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HSBC Bank Personal Loan
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10.99%
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HSBC Bank Personal Loans
HSBC is a multinational banking and financial services company has around 4000 offices in 70 countries. It is the world’s sixth largest public company according to the composite measure by Forbes magazine. The bank offers wide range of financial services to its customers.
How to Apply for Yes Bank Personal Loan
What is a personal loan?
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
An Introduction to HSBC Personal Loans
HSBC offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by HSBC.
Advantages of HSBC
- Low interest rate
- No security needed
- Less paperwork
- Long tenure
- Minimum income requirement
Documentation Required for HSBC Personal Loans
Important documents to be submitted while applying for personal loans with HSBC
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
HSBC Personal Loans
Catering to the needs of various sections of people, tailor-made HSBC personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.
Features of HSBC Personal Loan
Key Highlights
| Eligibility Criteria | Salaried/Self-Employed |
| Age | Between 21 years |
| Loan Tenure | Up to 60 months |
| Loan Amount | Up to 30 Lakhs |
| Interest Rate | 10.99% to 19.84% |
Motive:
The aim of the HSBC personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain HSBC personal loan. However, suitable third-party guarantee is acceptable.
Loan Amount:
You can get loan up to INR 15,00,000 and select customers can get up to INR 30,00,00.
Loan Tenure:
Up to 5 years
Prepayment Charges:
You can prepay the loans after completing 6 EMIs. Prepayment charges are up to 3.75% of the loan amount.
Convenient Borrowing:
ou can apply online or visit nearby HSBC branches.
Eligibility Criteria
To avail the personal loans from HSBC, you need to have the following eligibility criteria.
- You should be 21 years old or above
- Should be Indian resident
- Salary slip of last 3 months
- Proper Address Proof and Identity proof
- The minimum net annual income should be INR. 400,000 per annum and above for Corporate Employee Programme and Rs.500,000 and above for other customers
Interest Rate and Other Charges on HSBC Personal Loans
- Annual Percentage Rate (APR) for Personal Loans ranges between 10.99% to 19.84% for all loans at a maximum tenor of 60 months
- Interest Range for Q1 2017 for different categories of customers: 10.99% to 19.5% p.a. Mean (Average) interest rate in Q1 2017 was 12.51% p.a.
EMI Payment Methods
Your HSBC personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with HSBC, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the HSBC account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-HSBC account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Kotak Mahindra Bank account at your nearest Kotak Mahindra Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
HSBC Personal Loans Summary
HSBC provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes HSBC personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, HSBC personal loans do not impose much burden on the customers.
HSBC Bank Personal Loan FAQs
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
No Security is Needed
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
The The processing fee for HSBC personal loan is 2.50% of the loan amount. Processing fees have to be paid upfront.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8.How does HSBC Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us. HSBC offers personal loans at the cheapest rates of interest, with no security or collateral HSBC offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity. With an HSBC personal loan, you can choose between fixed rates of interest and floating interest rates.
9.How can I apply for the HSBC personal loan?
You can either apply online or visit the nearest HSBC loan centre for a personal loan.
10.Will there be any charges for prepayment towards my HSBC personal loan?
There are prepayment charges on HSBC personal loan. You can make the prepayment only after completing 6 EMIs.
Hsbc Bank Personal Loan - Customer Reviews
Cristina
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