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  • HSBC Personal Loan is Rated as "Excellent!" by 131 Users

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    rated 4.5/5.0 by 131 users

    HSBC Personal Loan

    HSBC, one of the world's largest banks, has a presence in 85 countries and territories across Africa, Asia, Europe, North America and South America, and around 89 million customers. HSBC offer loans like Home Loan, Smart Loan, Personal Loan, Loan against property. Customers can avail HSBC personal loans in most major cities in India. Nominal documentation and speedy processing make personal loans from HSBC attractive. Details below on what it takes to qualify for a HSBC personal loan.

    Perfect Personal Loan Deals for you

    You’re probably eligible for an HSBC Personal Loan if you are

    HSBC Personal Loan Minimum Age

    At least 21 years old

    HSBC Personal Loan Maximum Age

    Less than 58 years old

    HSBC Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    HSBC Personal Loan Minimum Income

    Earn more than the minimum
    income required

    Your HSBC Personal Loan amount eligibility is based on these factors

    HSBC Personal Loan Minimum Salary

    Salaried with Regular Income is 400000 per annum

    HSBC Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 15 lakhs

    HSBC Personal Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligible HSBC Personal Loan amount by these steps

    HSBC Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    HSBC Personal Loan Tenure

    Choose longer tenure loan up to 5 years

    Documentation needed to apply for an HSBC Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:

      Latest salary slip

      Current dated salary certificate with the latest Form 16

    • 6. Documentation for self-employed applicants:

      Latest Bank statement

      Latest ITR or Form 16

    HSBC Personal Loan Interest RatesUpdated on 19 Mar 2018

    HSBC Personal Loan Details
    Interest Rate (Monthly reducing balance) 11.29% p.a. to 17.50% p.a
    Processing Fees Upto 2.5% of the disbursed loan amount
    Loan Tenure 6 Months to 5 years
    Pre-closure Charges 3.75% of the principal outstanding (which would be allowed only after 6 months from the date of loan disbursal)
    Guarantor Requirement No guarantor required

    About HSBC Personal Loan

    Enquire for 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.

    Apply for 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

    Personal loans are offered by HSBC Bank in order to enable people to fulfil their financial requirements. Immediate requirement for funds that arise due to medical bills, weddings, funding for business, etc. can be met through having a personal loan approved from HSBC Bank.

    New personal loans are going to be approved on the Marginal Cost of funds based Lending Rate or MCLR, following a directive from the government. The MCLR system takes into account a lot more factors in order to provide a fair rate of interest. Factors considered include tenor premium, marginal cost of funds, operating costs, Cash Reserve Ratio (CRR), etc.

    The MCLR system will come into effect on the 1st of April, 2016.

    HSBC Marginal Cost of funds based Lending Rate (MCLR).

    This applies for new borrowers only. Old borrowers will be charged interest as per the old system, but can migrate to the MCLR system if they wish.

    Tenure Marginal Cost of funds based Lending Rate (MCLR) %.
    Overnight 8.5%
    1 month 8.5%
    3 months 8.6%
    6 months 8.6%
    1 year 8.4%

    HSBC personal loan interest rates and charges

    The current prevailing rates of interest on HSBC personal loans are 12.75% to 17.5%.

    *All rates mentioned above are as of 8th June, 2016. The bank reserves all rights to modify the above information at any time without prior intimation to any party. To find out the prevailing interest rate before taking a loan, please contact your nearest bank branch.

    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

    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.

    1. 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.

    2. Is the Eligibility Calculator Tool on BankBazaar.com free for use?

      Yes. This Personal Loan Eligibility Calculator on BankBazaar.com is absolutely free for use.

    3. 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.

    4. 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.

    5. 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.

    6. 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
      GST As per Bank’s policy
    7. 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.

    8. Is my data safe with BankBazaar.com, in case I choose to use online EMI tools for HSBC Personal loan, on this website?

      Yes it is safe. BankBazaar.com ensures high level of security via data encryption. The website also does not share your personal information with any third-party agents.

    9. 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.

    10. Can I choose partial disbursement of my personal loan?

      No. Partial disbursement of personal loans is currently not available with HSBC personal loans.

    11. 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.

    12. 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.

    13. Can anybody apply for a personal loan from HSBC?

      At the moment, HSBC extends its personal loan facility only to existing customers. If you wish to avail a personal loan from HSBC, you will first have to open an account with the bank and only then can you apply for a loan.

    14. What is the procedure to apply for a personal loan from HSBC?

      Customers of HSBC may apply for a personal loan by simply visiting a branch of the bank or getting in touch with your relationship manager. Customers can also call the bank’s Phone Banking number to apply for a loan more conveniently. Once you call the bank, they will send a representative to visit you at your home or office based on your convenience.

    15. What are the documents I must submit when I apply for a personal loan from HSBC?

      When applying for a personal loan from HSBC, customers will have to provide the bank with certain documents that confirm proof of address and proof of identity. For proof of identity, customers may submit any one of passport, driving license, PAN card, Voter’s ID, Defence ID card, ration card, Government employee ID card, Aadhaar card, or National Rural Employment Guarantee Act job card. For proof of address, customers may submit any one of passport, ration card, Voter’s ID, driving license, Society outgoing bill, property tax bill, telephone / water / electricity bill, domicile certificate with address issued by Municipal Corporation, gas bill, or registered lease / rent agreement.

    16. Can customers avail the loan from any city in India?

      HSBC currently extends its personal loan services to customers in Mumbai, Bangalore, Delhi, Chennai, Pune, Chandigarh, Hyderabad, Ahmedabad, Cochin, Jaipur, Vadodara, Kolkata, Thiruvananthapuram and Ludhiana.

    17. Are there any penalties in case 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 you being reported to CIBIL, thus affecting your credit rating. Non-payment can also impact your relationship with the bank and limit your access to other credit facilities.

    18. Can I pre-close my personal loan?

      Personal loans can be pre-paid six months after it has been disbursed. The customer will have to send the bank an intimation in writing following which the bank will give you a confirmation regarding the prepayment amount. However, the presence of a 30-Day Service Pledge programme means that you can close your personal loan within just 30 days after the date on which the loan was disbursed, subject to terms and conditions of the programme.

    19. Are partial prepayments accepted towards a personal loan?

      Customers have the option of making partial prepayments towards their personal loans. A maximum of 20% of the amount borrowed by the bank can be paid per year, and a maximum of two transactions are allowed per year. However, to make partial prepayments, the customer must have made premium payments for at least six months after the loan was disbursed. Customers will also have to pay prepayment fees which is usually 4% of the sum prepaid, or based on the terms and conditions of your loan contract.

    HSBC Personal Loan Reviews

    • HSBC Bank Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have a personal loan with HSBC BANK and it was taken before couple of months. The loan process was immediate and faster. The rate of interest was minimum and the processing fee was zero. I am paying monthly 6700 rupees as a premium. I can do part payment and pre closure after a year.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 13, 2018
    • HSBC Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with HSBC bank and my loan experience was very good. The loan amount was for Rs 7 lakhs with the rate of interest of 11.3% which is nominal when compared to other banks. The process was smooth and i received my loan amount on time. The tenure of this loan is 5 years and there was no delay in the service from the customer support.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 01, 2018
    • HSBC Bank Personal Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from HSBC and the banking process is good. The customer support contacted me on time and informed me the details and collected my paper work as well. The rate of interest and processing charges was also normal. Good overall.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 28, 2018
    • HSBC Bank Personal Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan from HSBC. The process is very simple and easy and the documentation was also collected on time. The rate of interest and processing charges is reasonable. The after loan services are also good. In all no hassles.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 26, 2018
    • HSBC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have got the personal loan from the HSBC bank long back ago. The customer support service is excellent with the HSBC bank and they have disbursed the loan amount within the promised time . The rate of interest and the charges were high with the HSBC when I got the personal loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 23, 2018
    • HSBC Bank Personal Loan
      "Satisfied with the services"
      0.5 4.0/5 "Great!"
      HSBC has also offered me a personal loan. The process to get this loan was convenient and the documentation was not much as I maintain a corporate account as well with the bank. I also received a good deal on the rate of interest and processing charges.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 30, 2018
    • HSBC Bank Personal Loan
      0.5 4.0/5 "Great!"
      I have taken a personal loan from HSBC Bank and the process is good.I have been charged a rate of interest at 12.99%. The customer services and response is good. Taking a loan when you are having salary account with HSBC bank will be easy for loan disbursement.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 28, 2018
    • HSBC Bank Personal Loan
      "Good. Can do better"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from HDFC Bank and the process is good. But the bank needs to be more cooperative the process and rates when the customer is an existing account holder. The customer services and response is okay. The loan process was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 23, 2018
    • HSBC Bank Personal Loan
      "Great service"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan with HSBC Bank by last year. They offered me more but I took 2L rupees. I am satisfied with the interest rate. I am paying around 17,400 every month through ECS. The loan disbursement was on time. They charged processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 11, 2018
    • HSBC Bank Personal Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have my personal loan with HSBC bank 1 year back. The loan amount was 2.5 lakhs and the interest rate was 12% which was satisfactory . The customer service and responses was up to the mark. The tenure period was 18 months and I had a very good loan process here. The processing fee was bit high which was disappointing .
      Was this review helpful? 13
      , ghaziabad
      Reviewed on Dec 28, 2017
    • HSBC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The HSBC bank personal loan service was good and they have offered me the loan as promised. The customer support is good with the HSBC bank, because the executives has already know that my credit score and still they have approved my personal loan. The rate of interest and the charges are high with the HSBC when compared with other banks.
      Was this review helpful? 2
      , new delhi
      Reviewed on Dec 11, 2017
    • HSBC Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The interest rate offered by hsbc bank for my personal loan service was 11 % which is low compared to others in the market. The documents have been collected from my door step also the staffs of hsbc is very good it was a average service from hsbc personal loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 02, 2017
    • HSBC Bank Personal Loan
      "Convenient Banking"
      0.5 4.0/5 "Great!"
      I took personal loan with HSBC before 10 years , they offered good interest rate at the time. They gave me good loan flexibility option like part payment, foreclosure etc. I am old employee of the bank, hence documentation went very smooth and hassle free. Finally I done foreclosure without any charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 28, 2017
    • HSBC Bank Personal Loan
      "Good Experience with ICICI"
      0.5 4.5/5 "Excellent!"
      I am very satisfied with HSBC personal loan, they helped on time when I need money. I took the personal loan of Rs. 1.55 lakh for the tenure of two years. Interest rate was also quite good with HSBC and processing fee was also nominal, I am fine with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 10, 2017
    • HSBC Bank Personal Loan
      "Good customer service"
      0.5 4.5/5 "Excellent!"
      I previously applied for the personal loan from HSBC bank, my loan application was approved and the requested amount was issued. The loan amount was for 6 lakhs with good rate of interest. The customer service was good, they provided door step service to collect the documents. There was no delay in response, the process was very smooth and easy.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 04, 2017
    • HSBC Bank Personal Loan
      "Best offer in the market"
      0.5 5.0/5 "Blown Away!"
      HSBC personal loan is good , they offered me least interest rate around 6 % on personal loan. Its unbelievable, now my loan is under process with them. Based on salary account, they providing quick service and they ready to give 100% principal which I requested.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 04, 2017
    • HSBC Bank Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      Very often I get calls from HSBC bank. They took around 2 weeks to disburse my personal loan. They took longer than the normal time. The customer support is average with HSBC bank. The required loan amount was not given and the rate of interest and the charges are nominal with HSBC.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 28, 2017
    • HSBC Bank Personal Loan
      0.5 4.0/5 "Great!"
      I had taken personal loan from HSBC, Based on my salary account with tenure of five years HSBC offered the interest rate of 12% and there was no processing fee for my persona loan. I am happy with all aspects of HSBC. I have opted the loan 1.20 laks. The process was pretty smooth and hassle free.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 09, 2017
    • HSBC Bank Personal Loan
      0.5 4.0/5 "Great!"
      With the HSBC bank, I have got the personal loan and the rate of interest is around 11.95%. I would like to say that the customer service is good one for me and the processing charges were very lesser one with them.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 04, 2017
    • HSBC Bank Personal Loan
      "HSBC personal loan"
      0.5 3.0/5 "Satisfactory"
      No flaws when it comes to HSBC Personal loan services. I would suggest the same to others. Processing fee charged is very low also interest rate is very low. This loan was closed a way back, I had received the NOC too. They are very good in treating their customer no hidden charges levied.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2017
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