As the name suggests, the personal loan from HSBC is a personal finance scheme designed to meet all your urgent personal expenses be it a family vacation, house renovation, education or wedding. Meet all your short-term as well as long term capital needs by availing this loan from HSBC.
The borrower gets access to a free current account too with this personal loan; also this current account does not require a minimum balance. Monthly installments can be deferred for up to two times in a year.
You’re probably eligible for HSBC Personal Loan if you are
At least 21 years old
Less than 65 Years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Your HSBC Personal Loan amount eligibility is based on these factors
Minimum income required
AED 7500 per month
Maximum allowed personal loan is AED 750,000
EMIs of other loans lower
Increase your eligible HSBC Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 4 Years
Documentation needed to apply for HSBC Personal Loan
- 1. Completed application form
- 2. Copy of valid passport with valid UAE residence visa for expatriates
- 3. Last three months bank statements
- 4. Salary transfer letter / salary certificate
- 5. Account opening forms for shares trading
- 6. Liability letter
HSBC Personal Loan Interest RatesUpdated on 23 Oct 2016
|Interest Rate (Monthly reducing balance)||5.99%|
|Processing Fees||No info|
|Loan Tenure||4 Years|
Features of HSBC personal loan
- Loan is credited to the borrower’s account before the first salary transfer to bank
- Maximum Loan amount is AED 7,500,000
- Attractive Interest Rates
- Quick and easy approval in less than 30 minutes
- Comprehensive Life cover; not mandatory
- Both UAE nationals as well as expats can apply
- Valid visa and passport
- An arrangement fee of 1% of the sought loan amount is charged by the bank
- A pre-closure fee of 1% of the outstanding loan amount is charged in case a customer wishes to pay off the entire loan before the agreed initial loan tenure
Eligibility Criteria of HSBC personal loan
- Any salaried employee, government, semi-government or private
- Age of the applicant must be between 21 to 65 years
- Minimum monthly salary required is AED 7,500
Fees and Charges involved with Personal Loans from HSBC
The below table shows the schedule of fees and charges involved with HSBC personal loans
|Type of Charge||Amount|
|Fees for Arrangement of the new loan||The fee for arrangement of the new loan is 1% of the loan amount. It has a minimum fee of AED 500 and the maximum fee is capped to AED 2500|
|Fees for Arrangement of top up loan||The fee for arrangement of the new loan is 1% of the loan amount. It has a minimum fee of AED 500 and the maximum fee is capped to AED 2500|
|Charges levied against late payment of instalments||The penalty charge is 2% of the delayed amount charged per instance of late payment. It has a minimum fee of AED 50 and the maximum fee is capped to AED 140|
|Fees charged for early settlement of the loan through the same bank||The fee is 1% of the outstanding loan amount but is not applicable to UAE Armed forces or Ministry of Defence Employees|
|Fees charged for early settlement of the loan through other banks||1% of the outstanding loan amount with a maximum cap of AED 10,000 but is not applicable to UAE Armed forces or Ministry of Defence Employees|
|Charges for partial payment of the loan||The fee is 1% of the partial payment amount|
|Fees for cancelling the loan||The fee is AED 100|
|Fees for acquiring liability letter||The fee is AED 100|
|Fees for acquiring the no liability letter||The fee is AED 100|
|Fees for rescheduling of the loan||The fee is AED 250|
About HSBC Bank
HSBC is one of the largest banks of the world with over 52 million customers worldwide. HSBC has branches in over 74 countries spread across almost all continents. The presence of HSBC in the UAE has been since 1946 when the bank was called the British Bank of Iran and the Middle East. In the year 1959, this bank was taken over by the Hong Kong and Shanghai Banking Corporation, HSBC.
Since then the bank has been a leader in the development of banking related products and services in the Middle East. The functions of the bank range from asset management to retail banking to corporate finance and so on. The bank is a major player around the world in the field of investment banking as well.
What is the eligibility criteria?
A UAE national or an expat aged between 21 and 65 years of age. Minimum monthly income needs to be AED 7,500.
What are the documents required?
- Original Passport
- Salary Certificate
- Bank Statements for last 3 months
- Post-dated cheques for payment of installments
Are there any pre-payment charges?
In case the customer is paying the loan by himself then 1% of the outstanding amount is charged as the pre-closure fee.
Is there a processing fee charged?
A processing fee of 1% of the loan amount is levied.
Is a life insurance scheme required to avail this loan?
Yes. But it is optional.
What is the maximum loan amount that I can avail?
The maximum loan amount is AED 750,000.
Am I required to transfer my salary to the bank?
Yes. A salary transfer is required to avail this loan.
Does this personal loan scheme require a security to be deposited?
No. There are no collaterals to be submitted as security against this personal loan.
Other Products from HSBC Bank
News About HSBC Personal Loan
HSBC Bank offers Short Term Loans in UAE
HSBC Bank is providing its customers in UAE with short term loans. These loans are targeting those customers who need a smaller amount of money to meet a financial requirement but do not need to take up a huge personal loan.
The HSBC 12 Month Personal loan can be availed by borrowers who are UAE residents and are earning DH 7500 and more and these loans can be used to meet lifestyle requirements or rent or any other such expenses. Eligibility for the loan depends on the applicant's’ debt-burden ratio which must be below 50%
The applicants also need to be a minimum of 21 years and cannot exceed 65 years in age when applying for the loan. The loan is offered at rates starting from 5.99% per annum and is based on reducing balance. Loan amounts exceeding DH 50,000 will earn the borrower 20,000 air miles.
23rd May 2016