HSBC Personal Loan

Overview

HSBC was established in Hong Kong in 1865 and has been providing leading financial services ever since. The HSBC personal loans and credit cards enjoy an enormous international customer base that numbers well over 35 million and is dotted across more than 65 countries across the globe.

The HSBC personal loan in the UAE is created to address the typical concerns of residents in the country and to offer financial support where it is most needed. The HSBC UAE personal loan can be availed of for as little as 6 months and up to a maximum period of 48 months. Let us explore the wonderful HSBC personal loan features and benefits.

HSBC Personal Loan Features & Benefits

The many HSBC personal loan features and benefits can be found in the list below:

Loan Amounts

The maximum HSBC personal loan eligibility for expatriates is AED 600,000 and for UAE nationals is AED 750,000. An HSBC bank personal loan does not require any life insurance policy and can be availed of online.

Quick Approvals

HSBC personal loans can be availed of quickly and conveniently through the online applications form. HSBC online personal loan applications are typically approved within minutes.

Tenors

HSBC personal loans in the UAE offer a very flexible range of tenors, from as little as 6 months to a maximum tenor of 48 months.

Top-Up Loans

Loan holders may request for a top-up HSBC personal loan within 6 months of the current loan. A top-up HSBC Bank personal loan bears longer tenors, larger loan amounts and competitive interest rates.

Renewals

Customers may also renew their HSBC personal loan entirely after 12 months. Renewed HSBC personal loan customers are offered additional incentives for their continued patronage.

HSBC Personal Loan Eligibility & Documents Required

The HSBC personal loan eligibility is contingent on the following criteria and requirements:

Age

Both UAE nationals and expatriates alike are required to be within the age range of 21 years to 65 years in order to avail of an HSBC personal loan.

Income

HSBC personal loan eligibility mandates a minimum monthly salary of AED 7,500 from its applicants. Minimum income criteria are set to ensure the applicant has the ability to pay back the HSBC personal loan instalments.

Work Experience

Readers looking for an HSBC personal loan to apply for will be asked to submit the details of their employer and may even be required to have a certain number of months of work experience at their job.

The HSBC personal loan requires applicants to upload or submit the following documents:

  1. Passport (for UAE nationals and expatriates both)
  2. Emirates ID (for UAE nationals and expatriates both)
  3. Utility Bills or Tenancy Contract (for UAE nationals and expatriates both)
  4. Salary Slip (for UAE nationals and expatriates both)
  5. Banking statement (for UAE nationals and expatriates both)
  6. Residence Visa (for expatriates only)

HSBC Personal Loan Interest Rates

The HSBC personal loan interest rates are reducing in nature, i.e. they get smaller as loan holders repay the borrowed amount. The HSBC personal loan details can be found in the table below.

HSBC Personal Loan
Category Max. Loan Amount Tenor Interest Rate Type of Interest
For UAE Nationals AED 750,000 6 months - 48 months From 7.49% Reducing
For Expatriates AED 600,000 6 months - 48 months From 7.49% Reducing

(Updated as of May 2019)

FAQs

Q.1. What is a top-up loan?

Ans: A top-up HSBC personal loan is one that is offered as an add-on to the loan holders existing loan. A top-up HSBC personal loan in the UAE offers an extra loan amount over the existing loan and offers an increased repayment period as well.

Q.2. How can I apply for an HSBC personal loan?

Ans: Readers that are looking for an HSBC personal loan to apply for, may do so by either submitting the HSBC online personal loan application form or by contacting HSBC customer care at 800-56267.

Q.3. How do I calculate my HSBC personal loan EMI?

Ans: Existing loan holders and applicants can make use of the HSBC personal loan calculator to estimate their monthly instalment amount. HSBC personal loan calculators in the UAE are available free of charge and can be accessed online.

Q.4. What is the repayment schedule for an HSBC personal loan?

Ans: HSBC personal loan holders are required to pay an instalment every month, which includes the borrowed amount as well as applicable interest on the same. The total number of instalments, i.e. the tenor of the HSBC personal loan in the UAE is further contingent on the loan amount and on the bank’s approval.

Q.5. What is a payment holiday?

Ans: A payment holiday is a temporary postponement of the HSBC personal loan instalment. It can be availed of for AED 105 per instalment deferment and is also dependent on approval from HSBC.