HSBC Bank UK offers personal loans that allow clients to borrow from 1,000 to 25,000 GBP. The repayment period can be spread from 1 to 5 years for less than 15,000 GBP, or 1 to 8 years for more than 15,000 GBP.
HSBC Bank UK Personal Loans Details
Applications for HSBC Bank personal loans can be done either through the bank, online, or over the phone. To qualify for an HSBC Bank personal loan, the customer must be at least 18 years of age and is a resident of the UK. He should also have an annual income of 10,000 GBP or more, before tax.
The borrower should also possess a bank or building society account with a Direct Debit facility under HSBC Bank. Customers with Basic bank accounts are not eligible for personal loans. For non-HSBC account holders, several rules and conditions will apply for them to qualify for a personal loan.
A borrower with an existing HSBC current or savings account can get an instant decision if the loan application has been approved or not. For non-HSBC customers, the loan approval decision will come out in around 2 to 5 working days.
The fixed annual percentage rate or APR for loans ranging from 7,000 to 15,000 GBP is 3.3%. For personal loans less than 7,000 or more than 15,000 GBP, the APR will be calculated and will range from 6.1% to a maximum of 21.9%. This APR is applicable for both HSBC account holders and non-HSBC account holders. HSBC Bank also gives customers the option of early payment without charges, but under several conditions.