The Hong Kong & Shanghai Banking Corporation or HSBC as popularly known, needs no introduction. A global banking giant, HSBC serves over 48 million customers worldwide with a network that covers 72 countries across all the continents.
You’re probably eligible for an HSBC Personal Loan if you are
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your HSBC Personal Loan amount eligibility is based on these factors
Minimum income required
P14000 per month
Maximum allowed personal loan is P500000
EMIs of other loans lower
Increase your eligible HSBC Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 3 years
Documentation needed to apply for HSBC Personal Loan
- 1.Copy of any ID Proof
- 2.Employment Details
- 2.Documentation for salaried applicants: (Anyone)
- Photocopy of latest 3 months payslip latest Income Tax Return(ITR) with 1 month payslip
- latest Income Tax Return(ITR) with 1 month payslip
- 3. Documentation for self Employed applicants:
- Photocopy of latest 2 years ITR with matched Audited Financial Statement(AFS)
HSBC Personal Loan DetailsUpdated on 16 Jan 2017
|Interest Rate||EIR 2.17% to 3.00%(p.m)|
|Tenure||6 months to 3 years|
|Guarantor Requirement||No guarantor Required|
Overview of HSBC Personal Loan
HSBC provides a full range of banking products and financial services to thousands of Filipinos, serving through a wide network of branches across the island nation. In the consumer loans division, the banks provides personal loans at competitive rates and terms. Its loan bandwidth is quite huge as one can avail a loan of up to P500,000 to meet an array of personal needs such as paying for tuition, vacation, debt repayment, hospitalization, renovation, car purchase or any other need under the sun as long as it's legally accepted.
Over the last decade or so, Personal Loans have become the most sought after credit instrument in the loan market owing to its simplicity and approachability. Since they do not require a collateral and do not burn a hole in your wallet in terms of the costs involved, this loan can be the ideal answer to all the financial requirements. It only gets better with the HSBC Personal Loan where it comes laden with top notch features and benefits.
Why opt for HSBC Personal Loan
With HSBC, you can be eligible to get a pre qualified loan for a low monthly add on rate of 0.83 percent only. Opt for this loan if you’re looking for credit that comes at fast approval, flexible loan terms and easy payment channels. You can also be assured of a sound after sales service offered by an international bank that is renowned around the world for its delightful customer service. Since the bank offers a loan amount ranging anywhere between P30,000 to P500,000, you can be quite sure of getting answers for your immediate financial needs at one short.
Features of HSBC Bank Personal Loan
Personal loan application status and approval process is concluded in five working days after submitting the required application documents. This turnaround time speaks volumes of the commitment the bank has in processing applications. It also helps in case you’ve a time sensitive requirement that needs an early financial intervention.
Custom made and personalized loan terms enable the customer to choose to repay their loan within a period of 6 - 36 months as per their financial convenience. The term options available under this loan are 6, 12, 18, 24, or 36 months.
Close at Hand Payment Channels
Amortization payments can be made at the numerous HSBC payment centers which are situated across the country. You can also choose intervention free payment channels such as Auto Debit Arrangement(ADA).
Depending on your eligibility, get a loan of up to 3x monthly gross salary minus all liabilities. With this loan, you don’t have to worry about limiting your dreams of getting the best loan amount.
Low Interest Rates
At just 0.83 percent per month, this loan from HSBC is one of the most cost effective loans in the market today. If you’re looking for a Personal Loan that does not come with heavy duty interest charges, this can be your ideal choice.
Interest Rates for HSBC Personal Loan
|Loan Tenor||Add-on Rate||Effective Rate|
|6||1.29% to 1.79%||2.17% to 3.00%|
|12||1.22% to 1.71%||2.17% to 3.00%|
|18||1.21% to 1.72%||2.17% to 3.00%|
|24||1.22% to 1.74%||2.17% to 3.00%|
|36||1.25% to 1.80%||2.17% to 3.00%|
PERSONAL LOAN AMORTIZATION TABLE
|Loan Amount(p)||6 Months||12 Months||18 Months||24 Months||36 Months|
|30000||5,386 to 5,538||2,866 to 3,014||2,031 to 2,181||1,616 to 1,771||1,209 to 1,374|
|40000||7,181 to 7,384||3,821 to 4,018||2,707 to 2,908||2,155 to 2,362||1,612 to 1,832|
|50000||8,977 to 9,230||4,777 to 5,023||3,384 to 3,635||2,694 to 2,952||2,015 to 2,290|
|60000||10,772 to 11,076||5,732 to 6,028||4,061 to 4,363||3,232 to 3,543||2,417 to 2,748|
|70000||12,567 to 12,922||6,687 to 7,032||4,738 to 5,090||3,771 to 4,133||2,820 to 3,206|
|80000||14,363 to 14,768||7,642 to 8,037||5,415 to 5,817||4,310 to 4,724||3,223 to 3,664|
|90000||16,158 to 16,614||8,598 to 9,042||6,092 to 6,544||4,849 to 5,314||3,626 to 4,122|
|100000||17,953 to 18,460||9,553 to 10,046||6,768 to 7,271||5,387 to 5,905||4,029 to 4,580|
|150000||26,930 to 27,690||14,330 to 15,069||10,153 to 10,906||8,081 to 8,857||6,044 to 6,871|
|200000||35,906 to 36,920||19,106 to 20,092||13,537 to 14,542||10,775 to 11,809||8,058 to 9,161|
|250000||44,883 to 46,149||23,883 to 25,116||16,921 to 18,177||13,469 to 14,762||10,073 to 11,451|
|300000||53,859 to 55,379||28,659 to 30,139||20,305 to 21,813||16,162 to 17,714||12,087 to 13,741|
|350000||62,836 to 64,609||33,436 to 35,162||23,689 to 25,448||18,856 to 20,667||14,102 to 16,031|
|400000||71,813 to 73,839||38,212 to 40,185||27,073 to 29,083||21,550 to 23,619||16,116 to 18,322|
|450000||80,789 to 83,069||42,989 to 45,208||30,458 to 32,719||24,244 to 26,571||18,131 to 20,612|
|500000||89,766 to 92,299||47,765 to 50,231||33,842 to 36,354||26,937 to 29,524||20,145 to 22,902|
Types of Personal Loan offered by HSBC
At present, the bank only offers unsecured type of Personal Loan which means no collateral is required to secure the loan amount. The loan is approved purely on the basis of the applicant’s income and background.
Eligibility Criteria for HSBC Bank Personal Loan
- Applicant must fall in the age group of 21-60 years.
- The minimum monthly salary requirement is 14,000.
- Guarantor or Collateral is not required.
- He/ She should be a citizen or a resident of the Philippines.
HSBC Bank Personal Loan Requirements
•Latest Payslip(1 month)
•Latest ITR/BIR/W-2/ any other documents
•Valid Photo ID that contains date of birth and nationality
•Duly signed terms and conditions with Global Consent Clause
•If the applicant is a Foreigner, a copy of resident Visa or non-resident visa approved by BSP.
•ITR along with last 3 years Audited Financial Statements.
•DTI Certificate of Registration/SEC.
•Last 3 months bank statements.
•ID Proof and Proof of Residence
•Business or Mayor’s permit.
•If the applicant is a Foreigner, a copy of resident Visa or non-resident Visa approved by BSP.
How to Calculate Loan Repayment for HSBC Personal Loan?
A Personal Loan can be a long term commitment if you’ve decided to go for a bigger term to balance you’ve monthly finances. As a well informed decision maker and to ensure minimal challenges in the future during the term of the loan, it's paramount understand what you would be paying and the total costs incurred.
The Personal Loan calculator available on this website helps in achieving these objectives. The tool helps in getting a comprehensive view of the financials involved such as the exact EMI amount, total finance charges paid, Amortization details and so on. By simply keying in details such as the proposed loan amount, rate of interest and the tenor, you can easily navigate and get the desired outputs in seconds. The calculation is automated and presents the data in a manner that is easy to understand. Follow the instructions to get the relevant output. A highly recommended tool before availing a Personal Loan.
Fees and Charges
- A Processing Fee of P1,500 is charged towards handling of application and paperwork that will be deducted from the loan proceeds.
- For every P200 of the approved loan amount, P1.00 is deducted as Documentary Stamp Tax.
- A fee of P500.00 is billed per amendment for modification of loan details.
- A monetary penalty is also applicable upon pre-termination of the loan, details of which is available on the website of HSBC Philippines.
Other Products from HSBC
News About HSBC Personal Loan
HSBC Forecasts Local Economy to Grow 5.6 Percent in 2016
On the basis of accelerated state spending, HSBC (Hong Kong Shanghai Banking Corp.) has forecasted the local economy to grow at the rate of 5.8 percent in 2016. It also projects the GDP (Gross Domestic Product) expansion to hover between 6.8 to 7.8 percent. Services and industry have seen a steady growth from a supply perspective. However, the output from the agricultural sector has seen a decline owing to drought induced by El-Nino.
The last quarter of 2015 saw a steady rise in GDP to 6.3 percent, predominantly owing to acceleration in government spending. Remittances from Overseas Filipino Workers is also expected to make moderate contributions to the economy. According to BSP (Bangko Sentral ng Pilipinas), foreign remittances will see a rise of 4 percent annually, until 2019.
18th February 2016