HSBC Bank Personal Loan
HSBC bank offers a variety of personal loan options for you to choose from as per your requirement. Personal loans are offered with an interest rate starting at 9.99% for loan amounts up to Rs. 30,00,000 and tenures up to 5 years. However, you must understand that as compared to other loans, personal loans have a higher interest rate since you do not require collateral to apply for the loan.
Features of HSBC Bank Personal Loan
Minimum documentation required:
One of the key features of applying for a personal loan from HSBC Bank is that it requires minimal documentation, allowing for a smooth and efficient approval process. This simplified approach ensures you receive your loan quickly and without unnecessary delays.
Flexible tenures:
To repay your personal loan from HSBC Bank, you get a flexible option of up to 5 years. You can decide a tenure of 6, 12, 18, 24, 30, 36, 42, 48, 54 or 60 months.
Fast decision and quick access to your loan:
HSBC processes loan applications quickly to provide you with access to funds as soon as possible. If you have a salary account, then you may be eligible for instant loan disbursal.
No collateral needed:
You can easily apply for a personal loan without any collateral or guarantor.
Loan amount:
HSBC bank provides you with a wide range of loan amounts to choose from as per your need. You can get a loan amount starting from Rs.1,00,000 to a whopping Rs. 50,00,000. Hence, you can easily cover your large expenses through the personal loan.
HSBC Bank Personal Loan Details
| Interest Rates | 9.99%-16.00% p.a. |
| Loan Amount | 1,00,000 - 30,00,000 |
| Tenure | 6 months-5 Years |
| Processing Fees | Up to 2% of Loan Amount |
| Minimum Net Annual Income | For Corporate Employee Programme- Rs. 4 Lakh For Other Customers- Rs. 5 Lakh |
Source: paisabazaar and bank website
HSBC Bank Personal Loan Fees & Charges
| Description | Details |
|---|---|
| Current interest rate ranges | 9.99% pa to 16% pa |
| Processing fee (non-refundable) | Up to 2% of the loan amount |
| Processing fee (non-refundable) | 5% within 12 months 4% within 24 months 3% within 36 months 2% after 36 months |
Source: Bank website
HSBC Bank Personal Loan Interest Rates
The interest rate on your personal loan application is based on many factors which revolve around your age, income level, financial situation, employment, credit history, market situation and CIBIL score. If you have a bad credit history, you might get a higher interest rate on your personal loan.
| Annual Percentage Rate (APR) for all Personal Loans | 9.46% pa to 15.42% pa |
| Interest Range for Q2 2024 | 9.24% pa to 13.5% pa |
| Mean (average) interest rate in Q2 2024 | 10.20% pa |
Source: Bank website
Note: All the charges and fees stated are as of August 2024. For latest information, refer to the bank’s website.
HSBC Bank Personal Loan Eligibility
-
Age requirements
- Salaried applicants: You must be between 21 and 60 years old
- Job: You must be between 21 and 65 years old
- Only Indian residents and citizens are eligible to apply
- You must be either employed or self-employed
- The correspondence address must be within India
- You need to have an active HSBC current or savings account that has been active for at atleast more than 3 months
- Non-Resident Indian (NRI) customers are not eligible to apply
- The personal loan is available only in the following cities: Ahmedabad, Bangalore, Chandigarh, Chennai, Kochi, Coimbatore, Hyderabad, Jaipur, Kolkata, Mumbai, New Delhi, Pune, and Visakhapatnam (for HSBC employees in Visakhapatnam only)
Residency and employment
Bank account requirement
Restrictions
Applicable Cities
HSBC Bank Personal Loan Document Required
-
Loan application form
- You would be required to submit one recent passport-size photograph to complete the personal loan application form.
- Valid Passport
- Election/Voter ID Card
- Permanent Driving License
- Government Employee ID Card
- Defence ID Card
- PAN Card
- Aadhaar Card
- Photo Ration Card
- NREGA Job Card
- Valid Passport
- Election/Voter ID Card
- Permanent Driving License
- Ration Card
- Society Outgoing Bill (from registered societies only)
- Electricity/Water/Telephone Bill
- Gas Bill (pipeline connection only)
- Property Tax Bill
- Domicile Certificate with Address (issued by Municipal Corporation)
- Registered Rent/Lease Agreement (registered with the State Government or relevant authority)
- Valid Passport
- Driving Licence
- Birth Certificate
- Photo PAN Card
- School Leaving Certificate
- Latest Salary Slip showing statutory deductions
- Form 16 (Employer’s declaration with income and deductions, signed by an authorised company representative)
- Salary Account Statements for the last 3 months
- Audited or Certified Financials (Profit & Loss Statement and Balance Sheet)
- Acknowledged IT Returns for the last 2 years
- Bank Statements of the primary account for the last 6 months
Proof of identity (Any one)
Proof of residence (Any one)
Proof of Age (Any one)
Financial Documents
For salaried individuals
For self-employed individuals
HSBC Bank Personal Loan EMI Calculator
The HSBC Bank Personal Loan EMI Calculator is a user-friendly online tool through which you can easily plan your finances by offering a detailed estimate of your monthly EMIs. The EMI calculator estimates your potential EMI based on some important factors such as the loan amount, interest rate, and repayment tenure.
By using this calculator, you can easily have a complete idea of your EMI and how much money you will be bound to pay every month. With this you can make informed decisions on how much amount can you really afford to repay on time.
HSBC Bank Personal Loan Interest Rates vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
DBS Bank | 10.99% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source: Paisabazaar; rates as of 21 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
HSBC Bank Personal Loan FAQs
How can I apply for an HSBC personal loan?
You can apply for an HSBC personal loan in two ways: Online Application: You can visit the official HSBC website and then fill out the loan application form. To have a quick approval on the loan application, you can also upload your documents online. In-Branch Application: You can also visit your nearest HSBC Bank branch and complete your application form as well as submit the required documents physically.
How quickly can I get an HSBC personal loan?
HSBC offers you a quick personal processing, and generally, loans are approved and disbursed within a few hours, if you submit all the required documents and meet the eligibility criteria set by the bank. If you are an HSBC salary account holder, you can get the loan disbursed even quicker. However, in some cases the loan disbursement may get delayed by a few business days.
Can I transfer my existing loan to HSBC?
Yes, you can avail the balance transfer facility provided by the bank. This will enable you to transfer your existing personal loan from another bank to HSBC at a comparatively lower interest rate. With this you can consolidate your debt and clear your loan quickly.
Is there any app for HSBC Bank personal loan?
Yes, you can download the HSBC India Mobile Banking app by HSBC Bank through which you can easily access your account virtually and also check your application status as well as manage your personal loan hassle free.
Can I prepay an HSBC Bank personal loan?
You can easily prepay the personal loan before the due date of repayment. However, there are certain guidelines and terms & conditions for the prepayment. Hence, before making any payment, it is important to carefully understand the rules to avoid any discrepancy.
How can I get in touch with HSBC Bank for a personal loan query?
You can reach the HSBC Bank through several convenient options: contact the 24-hour Customer Care Helpline, use the "Connect with us" option on the website, or visit any of the bank’s branches in person.