The full form of HSBC Bank is Hongkong and Shanghai Banking Corporation. HSBC Bank firstly opened in Hongkong on 31st March 1865 and in Shanghai one month later. It is one of the largest banking and financial services organizations in the world. HSBC Bank is a public limited company. The customers can get this loan for wedding expenses, home renovation expenses, equipment required for a business etc. It is a good option for the customers to fulfill their personal needs.
1. Loan amount :
It offers a personal loan of upto Rs 30 lakh and the minimum loan amount starts from Rs.15000.
2. Flexible tenure :
HSBC Bank provides personal loan to he customers with very flexible tenure period from 1 year to 6 years.
3. Quick processing :
The processing fees of HSBC Bank personal loan is 1% of the loan amount. HSBC Bank processes the loan approval in a very quick and easy way.
4. Easy loan procedures :
Through HSBC Bank you can easily apply for a personal loan. It provides easy loan procedures to the customers. The online procedure of HSBC bank is very simple and quick and it allows customers to avail the personal loan without any worries.
5. Minimal documentation :
HSBC Bank required less documentation for the processing of personal loans.The documents submitted by the customers are KYC, address proof and income proof with the loan application form.
|
TYPE OF FEE |
CHARGES |
|
Processing fees |
1% of the loan amount |
|
Foreclosure and prepayment charges |
Upto 3.75% of principal outstanding amount |
|
ELIGIBLE |
Salaried and self employed |
|
AGE |
For salaried employees : 21 years to 60 years For self employed : 21 years to 65 years |
|
INCOME |
Monthly income is Rs.25000 |
|
TYPE |
DOCUMENTS |
|
ID proof |
Aadhaar card, PAN Card, Driving license, Ration card, Passport |
|
Address proof |
Voter’s ID, rental agreement, Electricity/Water/Telephone bill, registry, Aadhaar card |
|
Income proof |
For salaried employees : Latest salary slip or Form 16 and Last 3 month salary account statement For self employed : ITR of last 2 years and bank statement of last 6 months |
|
BANKS |
INTEREST RATES |
|
12% to 24% |
|
|
11.30% to 16.40% |
|
|
12.15% to 15.15% |
|
|
11.50% to 12% |
|
|
10.75% to 21.50% |
|
|
10.50% to 16.99% |
|
|
20.00% to 22.00% |
|
|
10.50% to 17.99% |
|
|
10.99% to 16.25% |
|
|
11.00% to 19.20% |
|
|
12.00% to 14.00% |
|
|
14.00% to 23.00% |
|
|
10.75% to 17.84% |
|
|
11.00% to 16.75% |
|
|
7.65% to 12.65% |
|
|
12.15% to 14.15% |
|
|
12.05% onwards |
1. HSBC personal loan starts with a maximum repayment tenure of 5 years. So, customers have the choice of flexible tenure starting from 6,12,18,24,30,36,42,48,54 or 60 months.
2. Flexible EMI options through bank account Standing Instructions.
3. There is no requirement of security and guarantor.
4. Fast procedures
5. Loan transfer from any other bank to HSBC.
6. Less and quick documentaion
The calculation in the EMI calculator is done through the below-given formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
The maximum tenure of personal loan in HSBC Bank is 5 years.
The minimum loan amount is Rs.75000 and maximum is Rs.30 lakh of HSBC Bank personal loan.
The age required for salaried employees is 21 years to 60 years and for self employed the maximum age is required 65 years.
HSBC Bank personal loan charges processing fees is 1% of the loan amount.
The foreclosure and prepayment charges charged by HSBC Bank personal loan is up to 3.75% of principal outstanding amount.
Last Updated on : 15/Jul/2020Know More About
You're eligible for a Hsbc Bank Personal Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Hsbc Bank Personal Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 10.5% - 17.84% |
| Processing Fees | 1% of loan amount |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Personal Loans EMI Calculator