HSBC Personal Loan
HSBC is one of the largest banks in the world and has a presence in 85 countries across South America, North America, Europe, Asia and Africa. It caters to the needs of around 89 million customers. The bank offers personal loans, smart loans, home loans, and loans against property. What makes the personal loans offered by HSBC bank attractive is the speedy processing and nominal documentation. The personal loans offered by the bank fulfill the financial requirements of its clients looking to meet their financial needs.
HSBC Personal Loan Features and Benefits
Borrowing has never been easier with HSBC personal loans. The entire process is quick and hassle-free. You are offered feature-rich options such as amazingly low rates of interest and flexible payment tenures. The personal loans ensure that you are at ease even while incurring heavy expenses such as an exotic holiday trip or a wedding. Here are the key features and benefits you get when you apply for a HSBC personal loan.
- Attractive Rates of Interest
The interest rates offered on the personal loans are not just attractive but also competitive as well. HSBC offers different loan tenure blocks along with interest rates applicable. This offers the customers a chance to choose a tenure block of their choice. The rates of interest on the personal loans range from 10.99 percent to 17.5 percent per annum.
- Flexible Loan Amount
Personal loan of up to Rs. 15 lakhs can be availed by an individual from the HSBC bank. However, for some select customers, the limit can go up to Rs. 30 lakhs as per the bank’s internal credit policies. The lowest amount that can be availed under this category is 75,000₹.
- Loan Transfer Option
HSBC offers you the option of transferring your personal loan from another bank for an interest rate which starts at 12 percent per annum. This feature provides you with the opportunity of opting for an HSBC Personal Loan if you are not happy with the rates being offered by your current bank.
- Easy Loan Repayment
The repayment of personal loans can be done either through EMIs or ECS. These are both easy to pay as well as the track. You can also provide a clear set of instructions to the bank regarding your personal loan EMIs.
- Quick Loan Processing
HSBC has a reputation for quick processing of the applications for personal loans. You do not have to wait for weeks to get the loan disbursed to your account. Your financial needs can be met through hassle-free banking experience in no time.
- Flexible Tenure
The loan repayment tenure offered by HSBC on its personal loans can be repaid in a flexible manner. It has to be repaid in a maximum period of five years. The loan tenure ranges from 12 months to 60 months.
HSBC Personal Loan Interest Rates
Currently, HSBC offers an interest rate of 10.99 percent to 17.5 percent p.a. on HSBC personal loans. The bank reserves the right to change this interest rate anytime. The loan tenure varies from 6 months to up to 5 years. No guarantor is required for availing a personal loan from HSBC. The bank also reserves the right to levy late payment and cheque return charges.
HSBC Personal Loan Eligibility Criteria
Certain criteria have been laid down by HSBC in order to become eligible for the personal loans offered by the bank. The criteria are different for salaried and self-employed applicants. The applicants are required to have HSBC accounts under their name. The applicants need to be a minimum of 21 years of age. The maximum age is 60 years for salaried applicants and 65 years for self-employed applicants. Job continuity is a must for salaried applicants. The net annual income of the salaried applicant must be Rs. 4 lakhs and above while the limit is Rs. 5 lakhs and over for other customers.
HSBC Personal Loan Charges & Documents
HSBC also charges loan processing charges on its personal loans of up to 2.5 percent of the loan amount that has been disbursed by the bank. The processing fee would not be refunded back by the bank. Foreclosure or partial pre-payment charges of up to 3.75 percent are charged on the principal outstanding of the loan and full foreclosure attracts 2 percent of the outstanding. It’s important to note that Prepayment is allowed only after 12 months has been completed from the loan disbursal date. Cheque-return and swap charges are also charged by the bank. Late payment charges are charged by the bank of up to 2 percent on the interest rate applicable. Service Tax is levied by the bank as per the Govt. norms.
The list of documents that need to be submitted to the bank by salaried employees are –
- Completed loan application form along with photographs
- Processing fee cheque
- Proof of identities like Aadhaar Card, Passport, Voter’s ID card or any other valid proof
- Proof of residence such as passport and gas bill
- Proof of age such as the birth certificate
- Latest form 16 or salary slips
- Salary statement of past three months
Self-employed individuals need to produce IT returns proof, audited balance sheets and bank account statement of past 6 months. The Balance sheet has to be submitted for the past 2 years that has been audited by a CA. Acknowledged IT returns have to be compulsorily submitted.