HSBC personal loans

HSBC's overall rating for personal loans

(as rated by the Mozo community)

6.6 / 10

based on 20 reviews

HSBC has a personal loan which you can use for a range of purposes from buying a new car, taking an extended overseas holiday or to consolidate debt. Below is a summary of the key aspects of an HSBC personal loan along with answers to FAQs. If you’d like to compare HSBC with other personal loan providers in our database, see our personal loan comparison tools.

HSBC offers the following personal loans

Rates and fees verified as correct at 09 August, 2020. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee

8.50% 16.99% p.a.

9.06% 17.53% p.a.based on $30,000
over 5 years


*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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FAQs about HSBC personal loans

What are the benefits of a fixed interest rate?

The HSBC personal loan has a fixed interest rate which means that for the duration of the loan your repayments will stay the same. The bank cannot increase the interest rate. Many people find that having a fixed interest rate is better for budgeting as they know each month what their outgoings are going to be.

Are there any downsides to a fixed interest rate?

Yes, one of the biggest downsides is that if you pay out the loan early with a fixed interest rate you may have to pay a break cost or early repayment penalty depending on how much time there was left on the loan term. HSBC has a early repayment fee of $199 but if there is less than 6 months left on the loan there is no penalty.

Will I have to secure the loan against an asset?

No, the HSBC personal loan is an unsecured loan which means that you do not have to offer up security for the loan.

How much can I borrow?

You will be able to borrow up to $50,000 with an HSBC personal loan. You’ll need to take into account your financial circumstances when determining how much to borrow. To get an indication of what the repayments are likely to be on a loan size that you are considering, try our loan repayments calculator.  

How long can I borrow money for?

The maximum loan term for HSBC’s personal loan is 5 years. There is also a minimum loan term of 1 year.

Are there fees I need to pay?

Yes, in addition to a loan application fee there is a small monthly fee payable. If you make a late payment there will also be a charge for this. See the product page for details of these fees.  

How often do I need to make repayments?

With the HSBC personal loan you will be required to make monthly repayments. To avoid late fees, it is a good idea to set up automatic repayments each month from your bank account.  

Are there any eligibility requirements with HSBC?

Yes, you’ll need to be over the age of 18 years, earn at least $30,000 annually and have a good credit rating. We advise all borrowers prior to applying for a personal loan to check their credit rating to ensure that all the information is correct.  

What information will I need to apply for the loan?

You’ll need to have ID, proof of income and employment as well as proof of your address by supplying a copy of your driver’s licence or utility bill.   

How long will it take to be approved?

If you apply for your personal loan online, HSBC says the application process takes around 10 minutes. Once you’ve completed the application you can get instant approval within 60 seconds. You can track your application via the HSBC site but it will usually take a few business days to process. If you need approval fast, you can also call HSBC and speak with a loan specialist.

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