Hong Kong and Shanghai Banking Corporation commonly known as HSBC Bank provides personal loans of up to Rs. 30 lakhs that can be used for various personal purposes. These personal loans are available to both salaried as well as self-employed applicants with zero collateral and minimal documentation requirements with a repayment tenure extending up to 60 months. The following are key details of HSBC Bank personal loans:
Features of HSBC Bank Personal Loan
The following are some key features of personal loans available from HSBC Bank:
|Loan Repayment Tenure||From 6 months to 5 years.|
|Loan Quantum||Rs. 75,000 to Rs. 30 lakh.|
|Loan Repayment Mode||EMIs can be paid through Electronic Clearing System (ECS) or by setting up Standing Instruction (SI).|
|Collateral/ Guarantor||Not required.|
|Personal Loan Balance Transfer||Allowed.|
HSBC Bank Personal Loan Interest Rates
The interest rate on HSBC Bank personal loans starts at 10.50% p.a. Specific personal loan interest rates offered to applicants however depend on multiple factors such as applicant profile, loan amount, current outstanding debt, etc.
Eligibility Criteria for HSBC Bank Personal Loan
The following table summarizes the eligibility criteria for a HSBC Bank personal loan:
|Who?||Only resident Indians, including both salaried and self-employed individuals.|
|Age||Salaried Applicants: 21 to 60 years|
Self-employed Applicants: 21 to 65 years old
|Correspondence Address||Must be located within India.|
|Pre-existing Relationship with the Bank||Must have an active savings/ current account with HSBC Bank that has been operational for over 3 months.|
|Availability||HSBC Personal Loans can currently be availed only in Ahmedabad, Bangalore, Chennai, Chandigarh, Coimbatore, Hyderabad, Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Pune and Visakhapatnam*.|
*Only for employees of HSBC Visakhapatnam.
Documents Required for Personal Loan Application
The following are key documents required when applying for a personal loan with HSBC Bank:
|Proof of Identity (any one)||Passport|
Election/ Voter’s ID
Permanent driving licence
Government employee ID card
Defence ID card
National Rural Employment Guarantee Act
(NREGA) job card
|Proof of Address (any one)||Society outgoing bill (only from registered societies)|
Gas bill (pipeline connection only)
Property tax bill
Domicile certificate with address issued by
Registered rent/ lease agreement (registered with State Government or similar registration authority)
|For Salaried Employees|
Last 3 months’ salary slips
For Self Employed Individuals
Last 2 years’ audited certified financials
Acknowledged IT Returns
Last 6 months’ primary bank account statements
How to Apply for HSBC Bank Personal Loan?
Fill out the personal loan application form on Paisabazaar.com and get instant e-approval subject to applicable terms and conditions of personal loan disbursal.
Personal Loan Verification Process
The personal loan verification process generally involves the following steps:
- Submission of personal loan application form to the prospective lender.
- Collection and verification of the required documents by the chosen lender.
- Approval and disbursal of the loan amount after signing of loan agreement
Fees and Other Charges
The following are some of the key fees and charges associated with the personal loan offered by HSBC:
|Type of Charge||Applicable Rate/Fees|
|Processing fee||Up to 1% of the loan amount.|
|Full/partial prepayment charges||Up to 3.75% of the principal outstanding.|
|Cheque Return charges||Nil|
|Cheque Swap charges||Nil|
How to Login HSBC Bank Online Portal?
Step 1: Visit the Personal Internet Banking portal of HSBC Bank.
Step 2: Enter your Internet Banking username and click “Continue”.
Step 3: Subsequently, enter your Internet Banking password and click “Login”. Once logged in you can access a wide range of online banking services offered by HSBC Bank.
HSBC Bank Personal Loan Statement
Step 1: Log in to the HSBC NetBanking portal.
Step 2: Navigate to “Request eStatements/e-Advice” option in the main menu.
Step 3: Enter your registered email address and complete required verification/authentication to access your personal loan e-statement.
The following table illustrates possible EMI payable for various HSBC personal loan amounts, interest rates and loan tenures. You can also use the personal loan EMI calculator on Paisabazaar.com to calculate the EMI of your own personal loan online for free:
|Loan Amount (Rs.) and Interest Rate|
EMI Amount (Rs.)
|1-year loan tenure||2-year loan tenure||3-year loan tenure||4-year loan tenure||5-year loan tenure|
|3 lakh @ 10.50% p.a.||26,444||13,912||9,750||7,681||6,448|
|5 lakh @ 14% p.a.||44,893||24,006||17,088||13,663||11,634|
|10 lakh @ 15% p.a.||90,258||48,486||34,665||27,830||23,789|
Comparison of HSBC Bank Personal Loan v/s Other Lenders
The subsequent table compares key features of unsecured personal loans from HSBC Bank to similar offerings from other leading lenders:
|HSBC Bank||HDFC Bank||Citibank||ICICI Bank||Bajaj Finserv|
|Interest Rate||10.50% onwards||10.75-21.30%||9.99% onwards||11.25% onwards||12.99% onwards|
|Tenure||Up to 5 years||Up to 5 years||Up to 5 years||Up to 5 years||Up to 5 years|
|Loan amount||Up to Rs. 30 lakh||Up to Rs. 15 lakh||Up to Rs. 30 lakh||Up to Rs. 50 lakh||Up to Rs. 25 lakh|
|Processing Fee||Up to 1% of the loan amount||Up to 2.50% of the loan amount||Up to 3% of the loan amount||Up to 2.25% of loan amount + GST||Up to 4.13% of the loan amount (including taxes)|
HSBC Bank Customer Care
The following are different ways you can contact the HSBC customer care department:
|Toll-free customer care numbers for loan related queries|| |
|1800 267 3456|
1800 121 2208
|Visit the nearest branch||Use the HSBC Bank Branch Locator on the official bank website|
|Chatbot||Click “LiveChat” on the right side of HSBC Bank official website.|
Benefits of Applying for a Personal Loan at Paisabazaar.com
Following are the benefits of applying for a personal loan at Paisabazaar.com:
- You can compare loan offers from 30+ lenders on a single platform.
- You can know the eligible loan amount before applying for the loan.
- You can check the chances of approval for your loan application.
- You get instant conditional e-approval from the lender.
- Your data remains safe, as Paisabazaar is ISO 27001-2013 certified.
Important Aspects to Consider While Applying for a Personal Loan
- Carefully check all the eligibility criteria and ensure you meet them before applying for a personal loan.
- Ensure you have all the required documents.
- Maintain a high credit score, as it is reflective of your repayment history.
- Do not use a large proportion of the total credit available to you to maintain a low Credit Utilization Ratio.
- Avoid submission of multiple loan applications at the same time, as it negatively affects your credit score.
Frequently Asked Questions (FAQs)
Q1. What are the minimum and maximum personal loan amounts offered by HSBC Bank?
Ans. The minimum and maximum personal loan amounts offered by HSBC Bank are Rs. 75,000 and Rs. 30 lakh, respectively.
Q2. What is the interest rate on HSBC Bank personal loan?
Ans. The interest rate on HSBC Bank personal loan starts from 10.50%.
Q3. How much does HSBC Bank charge for personal loan?
Ans. HSBC Bank charges up to 1% of the loan amount as processing fee on personal loan.
Q4. Is partial prepayment allowed on HSBC Bank personal loan?
Ans. Yes, partial prepayment is allowed on HSBC Bank personal loan after the completion of the lock down period.
Q5. Can I change the instrument to repay my personal loan EMIs?
Ans. Yes, you can change the instrument used to repay your personal loan taken from HSBC Bank. For example, you can change from post-dated cheques to ECS or vice versa. HSBC Bank does not charge you for swapping payment instruments:
Q6. Can I request for partial disbursement of the personal loan amount?
Ans. No, HSBC disburses the complete loan amount at one go hence you cannot request for partial disbursement.
Q7. What is the minimum age criterion to apply for HSBC Bank personal loan?
Ans. You should be at least 21 years old to apply for a personal loan at HSBC Bank.
Q8. Can NRIs avail a personal loan from HSBC Bank?
Ans. No, NRIs cannot avail a personal loan from HSBC Bank.
Q9. What is the toll free customer care number of HSBC Bank?
Ans. The toll free customer care numbers of HSBC Bank are 1800-267-3456 and 1800-121-2208.
Q10. How can I check the EMIs for HSBC Bank personal loan?
Ans. You can use Paisabazaar Personal Loan EMI Calculator to check the EMIs for your HSBC personal loan.Menu