HSBC offers personal loan after quick processing at interest rates starting from 5.99% p.a. The interest rates offered are on reducing balance in that interest is calculated on the remaining principal amount every month. The rates are mentioned in the table below:
|Interest Rate (reducing)||5.99%|
AED 750,000 (UAE nationals)
AED 500,000 (Expatriates)
|Minimum Income Requirement||AED7,500|
Overview of HSBC Personal Loan Interest Rates
HSBC is one of the largest banking and financial service organisations in the world. HSBC offers a wide range of products and services. From funding education and vacations to weddings and other special celebrations, the personal loans offered by HSBC cater to all types of financial requirements. HSBC offers personal loans to UAE nationals aged between 21 and 65 years and expatriate residents aged between 21 and 65 years.
How to calculate EMI on HSBC Personal Loans
Customers can log on to the official website of HSBC for the personal loan calculator and check their eligibility and monthly installments. Customers have to enter specific details such as nationality status, loan amount, name of the employer, monthly salary and existing loans or mortgages among others. The calculator will then determine a customer’s eligibility for a loan and his EMIs. Customers can also make use of calculators on aggregator websites. However, the calculator on the HSBC website provides all relevant data in a user-friendly manner.
Factors affecting HSBC Personal Loan Interest Rates
- Monthly Income: It is one of seminal importance in determining the quantum of loan to an applicant. If an individual has a higher income, chances are he may be charged a lower rate of interest on his personal loan.
- Loan tenure: The tenure of a loan is critical in determining the interest rate. If an applicant opt for a longer loan tenure, chances are he or she may avail of a lower rate of interest.
- Credit Score: A robust credit score ensures that an applicant’s request for a loan is approved without any hassles. A bad credit history reflects poorly on the financial standing of an applicant. As a result, banks may be wary of lending him or her a loan.
- Employment history: Applicants who work for well-established and reputed companies for a longer period of time stand a better chance of getting their loan request approved.
Key things to know about HSBC Personal Loan Interest Rates
- HSBC offers personal loans at 5.99% p.a reducing balance).
- Loan is credit into the account of customers before their first salary transfer
- HSBC offers hassle-free renewal for one-year loans
- HSBC offers free credit card for customers opting for personal loans
- Customers can increase their personal loan amount or change it to their original amount, if need be.