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|Rate of interest||9.75% - 15%|
|Loan amount||Rs. 30 Lakhs|
|Tenure||6 months - 5 years|
|Processing fee||Up to 1% of the loan amount|
|Prepayment charges||Up to 3%|
|Age required||21 to 65 years|
|Lowest EMI/Lakh||Rs. 2,112|
Below are some key features of HSBC Personal Loan:
The reasons to opt for HSBC Personal Loans are:
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:
Amount Paid by
Interest paid during
Principal paid during
|1||Rs. 15,00,000||Rs. 1,90,118||Rs. 70,723||Rs. 1,19,396||Rs. 13,80,604|
|2||Rs. 13,80,604||Rs. 3,80,236||Rs. 1,23,330||Rs. 2,56,907||Rs. 11,23,698|
|3||Rs. 11,23,698||Rs. 3,80,236||Rs. 97,131||Rs. 2,83,105||Rs. 8,40,592|
|4||Rs. 8,40,592||Rs. 3,80,236||Rs. 68,261||Rs. 3,11,976||Rs. 5,28,617|
|5||Rs. 5,28,617||Rs. 3,80,236||Rs. 36,446||Rs. 3,43,790||Rs. 1,84,827|
|6||Rs. 1,84,827||Rs. 1,90,118||Rs. 5,291||Rs. 1,84,827||Rs. 0|
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|HSBC||9.75% - 15%||Up to 1%||Rs. 30 Lakhs|
|DBS Bank||10.99% - 34%||1% to 3% + GST||Rs. 15 Lakhs|
|Deutsche Bank||9.99% - 11.49%||Up to 2%||Rs. 15 Lakhs|
|Dhanlaxmi Bank||11.90% - 15.70%||Up to 2.50%||Rs. 15 Lakhs|
|ICICI Bank||10.50% - 19%||Up to 2.25%||Rs. 25 Lakhs|
To apply for HSBC Personal Loan, you will need to submit the following documents:
If you are applying for HSBC personal loan online, you just need to upload the following documents:
To be eligible for HSBC Personal Loan, one must pass the following eligibility norms:
The charges associated with HSBC Personal Loan are as follows:
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:
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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.
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.
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.
The charges for prepayment of the loan in part or full are up to 3% of the outstanding principal loan amount.
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.
No. Partial disbursement of Personal Loan is currently not available with HSBC.
Yes. The bank will issue a "No Due Certificate" when the borrower has fully paid off the Personal Loan.
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.
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.