What is HSBC Bank Personal Loan Eligibility Criteria?

Are you someone looking for money but don’t have any collateral or security against which you can get it? Well, in such cases a personal loan can help you as you don’t need to provide any kind of collateral against the loan amount. Several banks and financial institutions provide a personal loan facility at an affordable interest rate. HSBC Bank Personal Loan could be a suitable option for you when you are in need of urgent money. One of the best things about this loan facility is its flexible repayment methods within which an individual can easily repay the loan amount.

But, with the unsecured nature of the HSBC Bank Personal Loan, there is an important thing that comes with it — Eligibility Criteria. An individual cannot get a personal loan amount without qualifying these conditions. Must be thinking about why this is important? Well, since HSBC Bank provides a loan amount without any collateral. To minimize the credit risk, they make sure an individual is eligible for it. So, what are these conditions? Here, in this article, we will be telling you about the factors that are important to qualify for an HSBC Bank Personal Loan. Keep reading to know more!

Let’s understand the Eligibility Criteria of HSBC Bank Personal Loan! 

We are showing the conditions that are necessary for individuals to get this personal loan amount. Have a look! 

  1. First of all, the individual must have an active current account or savings account in the HSBC Bank for more than three months. If you do not have an account, you want to opt for a personal loan, your application may get rejected. 
  2. One of the most important conditions to be eligible for this personal loan is the Age. Both Salaried and self-employed have different eligibility criteria regarding age. Salaried can range from 21 to 60 years, while a self-employed person can be 21 to 65 years of age. Also, the applicant must be employed or self-employed to be eligible for this loan. 
  3. To get an HSBC Bank Personal Loan, the correspondence address of the applicant should be without India. Any individual who is not a resident of India cannot apply for this loan. 
  4. HSBC Bank provides it’s personal loan in selected cities such as New Delhi, Hyderabad, Chennai, Pune, Jaipur, Chennai, Kochi, Ahmedabad, etc. 
  5. The credit score of an applicant must be good, which is considered to be anything above 750. Chances of getting a higher loan amount at lower rates are high for people with good credit scores. 

How much Personal Loan Amount can an Individual Borrowers? 

One of the most crucial questions that people ask before applying for a HSBC Bank Personal Loan is ‘How much Money I can borrow?’ Well, HSBC Bank provides a loan amount that ranges from INR 75,000 to INR 3 lakh. But remember that this is just a range, and the final loan amount will be decided by the bank after assessing a few factors such as Age, Monthly Income, Credit Score, etc. 

Documents required for HSBC Bank Personal Loan

While applying for a HSBC Bank Personal Loan, you will need to submit a few important documents too. What are these documents? Well, you can have a look below. 

  1. Proof of Identity (Aadhar Card/PAN Card/Passport) 
  2. Address Proof (Driving Licence/Electricity Bill/Telephone Bill) 
  3. Latest Salary Slip 
  4. Bank Statement of last three months 
  5. IT Returns of the last two years for Self-employed people

Do keep these documents in mind while applying for a personal loan from the HSBC Bank so that you don’t have to face rejection.