Note: -

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HSBC Personal Loan Details

Rate of interest9.75% - 15%
Loan amountRs. 30 Lakhs
Tenure6 months - 5 years
Processing feeUp to 1% of the loan amount
Prepayment chargesUp to 3%
Age required21 to 65 years
Lowest EMI/LakhRs. 2,112

Features of HSBC Bank Personal Loan

Below are some key features of HSBC Personal Loan:

  • High loan amount: One can avail a maximum loan amount of Rs. 15 Lakhs under HSBC Personal Loan. Some select customers can also avail a higher loan amount of Rs. 30 Lakhs, which will be entirely based on the internal policy of HSBC Bank. The minimum loan amount available is Rs. 75,000.
  • Flexible tenure: Customers can enjoy flexible loan tenure on Personal Loan of up to 60 months. Loan applicants will be given a choice to choose a tenure ranging from 6, 12, 18, 24, 30, 36, 42, 48, 54 or 60 months.
  • Attractive rate of interest: The interest rates vary from 9.75% p.a. to 15% p.a., subject to the borrower’s repayment capacity and credit score.
  • Quick and simple process: 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.
  • Prepayment facility: Personal Loan can be prepaid after 12 months of the loan disbursement by giving a written instruction to the bank. The charges will be applied for the same.

Why Apply for HSBC Personal Loan?

The reasons to opt for HSBC Personal Loans are:

  • HSBC Personal Loans can be taken for varied reasons, including marriage expenses, higher education, financial emergencies, furnishing house, purchasing consumer durables, buying the latest equipment, travel expenses, holidaying with family and so on.
  • Easy 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 is 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 EMI Calculation

Personal Loan 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 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.

Apart from displaying the exact EMI amount, this tool also displays the complete amortization schedule.

Here’s an example:

Personal loan amount required: Rs. 15 Lakhs

Applicable rate of interest: 9.75% p.a.

Tenure: 5 years

EMI to be paid: Rs. 31,686

Total interest to be paid: Rs. 4,01,182

Total amount to be paid to the lender: Rs. 19,01,182

Complete amortization schedule of the above example:

YearOpening Balance

Amount Paid by

customer (EMI*12)

Interest paid during

the year

Principal paid during

the year

Closing Balance
1Rs. 15,00,000Rs. 1,90,118Rs. 70,723Rs. 1,19,396Rs. 13,80,604
2Rs. 13,80,604Rs. 3,80,236Rs. 1,23,330Rs. 2,56,907Rs. 11,23,698
3Rs. 11,23,698Rs. 3,80,236Rs. 97,131Rs. 2,83,105Rs. 8,40,592
4Rs. 8,40,592Rs. 3,80,236Rs. 68,261Rs. 3,11,976Rs. 5,28,617
5Rs. 5,28,617Rs. 3,80,236Rs. 36,446Rs. 3,43,790Rs. 1,84,827
6Rs. 1,84,827Rs. 1,90,118Rs. 5,291Rs. 1,84,827Rs. 0

Comparison of HSBC Personal Loan VS Other Providers

Name of LenderRate of Interest (per annum)Processing FeeMaximum Loan Limit
HSBC9.75% - 15%Up to 1%Rs. 30 Lakhs
DBS Bank10.99% - 34%1% to 3% + GSTRs. 15 Lakhs
Deutsche Bank9.99% - 11.49%Up to 2%Rs. 15 Lakhs
Dhanlaxmi Bank11.90% - 15.70%Up to 2.50%Rs. 15 Lakhs
ICICI Bank10.50% - 19%Up to 2.25%Rs. 25 Lakhs

HSBC Personal Loan Documents Required

To apply for HSBC Personal Loan, you will need to submit the following 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).
  • Mandatory financial 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 financial documents:
    • Latest acknowledged ITR for 1 year (optional)
    • Recent Form 16 (optional)

If you are applying for HSBC personal loan online, you just need to upload the following documents:

  • Salaried loan applicants: Last 3 months of their payslip or Form 16 (salary certificate).
  • Self-employed applicants: Last 2 years of audited certified financials (such as profit & loss accounts and balance sheets), IT returns (acknowledged) or bank statements of the last 6 months of primary account.

HSBC Personal Loan Eligibility Criteria

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

  • Salaried applicants must be aged between 21 to 60 years and self-employed applicants must be aged between 21 to 65 years.
  • Only Indian residents and citizens of India can apply. Non-resident Indian (NRI) customers cannot apply.
  • Applicants must be salaried or self-employed.
  • The correspondence address of the applicant should be within India.
  • The applicant must have an active HSBC savings and/ or current account opened for more than 3 months.
  • The loan application is valid only in the cities of Mumbai, New Delhi, Pune, Ahmedabad, Bangalore, Chandigarh, Chennai, Hyderabad, Kochi, Coimbatore, Jaipur, Kolkata, and Visakhapatnam. In Visakhapatnam, the loan is only available for employees of HSBC Visakhapatnam.

HSBC Personal Loan Processing Fees & Other Charges

The charges associated with HSBC Personal Loan are as follows:

  • Processing fee (non-refundable): Up to 1% of the loan amount sanctioned.
  • Part prepayment/ foreclosure charges: Up to 3% of the outstanding principal loan amount.
  • Penal interest for delay in EMI payment: 2% over & above the applicable interest rate on the delayed instalment(s).
  • Charges on cheque return/ swap: Nil

How to Apply for HSBC Personal Loan?

  • Go to the Personal Loan 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.
  • Choose the most suitable option and submit your application.
  • Our team will get in contact with you within a few hours.
  • It is a fast and hassle-free process easy for borrowers to apply for Personal Loan online through MyMoneyMantra for smooth and assisted processing and a well-managed experience.

HSBC 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 executives.

Toll-free Number for HSBC Advance or Personal Banking Customers:

  • 1800 267 3456 or 1800 121 2208 from India  
  • +91-40-61268001 or +91-80-71898001 from overseas.

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HSBC Bank Personal Loan FAQs

Can a person avail Personal Loan from HSBC if they are 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 are Mumbai, New Delhi, Pune, Ahmedabad, Bangalore, Chandigarh, Chennai, Hyderabad, Kochi, Coimbatore, Jaipur, Kolkata, and Visakhapatnam. In Visakhapatnam, the loan is only available for employees of HSBC Visakhapatnam.

What are the foreclosure charges for HSBC Personal Loan?

The charges for prepayment of the loan in part or full are up to 3% 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 the 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.