A personal loan is one of the best ways to meet the planned and unplanned financial needs that you may arise in your life. Whether its an emergency trip that you have to take, a health emergency, or maybe a big-time purchase that you can’t afford at the moment – a personal loan can come to your rescue.
When it comes to personal loans, HSBC is one of the most credible financial institutions to look to. HSBC’s products, including its credit cards and personal loans are reliable, safe, flexible, and rich in features. HSBC offers all that you might expect from a personal loan offering.
In this post, we are going to discuss in detail various aspects of an HSBC personal loan. We will also show you how you can apply for a personal loan with HSBC following a few simple steps. Let’s begin.
Features of HSBC Personal Loan
Customizable Repayment Plans
One of the best things about availing a personal loan from HSBC is that it allows a great deal of customization to the loan repayment plan, depending upon your loan amount and individual requirements.
For example, for an HSBC personal loan worth of £15,000 or less, you can spread your repayments over a period of one to five years. The repayment period can even extend up to eight years if the loan amount is greater than £15,000.
However, it is important to note that whatever be the repayment plan you choose for yourself, it is fixed and needs to be adhered to.
Quick and Easy Access to Cash
Another great feature of the HSBC personal loan is the reliability that it comes with. Access to cash is quick and easy with an HSBC personal loan.
Once your personal loan has been approved by the bank, you will get access to your loan cash instantaneously, without the need of any further formalities.
You can withdraw the amount flexibly as per your requirements, with no questions asked.
How to Apply for and Get a Personal Loan from HSBC
HSBC offers its customers multiple ways to apply for and get a personal loan. You can apply through the HSBC official website for personal loans, through the HSBC mobile app, or by visiting your nearest HSBC branch office. Here, we show you how you can apply for the personal loan online, through the HSBC website.
Step 1: Browse to the official website of HSBC personal loans and click on the ‘Apply Now’ button.
Step 2: Log in using your HSBC credentials if you are an existing HSBC customer, or start afresh by entering your basic details if you are a first-time customer.
Step 3: Upload your personal and financial information, as well as the documents asked for by the bank, before submitting your personal loan application.
You can follow similar steps to apply on the HSBC mobile app as well.
Fee, Charges, and Interest Rate
- APR – variable, 5.8% – 24.9%, based on amount of loan and creditworthiness
- Processing Fee – Up to 1% of the amount
- Full/partial Pre-payment Charges – Up to 3.75% (of the outstanding amount)
- Penal Interest (for delayed EMI Payment) – Prevailing APR + 2%
Eligibility Criteria for HSBC Personal Loan
You can avail a personal loan from HSBC if you meet the following criteria.
- You are at least 18 years old and a UK resident.
- You have an annual income of more than £10,000.
The HSBC headquarters can be found at 8 Canada Square, London, E14 5HQ and can be contacted by telephone at +44 (0)20 7991 8888 for customer enquiries.
You are now ready to apply for a personal loan from HSBC. one of the most credible financial institutions today. An HSBC Personal Loan can help you maintain your financial success when expected purchases or expenditures come up.
Disclaimer: There are risks involved when using credit card products. Always be sure to read the bank’s terms and conditions page for more information.