Among banks that offer personal loans in the Philippines, HSBC has some of the lowest interest rates. And it’s the reason why you should consider this lender. In our guide, we’re exploring all the key information about personal loan offers from HSBC, ways to get them, pros and cons for borrowers, etc. Without further ado, let’s begin!
Originally, this banking institution was established in 1865 in Hong Kong. Later, the HSBC headquarters moved to London, but the bank remains one of the largest multinational finance companies in the world. The first Filipino office was opened in 1875 in Manila. The company serviced the sugar industry and invested in railway businesses.
Today, HSBC branches are located in all major cities and area
Today, HSBC branches are located in all major cities and areas, e.g. Manila, Cebu, Davao, and others. It’s worth mentioning that the enterprise entered the local market after Standard Chartered and Citibank, thus putting an end to this famous duopoly in the region. HSBC can deliver competitive rates for different customers.
Along with everyday banking services, the lender offers personal financial support. It targets customers that have good credit ratings and a sustainable income. If you’re interested, feel free to explore the following sections where we study HSBC Philippines online loans, requirements, terms, advantages, and pitfalls. Still, it’s better to check the official site on your own to be sure that the lender suits your goals.
Now, let’s move to the exact details about personal offers from the bank.
As with other general bank loans, this one has three major categories. Note that the details may vary depending on the capabilities of each borrower:
Exact conditions and HSBC loans percentage also depend on various individual aspects. For instance, customers with a perfect credit history can apply for the lowest rate and the highest amount. At the same time, first-time borrowers without a proven record should expect the worst conditions. Remember about this and evaluate your chances properly.
Customers with a perfect credit history can apply for the lowest rate and the highest amount
Generally, all banks have two types of requirements. Here, we will start with the first category that relates to eligibility. The following points show who can apply for the loan and are obligatory:
Sounds tough, doesn’t it? Well, these HSBC loan requirements are basic. There are also special requirements applied to employed and self-employed clients who wish to get the money. Let’s check out which proofs they have to bring:
Moreover, foreign borrowers also must submit a copy of the visa. For all foreigners, at least one year of residency is a necessary condition for applying, too. Don’t think that the bank tries to make your life harder. It just wants to be sure that you’re a reliable borrower so you can be granted really favorable conditions.
See also: RFC Loan Review
Sadly, HSBC doesn’t support online application procedures. Instead, forms are available at all branches. It’s easy to find the closest office, get your own form, fill it out, and bring personally with all the requested documents. At any time, you can also contact an HSBC hotline.
Sadly, HSBC doesn’t support online application procedures
For you to have a general idea of what the application form includes, here are the key points that you can familiarize yourself with:
Surely, all forms include full terms & conditions plus official loan agreements. HSBC feedback shows that the corporation is highly trusted as it also tries to educate the borrowers on the risks before issuing a loan. This way, they also decrease the number of potential HSBC complaints.
HSBC feedback shows that the corporation is highly trusted as it also tries to educate the borrowers on the risks before issuing a loan
When it comes to repayments, HSBC offers an impressive range of options. First and foremost, you can choose between two methods: a straight-line or a reducing balance. The first model provides for fixed regular monthly payments that help to plan your repayment schedule. The second option is based on different monthly payments when the principal is paid earlier. Regardless of the method, interests are based on the balance and paid each month.
After the payment scheme is chosen, it’s time to decide how to pay. HSBC customer service lists three main ways:
The latter option requires more attention from us. The full list of centers includes local banks like BDO or BPI, Megalink ATMs, SM stores, and HSBC EasyPay points. Depending on the chosen option, borrowers can use wire transfers, checks or cash. As a rule, other banks accept HSBC payments if a client has an account in a specific bank. For BDO, EasyPay, and SM channels, it’s enough to present a loan reference number.
See also: EastWest Bank Personal Loans
Also, don’t forget that the bank has various fees and penalties that may affect your repayment amount. According to official rules, there are three types of fees:
HSBC chat support team also informs that the lender can change rules without notice. Thus, be sure to check the official info before applying for a loan.
Apart from different account types and the reviewed personal loan, HSBC allows to apply for various credit/loan/investment products. Let’s look at them briefly:
HSBC has a mobile application but it doesn’t allow users to deal with loans from it. This online banking tool helps with everyday operations like balance checks, money transfers, bills, deposits, interactions, etc. It’s convenient that customers in different regions can use one application with full functionality.
HSBC has a mobile application but it doesn’t allow users to deal with loans from it
Although the HSCB app is useful for general banking, it’s almost useless for borrowers. As for now, it’s impossible to apply for a loan, check its status, or repay it. Probably, the bank will update the application later. If you’re interested in this experience, get the version for Android or iOS from official stores.
In the table below, you can easily see how HSCB compares to other banks. The lender has the lowest interest rates but offers relatively low amounts and lists strict requirements.
|Company||Max. Sum||Max. Term||Interest||Approval|
|HSBC||P500,000||36 months||0.65% p.m.||Up to 7 days|
|EastWest Bank||P2,000,000||36 months||1.89% p.m.||Up to 5 days|
|BPI||P1,000,000||36 months||1.2% p.m.||Up to 13 days|
|Citi||P2,000,000||60 months||1.27% p.m.||Up to 1 day|
|RFC||P1,000,000||12 months||3.5% p.m.||Up to 5 days|
|Maybank||P1,000,000||36 months||1.3% p.m.||Up to 10 days|
|RCBC||P1,000,000||36 months||1.3% p.m.||Up to 7 days|
|Security Bank||P2,000,000||36 months||1.89% p.m.||Up to 5 days|
Just like other traditional banks. It accepts money from customers, opens deposits, and provides different types of financial products.
One of the banking products available to clients. Users can choose between a personal loan or a home loan, apply for it, and then get the money in branches.
It’s possible to do so online by registering. Also, land-based branches accept registration applications so you can choose the most suitable option.
Sadly, it’s impossible to do online. To apply, a borrower must get a form in any branch, fill it out, and submit along with the required proofs.
Yes, if they work. HSBC requires proofs of regular income like payslips so a student should provide these documents.
Yes, if she can provide the same documents. Individual cases allow housewives to apply for a loan on the basis of a husband’s income.
No. Unemployed citizens don’t have access to loans. Only employed or self-employed borrowers can apply.
To increase your chances, submit all proofs, including ones that aren’t requested directly. Also, be sure that your credit history is good to perfect.
HSBC delivers loans from official branches only. It means that you have to find the nearest office and get your funds personally after approval.
The company doesn’t limit personal loan purposes so you can use the borrowed money as you wish. As for mortgages, the funds can be used to purchase/build/renovate property only.
The bank supports several ways: checks, auto-debit payments, and transfers via authorized centers. These centers include local banks, ATMs, SM stores, and HSBC machines.
If you want to pay personally, proceed to any affiliated bank that you have an account with or find the closest ATM. Also, all SM partner stores accept payments.
You can choose either a straight-line model with fixed monthly payments or a reducing balance model with variable amortization.
For loyal customers, HSBC promises the lowest rate — 0.65% per month. For new borrowers, the rate may go up to 1.8% per month.
Every six months, you can apply for a so-called top-up — a form of refinancing of existing loans. Each top-up is considered as a new loan.
It’s easy. Find your desired amount, tenure, and monthly add-on rate. Then multiply the rate by the number of months and add this sum to the initial amount. That’s it.
The existing users can check loan balances in their personal accounts online. As well, you can request info by contacting the hotline.
Yes, it’s officially registered and listed by the Central Bank. You can find a lot of legal info at the bank’s site, too.
Bank branches are open Monday to Friday from 09:00 to 16:00. Online services are round-the-clock, though.