Features
Loan amount: Rs 1,00,000 up to Rs 5,000,000 (Rs 10 lakh to Rs 5 crore) for eligible borrowers
Tenure: From 6 months up to 60 months (5 years).
No collateral / no guarantor required for standard personal loans.
Quick decision / fast disbursal if you are an HSBC salary account/customer.
Eligibility
Age: Salaried – 21 to 60 years; Self-employed – 21 to 65 years.
Residents / citizens of India only (NRIs generally not eligible) in many cases.
Must submit proof of identity, proof of residence, age proof, salary slips / bank statements / ITRs as applicable.
For HSBC, requirement that the applicant either be an existing HSBC customer (liability account, credit card or home loan) or employed with one of the select corporates.
Terms & Conditions
Processing fee is non-refundable and is typically deducted from the disbursed amount (or you pay it upfront). This increases your effective cost.
The lock-in period: you may not be allowed to preclose/part-prepay the loan for the first 6 months (minimum) without incurring charges. After that prepayment charges apply as noted above.
Make sure to include GST and any other charges when calculating cost. For example, processing fee + GST is extra cost over interest.
EMI date options: For HSBC, EMI can be set for 5th or 15th of the month, depending on disbursal; check with your branch.
