HSBC Personal Loan Eligibility in UAE

HSBC, among the oldest and most notable banks in the world, has a presence in the UAE as well. With HSBC UAE, you can avail of a wide range of banking and financial services, with the bank being known for its excellent products and services that can be tailored to meet your needs. These include personal loans, credit cards, mortgages, investments, and insurance. ...read more

Personal Loan in UAE
  • Minimum Salary 5000 AED
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

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  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

HSBC is certainly a great option for those of you looking to apply for a personal loan in UAE. It offers competitive interest rates and flexible repayment options, making it a great choice for those looking to finance a large purchase or consolidate their debt.

To get an HSBC personal loan, however, you would need to fulfil the loan eligibility criteria for your selected loan product. Let’s go through the article below and find out more about HSBC personal loan eligibility in the UAE.

Top HSBC Bank Personal Loans with Eligibility in UAE

Tabled below is the list of top HSBC personal loans in the UAE along with their eligibility criteria -

Personal Loan Type

Eligibility Criteria

Personal Loan

  • Minimum Salary Requirement - AED 7,500 per month
  • Minimum Age - 21 Years
  • Nationality - UAE Nationals or resident
  • The applicant should possess a current account with HSBC and the salary should be credited to that account

Education Loan

  • Nationality - UAE nationals or residents
  • Age Range - 21 to 65 years
  • Minimum Monthly Income Requirement - AED 7,500 
  • The applicant needs to have a current account with the bank where their salary will be credited

Rent Loan

  • Age Limit - 21 to 65 years
  • Minimum Monthly Income Required - AED 7,500
  • The applicant should have a current account with the bank where they need to transfer their salary
  • Nationality - UAE nationals or residents

Home Improvement Loan

  • Nationality - UAE nationals or residents
  • Age Limit - 21 to 65 years
  • Minimum Income Requirement - AED 7,500 monthly 
  • The applicant needs to have a current account with the bank where they transfer their monthly salary 

Top-up Loan

  • Minimum Salary Requirement - AED 7,500 per month
  • Minimum Age - 21 years
  • Nationality - UAE nationals or residents
  • The applicant should possess a current account with HSBC and the monthly income should be credited to that account

Loan-AsYouGo

  • Age Limit - 21 to 65 years
  • Minimum Monthly Income Required - AED 7,500
  • The applicant should have a current account with the bank where they need to transfer their salary
  • Nationality - UAE nationals or residents
  • This loan can be availed if the applicant is looking to pay their child’s tuition fee with GEMS education

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General HSBC Bank Personal Loan Eligibility Criteria

Given below are the common eligibility criteria for HSBC Bank personals loans in the UAE -

  • Age - You should be at least 21 years old to apply for an HSBC personal loan in the UAE. The maximum age that the bank permits at the time of loan maturity is 65 years. This is because in this age range, people have a higher chance of having a stable income source (compared to the period after retirement or before earning), which makes it easy for you to repay the loan. 
  • Salary Transfer - To apply for this personal loan in the UAE, you need to have a current account with the bank where you would have to transfer your salary to repay the monthly instalments.
  • Income - Your income indicates your ability to repay the personal loan in the UAE in the given time frame. The minimum monthly income you should have as per HSBC Bank’s guidelines is AED 7,500.
  • Nationality - If you are a UAE national or have become a resident of the country, you can apply for this personal loan in the UAE.

Documents Required to Apply for HSBC Bank Personal Loan in the UAE

Keep these documents ready when applying for an HSBC Bank personal loan in the UAE -

  • A copy of Emirates ID
  • A copy of passport and UAE residence visa page (for residents)
  • Salary Transfer Letter
  • Salary Certificate (in case you are a salaried individual)
  • Bank statements for the last 3 to 6 months
  • A letter mentioning your existing liabilities and debts
  • Address proof - letter of tenancy or utility bill copy
  • Trade licence (in case you are a self-employed individual)

Note: HSBC Bank can ask for additional documents according to their requirements. 

Factors Affecting Your HSBC Personal Bank Loan Eligibility 

Securing a personal loan in the UAE becomes easy when you fulfil the eligibility criteria laid down by the bank or lending institution. Several factors can influence your personal loan eligibility in UAE including your credit Score, credit history, your income, age, employment status, and more. 

Some of the factors are discussed in detail below:

  • Income - Your income plays a crucial role in determining your personal loan eligibility in the UAE. While HSBC has given a minimum monthly income requirement of AED 7,500, it is always advisable to opt for the loan only when you have adequate funds. The more your income, the higher the assurance that you are capable of repaying the loan. Furthermore, a higher income also implies the possibility of lower interest rates applied to the loan. 
  • Age - Before applying for a personal loan in the UAE, you should check HSBC’s guidelines on the age limit. You should be at least 21 years old to apply for this loan. 
  • Credit Score - Your credit score is undoubtedly among the major factors that determine your creditworthiness and, consequently, your personal loan eligibility. Your credit score includes credit utilisation ratio, recent credits, duration of the debts, loan repayment history, and more. A higher credit score shows that you are capable of repaying the loan within the set duration. It also indicates that you know how to manage your debts. The higher the credit score, the lower the interest rate applicable to a personal loan in the UAE. 
  • Loan Repayment History - Besides the credit score, HSBC Bank also looks into your loan repayment history in case you have an existing loan. If the bank finds that you are a dependable borrower who repays the instalments on time, it can approve your loan with a favourable interest rate on the personal loan. 
  • Relationship with HSBC Bank - Your personal loan eligibility tends to improve if you maintain cordial relations with the bank. So if you are punctual with your credit card bill payments or maintain a sufficient balance in your account, you can get a personal loan in the UAE at reasonable interest rates. 
  • Your Employer’s Reputation - HSBC Bank can quickly approve your personal loan in the UAE if you work with a well-known organisation in the country. The bank can even relax the policies for you if you work in a reputed organisation.

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How to Boost Your Chances to Get HSBC Bank Personal Loan in the UAE?

To enhance your chances of securing an HSBC Bank personal loan in the UAE, you can follow the tips discussed in this section -

  • Do Not Apply for Multiple Credits - Multiple hard inquiries, that appear on your credit record for two years, could be a result of applying for numerous loans and credit cards in a short span. Your credit score can be damaged by several hard inquiries, which decreases your chances of being approved for a personal loan in the UAE. Thus, you should avoid submitting multiple loan applications at once - you can allow at least six months to pass between each loan application.
  • Lower Your Debt-to-Income Ratio - Your debt-to-income ratio must not be more than 50% of your monthly income, following the recommendations of the Central Bank of the UAE. Thus, the portion of your income that goes towards paying down debt should not exceed 50% of your monthly income.
  • Consider Including a Co-applicant - You can add a trustworthy co-applicant (a family member or a close friend) if you need a personal loan in the UAE but have bad credit. Including a co-applicant will boost your UAE personal loan approval prospects. The bank will require the co-applicant to pay off the loan if you are incapable of doing so. The co-applicant must, however, have a good credit rating and enough income to pay back the loan.
  • Clear off Current Liabilities - You should try to pay off your current loans and credit card bills to improve your profile and fulfil the eligibility criteria for HSBC Bank personal loan in the UAE.
  • Improve Your Credit Score - Your creditworthiness is determined by your credit score. You should keep your credit utilisation ratio low and pay your EMIs, energy bills, and credit card bills on time if you want to keep your credit score high.
  • Disclose All Your Income Sources - Your personal loan application will likely be accepted or denied in large part based on your income. Make sure to list all of your income sources on the loan application form - this can include your wages, rent, interest, dividends, and so on. This not only increases your eligibility for an HSBC Bank personal loan but qualifies you for a higher loan amount as well.

FAQs

Q1. What is the age limit to apply for HSBC personal loan in the UAE?

Ans: You should be at least 21 years old to apply for this personal loan. The maximum age at the time of loan maturity should be 65 years.

Q2. Do you need a salary transfer for HSBC personal loan?

Ans: To apply for this personal loan in the UAE, you need to have a current account with the bank where you would be required to transfer your salary to repay the monthly instalments.

Q3. Who all can apply for HSBC personal loan in the UAE?

Ans: If you are either a UAE national or have become a resident of the country, you can apply for this personal loan in the UAE.

Q4. How can you maintain a good credit score to boost your HSBC personal loan eligibility?

Ans: If you want to keep your credit score high, you should keep your credit utilisation ratio low and settle your EMIs, utility bills, and credit card bills on time.

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