HSBC Bank Personal Loan and How to Get it?

HSBC Bank Personal Loan

HSBC make it easy for their customers to apply for loans, which can be initiated and completed online, on the phone or in a branch. So when you are looking at making that next step towards a new car or a new house, or just paying off some debts, you won’t have to jump through too many hoops just to secure that new loan for yourself. Let’s have a look HSBC Bank Personal Loan requirements.

HSBC Banks offer great representative APR’s for personal loans, and if you are a HSBC Advance customer, you could be eligible for a 10% Cash-back at the end of the loan term. If your loan has only 60 repayments or less, you could get 10% Cash-back on interest over the loan term. One thing to keep in mind though, if you end the loan early, or the loan is ended, you won’t be able to receive any money back.

HSBC have been known in the past to offer fairly low APR’s (Annual Percentage Rates). So for example, if you were to apply for loans with HSBC, and your loan amount was £8,000.00, the monthly repayments on that would be £144.64, with a representative APR of %3.3, your total amount payable would be £8,678.64, and if you happened to be an Advance Customer, you would receive £67.86 back. This is all based on a 60 month loan term.

To be eligible for HSBC bank personal loan, you will need to hold an account with them, be a UK resident, have a before tax income or pension of £10,000 or more and have a building society or bank account with any Direct Debit facility. You may apply for a loan through mobile app or any HSBC branch. If these requirements are met you would borrow from £1,000 to £25,000.

Something HSBC offers for their customers is, the ability to take repayment holidays. This is where you won’t have to pay anything on the loan for the first three months, or every January, every year. Just make sure that you stipulate that when you create the loan.

Keep in mind that more interest will be payable overall, and you can’t take this option if you’re refinancing a loan where only 5 payments or less have been made.

Please note that between £7,000 and £15,000 along with the APR of %3.3 option is also available for non-HSBC current customers when getting a loan.