HSBC Personal Loan
HSBC India started its operations in India in the year 1959, when it acquired the Mercantile Bank which was established in the year 1853. HSBC offers a great many financial products and services to the Indian customers, of which Personal Loan is a distinctively popular product.
The Hong Kong and Shanghai Banking Corporation acquired Mercantile Bank’s headquarters too in Mumbai. Till date their Indian headquarter remains at the same building in Flora Fountain, Mumbai. HSBC has business spread across all major financial offerings like Asset Management, Private Banking, Corporate Banking, and Investment Banking and so on.
The bank has always been a pioneer of positive changes in the banking industry. HSBC has been an integral part of the growth of the Indian Banking industry. It was HSBC that gave India its very first ATM machine in the year 1987.
HSBC Personal Loans are an amazing way to fulfill your financial requirements pertaining to any miscellaneous financial need. From buying an electronic gadget to renovation of house to a family vacation, HSBC makes sure none of your needs or wants go unfulfilled due to lack of cash.
Why choose HSBC Personal Loan?
Borrowing has never been so quick and hassle-free; with HSBC personal loans you get to enjoy the comfort of fast-track banking. Also, with flexible payment tenures and amazing rate of interests, these personal loans are sure to make you feel at ease even with heavy expenses like a wedding in the family or a trip to an exotic land.
Attractive Rate of Interest: The interest rates offered by HSBC on its Personal Loans are attractive as well as competitive. The bank also offers different loan tenure blocks which have different applicable interest rates. This gives customer the choice of preferred tenure block as well as the corresponding rate of interest. The rate of interest on HSBC personal loans ranges from 13.5% per annum to 17.5% per annum.
Flexible Personal Loan Amount: Up to Rs.15 lacs of personal loan can be availed. For some customers, depending upon bank policy, this limit can go up to Rs.20 lacs. The lowest loan amount that can be availed is Rs.75,000.
Loan Transfer Option: HSBC offers you the ease of transferring your existing personal loan with another bank to HSBC at an interest rate starting from 12% per annum. This features gives you an option of choosing HSBC personal loan interest rates in case you aren’t happy with the rates offered by your former bank.
Easy Repayments: The repayment of HSBC personal loans can be done either through ECS or through online EMIs, both of which are extremely easy to track and pay. You can also set up a standing instruction to the bank for repayment of your personal loan EMIs.
Features of HSBC Personal Loan
Personal Loans from HSBC can be availed for any miscellaneous expense that you may face in your everyday life. From a vacation in Europe to buying a new electronic gadget, you can now sit back and spend without having to worry about burning a hole in your pocket. HSBC Personal loans are popular because of some amazing features a few of which are listed below.
Fast Loan Processing: HSBC has a rapid turnaround time on their personal loan applications. Hence, you need not wait for days and weeks to get the loan disbursed to your bank account. Meet your financial needs as soon as they arise and enjoy a hassle-free banking experience with your experienced lending partner, the Hong Kong and Shanghai Banking Corporation.
Flexible Tenure: The loan repayment tenure is flexible and can be repaid in a maximum of 5 years. The loan tenure can range between 12 months and 60 months. The EMI date depends upon the loan disbursal date of your personal loan.
Personal Loan Eligibility: Here are a few parameters that are required to be eligible for availing personal loan from HSBC:
- Applicant should be an existing customer of HSBC
- Applicant should be a resident of India
- Net annual income should be at least Rs.4,00,000 per annum for applicants who come under Corporate Employee Program and at least Rs.5,00,000 per annum for other customers
- Applicant’s minimum age should be 21 years
- Maximum age of the applicant should be 58 years in case of salaried individuals and 65 years in case of self-employed individuals
Document’s required: Here is a list of documents that you need to be ready with if you are planning to avail a HSBC personal loan –
- Complete Loan Application form
- Any one Identity proof like Voter’s Card/ Passport/Aadhar Card/Photo Ration Card or any other ID proof
- Proof of Residence like Gas bill, Passport and so on
- Proof of Age like Driving License, Birth Certificate etc.
- Latest Salary Slips or Form 16
- Last 3 months salary account statements
- For self-employed individuals, Audited Balance Sheets, IT returns proof, Bank Account Statement of last 6 months
HSBC Personal Loan Interest Rates
HSBC Personal Loan interest rates are quite competitive and do not fluctuate randomly. This makes these personal loans attractive to avail. A table indicating the rate of interest and other charges as applicable on personal loans from HSBC is given below.
| Interest rate | Anywhere between 13.5% to 17.5% |
| Loan processing charges | 1% of the disbursed loan amount |
| Prepayment | Yes |
| Pre-payment charges | 4% of the outstanding principal amount, can be availed only after 6 months of personal loan amount disbursal |
| Late Payment Fee | 2% over the interest rate applicable plus Rs.250 for each payment that is late |
HSBC Personal Loan Eligibility
To be eligible for HSBC personal loan, a few age and income related eligibility criteria need to be met. The required eligibility conditions are listed below and are subject to change as per the discretion of the HSBC.
| Job Segment | Any Salaried or self-employed customer is eligible to apply (All these employees are required to have existing HSBC accounts to their name) |
| Age | Above 21 years of age* NOTE – This is the standard age eligibility across almost all banks in India For salaried applicants, maximum age is 58 years For self-employed applicants, maximum age is 65 years |
| Job Continuity | Should have a job and worked with the current employer for at least 3 consecutive years |
| Maximum Loan Amount | Maximum loan amount of Rs.4,00,000 in case of regular customers and Rs.5,00,000 for customers who are included in the Corporate Employee Program |
How to calculate EMI for HSBC Personal Loans
BankBazaar.com offers this great online EMI Calculator tool that takes into account your desired loan amount, the corresponding rate of interest and the preferable loan tenure and then calculates the tentative EMI that you will be required to pay each month in order to pay off your personal loan with HSBC. This online EMI Calculator is quite helpful in helping you plan your finances before going for a personal loan with the HSBC. You can vary the various input fields so as to reach the most optimum EMI amount that you are most comfortable to pay. This EMI calculator is freely hosted on the BankBazaar.com website for users to take full advantage and be fully informed about their loan choice before applying for the same.
HSBC Personal Loan FAQs
- Can I avail Personal Loan from HSBC if I am not an existing HSBC customer?No. Currently, only HSBC customers are eligible to apply for this personal loan. In case you wish to go for it then you will be required to get an account with HSBC and then apply for their personal loan.
- How do I apply for HSBC Personal Loan?A customer can walk into any of the HSBC branches to apply for personal loan. Alternatively, a customer can call up the phone banking line and the bank can then send a representative to your place to get the formalities sorted.
- 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 is at the sole discretion of the bank and is subject to change. Most popular cities like Mumbai, Delhi, Kolkata, Bangalore etc. generally always have this loan scheme running.
- What are the foreclosure charges for HSBC Personal loan?A pre-payment charge equivalent to 4% of the outstanding loan amount is charged in case you wish to pre-close your personal loan. Pre-closure can only be done after 6 months of disbursal of your personal loan.
- What are the other types of miscellaneous charges involved in availing HSBC personal loan?
Personal loan processing charges Up to 2% of the disbursed loan amount Cheque Swap charges Rs.250 Cheque Return charges Rs.350 Foreclosure charges 4% of the outstanding loan amount Service Tax As per Bank’s policy - Is there a late payment fee if I skip an EMI payment on my HSBC Personal Loan?Yes. A late payment fee of 2% of the outstanding loan amount is charged in case your re-payment EMI is delayed. Also, Rs.250 is charged over and above this 2% for each late payment.
- Can I change my mode of loan re-payment?Yes. You can change the repayment instrument that you use for paying off your HSBC personal loan. However, this facility is chargeable as per rates decided by the bank.
- Can I choose partial disbursement of my personal loan?No. Partial disbursement of personal loans is currently not available with HSBC personal loans.
- Am I issued a written certificate when I have paid off my whole HSBC personal loan?Yes. The bank will issue a “No Due Certificate” when you have fully paid off your personal loan.
- Can partial foreclosure of HSBC personal loans be made?No. Partial repayment of HSBC personal loans is not available. However, you can get in touch with the phone banking advisors who will readily guide you through the available options.
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