Loans and credit facilities have evolved into essential financial services over the past few years. No doubt, there are a number of banks and financial institutions that offer plenty of loan offerings for the customers. However, finding the perfect loan that fulfills your needs can prove to be a challenge.
HSBC offers one of the most popular personal loan offerings in the UK. With a range of strategic features, streamlined processes, and unparalleled customer service, the choice of a personal loan becomes easier. So if you too have been in a lookout for a good deal on a personal loan, your search may just end here.
In this article, we introduce you to the features and benefits of the HSBC Personal Loan, its eligibility criteria, interest rates, and more. Later, there is also a step by step guide on how to get a loan from HSBC. Let’s start!
Features & Benefits of HSBC Personal Loan
Flexible Personal Loan
The Personal Loans HSBC is more flexible and customizable than the loans offered by most other banks. The flexibility extends to loan amounts, repayment period, and even the interest rates. AN HSBC personal loan can be any amount between £1,000 and £25,000, and the repayment period can be spread over 1 to 8 years depending upon the actual loan amount.
Quick & Transparent Loan Approval
One of the primary issues that loan applicants often face is the endless delay in the loan decisions on the part of the bank. However, with HSBC, it is so fast, that it is almost instantaneous! If you are an HSBC current account holder, you’ll get a credit decision at the very moment when you apply for a personal loan. If you are a non-HSBC customer, then the decision will be communicated within 2-5 working days.
Quick Access to Funds & Top-up Feature
HSBC allows immediate transfer of the loan amount as soon as the application has been accepted and the amount is approved. You can spend the amount right away, without any hassle. Further, in the event of unplanned expenditures, you can top-up on your existing loan plan or make overpayments. In fact, this would reduce the overall amount you pay in the form of interest.
How to Get a Loan by HSBC?
HSBC offers a number of ways to apply for its personal loans. However, the best and most convenient way is to apply online. Here we share a simple 3-step procedure to apply for personal loans by HSBC.
Step 1
Visit the HSBC official website for personal loans and go through official information and terms & conditions of the bank.
Step 2
Calculate your monthly loan repayments using the quick tool available on the website.
Step 3
Click on the ‘Apply Now’ button to apply online. You have to provide a few basic details pertaining to your personal data and financial background while filling out the application form. Based on this, you’ll get a decision on your personal loan application.
You can also apply for an HSBC personal loan through mobile banking (download the HSBC mobile application) or by visiting the nearest branch of HSBC.
Fees and Interest Rate
- Personal loans by HSBC are personalized credit offerings, and hence the interest rates payable depend on the loan amount and repayment period.
- For example, a 3.3% APR may be charged for loan amounts ranging between £7,000 and £15,000.
- The maximum APR on personal loans has been fixed at 21.9%.
Eligibility Criteria
Though the HSBC personal loans are greatly flexible, there is a set of minimum eligibility criteria to get a personal loan from HSBC. The following are the eligibility conditions.
- The applicant should have a minimum annual income of £10,000 (before tax deduction).
- The applicant should have attained an age of 18 years and should be a resident of the UK.
- A functional bank account with a Direct Debit facility is required.
Contact Info
HSBC Holdings plc
8 Canada Square
London E14 5HQ
United Kingdom
Tel: +44 (0)20 7991 8888
Takeaway
The single most important USP of the HSBC personal loan is it a great deal of flexibility. No doubt, personal loans HSBC can prove to be a savior for your business, personal finances, or dream projects.
Note: There are risks involved when applying for and using credit/ loan. Consult the bank’s terms and conditions page for more information.