Apply for HSBC Bank Unsecured Personal Loan in UAE: Instant Approval & Easy Steps

If you live in the UAE and are looking for additional funds for home renovation, education, or any other expense, a personal unsecured loan from HSBC could be an excellent option for you. This loan offers flexible repayment tenure with no credit life insurance required. 

You can use this loan for various purposes, such as home improvements, education, or personal expenses. For this, you only need to be a resident of UAE and have a minimum monthly income of 7,500 AED. You get this loan from HSBC with a tenure ranging from 6 to 60 months and you can also avail additional funds as per your need.

In this post, we will discuss in detail the key features, fees and charges, and other important information about HSBC Personal Unsecured Loan so that you can know how this loan can meet your financial needs. To know more about this you have to read this article completely.

Overview of HSBC Bank Unsecured Personal Loan

HSBC’s Unsecured Personal Loan is an easy and quick way to meet your financial needs without mortgaging any property. This loan is especially for those who need money immediately and want to get the loan without any collateral.

The key information about HSBC Bank’s unsecured personal loan is as follows: 

Feature	Description
Loan Name	HSBC Unsecured Personal Loan
Type of Loan	Unsecured (without property)
Required Documents	Passport, Visa, Salary Slip, Bank Statement.
Eligibility Criteria	Resident in UAE, minimum salary AED 5,000.
Loan Amount	From AED 10,000 to AED 200,000.
Loan Period	From 6 months to 4 years
Interest Rate	6% – 10% p.a. (depending on age and credit score)
How to Apply for Loan	Apply online or at the bank branch.
Monthly Installment	On a loan of AED 10,000 with a tenure of 12 months and an interest rate of 5%, the EMI will be AED 856.07.
How to Make Loan Payment	Through online banking, mobile app, or bank branch.
Charges	Processing Fee: 1% – 2% (depending on loan amount)
Customer Support	24/7 support available.
Features	Quick approval and easy loan availability

HSBC’s unsecured personal loan can be a great option to meet any of your needs. Application for this loan can be easily made from its official website from the comfort of your home. No collateral is required to take this loan. It doesn’t happen.

Personal Loan EMI Calculator 

Why choose HSBC Personal Unsecured Loan?

HSBC’s Personal Unsecured Loan offers a convenient and flexible financing option. Following are the key features of this loan:

1. Flexible repayment terms.:

 You can repay this loan over a tenure ranging from 6 months to 4 years, allowing comfortable repayment as per your financial situation.

2. No credit life insurance required:

 This loan does not require any additional credit life insurance, which reduces your expenses and you can avail the loan without any additional burden.

3. Personal Interest Rate.:

 The interest rate is determined based on your personal situation and credit profile, giving you a favorable and competitive rate.

4. Option to top up the loan:

 If you need more money in the future, you can top up your loan, provided you are eligible and get approved.

Benefits of HSBC Bank Unsecured Personal Loan

HSBC Bank’s Unsecured Personal Loan offers several special benefits that make it a better option for you. Here are the main benefits of this loan in detail:

1. Loan without collateral: HSBC’s unsecured personal loan lets you avail the loan without any asset or guarantee. This means that you do not need to pledge your property against the loan.

2. Loan Amount: HSBC offers this loan with an amount ranging from AED 10,000 to AED 200,000, which can suit your needs.

3. Interest Rate: The interest rate on the loan ranges from 6% to 10% per annum, which may change depending on your credit score and age. It is competitive compared to other loan options.

4. Long Term: You can take this loan for a period ranging from 1 year to 4 years, so that you can repay as per your convenience.

5. Quick Approval: The loan application process is fast and the loan is approved soon, so you get the money quickly.

6. Easy EMIs: EMIs are set as per your budget. For example, on a loan of AED 10,000 the monthly installment over a 12 month period would be approximately AED 856.07.

7. Low Document Requirements: The loan requires only a few essential documents such as passport, UAE visa, salary slip, and bank statement. 

8. Facility of online application: You can apply for this loan online, which saves time and effort.

9. Flexibility: You can change the loan amount and tenure as per your needs, which provides more convenience.

10. Flexible payment options: You can pay the loan installments through various methods, such as online banking, mobile app, or by visiting the bank branch.

11. Improvement in credit score: Repaying the loan on time can improve your credit score, which facilitates other loans in future.

12. Easy Management: Loan management and tracking is easy, giving you complete control over the status of the loan.

13. Highest loan amount: HSBC offers high loan amount, so you can cover even big expenses easily.

14. Clear Fees: All the fees and charges related to the loan are clearly mentioned, so that you do not have to face any hidden costs.

15. 24/7 Customer Service: HSBC customer support is available 24/7, providing prompt resolution to any issues or queries.

16. Easy Document Process: Documents required for the loan can be submitted quickly and easily, simplifying the application process.

17. Simple loan terms: The loan terms are simple and clear, due to which there is no difficulty in understanding.

18. Financial Advice: You get financial advice and guidance at the time of application, which helps in making better decisions.

19. High Approval Rate: HSBC’s loan approval rate is generally high, which increases your chances of getting the loan.

20. Quick funding: Funds are made available quickly after loan approval, meeting your immediate needs.

Eligibility Criteria for HSBC Bank Unsecured Personal Loan

To get an Unsecured Personal Loan from HSBC, you have to fulfill some important conditions. This loan is available only to individuals resident in UAE. Here is a list of key qualifications that will help you qualify for this loan:

1. Staying in UAE: You must be a permanent resident in UAE. This loan is available only to residents of UAE.

2. Age: Your age should be at least 21 years. The maximum age limit is 65 years.

3. Monthly salary: Your monthly salary should be at least AED 5,000, so that you can repay the loan installments.

4. Employment conditions: You must be fully employed in a good company. The bank will also see how long you have been with your company. You must be a salaried or self-employed person.

5. UAE Address: You must have a permanent address in UAE, which will be verified for the loan.

6. UAE Mobile Number: You must have an active mobile number in UAE, so that the bank can contact you.

7. Email ID: You will also need an active email ID, so that you can get all the information related to the loan.

8. Selfie: You must submit a recent selfie of yourself along with the loan application.

9. Bank Account: There must be a bank account in UAE, in which your salary is deposited.

10. Smartphone and Internet: You must have a smartphone and internet connection to apply and manage the loan.

11. Type of company: You have to tell what type of company you are working in, like limited or non-limited company.

12. Credit Score: Your credit history and score should be good as the bank looks at this for loan approval.

13. Salary Slips and Bank Statements: You must have recent salary slips and bank statements, which prove your income and financial position.

14. Loan application conditions: While applying for the loan, you must provide clear and correct information as per the Bank’s standards.

15. Previous Loan Record: If you have taken a loan earlier, your previous loan repayment record will also be seen.

16. Loan amount and tenure: Your eligibility will be considered as per the loan amount and repayment tenure.

17. Application Process: To complete the application process, you must submit all the required documents and information on time.

Keeping these things in mind, you can apply for Unsecured Personal Loan from HSBC. All the documents and conditions should be correct and complete so that the loan process can be easy.

Documents required for HSBC Unsecured Personal Loan

The following documents are required for an unsecured personal loan from HSBC. These documents are necessary to authenticate your personal and financial details, so that the loan process can be completed easily.

Document	Description
Emirates ID	Required to confirm your residence in the UAE. It certifies your identity and place of residence.
Selfie	Your current photograph, which confirms the authenticity of the document with you.
Passport	Copy of your international passport, which verifies your identity.
UAE Address	Your permanent address in the UAE, which can be verified through a certificate (such as a tenancy deed or utility bill).
Work Details	Information related to your job, which should include salary slip, name of the employer, and information about your place of work.
Email ID	Your valid email address, through which the bank can contact you and send loan information.
UAE Mobile Number	Your local UAE mobile number, which will be used for communication during the loan process.
Bank Account	Your bank statement or account statement, which shows your financial position and is required to qualify for the loan.
Credit Score	Your credit score, which reflects your credit history and plays an important role in loan approval.

How to Apply for HSBC Bank Unsecured Personal Loan

Here is complete process, Let’s see

Applying for an HSBC Personal Loan is a straightforward process that you can easily do online. First of all, visit the HSBC website and select the “Personal Loan” option under the “Borrowing” tab. Then, click “Get a Callback” and fill in your information. After this, the customer care team of the bank will call you and explain the details and terms of the loan. If you are found eligible for the loan, you will have to get the required documents verified at the bank branch. After document verification, the loan amount will be transferred to your bank account.

Following is the step by step process to apply for HSBC Personal Loan: 

1. Visit HSBC website

Open the official website of HSBC and get information about the loan options available here.

2. Click on Menu Section

Find the menu section of the website which is usually at the top or sidebar.

3. Select the Borrowing tab section

Click on the “Borrowing” tab which will show all the loan related options.

4. Select Personal Loan option

Select the “Personal Loan” option under the “Borrowing” tab, which will take you to the personal loan information and application page.

5. Scroll to the Get a Callback option

Scroll down the page and find the “Get a Callback” option which will provide the option to request a call back.

6. Redirect to new page

After clicking on “Get a Callback”, a new page will open where you will have to fill in your personal information.

7. Fill personal details

Fill the following details in the form:

title
First Name
Last Name
Preferred Contact Number
Email Address
Monthly Income (AED)
Employer Name
Required Loan Amount (AED)
Click on Call Me Back.

8. Call from Customer Care Executive

After submitting your details, the customer care team of the bank will call you and explain the loan options and terms.

9. Documents Verification

If you are found eligible, you will have to take your required documents to an HSBC branch and get them verified.

10. Transfer of loan amount

After documents verification, the loan amount will be transferred to your bank account and you can use it.

Note: You must be a UAE citizen or resident, aged between 21 and 65, and have an income of at least AED 7,500 per month. HSBC may contact third parties to verify your information, and frequent credit report requests may affect your credit score. Calls may be recorded for quality and training purposes.

HSBC Personal Unsecured Loan Interest Rate, Loan Amount, Tenure

HSBC Personal Unsecured Loan is a flexible option available for a variety of financial needs. 

1. loan amount

Under HSBC Personal Unsecured Loan you can avail an amount ranging from AED 10,000 to AED 200,000. This amount can be decided according to your financial needs.

2. interest rate

The interest rate on personal loan can range from 6% to 10% per annum. This rate is determined based on your credit profile, age, and other factors. Interest rate information can be obtained by contacting the bank for personalized offers.

3. Loan period

You can avail HSBC unsecured personal loan for a tenure ranging from 6 months to 4 years. This flexibility gives you the opportunity to choose the appropriate tenure as per your financial situation and repayment convenience.

4. Processing Fee:

 The processing fee on loan application can range from 1% to 2%, which also includes VAT. 

The application process for this loan is simple and you get the freedom to choose the loan amount and tenure as per your requirement. 

HSBC Unsecured Personal Loan Fees and Charges

The various fees and charges on HSBC personal unsecured loans are clearly explained in the table below. The table below explains the amount of each fee, VAT, and the total amount in simple terms.

Type of Fee	Amount (AED)	VAT (AED)	Total Amount (AED)
New Loan and Top-up Fees	500 – 2,500	105 – 525	605 – 3,025
Late Payment Fee	50 – 140	10 – 140	60 – 280
Early Settlement Fee	1% (including VAT)	Not included	Applicable at 1% (Example: 1,050 AED on 100,000 AED)
Loan Cancellation Rights	Free	N/A	N/A
Loan Closing Charges	According to the outstanding amount. VAT may apply.	According to the total outstanding amount.

How many types of personal loans can be taken from HSBC Bank? 

You can avail the following types of personal loans from HSBC Bank:

1. new personal loan – General personal loan available for a variety of uses.

2. Top-up Loan – Additional amount to extend an already existing loan.

3. Home Improvement Loan Loan for home repair or improvement.

4. education loan Loan for education related expenses.

5. Personal loan without salary transfer – Option to get loan without salary transfer.

Where can you avail HSBC Personal Unsecured Loan?

1. home repair or improvement : Use this loan to decorate or improve your home.
2. education expenses : To meet the education expenses of yourself or your family member.
3. Trips and Holidays : To plan your dream vacation or trip.
4. health expenses : To cover medical treatment and health related expenses.
5. goods shopping : For purchases of new electronics, furniture or other large items.
6. Other personal expenses : To meet any other personal or incidental expenses.

Things to keep in mind while taking HSBC Personal Unsecured Loan

Some of the things to keep in mind while taking HSBC Personal Unsecured Loan are as follows: 

1. Loan amount and monthly installments: Make sure that the loan amount you are taking and the monthly installments are as per your income.
2. Interest Rate: Understand the interest rate of the loan and its impact on the entire tenure.
3. Processing Fees: Keep in mind the application and processing fees.
4. Loan Tenure: Choose the loan tenure that suits your financial plans.
5. Eligibility Criteria: Meet the eligibility criteria of the Bank before applying.
6. Loan Terms and Conditions: Read and understand all the terms and conditions properly.
7. Total Repaid Amount: Estimate the total repaid amount of the loan, including interest and charges.
8. Pre-existing Loans: Take into account existing loans and their repayments.

HSBC Personal Unsecured Loan review How would it be to take this loan? 

HSBC Personal Unsecured Loan is a flexible and convenient option, especially for those who want to avail a loan without any asset or guarantor. Its interest rates are competitive, and the loan tenure ranges from 6 months to 4 years, allowing you to choose the installments as per your financial situation. Regardless of the processing fees and interest rates, the loan’s seamless application and transparent terms make it an attractive option. However, it is important that you fully understand the loan terms and ensure that the monthly installments fit into your budget.

 FAQs: about HSBC Bank Unsecured Personal Loan