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HSBC business loans for September 2022 in the Philippines

Get a business loan at HSBC. On 25.09.2022 there are 2 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.

Offers: 2

Updated:
29.08.2022
09:24
HSBC
Term loans
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HSBC
Revolving loans
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Business loan application in the Philippines

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HSBC business loans for September 2022

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:

  1. Insert your HSBC Bank ATM card into a partnered ATM and type in your ATM card pin.

  2. Tap on Payment and select the payment type of your choice.

  3. Select the payment amount you want and tap on Submit.

  4. Depending on the partner you used, your loan balance will be updated in an hour.

FAQ

What do I have to look out for before being able to apply for an HSBC business loan?

Before applying, the applicant must be over 21 years old. Their business must be registered as a corporation, partnership, or sole proprietorship with the Securities and Exchange Commission or the Department of Trade and Industry. It should also be operational for at least three years. If employed, they should earn a minimum of ₱50,000 every month.

What happens if I am unable to repay an HSBC commercial loan?

If you cannot repay a business loan, HSBC may launch a lawsuit to recover the principal and any unpaid interest, fees, and costs. This lengthy and costly procedure can be highly damaging to a company and, in some instances, may even result in bankruptcy.

Is it true that the more money you want, the less likely you will get an HSBC business loan?

No, the desired principal amount of the loan does not influence whether or not you are approved. HSBC is frequently willing to meet large lending requirements for the right borrower. In the long run, it is more beneficial for them. Don't be afraid to ask for the quantity of money you genuinely require.

How will I receive the funds from my HSBC business loan?

Once your application is approved, the loan amount will be deposited into your chosen account. If you do not already have an HSBC current or savings account, you must open one at the branch at the time of loan application.

Can I get another business loan from HSBC?

Loans can be re-availed if half of the original loan principal is returned and there is no history of missed payments. The previous loan balance will be subtracted from the proceeds when the new loan is booked.