HSBC Review: Personal Loans and Credit Cards

HSBC Review: Personal Loans and … image

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!

HSBC Philippines

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.

See also: Borrow Money in the Philippines. The Best Ways

HSBC Loan Review

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.

HSBC Loan Interest Rate and Other Terms

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:

  1. Amount: from P30,000 to P500,000, or a tripled monthly salary.
  2. Interest: from 0.65% to 1.8% add-on rate per month.
  3. Period: from 6 to 36 months.

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

HSBC Loan Requirements

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:

  • Permanent Filipino residents for at least three years;
  • Those who live in Bulacan, Cavite, Cebu, Davao, Manila, Pampanga or Rizal areas;
  • Aged from 21 to 60 upon loan maturity;
  • With a monthly income of P14,000, or P50,000 for self-employed borrowers;
  • Employed for at least two years with a maximum of two employers;
  • With any landline and mobile phone numbers;

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:


  • One copy of a valid ID with photo, nationality, and birthdate;
  • Proof of address;
  • The latest ITR or its alternative;
  • The latest monthly payslip;
  • Signed T&C.


  • A Certificate of Registration;
  • An official permit;
  • Bank statements for the last three months;
  • ITR and AFS for the last three years;
  • One copy of a valid ID with photo, nationality, and birthdate;
  • Proof of address.

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

HSBC Loan Application Form

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:

  • Account Opening: info about the existing HSBC local or foreign accounts (if any);
  • Personal Details: general data, identification info, documents, education;
  • Address: personal, and office addresses;
  • Employment: status, organization, occupation, income;
  • Loan Requirements: the desired amount, tenure, and purpose;
  • Miscellaneous: relations to banks and HSCB in particular.

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

HSBC Loan Repayments

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:

  1. Post-dated checks — in branches.
  2. Auto-debit facility — for clients with deposits.
  3. Payment centers — via affiliate networks.

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

HSBC Loan Fees

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:

  1. Amendment fee: P500 for each change in the terms of the granted loan.
  2. Late payment fee: 36% per year on the full overdue sum.
  3. Stamp taxes: P1.5 for each P200 stamp for loans that exceed P250,000.

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.

HSBC Other Products

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:

  • Credit cards. Visa and MasterCard come with different conditions, including unique stuff for Advance and Premier HSBC members.
  • Asset Link. A low-interest credit line that allows using the money invested while it also generates a percentage.
  • Mortgage. A range of home loans, including ones for property purchasing, construction, refinancing, etc. Delivers up to P50,000,000.
  • Investments. Several products in which HSBC customers can invest, e.g. securities, FXTNs, RTBs, and bonds.
  • Insurance. Wealth and travel packages with flexible terms. Insurance options are suitable for existing bank clients.


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.

See also: Cashwagon Review: Online Loans in One Hour

HSBC Loans and Other Lenders

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

How Does HSBC Work?

Just like other traditional banks. It accepts money from customers, opens deposits, and provides different types of financial products.

What Is an HSBC Personal Loan?

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.

How to Open Account HSBC?

It’s possible to do so online by registering. Also, land-based branches accept registration applications so you can choose the most suitable option.

How to Apply for an HSBC Loan?

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.

Can a Student Apply for HSBC Loans?

Yes, if they work. HSBC requires proofs of regular income like payslips so a student should provide these documents.

Can a Housewife Apply for HSBC Loans?

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.

Can an Unemployed Apply?

No. Unemployed citizens don’t have access to loans. Only employed or self-employed borrowers can apply.

How to Get Approved?

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.

How to Get HSBC Personal Loan?

HSBC delivers loans from official branches only. It means that you have to find the nearest office and get your funds personally after approval.

How to Avail HSBC Personal Loan?

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.

How to Pay HSBC Loans?

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.

Where to Pay?

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.

How to Repay HSBC Loans?

You can choose either a straight-line model with fixed monthly payments or a reducing balance model with variable amortization.

How Much Interest HSBC Loans?

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.

How Many Times Can I Reloan in HSBC?

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.

How to Compute Personal Loan HSBC?

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.

How to Check Balance HSBC?

The existing users can check loan balances in their personal accounts online. As well, you can request info by contacting the hotline.

Is HSBC Legit?

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.

Is HSBC Open Today?

Bank branches are open Monday to Friday from 09:00 to 16:00. Online services are round-the-clock, though.