The HSBC Cash Instalment Plan (CIP) is easy to apply - with no required supporting documents and automatic transfer of funds to your current/savings account at any bank within 10 days. What's more, you can apply cash up to 9 times your monthly income!
What can I get from HSBC CIP?
Not having enough cash in hand can be a major disadvantage, especially in the middle of the month. You can compensate for the insufficiency by borrowing some against your HSBC credit card. It works similar to a personal loan and overdraft, but less the hassle in getting them.
HSBC allows you to withdraw up to 9 times your available credit limit for this purpose and lend you any amount for as long as 60 months (5 years!) at a low flat interest rate of 6.88% p.a. applicable to all tenors.
Here's the catch, though. For every approved applied amount, you are subject to a Cash Advance Fee of 2%.
How to apply for this cash loan?
To participate, you can apply via online on HSBC Malaysia's website. But you can also walk-in to any of HSBC's branches to do manually. Or, drop a line to HSBC Contact Centre at 03 2059 9123.
All you need to do is:
- State your CIP amount: not less than RM1,000, up to 9x your available credit limit
- Choose your CIP tenure: 12, 24, 36, 48 or 60 months
- Provide details of your nominated Bank Account for transfer
Any terms and conditions?
If you feel the pinch to make a full monthly instalment payment, it is advisable to make a minimum monthly payment of 5% of the total amount. Mind you, part of the unpaid outstanding balance will be charged with the prevailing finance charge of 18% p.a., which is calculated on a daily basis.