HSBC Personal Loans
Compare HSBC personal loans and rates
The table below displays a snapshot of HSBC’s secured personal loan products and rates on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.
What personal loans does HSBC offer?
HSBC currently offers just the one type of personal loan at the time of writing, the HSBC fixed rate personal loan.
This loan has the following features:
- Rate starting from 9.50% with a comparison rate starting from 10.06% p.a.
- Loan term up to 5 years
- Loan amount between $5,000 and $50,000
- Flexible repayments of either weekly, fortnightly or monthly
- Easy online application – takes 10 minutes
Related article: Secured vs Unsecured Personal Loans – What’s the Difference?
What can you use HSBC’s personal loans for?
A personal loan with HSBC can be used for many important life events, such as:
- Buying a car
- Debt consolidation
- Home renovations
Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with HSBC could give you access to more money to pay for these major life events.
Check the product disclosure statement (PDS) from HSBC to see what you can and can’t take out a personal loan for.
There are a number of fees to be aware of when taking out a personal loan with HSBC:
- Establishment fee – $150
- Early termination fee -$199
- Monthly fee – $5
- Return fee – $35
- Default payment fee – $30
See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if HSBC’s fees are more or less what the average customer is paying.
Applying for a HSBC personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with HSBC (or most providers in Australia for that matter), you generally need to meet the following criteria:
- You must be 18 years or old
- You must live in Australia
- You must be an Australian or New Zealand citizen or a non-resident holding a Temporary Residency VISA
- Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
- Show an ability to afford your loan repayments
- Take out a loan of at least $4,000
If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:
- A current driver’s license
- Details of your current and previous (if applicable) employer
- Details of your income, assets, expenses and liabilities
- Previous tax returns if you are self-employed
You may also require your current account number for HSBC if you’re an existing member.
In addition to personal loans, HSBC also offers a secured car loan. The table below displays a snapshot of HSBC’s car loan products, sorted by Star Rating (highest to lowest). The results shown are based on a 5-year loan for $20,000 in NSW.
HSBC was founded in 1865 in Hong Kong to finance trade between Asia and Europe. 100 years later, they moved into Australia in 1965 and gained their commercial banking licence in 1986.
HSBC is now one of the world’s largest banking and financial institutions, serving 48 million customers around the globe, and 6,000 offices in 71 countries. They aim for sustainability through the Climate Business approach, and support leading charities that focus on education, the environment, and health.
“How to” guides are available for customers, and if these don’t have the answers you’re looking for, you can chat online live with help centre members.