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.
Latest salary slip
Current dated salary certificate with the latest Form 16
Latest Bank statement
Latest ITR or Form 16
|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 12 months from the date of loan disbursal)|
|Guarantor Requirement||No guarantor required|
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.
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.
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:
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 –
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.
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) %.|
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.
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.
Yes. This Personal Loan Eligibility Calculator on BankBazaar.com is absolutely free for use.
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.
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.
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.
|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|
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.
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.
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.
No. Partial disbursement of personal loans is currently not available with HSBC personal loans.
Yes. The bank will issue a “No Due Certificate” when you have fully paid off your personal loan.
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.
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.
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.
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.
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.
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.
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.
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.
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