Keeping with the times of economic freedom, HSBC offers Personal Loans and funding options to those who are in need of financing a personal expense, be it a medical emergency, education fees, trip to overseas, home improvement or any other unseen expense. HSBC Personal Loan is an ideal financial option for customers who do not want to spend their life savings at a sudden expenditure. Moreover, anyone can apply for these funding plans i.e. residents as well as those who have acquired the status of permanent resident.
You’re probably eligible for an HSBC Bank 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 Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 150,000
Installments of other loans lower
Increase your eligible HSBC Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 7 years
Documentation needed to apply for Public Islamic Bank Personal Loan
- 1.Photocopy of My Kad
- 2.Latest 1 year Tax Returns and Tax Receipts
- 3.Documentation Required for Salaried applicants:
- EPF statement
- Employer confirmation
- Statement Savings Account Book or the last 3 months
- Documentation Required for Self Employed applicants:
- Statement Savings Account Book or the last 6 months
HSBC Bank Personal Loan Interest RatesUpdated on 25 Oct 2016
|Interest Rate||10.5 %|
|Minimum Income||RM 3,000|
|Guarantor Requirement||No Guarantee Required|
Being one of the most reputed banking institutions globally, HSBC has become a household term in Malaysia providing customers with holistic financial products and solutions through their expertise in the realms of personal banking, commercial banking, investment banking and wealth management. They serve over 48 million customers globally and employ close to 4000 people in Malaysia alone. Their roots in Malaysia can be traced back to 1884 and in 2007 they became the first locally incorporated foreign banking institution in Malaysia to be awarded an Islamic banking subsidiary license.
HSBC Bank Personal Loan Malaysia
Personal loans offered by HSBC provide the borrowers with the much needed cash quickly and conveniently without hassle. The loans have a high financing margin and are provided at competitive rates. These personal loans can be used in anyway deemed fit by the borrower and can be even used to consolidate other loans. The personal loans from HSB allow the borrower to fulfil their short term goals as well be it funding their child’s marriage or buying their dream car.
Eligibility for HSBC Personal Loan
- The personal loans from HSBC require that the borrower have attained a minimum age of 21 years as at last birthday and the maximum age of the borrower should not exceed 60 as at last birthday.
- The tenure for the overdraft facility is none except for an annual review once the borrower attains the age of 60
- The borrower must be a Malaysian citizen r have permanent resident status
- The borrower should have a minimum monthly salary of RM 3000
- If the borrower is a salaried person, the documents required are a copy of the NRIC, a copy of the latest pay slip dating back 1 month, the copy of the bank statement dating back 3 months and a copy of the BE form with tax payment receipts or the latest EPF statement not exceeding the previous 12 months
- If the borrower is self-employed then the documents required are copy of the NRIC, bank statement dating back 6 months, the business registration form along with BE form and tax payment receipts
- If the borrower earns a variable income then the documents required are a copy of the NRIC, latest pay slip or 3 months of commission slips, a bank statement dating back 3 months and the latest form BE with tax payment receipts and EPF statement dating back 12 months
Types of HSBC personal loans
HSBC offers 2 types of personal loans and their salient features are given below
HSBC Amanah Personal financing –i: This hassle free personal loan offers borrowers a loan amount of up to RM 150000 and offers a flat interest rate of 10.5% p.a. The tenure of this loan can go up to 5 years and the monthly instalments for this loan can start from as ow s RM 163 per month. This loan is Shariah compliant and based on the concept of commodity Murabahah. This loan does not require a collateral or guarantor and the money is disbursed into the borrower’s HSBC Amanah account.
HSBC Personal Overdraft: This personal loan offers borrowers quick and convenient access to the additional funds whenever required. The credit will be kept on standby and the borrowers can vail the required funds from this credit. This loan charges interest only on the amount utilized and provides a finance margin of up to 100% of the secured HSBC time deposit amount. Borrowers do not have a fixed monthly instalment to pay and need only pay the interest amount per month. The repaid principal can be withdrawn when required and at the end of the tenure a commitment fee of 1% is leveraged against the unused overdraft amount with a limit of above RM 250,000. So if the loan amount availed is RM 350000, the commitment fee is leveraged on the unused amount above RM 250,000 which in this case is RM 100000. The maximum amount that can be availed under this loan is RM 5 Million with the minimum loan amount being RM 10,000
Interest Rates for HSBC Personal Loans
The interest rates offered on the personal loans from HSBC are competitive and are as follows. The interest rates on the HSBC Amanah personal financing-I is dependent on the loan amount availed and is 12.5% p.a. fixed flat rate for amounts ranging from RM 6000 to RM 19500. For amounts ranging from RM 20000 to RM 49500 the interest rate is 11.5% fixed flat rate p.a. and for amounts ranging from RM 50000 to RM 150000 the interest rate charged is a fixed flat rate of 10.5% p.a. The interest rate charged on the HSBC personal overdraft is the BR + 1.95% p.a. for HSBC premier customers and the interest rate for HSBC advance customers is BR + 3.95% p.a.
How to apply for HSBC Personal loans
The application for personal loans HSBC can be done online on their website. The entire process is quick and convenient. The website even lists the required documents that need to be submitted with the application form for successful approval. There are certain eligibility criteria that the applicant must meet in order for the loan to be approved successfully. Aspiring applicants can even go to their closest HSBC branch and avail the application forms but will be required to carry their supporting documents along with them
How to calculate loan instalments for HSBC personal loans
Loan instalments are a cause for worry and the instalment calculator available at the Bbazaar.my website allows aspiring applicants to estimate their monthly instalments and plan their finances around them accordingly. The calculator will require few key criteria such as the desired loan amount, tenure and the interest rate. Upon entering these parameters, the calculator will display the monthly instalment along with the amortization table. It shows the principle amount along with the interest amount as well.
F.A.Qs on HSBC Personal Loan
Q) What is the highest loan amount one can avail through HSBC personal loans?
A) The maximum loan amount that can be availed is RM 100,000 for HSBC Amanah personal financing and up to RM 5 Million for the HSBC overdraft facility
Q) Is there a particular purpose for the personal loans from HSBC?
A) There is no pre-defined purpose for the HSBC personal loans and the loan amount availed can be used as deemed fit by the borrower be it for funding a much needed vacation or for meeting any unexpected expenses
Q) What is the processing fees involved in the HSBC personal loans?
A) One of the key features of the HSBC personal loans that set it apart from its competitors is that the loan is free from hidden costs such as processing fees or high stamp duty fees and the loans are even processed quickly. If all the documents are in check, the loan can be disbursed in as little as 3 working days
Q) Can the Islamic personal loans be availed by non-Muslims?
A) There is no such limitation as to who can avail these loans. The loans are open to both Muslims and non-Muslims alike
Other Products offered by HSBC Bank:
Apart from offering personal loan, HSBC Bank offers other products and services which includes: