HSBC - Personal Loan
Unsecured | Fixed
The Personal Loan from HSBC offers a borrowing range of between $5,000 and $50,000. It also has advertised interest rates from 12.99% p.a. and repayment terms of between 1 and 5 years. The HSBC Personal Loan is a Fixed rate, Unsecured loan with comparison rates from 13.54% p.a.. The early repayment fee with this loan will be $199.
More HSBC Personal Loan details can be found below or visit HSBC to learn more or apply.
A comparison rate of 13.54% p.a. and a loan type of Unsecured. There will also be an advertised rate of 12.99% p.a.
Advertised Rate
12.99% p.a. Fixed
Comparison Rate
13.54% p.a.
Loan Term
1 to 5 years
Borrowing Range
$5,000 to $50,000
Interest
Rate Type
Fixed
Advertised Rate
12.99% p.a.
Fixed
Comparison Rate
13.54% p.a.
Application Frequency
Monthly
Calculation Frequency
Daily
Loan Security
Loan Security
Unsecured
Loan Terms
Loan Term
1 to 5
years
Borrowing Range
$5,000 to $50,000
Repayment
Monthly
Fees
Establishment Fee
$150
one off
Loan Service Fee
$5
per month
Early Repayment Fee
$199
per event
Who is the product designed for?
The target market for the HSBC Personal Loan are customers who are likely have the following objectives, needs, financial situation and eligibility criteria.
Objectives and Needs
Customers with any one or more of the following needs and objectives
- Require a personal loan to:
- achieve various life goals e.g., buying a car, property
renovation, paying for a wedding, education, or holiday. - consolidate debts.
- help manage cash flow.
- achieve various life goals e.g., buying a car, property
- Do not want to give security over any assets. The loan does not require any type of collateral.
- Ability to pay off the loan over a chosen time frame and make
additional repayments.
Financial Situation
Customers in all of the following financial situations
- Require a credit facility between $5,000 to $50,000.
- Earn a regular income.
- Have a good credit rating and not be experiencing financial hardship or financial stress as identified through credit bureau checks carried out at the time of application.
- Be able to make the fixed monthly repayment each month on their account without experiencing financial hardship.
Eligibility Criteria
To hold a personal loan, customers must be able to satisfy certain eligibility criteria, including that customers must:
- Be aged 18 years or older
- Be an existing HSBC Australia customer for at least 12 months; or have an existing Mortgage with HSBC; or hold HSBC Premier status at the time of application.
- Be an Australian resident
- Earn a regular income of at least AUD40,000 per year before tax
- Have a good credit rating and not be experiencing financial hardship or financial stress as identified through credit bureau checks carried out at the time of application
- Be able to service the proposed loan in accordance with the HSBC’s lending criteria and responsible lending obligations at the time of application.
Visit HSBC to view Target Market Determination Effective From: 2024-10-04.
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