HSBC (The Hongkong and Shanghai Banking Corporation) is an international bank headquartered in London with 39 million customers[1] worldwide. Since it's one of the world’s biggest banks, HSBC's personal loan product[2] is always worth a try—it comes with exciting features and customer-friendly terms.
Keep reading to learn how to file your HSBC personal loan application to help ease your financial needs.
What is the HSBC Personal Loan?
The HSBC personal loan is a financial product offered to those who wish to secure funds for their needs. This unsecured loan doesn’t require collateral as security for the loan. You also don’t need a guarantor or co-borrower to be approved.
What Can I Use the HSBC Personal Loan for?
There are a lot of ways to use your HSBC personal loan. Once you get approved for a loan, you can cover your financial needs, meet a financial goal, or fulfill any of the following purposes below.
☑️ Start or Expand a Business
Planning to start an online business? The HSBC personal loan amount, which ranges from ₱30,000 to ₱500,000 or three times your monthly salary (whichever is lower), can be used for starting a business.
There are a lot of business ideas you can start from home, such as a sari-sari store, loading business, online tutoring, graphic design, and baking. Starting a business can help you set aside enough money for your daily needs and HSBC personal loan payment.
☑️ Debt Consolidation
The hard times brought about by the pandemic and inflation aren’t over yet. Use the low-interest HSBC personal loan to consolidate any unpaid debts into one account, so you can pay them off more easily.
Debt consolidation is a practical reason for borrowing money, especially if you can get a personal loan with a lower interest rate than your existing debts.
☑️ Tuition and Other School Expenses
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If you're a parent in need of enough funds to send your kids to school, check out the HSBC personal loan. Use it to pay for your child’s tuition and equipment such as a laptop, printer, and other school essentials.
☑️ Emergencies
Having cash on hand can give you peace of mind. You can rest easy knowing that you can address financial emergencies without struggling to look for other resources. Personal loans from HSBC and other banks usually cost less than emergency loans from private lenders.
Why Should You Apply for an HSBC Personal Loan?
The HSBC personal loan is one of the most affordable ones in the Philippines today. Check out its features:
📌 Low Monthly Add-On Rate
HSBC lets you borrow money with an add-on rate of 0.65% per month or an annual effective rate of 14.29%.
📌 Fast Approval
Typically, HSBC personal loan processing time takes around five to seven days after submitting all documents.
📌 Flexible Payment Terms
You can choose your loan tenor: 6, 12, 18, 24, or 36 months.
📌 Convenient Payment Channels
Easily make HSBC personal loan payments through the following authorized payment channels:[3]
📌 Loan Top-Up Option
The HSBC Loan Top-up feature allows you to re-avail or renew your loan even if the current loan is not yet paid in full. The balance from the current loan will be consolidated as a new loan.
You may apply for a loan top-up under the following conditions:
- Your existing loan account with HSBC is at least six months old already.
- You have no missed payments.
- Your account is not delinquent.
How Do I Qualify for an HSBC Personal Loan?
Before you proceed with your HSBC personal loan application, make sure you meet the following eligibility requirements:
- Permanent resident of the Philippines for at least three years in any of the following areas: Metro Manila, Bulacan, Pampanga, Metro Cebu, Cavite, Davao City, and Rizal
- At least 21 years old during loan application but below 60 years old upon loan maturity
- Minimum gross monthly income of ₱14,000 (for salaried/employed) or ₱50,000 (for self-employed)
- For employed applicants: Two years combined employment with a present or previous employer
- Must have any two of the following: residential landline, office landline, mobile phone number
What are the HSBC Personal Loan Requirements?
The required documents for your HSBC personal loan application depend on whether you’re self-employed or employed.
📝 Requirements for Employed Borrowers
- Latest Income Tax Return (ITR), BIR Form W-2, or any valid ITR alternative
- Latest one-month payslip
- Photocopy of valid photo-bearing ID (passport, driver's license, PRC ID) with proof of nationality and date of birth; must be original-sighted by the sales officer
- Proof of Residential Address (PORA)
- Duly signed Terms and Conditions with Global Consent Clause
- Additional requirements for foreign nationals:
- Copy of valid resident visa or copy of valid non-resident visa considered by the Bangko Sentral ng Pilipinas (BSP) as eligible for peso loans
- One-year residency in the Philippines
📝 Requirements for Self-Employed Borrowers
- ITR and Audited Financial Statements for the last three years (same business)
- SEC/DTI Certificate of Registration
- Business Permit or Mayor's Permit
- Bank Statement for the past three months (at least one year active)
- Photocopy of valid photo-bearing ID (passport, driver's license, PRC ID) with proof of nationality and date of birth
- Proof of Residential Address (PORA)
- Additional requirements for foreign nationals:
- Copy of valid resident visa or copy of valid non-resident visa considered by BSP as eligible for peso loans
- One-year residency in the Philippines
HSBC Personal Loan Application: Step-by-Step Guide
Qualified and ready to apply for a personal loan from HSBC? Follow these steps:
- Fill out and submit your application form. Personal Loan application forms are available at all HSBC branches.
- Collate all the requirements together with your application form. Submit your application through an HSBC branch near you. Alternatively, you may upload your documents online.[4]
Make sure that the documents meet the following specifications:
- File format: GIF, JPG, PNG, or PDF. If your document is of a different format, you can open your file, click Save As and then select GIF, JPG, PNG, or PDF
- File size: Less than 5 MB per file
- Maximum of five files per upload
- File name should not exceed 50 characters or contain any special characters
- Must not be a password-protected file
If you don't have time to apply in-branch, you can instead call HSBC's Customer Service at (02) 8858-0000 to complete your application remotely.
What are the HSBC Personal Loan Fees?
Your HSBC personal loan comes with fees and other charges based on the terms and conditions set by HSBC in compliance with the BSP:
- Processing fee: ₱1,500 (deducted from the loan proceeds)
- Late payment fee: 36% per annum
- Amendment fee: ₱500 for any changes in loan details
- Breaking cost: Computed upon application or loan pre-termination
- Documentary stamp tax (DST): 0.75% of the loan amount deducted from the loan proceeds
FAQs on HSBC Personal Loan Application
1. Can I apply for an HSBC personal loan online?
As of this writing, there are only two ways to apply for a personal loan from HSBC: in-branch and by phone. Although it has an online service for uploading documents, you can't do an end-to-end online HSBC personal loan application yet.
If you can't do a walk-in application, we recommend that you apply for a loan by phone. Call HSBC's customer service hotline at (02) 8858-0000 to get started.
2. Can I apply for a personal loan in joint names?
No. HSBC does not allow joint personal loan applications.
3. Can I get a personal loan from HSBC if my salary is ₱15,000?
Yes. The minimum salary required for HSBC personal loan is ₱14,000 per month.
4. How do I follow up with my HSBC personal loan application status?
Check on the status of your application via the HSBC hotline at (02) 85-800.
5. How do I receive my HSBC personal loan proceeds?
After your HSBC personal loan approval, go to the HSBC branch you indicated in your application form any time from 9 a.m. to 4 p.m., Mondays to Fridays.
6. When should I make my HSBC personal loan payment?
Your cash or check payment should be made three days before the due date to give enough time for it to be posted before the deadline.
7. How much is my monthly HSBC personal loan payment?
Your monthly repayment will depend on the loan amount, loan tenor, and approved rates and fees. To know your monthly loan amortization, you may refer to the HSBC Personal Loan Amortization table.[5]
8. What payment schemes can I choose from?
You may choose any of the following:
- Straight-Line Scheme – Your monthly amortization is fixed. You have a forecast of the entire amortization cost to help you manage your finances more easily.
- Balance Scheme – Your monthly amortization varies because the principal loan amount is paid early within the loan tenor. You can save on interest payments.
9. How do I make my HSBC personal loan payment?
You can pay your HSBC personal loan through post-dated checks, auto-debit facility (only for customers with an existing HSBC deposit account), or HSBC’s partner payment centers.
10. How do I make an HSBC personal loan payment through checks?
Here are a few things you should remember when making a check payment for your HSBC personal loan:
- The checks should be made payable to HSBC – Personal Loans.
- Checks should bear your full name and 12-digit account number on the back.
- Post-dated checks and second-endorsed checks are not accepted.
11. Can I pay off my HSBC Personal Loan early?
Yes, you can pre-terminate your loan with HSBC. Call the HSBC personal loan hotline at (02)-85-800 or go directly to your branch of account to confirm your outstanding balance and charges for the pre-termination fee. Note that HSBC will charge a breakfunding fee for early termination processing.
12. How to apply for an HSBC Personal Loan top-up?
To apply for a loan top-up with HSBC, follow these steps:
- Fill out and submit your application form.
- Submit all the requirements together with your application form through your HR personnel or your Relationship Manager.
Your top-up application will be subject to credit evaluation. Being an existing HSBC borrower does not automatically qualify you for a loan top-up.
Related reading: Fast and Easy Guide to Security Bank Personal Loan Online Application
Final Thoughts
HSBC personal loans are tailored to specifically suit Filipinos' needs. Although this loan product offers exciting features, you must not forget that it comes with fees, too. Failure to pay on time and in full will come with consequences.
If you think you’re ready for a personal loan to fund emergencies and financial goals, submit your HSBC personal loan application easily and quickly through Moneymax.
Check Out Other Loan Options in the Philippines
Considering exploring other personal loans in the Philippines? Among the best options in the market nowadays are BPI, Metrobank, and SB Finance personal loans. Compare your options and apply for a personal loan here at Moneymax!
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Metrobank
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