Personal Loan Provided By HSBC
Last Updated on 18-09-2019
| HSBC Personal Loan Details | |
|---|---|
| Minimum Salary | AED 7500 per month |
| Interest Rates | Flat rate: 3.3% | Reducing rate: 5.99% |
| Maximum Loan Amount | AED 750K |
| Early Settlement Fees | 1% of the outstanding amount |
| Arrangement Fees | 1% of the approved loan amount |
| Tenure | 48 months |
| Age | 21 - 60 years(Expats) & 65 years(UAE Nationals) |
Features of HSBC Personal Loan
- Maximum loan amount of AED 750,000 (for UAE Nationals) and AED 600,000 (for expatriates)
- Minimum monthly salary of AED 7,500
- Maximum tenure of 48 months
- Maximum tenure of 48 months
- It is not mandatory to have a credit life insurance.
- Quick processing of loans
Fees and Charges
- Loan arrangement fee : 1% of the loan amount (Minimum 500 AED and Maximum 2500 AED)
- Late Payment Fee : 2% of the delayed amount (Minimum 50 AED and Maximum 140 AED)
- Loan cancellation Fee : AED 100
- Loan rescheduling fee : AED 250
- Early Settlement of loan : 1% of the outstanding loan amount (Maximum 10000 AED)
Eligibility Criteria of HSBC Personal Loan
- UAE National aged between 21 and 65 years
- Expatriate resident aged between 21 and 65 years
- Earning a minimum income of AED7,500
Check here for the Eligibility Criteria of HSBC Personal Loan
Documents Required of HSBC Personal Loan
Primary Identification
- Expatriates: Valid passport, UAE Residence Visa page and valid Emirates ID
- UAE Nationals: Valid passport copy and valid Emirates ID
Evidence of Income
- Pvt. Companies - income Transfer Letter (STL)
- Govt. Companies - income Certificate (SC) or STL
Security cheque
- Undated Security Cheque
The following are exempt from the requirement:
- New to country if same can be proved through date of entry in UAE
- Govt. employees if the first income is credited to the account
- Buy-outs: Last 2 months bank statement
Liability Letter (not more than 30 days old):
Required for Buy-out only
Cashier's Order Cheque (COC) Request:
Required for Buy-out only
HSBC Personal Loan Interest rates
1 HSBC Bank Personal Loans
Personal Loan
Features
- The loan is provided for a interest rate of 7.49%
- Minimum salary of AED 7,500 is required
- The reduction rate and the flat rate is 7.49% and 4.12%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is mandatory to transfer your salary
- Finance up to AED 750,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
Benefits
- Applicants can get up to AED 7,50,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme Finance buy-out facility is also provided with this loan
- Determent facility available - maximum 2 times a year without additional profit
About HSBC
In 1946, the British Bank of Iran and the Middle East commenced banking activities for Middle East citizens. Post withdrawing from Iran, the bank was renamed as the British Bank of the Middle East (BBME). Hong Kong and Shanghai Banking Corporation (HSBC) acquired BBME in 1959 and played a pivotal role in the establishment of the banking sector in the region. HSBC has a sustainability strategy of doing business. The main areas of focus are:
- Sustainable Finance
- Sustainable Operations
- Sustainable Communities
This is in sync with their global sustainability model.
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