HSBC Personal Loan
- Interest Rate (p.a.)
- 12.99% to 16.99%
- Comp. Rate (p.a.)
- 13.54% to 17.53%
- Min Loan Amount
No matter what you're looking to finance, whether it be home renovations, a large purchase or even a holiday, the HSBC Personal Loan is a competitive financing option to consider. Loan amounts are available from $5,000 and a low fixed rate will be applied for your entire loan term, helping you to budget and keep your repayments manageable.
If you earn more than $40,000, read the review below to find out the other features of this loan, and if it's right for you.
3 things you should know about this loan
- Tailored interest rate. This loan comes with a base rate starting under 10% p.a., which is competitive for an unsecured personal loan from a bank. But the actual loan you get is determined by your credit position and can be anywhere between 12.99% p.a. and 16.99% p.a.
- Slightly shorter loan terms. You can only have terms of up to 5 years with this loan. This is slightly restrictive as most unsecured loans come with maximum 7-year terms.
- Early and additional repayments. You can make extra repayments at any time but you will be charged if you pay off the loan in full before the loan term ends.
Competitive interest rate
Make extra repayments at any time
Apply for up to $50,000
Establishment fee of $150
Monthly account fee of $5
$199 early termination fee
|Product Name||HSBC Unsecured Personal Loan|
|Interest Rate (p.a.)||12.99% to 16.99%|
|Comp. Rate (p.a.)||13.54% to 17.53%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$50,000|
How does the HSBC personal loan work?
This loan comes with an interest rate from 12.99% p.a., which is a fixed rate. The loan is unsecured so you can use it to finance a variety of personal purchases. While the loan amount you're approved for will depend on your financial situation, you can apply for any amount between $5,000 and $50,000. The loan comes with a $150 establishment fee.
How to apply
You can get your application started by clicking "Go to Site". First, make sure you meet the eligibility criteria as outlined below:
- You're over the age of 18
- You earn at least $40,000 p.a
- You have a good credit rating
If you meet these criteria you are eligible to apply. Have the following documents on hand to complete the application:
- Identification, such as your driver's licence or passport
- Address and contact details
- Details of your employments, such as your employer's name and how long you've worked there
- How much your earn and information regarding your finances
The application shouldn't take you longer than 10 minutes and you'll receive a response from HSBC in 60 seconds. If you're approved, you can receive your funds a couple of days later.
Features of this loan
There are various features and benefits on offer with this loan, including:
- Easy application and fast turnaround. You can apply online and receive a response within 60 seconds. Once you've been approved, your funds will be transferred within a couple of days.
- Fixed interest rate. The loan comes with a competitive fixed rate of between 12.99% p.a. and 16.99% p.a., with the rate you receive being determined by your credit score. The credit score means your repayments remain the same for your entire loan term. This can help you budget and manage your loan.
- Various loan amounts. You can apply for any amount between $5,000 and $50,000, making this loan suitable for a range of personal financing needs.
- Choice of loan terms. Repay your loan over your choice of terms, which are between 1 to 5 years.
- Flexible repayments. You're able to make additional repayments at any time. Keep in mind that an early termination fee applies.
How much does the HSBC personal loan cost?
It's important to understand all the fees and charges that come with a loan before you apply:
- Interest rate: From 12.99% p.a. to 16.99% p.a. The rate you receive is determined by your credit score.
- Establishment fee: $150
- Monthly account-keeping fee: $5
- Early terminational fee: $199 (does not apply in the last six months of the loan term)
Keep in mind that other fees and charges may apply. Check your loan contract for a full list of these.
The HSBC Personal Loan is a competitive offering, but as there are a range of similar loans available, remember to compare your personal loan options before you submit your application.