Personal loan from HSBC Bank is offered at attractive interest rates starting from 10.50% p.a.
|Interest Rate||Loan Amount||Processing Fee|
|Between 10.50% p.a and 17.84% p.a||Minimum: Rs.75,000 Maximum: Rs.15 lakh||1% of the loan amount availed by the customer|
For self-employed individuals
|Age||Salaried individuals: 21 years to 60 years Self-employed individuals: 21 years to 65 years|
|Employment Status||Salaried individuals and self-employed individuals|
|Citizenship||Resident citizen of India|
|Minimum Net Salary||Rs.4 lakh - Rs.5 lakh p.a.|
|Schedule of charges|
|Processing Fee||1% of the disbursed loan amount|
|Foreclosure or prepayment charges||Up to 3.75% of the principal outstanding amount.|
Let’s assume that Mrs.Vandana avails a personal loan from HSBC Bank for Rs.1 lakh at an interest rate of 11% p.a. Listed below in the table is the EMI breakup over 12 months, taking into consideration the principal amount as well as the interest applicable over the loan amount.
|Months||Principal amount (A)||Interest (B)||Total (A+B)||Balance amount||Loan percentage paid till date|
Based on the amortisation table, Mrs.Vandana will have to pay a monthly EMI of Rs.8,838 for a span of 12 months to clear the personal loan of Rs.1 lakh.
|Particulars||HSBC Personal loan||Bajaj Finserv Personal Loan||Citibank Personal Loan||SBI Personal Loan|
|Interest rate||10.50% p.a and 17.84% p.a||10.99% p.a. to 17.84% p.a.||10.50% p.a. to 17.99% p.a.||10.50% p.a. onwards|
|Processing fee||Up to 1% of the loan amount||Up to 3.99% of the loan amount||2.00% to 3.00% of the loan amount||1% + GST|
|Foreclosure charges||Up to 3.75% of the outstanding principal amount||4% + applicable taxes on the outstanding principal amount||Nil||3% of the outstanding loan amount|
Following the submission of the application form and the relevant documents, the customer will receive the disbursed loan amount in the bank account he/she has mentioned in the personal loan application form.
Yes, when the personal loan money is disbursed, you will receive the entire amount that you have applied for as there is no partial disbursement for HSBC Bank personal loans.
When calculating the EMI which is basically the monthly repayment of the loan, HSBC Bank takes into consideration the interest rate applicable over the loan amount and the principal loan amount divided by the repayment tenure chosen by the customer. The interest rate will depend on the repayment tenure chosen by the customer. The longer the repayment tenure chosen by the customer, the higher will be the interest rate set by HSBC Bank.
If you do miss your EMI payment by the due date, then your credit rating will be affected, and other credit facilities of HSBC Bank will be affected as well. In addition, HSBC Bank might initiate a recovering proceeding for late payment charges.
Yes, you can pre-close an HSBC Bank personal loan one year from the date of disbursement of the loan. Customers that do not know, personal loan pre-closure is basically when the customer decides to repay the loan before the set repayment tenure of the personal loan. For pre-closures, HSBC Bank charges up to 3.75% of the outstanding principal amount of the personal loan.
If the customer chooses to pre-close the loan or when the loan is completely paid back to HSBC Bank, the bank will issue a No Due Certificate to the customer to confirm that the personal loan has been closed.
HSBC Bank allows partial prepayments for personal loans up to 20% of the original disbursed amount. The customer can make 2 partial prepayments in a year and this can be done only after one year since the loan has been disbursed. You can choose to reduce the EMI amount after the partial pre-closure of the loan. The customer will have to visit the bank branch to make the EMI changes.
The EMI due date will depend on the disbursal date of the personal loan. Usually, the EMI due date will be set between the 5th and the 15th of each calendar month.
The maximum loan amount that can be availed by a customer is Rs.15 lakh with Rs.75,000 being the minimum loan amount that can be availed from HSBC Bank. That said, HSBC Bank offers personal loans up to Rs.30 lakh for select customers only, based on their internal credit policy.
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