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  • HSBC Personal Loan Balance Transfer

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  • HSBC Bank is one of the most reputed private banks in India. It offers a plethora of financial services and products to its customers. HSBC Bank offers personal loans with flexible tenures up to 5 years and interest rates starting at 10.75% p.a.

    The Bank also offers the feature of personal loan balance transfer from another account. Mentioned below are a few ways in which you can transfer your personal loan balance from another account to your HSBC bank account.

    HSBC Bank Personal Loan Balance Transfer Options:

    If you want to transfer personal loan balance to your HSBC Bank account, you can fill up the application form mentioned above. You can also get in touch with their customer care department located within India and overseas.

    • Toll-free phone number – 1860-266-2667, 1860-500-2255
    • Overseas contact number – 040-67173401, 080-49089631

    HSBC Bank Personal Loan Balance Transfer Online

    If you want to transfer your personal loan balance online to your HSBC bank account, you will be required to fill an application form. The tenure of the personal loan must be at least 5 years and the loan amount should be between Rs.75,000 and Rs.2 crore. In the application form, you will be required to enter the following information:

    • Full name
    • Nationality
    • Country of residence
    • Marital status
    • Birth date
    • Email address
    • Required loan amount
    • Required loan tenure
    • Address details
    • Annual income

    HSBC Bank Personal Loan Balance Transfer Benefits

    • Enhanced interest rate – Upon a loan transfer, the new lender typically reduces the rate of interest. This substantially lowers the individual’s interest burden by means of lower EMIs. This is one of the most beneficial features of personal loan balance transfer.
    • Increased loan duration – When you transfer your existing personal loan from one bank to another, its tenure can be negotiated with the new lender. You can have your repayment period either reduced or increased, depending on your financial needs. The interest burden and EMI will thereafter decrease or increase accordingly.
    • Additional features – This feature will be dependent on your CIBIL score, payment records of the past, and the changing dynamics of income. Certain lenders may also offer additional benefits such as a lower interest rate, zero processing fees, waiver of last EMI, etc.
    • Increased loan facility – Many lenders often provide a top-up facility along with the transfer of personal loan balance. It is always a good idea to consider these facilities.

    HSBC Bank Personal Loan Eligibility Criteria

    • Applicant must be an existing HSBC Bank customer and should be working in a preferred corporate.
    • Applicant must be a resident of India.
    • The minimum age required for applying for a HSBC personal loan is 21 years.
    • For salaried individuals, the maximum age at maturity of loan should be 60 years. For self-employed individuals, the maximum age at loan maturity should be 65 years.
    • Applicant’s minimum income on a yearly basis should be Rs.4 lakh.

    Documents Required for HSBC Bank Personal Loan Balance Transfer

    Identity proof (any one):

    • Voter’s ID
    • Passport
    • Driving license
    • Aadhaar card
    • PAN card

    Address proof (any one):

    • Passport
    • Voter's ID
    • Ration card
    • Driving license
    • Telephone/water/electricity bill
    • Society outgoing bill
    • Property tax bill
    • Gas bill
    • Lease agreement/registered rent agreement
    • Government employee ID card
    • NREGA job card
    • Aadhaar card

    Mandatory Financial Documents

    Salaried individuals:

    • Latest pay slips
    • Statement of the bank for the preceding 3 months
    • Acknowledged Income Tax Return for a period of 1 year
    • Latest Form 16 (optional)

    Proprietor/self-employed individuals:

    • P&L account and balance sheet for the preceding 2 years that has been certified and audited by a CA
    • Acknowledged Income Tax Returns for the preceding 2 years
    • Statement from the bank for the preceding 6 months

    Conclusion 

    By applying for a personal loan through Bankbazaar, you can receive benefits such as hassle-free documentation and quick loan disbursal.

        

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