Oumar Malik
Oumar Malik
Chief Financial Officer
Oumar Malik is the Chief Financial Officer of iNewkhusi.com, a top financial platform offering banking, loans, credit cards, and insurance. With deep financial expertise, Oumar is key in developing strategies for growth and effective management of financial products and services. Based in Al Hamriya, Dubai, Oumar provides valuable insights and innovative solutions to help individuals and businesses manage their finances.
HSBC Personal Loan can help you meet many important needs in your life. If you want to renovate your home, buy new items, or go on a long vacation, this loan could be the right option for you.
In UAE, this loan is available to those who have a stable income and a good credit score. You can use this loan for various needs, such as education, medical expenses, or other personal expenses. This loan can help you a lot.
In this guide, we will tell you how to get an HSBC Personal Loan, what are its benefits, and what is the loan process. Apart from this, we will tell you what documents are required to take this loan, what are the eligibility criteria, what will be the interest rate, and for how long the loan can be taken. Read this article till the end to know complete information.
What Is HSBC Personal Loan And How To Take It?
HSBC Personal Loan is a loan that helps you meet your big expenses. Whether you need to renovate your home, buy a new item, or go on a trip, this loan can meet your needs. HSBC personal loans are available in amounts ranging from 25,000 AED to 500,000 AED, and you can avail them for tenures ranging from 6 months to 4 years (48 months). The interest rate is 7.24% per annum, and you do not need to buy any additional insurance on this loan.
Get a callback option can be used within UAE to apply for HSBC Personal Loan. To take a loan, you will have to open a current account in HSBC and transfer your salary to that account. Additionally, you must be between 21 and 65 years of age and earn at least 7,500 AED per month. The application process is easy, and if you meet all the conditions, you can get a loan in no time.
Personal Loan EMI Calculator
Loan EMI Calculator
How much can HSBC Personal go for?
There are two main types of HSBC Personal Loans:
- 1. Secured Loan
A secured loan is one in which the borrower has to provide an asset (such as a house or vehicle) as security to avail the loan.
These usually have lower interest rates because the loan is secured. If you are unable to repay the loan, the bank can sell the property given as guarantee.
For example, home loan, car loan come under this category.
- 2. Unsecured Loan
An unsecured loan is one in which the borrower does not have to give any asset as security. This loan is based only on the credit worthiness of the borrower. It does not require security of property, which makes the process easier. However, the interest rates are usually higher.
For example, personal loan, credit card loan come under one category.
Note: In secured loans the property is given as guarantee and the interest rates are lower, whereas in unsecured loans no guarantee is required but the interest rates may be higher.
HSBC Personal Loan Overview
With the help of HSBC Personal Loan, you can meet small and big expenses, be it home repair, going out somewhere, shopping or meeting any personal expense. Could. This loan comes with various features such as flexible repayment terms and personalized interest rates, among others.
Below I have given a complete overview of HSBC Personal Loan if you are taking it in UAE which is as follows:
| Description | Information |
|---|---|
| Loan Name | HSBC Personal Loan |
| Type of Loan | Personal Loan |
| Age to Apply for Loan | 21 to 65 years |
| Eligibility Criteria | UAE citizen or resident; Current Account and Salary Transfer in HSBC |
| Salary | At least 7,500 AED per month |
| Loan Period | From 6 months to 48 months |
| Interest Rate | 7.24% per annum (APR) |
| Loan Amount | From 25,000 AED to 500,000 AED |
| Charges | Processing fees, possibly prepayment penalty |
| How to Apply for Loan | Open an HSBC current account, transfer salary, and apply online or in branch |
| Customer Support | Contact possible via call, chat, and HSBC website |
Features of HSBC Personal Loan
HSBC Personal Loan has many features that make it a great option. The minimum amount for this loan is AED 25,000, while the maximum amount can be up to AED 500,000. The interest rate is usually 7.24% per annum, but this may vary depending on your individual circumstances. The loan tenure can range from 6 months to 48 months, so you can decide the time to repay the loan as per your convenience. Additionally, if you repay the loan early, certain prepayment charges may also be applicable, which will be informed at the time of loan approval.
The features of HSBC Personal Loan are as follows:
- Maximum and minimum loan amount: Minimum AED 25,000 and Maximum AED 500,000.
- interest rate: 7.24% per annum, which may vary depending on your individual circumstances.
- Loan period: From 6 months to 48 months.
- Prepayment and other charges: Prepayment charges may apply for early repayment of loan.
Eligibility Criteria
There are certain eligibility criteria that need to be followed to apply for HSBC Personal Loan in UAE. You must be minimum 21 years and maximum 65 years. Your monthly income must be at least AED 7,500. You may be a person with a steady job or self-employed, but your income should be steady and regular. Also, your credit score must be good so that loan approval is possible.
The eligibility criteria to apply for HSBC Personal Loan are as follows:
- Age Limit: Minimum 21 years and maximum below 65 years.
- Income level: Minimum monthly income AED 7,500.
- Employment Status: Steady job or self-employed.
- Credit Score: Good credit score required.
Required Documents
You will need some important documents to apply for HSBC Personal Loan in UAE. First of all, you will need to provide your passport as proof of identity, and if you are a UAE citizen, your Emirates ID. For income proof, you will need your salary slips, bank statements and if you are self-employed, your business bank statements and tax returns.
To apply for HSBC Personal Loan in UAE you need to The list of required documents is as follows:
| Document Type | Description |
|---|---|
| Identity Proof | Passport and Emirates ID (for UAE citizens) |
| Income Proof | Salary slips, bank statements, or business bank statements and tax returns for self-employment |
| Residence Proof | Recent electricity bill or lease agreement |
| Job-Related Documents | Job confirmation letter |
Complete Process To Apply For HSBC Personal Loan
Applying for an HSBC Personal Loan is a simple process. First of all, visit the HSBC website and go to the ‘Borrowing’ tab and select the ‘Personal Loan’ option. Next, click on ‘Get a callback’ and fill in your personal information. After this, the customer care executive from the bank will call you and give you loan information. If you are eligible for the loan, you will have to get your required documents verified at the bank branch. After document verification, the loan amount will be transferred to your bank account.
The entire process of applying for HSBC Personal Loan is quite simple. Below is a step by step process by following which you can apply for this loan:
1. Visit HSBC website
First of all, open the official website of HSBC. Here you will get information about various products and services of the bank.
2. Click on Menu Section
Go to the website and search for the menu section. Typically, it’s at the top or sidebar of the website.
3. Select the Borrowing tab section
Click on the “Borrowing” tab in the menu section. In this tab you will get all the options related to loan.
4. Select Personal Loan option
Select the “Personal Loan” option under the “Borrowing” tab. This will take you to the page for personal loan related information and application.
5. Scroll to the Get a Callback option
Scroll down the page and find the “Get a Callback” option. This option will allow you to request a call back.
6. Redirect to new page
After clicking on “Get a Callback”, a new page will open in which you will have to fill your personal information.
7. Fill personal details
Fill the following details in the form given on the new page:
- Title: Like Mr., Ms., Dr., etc.
- First Name: Your first name.
- Last Name: Your last name.
- Preferred Contact Number: Your mobile number.
- Email Address: Your email ID.
- Monthly Income (AED): Your monthly income, in AED.
- Employer Name: Name of your current employer.
- Required Loan Amount (AED): How much loan amount you require, in AED.
- Call Me Back: Click on this so that the bank can contact you on the number provided by you.
8. Call from Customer Care Executive
After submitting your information, the customer care team of the bank will call your contact number within some time. During this call, you will be given information about various personal loan options and terms.
9. Documents Verification
If you are found eligible for the loan, you will have to take your required documents to the HSBC branch and get them verified. This may include documents related to your identity, income, and residence.
10. Transfer of loan amount
Once the document verification is completed, the loan amount will be transferred to your bank account. After this, you can access your loan.
Note: To avail the loan 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. Repeatedly requesting credit reports can affect your credit score. For your convenience, the Personal Loan team is available from Monday to Friday, 9:00 AM to 4:30 PM. Requests made outside these hours will be responded to the next business day. Calls may be recorded for quality and training purposes.
HSBC Personal Loan Approval and Disbursement
After applying for a loan, the HSBC team reviews your information and checks all the required documents. If your application process is completely correct and meets all the criteria, the loan is approved. After approval, the loan amount is transferred to your bank account. This process is usually completed within a few days, but it depends on the verification of your documents and other necessary procedures.
The process after HSBC Personal Loan application, the process of getting the loan amount after approval is as follows:
- 1. Post Application Process
After applying, the HSBC team reviews all your information and documents. If your information is correct and you are eligible for the loan, the customer care team will call you. After this, you have to visit the HSBC branch for verification of the required documents.
What is the step by step process after application:
- Review information : Your application and documents are scrutinized by the HSBC team.
- Customer Care Call: If your documents are correct and you are eligible, the customer care team will contact you.
- Document Verification: You will have to visit the HSBC branch for verification of the required documents.
- 2. Process to receive loan amount after approval
After loan approval, HSBC transfers the loan amount to your bank account. After this, you can use this amount as per your needs.
after approval What is the step by step process:
1. Loan Approval: After all the processes are completed, the loan is approved.
2. Transfer of loan amount: After approval, the loan amount is transferred to your HSBC bank account.
3. Loan Usage: You can use the sanctioned amount as per your needs.
Also Read this Article: Personal Loan More Details
Advantages and disadvantages of HSBC Personal Loan
HSBC Personal Loan can help you meet your various financial needs, such as home renovation, education or travel. Its advantages include high loan amount, flexible repayment options, and personalized interest rates. However, it may also have some disadvantages, such as interest rates and processing fees. Before using this loan, it is important to understand its advantages and disadvantages.
| Benefits | Disadvantages |
|---|---|
| High Loan Amount: AED 25,000 to AED 500,000 | High Interest Rate: Up to 7.24% |
| Flexible Repayment Options: 6 to 48 months | Processing Fee: Up to AED 1,575 |
| Automatic EMI Payment Option: Online and through bank branch | Penalty: Late fees may apply if payment is not made on time |
| Custom Interest Rate: Based on individual circumstances | Age Limit: 21 to 65 years |
| Prepayment Facility: Convenience in repaying the loan | Offer Terms: Strict acceptance criteria |
Who can take HSBC Personal Loan?
HSBC Personal Loan in UAE can only be availed by individuals who are UAE citizens or residents, aged between 21 and 65 years, and have a monthly income of at least AED 7,500, transferred to an HSBC account. Additionally, the applicant must open a current account with HSBC and transfer the salary to the same account.
Is it safe to take HSBC Personal Loan?
Taking an HSBC Personal Loan is generally considered safe, as HSBC is a reputed and reliable bank. Here are some of the key reasons that make it safe:
1. Regulatory Standards: HSBC operates in accordance with UAE financial rules and regulations, ensuring the safety and legality of your loan.
2. Documentation and Verification: Your documents and identity are thoroughly verified during the loan process, reducing the risk of fraud.
3. Secure Transactions: The loan amount is transferred directly to your HSBC account, which is a standard method for secure transactions.
4. Customer Support: HSBC provides good support and assistance to its customers, so that any problem can be resolved quickly.
What can happen if HSBC Personal Loan is not deposited on time?
Not paying HSBC Personal Loan EMI on time can have several negative consequences:
1. Late fees and penalties: Late fees or penalty charges may apply, which may increase your total loan cost.
2. Impact on credit score: Non-payment on time may reduce your credit score, which may affect the approval of other loans or credit in future.
3. Notice and Recovery Process: The bank may send you a notice for the shortfall in payment made by you and if payment is not made, may initiate recovery process, which may also include legal action.
4. Loan Status: Your loan status may be marked as “default”, which may impact your other financial activities as well.
Note: To avoid these negative consequences, always pay EMIs on time and contact the bank immediately in case of any issues.
How about taking HSBC Personal Loan?
Taking HSBC Personal Loan can be a good option. If you want a reliable and well-organized loan service. Its interest rates are competitive and you get flexible repayment tenure for the loan. Additionally, HSBC does not require any additional credit life insurance, saving you from additional expenses. However, for this you have to fulfill certain eligibility conditions, such as minimum income and salary transfer to HSBC account. Overall, if you want to work with HSBC customers and meet its terms and conditions, this loan could be a good option for you.
Customer Care Number for HSBC Personal Loan
To get assistance for HSBC Personal Loan, you can contact HSBC customer care number. If you face any kind of problem in applying for personal loan from this bank, then you can talk to the customer care team. Information about this is given in the table below:
| Service | Information |
|---|---|
| Phone Number | 800-462-7342 (UAE) |
| Working Timings | Monday to Friday, 9:00 am to 4:30 pm |
| Contact on Website | “Chat with us” option on HSBC website |
| Through online contact form | |
| Call Recording | Yes, calls are recorded for quality and training purposes |
Common questions (FAQs) Related to HSBC Personal Loan
1. How long does the application take?
The application process usually takes 1-2 weeks. Loan approval is received after customer care call and document verification.
2. Can the application be completely online?
Yes, most of the application process can be done online, but you may have to visit an HSBC branch for verification of some documents.
3. Is there a charge on pre-payment or not?
Premature repayment of the loan may attract some charges. This fee depends on the terms and conditions of the loan.
4. What is the minimum and maximum amount of HSBC Personal Loan?
The minimum loan amount is AED 25,000 and the maximum loan amount can go up to AED 500,000.
5. What can be the tenure of the loan?
The tenure of HSBC Personal Loan can range from 6 months to 48 months.
6. What is the interest rate of the loan?
HSBC Personal Loan interest rate is 7.24%, which may change depending on the tenure of the loan and the circumstances of the customer.
7. What are the eligibility criteria for the loan?
Applicants must be between 21 and 65 years of age, have a minimum monthly income of AED 7,500, and have an HSBC account.
8. How much time does it take to get the money after loan approval?
After loan approval, the amount is usually transferred to your HSBC account, which may take a few days.
9. How is EMI decided?
EMI is determined on the basis of loan amount, tenure and interest rate. This amount depends on the final approved details of the loan.
10. How to check the status of loan application?
You can check the status of your loan application by logging into HSBC website or contacting customer care.
Your Turn
Visit Inewkhusi.com to get more information about personal loans and other financial products. Visit our website to know the detailed information, eligibility criteria, and application process. Guide your financial decisions with expert guidance. Anything If you want to ask then comment now, you will get reply within 2 hours and please give your feedback below.
