Being one of the largest banks worldwide, HSBC offers a personal loan product that is definitely worth considering. It boasts attractive features and customer-friendly terms, making it a compelling choice for borrowers.
What is the HSBC Personal Loan?
The HSBC Personal Loan is a financial solution designed for individuals seeking funds for various purposes. Unlike secured loans, this unsecured option doesn't necessitate collateral or the involvement of a guarantor or co-borrower for approval.
For other type of loans, visit my detailed guide for best housing loans and car loans in the Philippines!
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Where to Use the HSBC Personal Loan?
The HSBC personal loan offers versatile applications to meet your financial needs and goals. Once your loan is approved, you can use the funds for various purposes:
Start or Expand a Business
Dreaming of launching an online venture? The HSBC personal loan, ranging from ₱30,000 to ₱500,000 or up to three times your monthly salary (whichever is lower), can fuel your business ambitions. Whether it's a sari-sari store, online tutoring service, graphic design business, or baking endeavor, these funds can help you kick-start your entrepreneurial journey. By starting a business, you can secure your daily expenses and manage your HSBC personal loan payments effectively.
Tuition and School Expenses
Are you a parent striving to provide quality education for your children? Explore the HSBC personal loan to cover tuition fees and essential school equipment like laptops and printers. This financial support ensures your child's education is uninterrupted, allowing them to excel academically.
Emergencies
Having a readily available cash reserve provides peace of mind during emergencies. With an HSBC personal loan, you can confidently address unexpected financial challenges without scrambling for resources. Personal loans from reputable banks like HSBC often come at a lower cost than emergency loans from private lenders, offering a secure solution in times of crisis.
Why Choose the HSBC Personal Loan?
In the Philippines, HSBC offers one of the most budget-friendly personal loans available. Here's what sets it apart:
Low Monthly Add-On Rate
- Borrow with confidence at HSBC, where the monthly add-on rate is a mere 0.65%, translating to an annual effective rate of 14.29%.
Swift Approval Process
- Experience speedy loan approval; typically, HSBC processes personal loan applications within five to seven days once all necessary documents are submitted.
Flexible Repayment Options
- Tailor your loan to your needs with flexible tenors: opt for 6, 12, 18, 24, or 36 months, ensuring a repayment plan that suits your budget.
Convenient Payment Channels
- Making payments is hassle-free with HSBC. Utilize authorized payment channels for effortless settlement of your personal loan dues.
How Do I Qualify for an HSBC Personal Loan?
Before you proceed with your HSBC personal loan application, make sure you meet the following eligibility requirements:
- Permanent resident of the Philippines for at least three years in any of the following areas: Metro Manila, Bulacan, Pampanga, Metro Cebu, Cavite, Davao City, and Rizal
- At least 21 years old during loan application but below 60 years old upon loan maturity
- Minimum gross monthly income of ₱14,000 (for salaried/employed) or ₱50,000 (for self-employed)
- For employed applicants: Two years combined employment with a present or previous employer
- Must have any two of the following: residential landline, office landline, mobile phone number
What are the HSBC Personal Loan Requirements?
The required documents for your HSBC personal loan application depend on whether you’re self-employed or employed.
Requirements for Employed Borrowers
- Latest Income Tax Return (ITR), BIR Form W-2, or any valid ITR alternative
- Latest one-month payslip
- Photocopy of valid photo-bearing ID (passport, driver's license, PRC ID) with proof of nationality and date of birth; must be original-sighted by the sales officer
- Proof of Residential Address (PORA)
- Duly signed Terms and Conditions with Global Consent Clause
- Additional requirements for foreign nationals:
- Copy of valid resident visa or copy of valid non-resident visa considered by the Bangko Sentral ng Pilipinas (BSP) as eligible for peso loans
- One-year residency in the Philippines
Requirements for Self-Employed Borrowers
- ITR and Audited Financial Statements for the last three years (same business)
- SEC/DTI Certificate of Registration
- Business Permit or Mayor's Permit
- Bank Statement for the past three months (at least one year active)
- Photocopy of valid photo-bearing ID (passport, driver's license, PRC ID) with proof of nationality and date of birth
- Proof of Residential Address (PORA)
- Additional requirements for foreign nationals:
- Copy of valid resident visa or copy of valid non-resident visa considered by BSP as eligible for peso loans
- One-year residency in the Philippines
How to Apply for HSBC Personal Loan?
Qualified and ready to apply for a personal loan from HSBC? Follow these steps:
STEP 1: Fill out and submit your application form
Personal Loan application forms are available at all HSBC branches.
STEP 2: Gather all the requirements together with your application form.
Submit your application through an HSBC branch near you. Alternatively, you may upload your documents online.
Make sure that the documents meet the following specifications:
- File format: GIF, JPG, PNG, or PDF. If your document is of a different format, you can open your file, click Save As and then select GIF, JPG, PNG, or PDF
- File size: Less than 5 MB per file
- Maximum of five files per upload
- File name should not exceed 50 characters or contain any special characters
- Must not be a password-protected file
If you don't have time to apply in-branch, you can instead call HSBC's Customer Service at (02) 8858-0000 to complete your application remotely.
ATTRACTIONS TO SEE IN MANILA
Klook.comWhat are the HSBC Personal Loan Fees?
Your HSBC personal loan comes with fees and other charges based on the terms and conditions set by HSBC in compliance with the BSP:
- Processing fee: ₱1,500 (deducted from the loan proceeds)
- Late payment fee: 36% per annum
- Amendment fee: ₱500 for any changes in loan details
- Breaking cost: Computed upon application or loan pre-termination
- Documentary stamp tax (DST): 0.75% of the loan amount deducted from the loan proceeds
If you are looking to apply for a credit card, here are my Tips to Get Approved for a Credit Card Application.
Also check out the 5 Credit Cards with No Annual Fees in the Philippines
ACTIVITIES AND TOURS IN MANILA
Other Low-Interest Personal Loans in the Philippines
Here's a list of banks or financial institutions that offer personal loans with the lowest interest rates in the Philippines:
- SSS Salary Loan
- Pag-IBIG Multi-Purpose Loan
- BPI Personal Loan
- Metrobank Personal Loan
- UnionBank Personal Loan
- CIMB Bank Personal Loan
- Maybank Personal Loan
- RCBC Personal Loan
Also check my list of Top Digital Savings Banks in the Philippines
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