Loan Application

HSBC Bank Personal Loan - Frequently Asked Questions (FAQ)

Who is eligible to apply for an HSBC Personal Loan?

Currently, HSBC extends Personal Loans only to its existing customers.

How do I avail of a Personal Loan?

You may walk into the HSBC branch to apply for a Personal Loan or reach your Relationship

Manager who can help you apply for a Personal Loan. Alternatively, you may call our Phone Banking number and we will arrange for a bank representative to visit you.

What documents are required for applying for a Personal Loan?

For applying for a Personal Loan, you will need to provide:

KYC Documents

Proof of Identity (any one)

  • Passport
  • Election/Voter’s ID
  • Permanent driving licence
  • Government employee ID card
  • Defence ID card
  •  Permanent Account Number (PAN) card
  • Aadhaar card
  • Ration card
  •  National Rural Employment Guarantee Act

Proof of Address (any one)

  • Passport
  • Election/Voter’s ID
  • Permanent driving licence
  • Ration card
  • Society outgoing bill (only from registered societies)
  • Electricity/Water/Telephone bill
  • Gas bill (pipeline connection only)
  • Property tax bill
  • Domicile certificate with address issued by

Municipal Corporation

Registered rent/lease agreement (registered with State Government or similar registration authority)

Financial Documents

  • Latest salary slip (mandatory)
  • Bank statements of the primary account for the last 3 months (mandatory)
  • Acknowledged IT return (latest) for one year (optional)
  • Latest Form 16 (optional)
  • P&L account and balance sheet for the last 2 years certified/audited by a C.A. (mandatory)
  • Acknowledged IT returns for the last 2 years (mandatory)
  • Bank statements of the primary account for the last 6 months (mandatory)

Is the Personal Loan facility available in all the cities?

The Personal Loan facility is at the sole discretion of The Hongkong and Shanghai Banking Corporation
Limited, India (Bank) and is available in the cities of Ahmedabad, Bengaluru, Chandigarh, Chennai,
Cochin, Delhi, Hyderabad, Jaipur, Kolkata, Mumbai and Pune only and is subject to change from time
to time.

How much can the customer borrow?

HSBC India currently offers Personal Loans ranging from `75,000 to `2,000,000. The loan
amount and the tenure for individual cases are based on the sole discretion of the Bank. Your
Relationship Manager or our representative can meet up with you and work out the eligible
amount.

What are the costs associated with availing of a Personal Loan?

As a Personal Loan customer, you will need to pay processing fees along with servicing
interest on the loan. The processing fee (and applicable service tax) on the Personal Loan will
be deducted from the loan amount disbursed.

Can I change my loan repayment instrument?

Yes. You can change the repayment instrument issued to HSBC for servicing the equated
monthly instalment of your Personal Loan.

Eg: Post-dated Cheques to ECS, ECS of X bank to ECS of Y bank.

You can change the repayment instrument after paying the charges mentioned in the Tariff Sheet.

How will I receive the disbursed amount?

The disbursed amount will be credited to your bank account as mentioned in the Personal Loan application form. In certain loan takeover cases, the Pay Order will be issued to you in the name of the other financial institution (from where the loan has been taken over).

Can I avail of a partial disbursement?

The loan amount would be disbursed at one go. An option for partial disbursement is not available.

What are the likely dates for repayment through Equated Monthly Instalment (EMI)?

The EMI date can be 5th or 15th of the month depending on the date of disbursal.

How is the EMI calculated?

The Applicant would be charged interest on the Personal Loan amount in EMI (Equated Monthly Instalment) at the rate set out in the agreement. Interest will accrue on a daily basis and will need to be paid on dates set out in the agreement. You can refer to our Personal Loan application form for an illustration of interest calculation.

What happens if a customer misses the payment on the due date?

The customer needs to pay the EMI on the due date. Non-payment of EMI would impact, but will not be limited to:

  • Credit rating (reporting to Credit Bureau - CIBIL)
  • This will have an impact on other credit facilities availed of from HSBC
  • The Bank may initiate recovery proceedings to recover the dues apart from the late

Payment Charges

Do I have an option to pre-close a loan?

You can pre-pay the Personal Loan post 6 months of disbursement after sending us an intimation in writing and pay in accordance with the prepayment amount confirmation given by the Bank. Under the 30 Day Service Pledge programme, a customer can close the loan within 30 calendar days of the loan disbursement date, subject to the terms and conditions of the 30 Days Service Pledge programme.

Once the loan is repaid and the outstanding has been cleared, will the Bank send me Some Confirmation?

The Bank issues its customer a No Due Certificate on closure of the loan.

Can I make a partial prepayment towards my Personal Loan?

Yes. You can partially prepay up to a maximum 20% of the original loan disbursed amount per year, across 2 transactions in a year. (the year in such a case will be a period of 12 months beginning from your loan disbursal date). Partial prepayment can be initiated only after 6 months of loan disbursal date (after 12 months of loan disbursal date for Balance Transfer cases); Any payment would attract prepayment charge of 4% of the amount prepaid or as per terms detailed in your Personal Loan agreement.

Will my EMI amount change once I have made a partial prepayment ?

You have the option of either continuing with the same EMI and thus repay the loan earlier than the sanctioned tenure OR reduce your EMI.

If you wish to change your monthly EMI, please visit the nearest HSBC India branch to complete the necessary documentation. You will need to issue us a revised Standing Instruction (SI) or ECS (Electronic Clearing System) mandate for the revised EMI amount.

What is the minimum and maximum tenure for an HSBC Personal Loan?

The minimum tenure for Personal Loan is 12 months and the maximum tenure is 60 months.

We offer Personal Loans with flexible tenure of upto 60 months (i.e. tenure from a minimum of 12 months onwards with additional block of 6 months. You can choose a tenure ranging from 12, 18, 24, 30, 36, 42, 48, 54 or 60 months).
Issued by The Hongkong and Shanghai Banking Corporation Limited, India. Incorporated in Hong Kong SAR with limited liability.

PIL_FAQ_09/16 2

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Loan Application

 

It is a type of unsecured loan and helps to meet your current financial needs. You don't need any security/collateral while availing it. Personal Loan is your solution for instant cash and can be used for travelling, wedding, medical emergency, home renovation, or anything else.

 

Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.

 

Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.

 

A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

Different Purposes for Personal Loan through LoanMoney

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Home is the place where your story generates. Home Renovation Loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated.
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The Education Loanaims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
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Travel loan is a kind of Personal Loan that you can apply while planning a travel. It can help to cover the costs associated with your holiday, such as airfares, accommodation, hotel fares, tour packages, travel gears/accessories, or any other type of expenses associated with your travel.
The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.

Disclaimer: LoanMoney is not a Loan Providing Organization. We are facilitating the Loan Process from various Banks & NBFC. The rate, eligibility criteria, term & conditions of various banks are subject to change as per bank discretion. We try our best to keep the data up-to-date, but we can't guarantee the accuracy of data provided in this site. LoanMoney help you to embark on your dream at the right time with many Banks/NBFC's Loan opportunities available! Follow a few simple steps to help LoanMoney team understand your requirements.

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