Personal loans can make all the difference in the world when it comes to solving short-term financial problems. They can help you buy a wonderful gift for your grandchildren, finally improve your home’s decor, or help you pay that mortgage in a tough month. They can even help you in times of medical need.
Personal loans come in various types, and you have to meet certain requirements to ensure you are able to make the payment each month. Online personal loans are even better, making the whole process easier, faster, and from the comfort of our homes. HSBC is an excellent bank, and it is also one of the largest in the world. It’s based in Hong Kong and provides financial services and banking services. They offer many options to choose from, along with low interest rates and flexible timelines.
With more than 45 million customers around the globe, they reach 71 different countries in Europe, the Americas, and Asia. Here, we will take a look at how you may acquire a personal loan completely online through HSBC’s services. Then, you can buy, build, or invest in what you love.
HSBC offers four types of personal loans: personal installment loan, personal installment loan redraws, revolving credit facility, and personal installment loan balance consolidation program.
Personal installment loan
This personal installment loan has a few requirements, such as being 18 years of age or above, working for at least six months at your current job, and being a Hong Kong citizen. It also has several great benefits, such as swift approval and fast cash withdrawal. You can borrow up to HKD1,500,000. This option offers a flexible repayment period of up to 60 months. It also provides all of these benefits through a user-friendly app, making it swifter and more reliable.
Personal installment loan redraws
This one offers the possibility to re-borrow 100% of the repaid principal, given that you have an existing loan. This eliminates the need to reapply for a new loan. The redraw is instantly disbursed, giving you immediate access to the cash in your HSBC account. This cash can also be easily withdrawn from over 1,000 ATMs with no withdrawal restrictions.
Revolving credit facility
This option provides an amazing amount of flexibility, allowing you to set your own repayment schedule, as well as the amount. It offers an incredible amount of HKD1,200,000 or ten times the amount you earn in a year, depending on whichever is lower.
The interest rate is also adaptable, charging only when you use the money. You also have the ability to withdraw cash from revolving credit lines whenever the need arises, and there is no fixed repayment period.
Personal installment loan balance consolidation program
This option allows you to consolidate your credit card and loan balances, providing easy financial management through the HSBC loan account. The loan amount is set at HDK1,200,000 or 21 times your monthly salary. The option offers long repayment periods, and individual circumstances are taken into consideration, and interest rates adjusted based on these circumstances.
Fees and Rates
The fees and rates are also advantageous. For the personal installment loan and personal installment loan balance consolidation program, there are no annual fees. The early redemption penalty is 2%, the deferred payment fee is 2.25% of the first payment, and late charges have a 2.25% fee. These fees and rates are exactly the same as for personal tax loans and revolving credit facilities.
How to Apply
The application process is swift and accessible through the HSBC HK mobile banking app. This eliminates any complexity and guesswork from the borrowing process.
You can borrow money in three easy steps.
- Download and log in to the mobile banking app and access the menu button at the top of the left corner.
- Go to the Products and Services section.
- Select the personal installment loan.
Now, you’re good to go.
If you are an existing customer of HSBC bank and would like to apply online from your computer, you can apply directly using this link. If you want to become a new customer, you can complete the application form on this page.
You can go directly to a branch to discuss more information or request different products and services from HSBC. The hotlines are the following:
Jade customers: (852) 2233 3033
Premier customer: (852) 2233 3322
Advance customers: (852) 2748 8333
Other customers: (852) 2233 3000
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.