HSBC personal loans for september 2023

HSBC's personal installment loan is a multi-functional lending product that can be used for any personal emergency. The minimum loanable amount is ₱30,000, and the maximum is ₱500,000. The minimum loan term is six months, and the maximum is three years. The loan may be used for any personal emergency, including:

• Health and emergency. If you find yourself in an unexpected situation, a personal loan from HSBC Bank may be a viable option.

• Home renovation. Homeowners can use an HSBC Bank personal loan to renovate their houses or execute necessary repairs such as fixing faulty plumbing or electrical wiring.

• Debt consolidation. Debt consolidation is one of the most common reasons for receiving a personal loan from HSBC Bank. When you apply for a personal loan, you consolidate all of your outstanding loans and credit card balances and use them to pay them off one by one.

How to apply for an HSBC Bank personal loan?

You can apply for a personal loan by calling the loan desk on (02) 8858-0000 or visiting a bank branch to apply in person.

Requirements

Check out the requirements before applying for an HSBC personal loan.

Eligibility

To qualify for the loan, you must meet the minimum requirements. You must:

• Be at least 21 years old but no older than 60 at the time of loan maturity.

• Have a monthly gross income of:

  • ₱10,000 for EPP members or salary earners, for employees in Metro Cebu only.

  • ₱14,000 for salary earners or employees in all other areas.

  • ₱50,000 for self-employed applicants.

• Have been with your current employment for at least two years (for employed applicants).

• Be a permanent resident at your current residence for at least three years.

• Make sure you have two options for contact information: a residential landline, an office landline, or a mobile number.

• Reside in either Metro Manila, Metro Cebu, Bulacan, Cavite, Rizal, Pampanga, or Davao City.

Documentary requirements

The following essential general documents are required:

• A pay stub or ITR is an example of an income document

• Proof of residence, such as a bank statement or utility bills

• Two or three acceptable IDs

You will also require the below:

For employed applicants

• Photocopy of the most recent Income Tax Return (ITR) or BIR Form and the original payslip (one whole month)

• Photocopy of a valid photograph-bearing ID with proof of nationality and date of birth, passport, driver's license, or any government-issued ID such as PRC ID, SSS card type ID, or BIR card type ID

• Evidence of residential address (PORA)

• Terms & Conditions with signed global consent clause

• Foreign nationals will need any of the following supplementary documents:

  • Copy of a valid resident visa

  • Copy of a valid non-resident visa declared suitable for peso loans by the BSP

For self-employed applicants

• ITR and audited financial statements for the last three years (the two must be for the same business)

• SEC/DTI registration certificate

• Business or Mayor's Permit

• Photocopy of valid ID

• Last three months' bank statement (of accounts at least one year active)

• Photocopy of a valid photo ID (passport, driver's license, or PRC ID) with proof of nationality and date of birth

• Proof of residential address (PORA)

• Foreign nationals will need any of the following supplementary documents:

  • Copy of a valid resident visa

  • Copy of a valid non-resident visa declared suitable for peso loans by the BSP

Pros and cons

Below are some benefits and drawbacks of an HSBC personal loan:

Pros

• The bank offers flexible payment terms, starting as early as six months and up to thirty-six months.

• The loan interest rate is low compared to competitors.

• The required minimum gross income is meager and affordable.

• The loan doesn't require any guarantor or collateral.

Cons

• The loan application is only made in the branch, no online application.

• They will check your credit report before issuing a loan.

• There are many requirements to be met before qualifying for a loan.

• It may take up to seven days for the loan application to be approved.

How to repay HSBC Bank personal loans?

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.