With an HSBC business loan, you can access a variety of long and short-term loans tailored to your company's specific financial needs. An HSBC short-term business loan is a form of loan issued to meet a brief business capital requirement. As a sort of credit, it entails returning the principal amount plus interest by a specified due date, usually within a year after receiving the loan. A long-term HSBC business loan is a credit facility that can be reimbursed over a lengthy period, generally beyond a few years. Long-term loans are more advantageous than short-term loans due to lower monthly payments and a more extended repayment period.
Types of HSBC business loans
Below are the types of business loans offered by HSBC:
Revolving loans. This loan can increase working capital to address short-term or day-to-day needs by drawing, repaying, and redrawing funds within the facility's limits.
Term loans. You can use their tailored lending programs to address specific business difficulties, including supporting growth, investing in and expanding commercial real estate, or funding long-term capital projects.
How to apply?
You can apply for an HSBC business loan by calling the loan desk on (02) 8858-0000 or visiting a bank branch to apply in person.
Requirements for HSBC business loans
Below are some of the requirements for an HSBC business loan:
For single proprietorships
Duly filled application form
The borrower's company profile
Latest 3-year Audited Financial Statements (AFS) and Income Tax Return (ITR)
Latest DTI registration certificate
Business/Mayor's permit
Two valid government-issued IDs from the primary applicant and proprietor
Trade references must feature at least five customers and five suppliers with contact details and credit terms
For corporations
Duly filled application form
The Company profile
Latest 3-year Audited Financial Statements (AFS) and Income Tax Return (ITR)
General information sheet (GIS)
Business/Mayor's Permit
Two valid government-issued IDs from the primary applicant and proprietor
Trade references must feature at least five customers and five suppliers with contact details and credit terms
Eligibility
The significant principal owner/s should be a residing Filipino citizen.
The principal owner/s should be at least 21 years of age at the time of application and not older than 65 upon maturity of the loan.
Their business must be duly registered by the SEC to operate as a business in the Philippines for at least three years.
They must have a profitable business that has been operational for the past three years.
There should not be any reverse credit findings on the company and its principals.
The applicants must not have an existing loan under HSBC.
Pros and cons
Below are some pros and cons of the HSBC commercial loans.
Pros
The loan can be approved in a few days.
This loan can affect business expansions positively if used well.
Cons
There is not much information about the business loan on the HSBC website, which means applicants must visit a bank branch before beginning the loan application process.
The loan application is not made online.
How to repay?
Payment can be done in-branch and through a partnered ATM. Follow the below steps to pay through an ATM:
Insert your HSBC Bank ATM card into a partnered ATM and type in your ATM card pin.
Tap on Payment and select the payment type of your choice.
Select the payment amount you want and tap on Submit.
Depending on the partner you used, your loan balance will be updated in an hour.