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HSBC Personal Loan
When unexpected needs arise, such as your daughter’s wedding, the outfitting of your home, your child’s higher education, or a family vacation, you can use a Personal Loan from HSBC. A personal loan from HSBC can help with house renovations or other home-related expenses, wedding expenses, travel expenses, transferring an existing loan from another bank, purchasing consumer durables or equipment, and other personal requirements and eventualities.
Comparison of Interest Rates of HSBC Personal Loan vs other Banks/NBFCs
| Banks | Interest Rates (per annum) |
|---|---|
| HSBC Personal Loan | 9.50% â 15.25% |
| SBI | 9.60% â 13.85% |
| 9.60% â 13.85% | 10.25% â 21% |
| PNB | 7.90% â 14.50% |
| ICICI Bank | 10.50% â 19% |
| Axis Bank | 10.25% p.a. onwards |
| Kotak Mahindra Bank | 10.25% onwards |
| IndusInd Bank | 11.00% onwards |
| IDFC First Bank | 10.49% â 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
Different Kinds of HSBC Bank Personal Loan
Personal loans are sums of money borrowed that can be used for a variety of purposes such as large purchases, emergency expenses, and so on. These loans are repaid in monthly instalments over a period of a few months to a few years
Remodelling a house
Purpose: Homeowners can use a personal loan to upgrade their home or complete necessary repairs, such as plumbing repairs or electrical wiring upgrades. People who do not have equity in their home or do not want to take out a home equity line of credit or a home equity loan may benefit from a personal loan
Loan Amount: Up to Rs. 15 lakh
Interest Rate: 9.50% â 15.25%
Processing Fee: Up to 1% of the disbursed loan amount.
Automobile financing
Purpose: A personal loan is one option for financing the purchase of a car, boat, RV, or even a private jet. It’s also one way to pay for a vehicle if you’re not purchasing it directly from the manufacturer. For example, if you want to buy a used car from another consumer, a personal loan will allow you to do so without depleting your savings account.
Loan Amount: Up to Rs. 15 lakh
Interest Rate: 9.50% â 15.25%
Processing Fee: Up to 1% of the disbursed loan amount.
Wedding budget
Purpose: A wedding loan can be used for large-ticket items such as the venue and the bride’s gown, as well as smaller expenses such as flowers, photography, the cake, and a wedding coordinator. If you don’t want to deplete your savings account, consider taking out a personal loan to help you plan your engagement and wedding the way you’ve always imagined
Loan Amount: Up to Rs. 15 lakh
Interest Rate: 9.50% â 15.25%
Processing Fee: Up to 1% of the disbursed loan amount.
Vacation expenses
Purpose: A typical vacation may not necessitate taking out a personal loan, but what about a honeymoon or a luxury cruise? Personal loans can help you finance your dream vacation, whether you’ve just graduated or are celebrating an anniversary. However, keep in mind that you will be paying interest on that loan long after your vacation is over.
Loan Amount: Up to Rs. 15 lakh
Interest Rate: 9.50% â 15.25%
Processing Fee: Up to 1% of the disbursed loan amount.
Emergency expenses
Purpose: Surprise medical bills are another common reason for taking out a personal loan, especially if your doctor requires full payment. After you’ve reached an agreement with the hospital, doctor, and insurance company, you may require a personal loan to cover unexpected medical expenses.
Loan Amount: Up to Rs. 15 lakh
Interest Rate: 9.50% â 15.25%
Processing Fee: Up to 1% of the disbursed loan amount.
Why Choose an HSBC Personal Loan?
To fit your financial needs, HSBC offers flexible personal loans. Simply use internet banking or fill out an online form to apply. You can avail Personal Loans with flexible tenure of up to 5 years i.e., from a minimum of 6 months to a maximum of 5 years with an additional 6-month block.
- You can choose between 6, 12, 18, 24, 30, 36, 42, 48, 54 or 60 months.
- Simple monthly payments via Equated Monthly Installments (EMI), Electronic Clearing System (ECS), or a Standing Instruction (SI) on your HSBC bank account.
- An existing personal loan from another Indian bank is being transferred.
- There is no requirement for collateral or a guarantor.
- Simple documentation, processing, and disbursement
Prepayment of HSBC Personal Loan
You have one year from the date of disbursement to pre-close an HSBC Bank personal loan. Personal loan pre-closure, for those who don’t know, is when a consumer agrees to repay a personal loan before the loan’s scheduled repayment period expires. The bank will give a No Due Certificate to the customer to certify that the personal loan has been closed if the customer wishes to pre-close the loan or when the loan is fully paid back to HSBC Bank
Personal loans from HSBC Bank are eligible for partial prepayments of up to 20% of the initial disbursed amount. The consumer can make two partial prepayments every year, but only after the loan has been disbursed for one year. After the partial pre-closure of the loan, you might choose to reduce the EMI amount. To make EMI modifications, the customer will need to go to a bank branch.
What makes RupiLoan right platform to apply for an Individual Loan?
Most trustworthy lenders
In order to present you with the best loan alternatives from various lenders in one place, Rupiloan has partnered with more than 30 banks, non-bank financial institutions, and fintech businesses.
Make comparisons
What’s the best option? Using a few mouse clicks, you can research and compare personal loan offers from India’s leading banks, non-banking financial institutions (NBFCs), all on one screen.
Personalised options available
With a high degree of acceptance assurance, we provide customised solutions RupiLoan ranks personal loan offers based on your credit score and other qualifying factors to determine which ones are most relevant to you. Your loan application will be accepted if you use this information to help you choose the best deal.
Can gain benefit from Pre-approved loans
These loans are those that have already been authorised. Once you’ve joined the Rupiloan community, you’ll get personalised pre-approval offers for personal loans based on your credit score and history. There is minimal to no verification required for these loans and the processing expenses are inexpensive.
Right advice
RupiLoan’s team of experts will assist you in every stage of the procedure, coordinate with lending banks/NBFCs, and help you get the best personal loan for your needs.
When it comes to applying for a personal loan, Rupiloan.com is a 100% digital-only company, which means that you can apply from the comfort of your own home with zero to little paperwork and an entirely digital experience.
End-to-end Assistance
After you complete your loan application, RupiLoan representatives will visit your home or place of business at a mutually agreed-upon time and day to pick up any physical papers that is needed. RupiLoan takes care of everything for you, so you don’t have to go to a lending institution in person to submit your documentation. Comprehensive Help from Start to Finish RupiLoan’s team is always by your side, working with the lenders to make sure you have an excellent experience from beginning to finish, from searching for a loan choice to getting the sanctioned money in your bank account.
