Where will I receive the HSBC personal loan amount once the loan has been approved? Will I receive all the money at once?
Following the submission of the application form and the relevant documents, the customer will receive the disbursed loan amount in the bank account he/she has mentioned in the personal loan application form.
Yes, when the personal loan money is disbursed, you will receive the entire amount that you have applied for as there is no partial disbursement for HSBC Bank personal loans.

What factors are taken into consideration when the EMIs (Equated monthly installments) are calculated by HSBC Bank?
When calculating the EMI which is basically the monthly repayment of the loan, HSBC Bank takes into consideration the interest rate applicable over the loan amount and the principal loan amount divided by the repayment tenure chosen by the customer. The interest rate will depend on the repayment tenure chosen by the customer. The longer the repayment tenure chosen by the customer, the higher will be the interest rate set by HSBC Bank.

What will happen if I miss HSBC EMI payment? Which is the best way to avoid missing my EMI payment?
If you do miss your EMI payment by the due date, then your credit rating will be affected, and other credit facilities of HSBC Bank will be affected as well. In addition, HSBC Bank might initiate a recovering proceeding for late payment charges.

Is it possible to pre-close an HSBC Bank personal loan? How will I know if the loan is actually closed by the bank once I have pre-closed the loan? Can I make a partial pre-payment towards my personal loan?
Yes, you can pre-close an HSBC Bank personal loan one year from the date of disbursement of the loan. Customers that do not know, personal loan pre-closure is basically when the customer decides to repay the loan before the set repayment tenure of the personal loan. For pre-closures, HSBC Bank charges between 2% and 5% of the outstanding principal amount of the personal loan.

If the customer chooses to pre-close the loan or when the loan is completely paid back to HSBC Bank, the bank will issue a No Due Certificate to the customer to confirm that the personal loan has been closed.

HSBC Bank allows partial prepayments for personal loans up to 20% of the original disbursed amount. The customer can make 2 partial prepayments in a year and this can be done only after one year since the loan has been disbursed. You can choose to reduce the EMI amount after the partial pre-closure of the loan. The customer will have to visit the bank branch to make the EMI changes.

What are the most probable EMI due dates that will be set by HSBC Bank?
The EMI due date will depend on the disbursal date of the personal loan. Usually, the EMI due date will be set between the 5th and the 15th of each calendar month.

What is the maximum loan amount offered by HSBC bank?
The maximum loan amount that can be availed by a customer is Rs.15 lakh. That said, HSBC Bank offers personal loans up to Rs.30 lakh for select customers only, based on their internal credit policy.

Other important terms and conditions you should know about HSBC Loan
  • The interest rate of the personal loan depends on the repayment tenure chosen by the customer.
  • In the case of personal loans, customers can choose prepayment of the loan after 12 months from the date of disbursement of the loan.
  • The EMI due date will be between the 1st and 15th of every month. Personal loans disbursed between the 1st and 15nth of the month, the EMI due date will be set on the 5th of the following calendar months. In the case of personal loans disbursed between the 15th and the 31st of the month, the EMI due date will be set on the 15th of the following calendar months.