The personal loans offered by HSBC in UAE are a good way to answer demands on finances, especially when you are running short. These loans can be taken to cover expenses arising from big bills, planned expenses or even a vacation that have been on the list for a long time. If you are found eligible and all your documents are in order then the loan can be approved in as little as 30 minutes. The highest amount that a person can borrow under this loan can range from AED 500,000 to AED 750,000 and can come with interest rates that a charged on the reducing balance and can be as low as 5.99% per annum. The loans also feature a top-up option that can be used to increase the loan amount to what you have originally borrowed, one some of it has been paid back. The bank also offers a free credit card along with these loans that is free because it comes with no annual fee.
HSBC Personal Loan Eligibility Criteria
To be able to apply for and be found eligible for a loan from HSBC in UAE, these are the basic eligibility criteria that need to be met.
- The applicant needs to be between the ages of 21 years and 65 years.
- The person must either be a UAE national or an expatriate.
- They must also have a minimum monthly income of no less than AED 7,500.
Factors affecting HSBC Personal Loan Eligibility
These are some of the factors that can affect a person’s eligibility for a HSBC Personal Loan UAE.
- No original documents to verify the copies provided.
- Monthly income that is less than AED 7,500.
- Expatriate without a valid visa or with an expired one.
- Expired documents; for example an expired passport.
How to increase HSBC Personal Loan Eligibility
There are things that you can do to ensure that you meet the eligibility criteria for this loan and they are:
- You could have your salary transferred to HSBC.
- Ensure all documents are up to date.
- While originals don’t need to be submitted, it is essential that they are available for verification. So keep them handy.
- Ensure that you apply for the loan only if your income can support the loan.
- Make sure you are within the age bracket defined by the bank when apply for this loan.
- Make sure you have evidence of income in the form of income certificate or a salary transfer letter available.
FAQ - HSBC Personal Loan Eligibility
- Who can take these loans?
- What is the maximum amount that can be borrowed?
- Can this loan be used to buy out another loan?
This loan is available to both UAE nationals and residents.
UAE nationals can borrow up to AED 750,000 and expats up to AED 500,000.
Yes. This loan can be taken to buy out another loan but the documents required in that case may differ a bit.