HSBC is one of the world’s largest banking and financial services organisation. It has been extremely active in the banking industry and with personal loans as well. Personal Loans from HSBC can be taken for any purpose. Be it a wedding in the house, higher education, health or financial emergencies as well. The customers can approach the bank or apply online for a personal loan if they meet with the eligibility criteria.
HSBC Personal Loan Interest Rate
|Type of Fees||Charges Applicable|
|Interest Rate||Interest Rate charges range from 10.99% p.a. to 17.84% p.a.|
|Processing Fees||Up to 1% of the disbursed loan amount. The processing fee which has been paid or deducted is non-refundable.|
|Foreclosure / partial pre-payment charges*||Up to 3.75% of the Principal outstanding. Foreclosure/Prepayment is allowed only after 12 months from the date of Loan Disbursal|
|Loan Amount||The maximum Loan Amount that can be availed with HSBC is 15 Lakhs. Selected customers can still be eligible for Rs. 30 Lakhs based on the internal policy of the bank.|
|Loan Tenure||HSBC offers flexible tenure up to 60 months|
*Fees and Charges are subject to change at the sole discretion of the bank and will be intimidated to the Loan Applicants at least a month prior to the same being applicable.
HSBC Personal Loan Features and Benefits
Below are some of the features of HSBC Bank offering personal loan:
- HSBC offers flexible tenure on personal loans up to 60 months. The Loan Applicant can choose a tenure ranging from 6, 12, 18, 24, 30, 36, 42, 48, 54 or 60 months
- The payment method is simple and easy through EMIs or through National Automated Clearing House (NACH) or by setting up a Standing Instruction on the HSBC Account
- HSBC also offers Balance Transfer Facility where one can easily transfer their existing personal loan to HSBC from another bank
- No Security or Collateral is required to apply for a personal loan from HSBC. Though, the bank might require a small guarantee from the loan applicant’s end.
- HSBC Customers can avail personal loan in the cities of Ahmedabad, Bengaluru, Chandigarh, Chennai, Cochin, Coimbatore, Hyderabad, Jaipur, Kolkata, Mumbai, New Delhi, Pune and VIzag (only employees of HSBC Vizag)
- The bank offers the facility of quick processing loan so that the customer does not have to wait long for the funds and can avail them quickly. The documentation required is simple, making the loan disbursement quick, easy and hassle-free.
- The personal loan is offered at a rate of interest which is fixed across the tenure of the loan.
- One can prepay the personal loan after 12 months of the loan disbursement by giving a written instruction to the bank.
HSBC Personal Loan Eligibility Criteria:
The following individuals are eligible to avail a personal loan from HSBC:
- The loan applicant must be an existing customer of HSBC and customers working in preferred corporates
- The loan applicant should be a resident of India with 21 years of age
- The maximum age of the applicant should be 60 years for salaried individuals and 65 years for self employed
- The minimum net annual income should be Rs 4 Lakh p.a. and above for corporate employee programme and Rs 5 Lakh and above for other customers.
Documents Required for HSBC Personal Loan:
Following are the documents required to apply for a personal loan from HSBC Bank:
- A completely filled up loan application form with one passport size photograph
- A valid Identity Proof which can be one of the documents like Passport, Election or Voter ID card, PAN Card, Aadhaar Card, Defence ID Card, Photo Ration Card, National Rural Employment Guarantee Act (NREGA Job Card)
- A valid proof of residence which can be any of these documents like Passport, Election or Voter ID card, PAN Card, Driving License, Ration Card, Society outgoing bills only from the registered societies, Utility Bills like Electricity/Water/Telephone Bills, Gas Bills for pipeline connection only, Property Tax Bill, Domicile Certificate with address issued by Municipal Corporation, registered rent or lease agreement which is either registered with the state government or any similar registration authority
- Age proof which can be any of the documents like passport, driving license, Birth Certificate, Photo PAN Card and school leaving certificate are the requirements for personal loans.
- Financial documents for salaried individuals include the latest salary slip showing statutory deductions or FORM 16, duly signed by an authorised signatory of the company and the salary account statement for the last 3 months.
- Financial documents for self-employed individuals include audited or certified financials like Profit and loss account, balance sheet, acknowledged IT Returns for the last 2 years and bank statement of the primary account of the last 6 months.
Terms and Conditions of HSBC Personal Loan
- The maximum loan amount that one can avail is Rs 15 Lakhs. Though selected customers can be eligible for a loan amount of Rs 30 Lakhs based entirely on the internal policy of HSBC Bank.
- The loan is offered on the basis of tenure of the loan and the fixed rate specified.
- The customer can pre-pay the loan after 6 months of loan disbursement after giving the written instruction to the bank.
- The customer is required to pay the EMIs on the due dates as mentioned. Non-payment of the dues may attract the impact on the customer’s credit which will not be limited to the following:
- The Credit rating done by CIBIL
- The impact will be on the other credit facilities offered by the bank
- The bank will be bound to appoint the recovery agency to recover the due amount
- The customer can visit the bank’s website to know all the detailed terms and conditions before giving any personal loan requests
- The HSBC Bank will inform their customers one-month prior of making any changes and amendments in its terms and conditions
- Change in the rate of interest depends on the sole discretion of the bank
- Sanction of the loan is at the sole discretion of the Hong Kong and Shanghai Banking Corporation Limited, India and offers personal loan only to selected cities like Ahmedabad, Bengaluru, Chandigarh, Chennai, Cochin, Coimbatore, Hyderabad, Jaipur, Kolkata, Mumbai, New Delhi, Pune and Vizag (only employees of HSBC Vizag)
HSBC Personal Loan EMI Calculator
HSBC Bank offers several online EMI Calculators for individuals looking to apply for loans. Most of them are targeted at individuals who are considering to apply for a Home Loan from HSBC. HSBC does not provide an EMI Calculator specifically for Personal Loan. One can check the EMI of Personal Loan at Paisabazaar.com. All you need to do is fill in the details of your personal loan and your EMI will be calculated accordingly. Paisabazaar allows anyone to compare different interest rates of the Personal Loan and other products, giving a detailed information about the fees and charges and features of the Product and the Bank.
How to apply for HSBC Bank Personal Loan?
One can apply for a personal loan from HSBC through HSBC website. The website gives a clear information about the loan and offers hassle free digital process to ensure quick application and disbursal for the customers.
Frequently Asked Questions (FAQs)
Q: Who are currently eligible to apply for a personal loan from HSBC?
A: HSBC extends personal loans only to its existing resident customers holding HSBC Liability accounts, Credit Cards or Home Loans or employed with select corporates.
Q: How to avail personal loan from HSBC?
A: One may walk into the HSBC Branch in order to apply for a personal loan or contact the HSBC bank executives who will get back to you regarding the same.
Q: What is the interest rate on personal loan from HSBC Bank?
A: Currently, the interest rate on personal loan ranges from 10.99% p.a. to 17.85% p.a. The final interest rate though is decided by the bank on the credit score and financial history of the customer.
Q: Is partial disbursement an option with HSBC?
A: The loan amount is disbursed at one go. There is no option of partial disbursement.
Q: What are the EMI dates for HSBC bank?
A: The EMI dates can be 5th or 15th of the month depending on the date of disbursal.
Q: What is the minimum and maximum tenure for an HSBC Personal Loan?
A: The minimum tenure is 12 months and the maximum tenure is 60 months. The bank offers a flexible loan tenure of up to 60 months i.e. tenure from a minimum of 12 months onwards with additional block of 6 months. You can choose a tenure from 12, 18, 24, 30, 36, 42, 48, 54, or 60 months.
Q: What is the customer care number of HSBC Bank for queries on Personal Loan?
A: HSBC Personal Banking for Indian Citizens: 1860 266 2667 or 1860 500 2255
HSBC Personal Banking for Overseas citizens: 040-67173401 / 080-490 89 631