing fee has been deducted) into your designated bank account. An approval letter will be mailed to you, advising you of your loan details and your approved interest rate.
- A Personal Loan account for the loan amount will be opened.
- An iSavings account will be opened so you can make repayments to the Personal Loan account. However, if you have an existing iSavings account, it will be used to make repayments to the HL Bank Personal Loan.
- A Internet Banking Temporary ID and a security token will be mailed to you.
Q9. How is the interest rate for my HL Bank Personal Loan calculated?
The interest rate will be calculated using the rule of 78 method.
Q10. When is the repayment date for my HL Bank Personal Loan?
Your repayment date will be indicated on your approval letter. In general, your first repayment due date will be one month from your loan disbursement, and will fall on the same date in subsequent months, unless otherwise stated in the approval letter.
Q11. What are the modes of repayment for my HL Bank Personal Loan?
You may deposit funds into your iSavings account via the following methods:
- By Cash - You may make your cash deposit over-the-counter at our HL Bank branch
- By Funds Transfer - You may transfer funds from your other bank accounts to your iSavings account.
Q12. What will happen if I miss a repayment?
If the monthly instalment is not received by the due date, late payment interest and late payment fee will apply.
Q13. What should I do if I want to repay my HL Bank Personal Loan (in full) early?
Yes. You will need to send in your original written instruction to HL Bank at least one month before the proposed repayment date. Upon receipt, HL Bank will contact you in regards to the settlement amount you need to pay, including fees and charges (if any). No partial repayment is not allowed.
