HSBC Bank

HSBC Bank Personal Loan

Years

Apply HSBC Bank Personal Loan @ 10.99%
imozi

Interest Rate

10.99%-18%

imozi

Processing fee

Upto 0.5%

imozi

Loan Tenure upto

5 years

imozi

EMI per Lakh

2,174

About HSBC Personal Loan

The world is growing rapidly and so are the expenses. Savings have become limited and outlays are reaching the apex. It has become difficult to organise weddings, education, health emergencies, and financial crisis with mere savings. HSBC takes a step ahead and offers Personal Loan that fulfills the need of the customer.

HSBC has been in the banking industry for years and is one of the world's largest banking & financial services. HSBC provides Personal Loans, home loan, smart home, loan against property, smart loan against property, NRI services, Insurances, and host of other services. With such a stronghold in the industry, HSBC has always been a trustworthy solution for all its customers.

HSBC Persona Loan Interest Rate -  Oct 2019

Interest rate

10.99 %

Loan tenure

6 Month to 5 Years

Loan turn around period

1-7 Days

Processing Charges

1 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2174 Per Lakh

Why Choose an HSBC Personal Loan?

Personal Loan can be taken for varied reasons and not only restricted to marriage expenses, higher education, financial emergencies but also for furnishing house, purchasing consumer durables, buying the latest equipment, travel expenses, holidaying with family and a lot more.

The reasons to opt for HSBC Personal Loans are:

  • Flexible tenure loans of minimum 6 months up to 60 months
  • Easy monthly repayment through Equated Monthly Instalments (EMI) via Electronic Clearing System (ECS) or by setting up a Standing Instruction (SI) on HSBC bank account
  • Balance Transfer Facility available
  • The bank requires no Security or Collateral guarantee to apply for a Personal Loan. Though, the bank might ask for a small guarantee from the applicant's end.
  • Easy documentation, quick processing and disbursal
  • Personal Loan is offered at a fixed rate of interest

HSBC Personal Loan Features and Benefits

Below are some features and benefits of HSBC Personal Loan:

  • One can avail a maximum loan amount of 15 Lakh under Personal Loan. Some select customers can avail a higher loan amount of 30 Lakh which will be entirely based on the internal policy of HSBC Bank. The minimum loan amount available is 75,000.
  • Customers can enjoy flexible loan tenure on Personal Loan up to 60 months. Loan applicant will be given a choice to choose a tenure ranging from 6, 12, 18, 24, 30, 36, 42, 48, 54 or 60 months.
  • The interest rates vary from 10.99% p.a. to 17.84% p.a.
  • HSBC understands the importance of time and hence offers the facility of quick processing loan so that the customers can avail their loan amount quickly. The bank doesn't undergo tedious paperwork, instead makes the documentation process simple, thereby making the loan disbursement quick, easy, and hassle-free.
  • Personal Loan can be prepaid after 12 months of the loan disbursement by giving a written instruction to the bank.

HSBC Personal Loan Interest Rate

The interest rates for HSBC Personal Loans start at 10.99% p.a. and can go up to 17.84% p.a., depending on the eligibility and repayment capacity of the borrower.

HSBC Personal Loan Eligibility Criteria

To be eligible for HSBC Personal Loan, one must pass the following eligibility norms:

  • Currently, HSBC offers Personal Loans only to its existing Indian resident customers who hold HSBC Credit Cards, Home Loan, or Liability Accounts, or who are employed with select corporates.
  • The loan applicant should be above 21 years of age and a resident of India
  • The maximum age of the salaried applicant should be 60 years and 65 years for self-employed.
  • The net annual income of the applicant should be minimum 4 Lakhs p.a. for corporate employee programme and 5 Lakhs for other customers.
  • HSBC customers can obtain Personal Loan in the cities of Bengaluru, Ahmedabad, Chandigarh, Cochin, Chennai, Coimbatore, Jaipur, Kolkata, Hyderabad, New Delhi, Mumbai, Pune and Vizag (only employees of HSBC Vizag).

Terms and Conditions of HSBC Personal Loan

  • HSBC lays down rules and conditions, which every loan applicant should follow. The customer has 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
  • To understand the detailed terms & conditions, the customer can visit the bank's website before giving any Personal Loan requests.
  • If there is any amendment or change in the terms & conditions, it is the duty of the bank to give prior notice to its customers. The HSBC Bank will inform its customers one-month prior to making any changes.
  • 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).

Documentation for HSBC Personal Loans

To apply for HSBC Personal Loan, you will need to submit the following documents:

Know Your Customer or KYC Documents

  • Proof of Identity (any one of the following):
    • Passport
    • Voter's ID card
    • Government employee ID card
    • Permanent driving licence
    • Defence ID card
    • Aadhaar card
    • PAN card
    • Ration card
    • NREGA job card
  • Proof of Residence (any one of the following):
    • Passport
    • Voter's ID card
    • Ration card
    • Permanent driving licence
    • Society outgoing bill (from registered societies only)
    • Water/Electricity/Telephone/Pipeline Gas connection bill
    • Property tax receipt
    • Domicile certificate containing address issued by Municipal Corporation
    • Registered rent or lease agreement (by State Government or any similar registration authority).

Financial Documents

  • Mandatory documents:
    • Recent salary slip
    • Last 3 months' bank statements of the primary account
    • Last 2 years' profit & loss account and balance sheet, duly certified or audited by a C.A.
    • Acknowledged ITR for the last 2 years
    • Last 6 months' bank statements of the primary account
  • Optional documents:
    • Latest acknowledged ITR for 1 year (optional)
    • Recent Form 16 (optional)

Why Apply for HSBC Personal Loan at MyMoneyMantra?

  • The MyMoneyMantra team does elaborate research to find the most suitable option of Personal Loan for you.
  • The documentation process is easy, simplified, and well assisted when managed through MyMoneyMantra.
  • The platform offers users the most accurate and customized loan solutions to meet their specific needs.
  • Users can expect to get a well-compiled report with detailed information on all options so that they make an informed choice.
  • The MyMoneyMantra team offers product suggestions based on the eligibility of the user as per the income and other factors.
  • You can easily compare products from different banks and across different parameters such as loan tenure, processing fee, interest rates, and loan amount to come to the best conclusion.

Get the MyMoneyMantra experts to help you with your Personal Loan from the selection of the right product, during the application process and right to the disbursement of the loan.

How to Apply for HSBC Personal Loans at MyMoneyMantra?

  • Go to the Personal Loans page on MyMoneyMantra and provide all the important parameters such as age, income, name, occupation etc.
  • Based on these details, the MyMoneyMnatra eligibility tool will assess your eligibility to provide the best Personal Loan options with their interest rate, loan tenure, and other important information.
  • It is fast and hassle-free process easy for borrowers to apply for Personal Loan online thorough MyMoneyMantra for smooth and assisted processing and a well-managed experience.

Other Products by HSBC Bank

Some of the other products by HSBC Bank include:

Home Loan

Smart Loan

Smart Home Loan

Loan Against Property

Smart Loan Against Property

Basic Savings Account

Savings Account

Fixed Deposit

Smart Money

Credit Cards

Debit Card

Demat Account

Corporate Employee Programme

Life Insurance

Motor insurance

Health Insurance

Travel Insurance

Investments

NRI Account

NRO Account

NRO Deposit

NRE Deposit

RFC Deposit

FCNR Deposit

How to Calculate HSBC Bank Personal Loan EMI?

EMI Calculator available for free on MyMoneyMantra helps you plan your financial budget in advance by letting you know how much EMI amount has to be paid each month till the end of the loan tenure.

The EMI Calculator is designed to be user-friendly without many fields to fill. The EMI Calculator has basic parameters to be filled by the borrower like the loan amount, tenure, the interest rate to arrive at the monthly EMI amount.

HSBC Personal Loan Processing Fee and Charges

The charges associated with HSBC Personal Loan are as follows:

Type of Fee/Charge Amount

Processing fee (non-refundable)

Up to 1% of the loan amount sanctioned

Part prepayment/ foreclosure charges

Up to 3.75% of the outstanding principal loan amount

Charges on cheque return

Nil

Charges on Cheque swap

Nil

HSBC Bank Personal Loan - Customer Care

HSBC bank provides a customer care toll-free number where the customers can ask their queries regarding Personal Loan, be it about the application process, eligibility criteria, loan approval or loan dispersal. All the questions will be addressed and answered by HSBC customer care executive.

  • Customers can call on the toll-free number 18004251747
  • Other HSBC personal banking numbers for Indian Citizens are: 18605002255 and 1860266267
  • HSBC personal banking numbers for Overseas Clients are: 040-67173401 and 080-49089631

FAQs on HSBC Bank Personal Loan

Can a person avail Personal Loan from HSBC if he/she is not an existing HSBC customer?

No. Currently, only HSBC customers are eligible to apply for this Personal Loan. In case one wishes to go for it then one will be required to get an account with HSBC and then apply for the Personal Loan.

How can one apply for HSBC Personal Loan?

A customer can walk into any of the HSBC branches to apply for HSBC Personal Loan, call up the phone banking line, apply online on their website or apply online through MyMoneyMantra.

Is the HSBC Personal Loan available across all branches in all cities of the country?

No. The choice of cities where HSBC Personal Loan is available in Bengaluru, Ahmedabad, Chandigarh, Cochin, Chennai, Coimbatore, Jaipur, Kolkata, Hyderabad, New Delhi, Mumbai, Pune and Vizag (only employees of HSBC Vizag).

What are the foreclosure charges for HSBC Personal Loan?

The charges for prepayment of the loan in part or full are up to 3.75% of the outstanding principal loan amount.

Can I change the mode of loan repayment?

Yes. The borrower can change the repayment instrument that they use for paying off their HSBC Personal Loan. However, this facility is not for free and is chargeable as per rates decided by the bank.

Can the borrower choose partial disbursement of the Personal Loan?

No. Partial disbursement of Personal Loan is currently not available with HSBC.

Will the borrower be provided with a written certificate when he or she has paid off the whole HSBC Personal Loan?

Yes. The bank will issue a "No Due Certificate" when the borrower has fully paid off the Personal Loan.

Can anybody apply for a Personal Loan from HSBC?

At the moment, HSBC extends its Personal Loan facility only to existing customers or select corporates. If one wishes to avail a Personal Loan from HSBC, one will first have to open an account with the bank and only then can apply for a Personal Loan.

What happens if I fail to make the payment on time?

Customers are required to make EMI payments before the expiry of the due date. Failure to make payments on time can result in complications such as applicant will be reported to the CIBIL, thus affecting the applicant's credit rating. Non-payment can also impact the relationship with the bank and limit access to other credit facilities.

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