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HSBC Personal Loans in UAE
| HSBC Personal Loan Details | |
|---|---|
| Minimum Salary | AED 7500 per month |
| Interest Rates: | Unsecured loans Reducing rate: 6.75% Secured loans Reducing rate: 4.35% |
| Maximum Loan Amount | AED 750K |
| Early Settlement Fees | 1% of the outstanding amount |
| Arrangement Fees | 1% of the approved loan amount |
| Tenure | 48 months |
| Age | 21 - 60 years(Expats) & 65 years(UAE Nationals) |
Features of HSBC Personal Loan
- Maximum loan amount of AED 750,000 (for UAE Nationals) and AED 600,000 (for expatriates)
- Minimum monthly salary of AED 7,500
- Flexible loan tenure starting from 6 months up to 48 months
- Maximum tenure of 48 months
- It is not mandatory to have a credit life insurance.
- Quick processing of loans
Fees and Charges
- Loan arrangement fee : 1% of the loan amount (Minimum 500 AED and Maximum 2500 AED)
- Late Payment Fee : 2% of the delayed amount (Minimum 50 AED and Maximum 140 AED)
- Loan cancellation Fee : AED 100
- Loan rescheduling fee : AED 250
- Early Settlement of loan : 1% of the outstanding loan amount (Maximum 10000 AED)
Eligibility Criteria of HSBC Personal Loan
- UAE National aged between 21 and 65 years
- Expatriate resident aged between 21 and 65 years
- Earning a minimum income of AED7,500
Check here for the Eligibility Criteria of HSBC Personal Loan
Documents Required of HSBC Personal Loan
Primary Identification
- Expatriates: Valid passport, UAE Residence Visa page and valid Emirates ID
- UAE Nationals: Valid passport copy and valid Emirates ID
Evidence of Income
- Pvt. Companies - income Transfer Letter (STL)
- Govt. Companies - income Certificate (SC) or STL
Security cheque
- Undated Security Cheque
The following are exempt from the requirement:
- New to country if same can be proved through date of entry in UAE
- Govt. employees if the first income is credited to the account
- Buy-outs: Last 2 months bank statement
Liability Letter (not more than 30 days old):
Required for Buy-out only
Cashier's Order Cheque (COC) Request:
Required for Buy-out only
HSBC Personal Loan Interest rates
1 HSBC Bank Personal Loans
Personal Loan
Benefits
- Applicants can get up to AED 1,000,000 loan amount
- Documentation is simple and easy
- Flexible repayment terms: Choose a repayment period from 6 to 48 months.
Features
- The loan is provided for an interest rate from 6.75% to 19%
- Minimum salary of AED 7,500 is required for salaried & AED 20000 for self employed Dentists or Doctors.
- The reduction rate starts from 6.75% to 19%
- It is mandatory to transfer your salary
- Maximum finance provided is up to AED 750,000 for expats and AED 1,000,000 for UAE national
- Early settlement fee is 1% of finance amount
Late Payment Fee: 2% of delayed amount
Partial Loan Payment: 1% of payment - Arrangement fee is 1% of loan amount
Benefits
- Applicants can get up to AED 1,000,000 loan amount
- Documentation is simple and easy
- Flexible repayment terms: Choose a repayment period from 6 to 48 months.
- No credit life insurance required: No extra insurance needed for your loan.
- Personalised interest rates: Get a rate tailored to your circumstances.
- Loan top-ups available: Borrow more later, subject to approval.
Frequently Asked Questions
⭐ Is this loan applicable only to UAE Nationals?
A. No. Both UAE Nationals and Expats can acquire loan from HSBC.
⭐ What is the fee charged for cancelling the loan?
A. The fees for cancellation of loan after being approved is AED 100.
⭐ What’s the evidence of income required for this loan?
A. An Income Transfer Letter for private companies and Income Transfer Letter or Income certificate for Government companies are required for HSBC personal loan.
⭐ Is there an option of rescheduling the loan? If so what the fees required to do so?
A. Yes. Rescheduling of loan is available with a fees of AED 250.
⭐ Is security deposit needed to avail the loan?
A. No. Security deposit isn’t essential to avail the loan.
⭐ What’s the fees of acquiring the liability letter?
A. Liability letter can acquired with a fees of AED 100.
⭐ What’s the fees required for top up loan?
A. Its 1% of the loan amount.
⭐ How can I know about my eligibility and monthly instalments in an easy way?
A. You can check your eligibility and monthly instalments usingPersonal loan calculator
⭐ What are the other banks in UAE that provide personal loans?
A. There are several other banks that provide loans. Check here for otherPersonal Loan in UAE
About HSBC
In 1946, the British Bank of Iran and the Middle East commenced banking activities for Middle East citizens. Post withdrawing from Iran, the bank was renamed as the British Bank of the Middle East (BBME). Hong Kong and Shanghai Banking Corporation (HSBC) acquired BBME in 1959 and played a pivotal role in the establishment of the banking sector in the region. HSBC has a sustainability strategy of doing business. The main areas of focus are:
- Sustainable Finance
- Sustainable Operations
- Sustainable Communities
This is in sync with their global sustainability model.
Get in touch with HSBC Bank Customer Care
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