6.6 / 10

based on 1238 reviews as rated by Mozo community

HSBC personal loans

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 04 December, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Unsecured Personal Loan (Fixed)

8.50% p.a.to 16.99% p.a.

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

$150

WARNING: 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. 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.

How are HSBC personal loans rated?

Mozo users have rated HSBC personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
HSBC personal loans
Overall
6.6/10
Price
Features
Customer service
Convenience
Trust

20 Reviews

Recent HSBC personal loan reviews

HSBC Unsecured Personal Loan review
Overall 10/10
Great service and rate.

I researched to find the best rate with a bank that I felt I could trust. HSBC were the best option for me. They provide me with updates, statements and reminders via email and text message. I have the flexibility to pay off additional amounts and reduce the term of the loan.

Read full review

I researched to find the best rate with a bank that I felt I could trust. HSBC were the best option for me. They provide me with updates, statements and reminders via email and text message. I have the flexibility to pay off additional amounts and reduce the term of the loan.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Josephine, South Australia reviewed about 1 year ago
HSBC Personal Loan review
Overall 4/10
They are only interested in a bit more money

If I pay off the loan early I pay a fee. As I am paid fortnightly, I am paying half of my monthly repayment each fortnight but the are two months in the year when there are three fortnightly pays. I must be going to pay my loan early and so the bank when make the early payment fee.

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If I pay off the loan early I pay a fee. As I am paid fortnightly, I am paying half of my monthly repayment each fortnight but the are two months in the year when there are three fortnightly pays. I must be going to pay my loan early and so the bank when make the early payment fee.

Price
6/10
Features
3/10
Customer service
5/10
Convenience
5/10
Trust
4/10
Less
Malcolm, New South Wales reviewed over 5 years ago
HSBC Personal Loan review
Overall 8/10
Battler of earth

I am a single father with 2 boys trying to make ends meet in this chaotic world I deserve a chance for me my boys

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I am a single father with 2 boys trying to make ends meet in this chaotic world I deserve a chance for me my boys

Price
9/10
Features
9/10
Customer service
8/10
Convenience
8/10
Trust
9/10
Less
Cameron , reviewed almost 6 years ago
HSBC Personal Loan review
Overall 7/10
Very satisfactory

The Bank is trustworthy and operates very professionally and has access world wide. A good bank to deal with.

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The Bank is trustworthy and operates very professionally and has access world wide. A good bank to deal with.

Price
5/10
Features
5/10
Customer service
7/10
Convenience
5/10
Trust
7/10
Less
Barry, Western Australia reviewed over 6 years ago

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