Compare and find the best personal loan rates in UAE. We'll show you everything you need to know about getting the best rates on a personal loan.
HSBC Bank is a leading financial institution around the world and has established a strong presence in the UAE. Offering a wide range of banking services and solutions to cater to both individual and corporate clients, HSBC UAE provides comprehensive banking services including personal banking, ...read more
Get personal loan at Lowest Interest Rate
We will specifically discuss HSBC personal loans and understand the features and other aspects of both secured and unsecured loans.
HSBC offers two types of personal loans to individuals residing in the UAE, namely, secured and unsecured. Let’s uncover the key features and benefits of both types of loans -
Discussed below are the eligibility requirements to apply for secured and unsecured HSBC personal loans -
The fees and charges of the HSBC Personal Loan are as follows -
|Types of Fees||Charges|
|Arrangement Fee for New loans||1% (1.05% inclusive of VAT) of the loan amount - minimum AED 500 (AED 525 inclusive of VAT) and maximum AED 2,500 (AED 2,625 inclusive of VAT)|
|Arrangement Fee for Top-Up Loans||1% (1.05% inclusive of VAT) of the top-up amount
|Annual Percentage Rate for Both New and Top-Up Loans||6.74% – 15.25% .|
|Late Payment Fee||2% (2.1% inclusive of VAT) of the delayed amount - minimum AED 50 (AED 52.5 inclusive of VAT) and maximum AED 140 (AED 147 inclusive of VAT)|
|Loan Cancellation Fee||AED 100 (AED 105 inclusive of VAT)|
|Liability Letter||AED 50 (AED 52.5 inclusive of VAT)|
|No Liability Letter||AED 50 (AED 52.5 inclusive of VAT)|
|Loan Rescheduling Fee||AED 250 (AED 262.5 inclusive of VAT)|
|Payment Holiday Administration Fee||AED 100 (AED 105 inclusive of VAT) for each Payment Holiday|
|Early Settlement of Loan (Other Sources/ End of Service Benefit)||1% (1.05% inclusive of VAT) of the outstanding loan amount with a maximum of AED 10,000 (AED 10,500 inclusive of VAT), whichever is lower|
|Early Settlement of Loan From Other Bank Loans||1% (1.05% inclusive of VAT) of the outstanding loan amount or AED 10,000 (AED 10,500 inclusive of VAT), whichever is lower|
|Partial Payment of Loan||1% (1.05% inclusive of VAT) of the partial payment amount or max fee of AED 10,000 (AED 10,500 inclusive of VAT), whichever is lower|
The following are some of the terms and conditions with respect to the HSBC personal loan in the UAE -
Should you decide to terminate the loan agreement prior to its scheduled completion but after the cooling-off period has expired or been waived, early settlement charges will be applicable. This may include any relevant fees for early settlement.
For detailed terms and conditions, refer to the official website of the bank.
Let’s now explore some of the most frequently asked questions regarding HSBC Personal Loan!
Ans: Yes, the interest is calculated on the basis of a 365-day calendar year and accrues daily.
Ans: Yes, you must have a current account to get this HSBC personal loan in UAE.
Ans: Yes, the bank charges a fee of AED 100 (AED 105 inclusive of VAT) for loan cancellation.