The bank offers a maximum loan amount of £25.000 for customers without an HSBC current account and up to £50.000 for current account holders with a repayment period up to 1 – 8 years.
Loan Amounts and Eligibility Criteria
HSBC Bank UK has offer a personal finance loan for customers who have current accounts with them and those who don’t. The loan terms are however more attractive for those who have current accounts with them than for those who don’t.
The bank offers a maximum loan amount of £25000 for customers without an HSBC current account and up to £50000 for current account holders within the bank. The minimum loan amount is £1000. The eligibility criteria for;
HSBC personal loans UK include the following conditions;
The applicant should be over 18yrs of age and a UK resident.
They should also have an annual income before tax, of £10000
For loans above £25000, the applicant must have a premier current account.
They should also have at least £50000 as investments or savings with HSBC.
The application can be done online and their response is usually quick. Current account holders get their credit decision instantly upon application, while customers without current accounts with HSBC usually get contacted about their credit decision within 2 to 5 business days.
The money is received immediately the application has been received, for applications placed online and loan agreement signed. An application for a HSBC Bank loan in England can also be placed through a phone call or at a branch.
The loan repayment periods are flexible depending on the loan amount. Loans amounts of £15000 and below can be spread over 1 to 5 years while loan amounts of more than £15000 can be spread over 1 to 8 years. The personal loans have a fixed interest rate of 3.3% p.a.
For instance, a loan amount of £8000 payable over a period of 60 months will have monthly instalments of £144.64 and hence a total amount payable of £8678.64. The bank also offers an option of overpayment of the instalments without incurring charges as well as settling the whole debt at any time so long you give them a notice in writing.