HSBC
HSBC

HSBC

HSBC Holdings plc is a British-based multinational banking and financial services company headquartered in London. Established in its present form in London in 1991 by the Hong Kong and Shanghai Banking Corporation Limited to act as a new group holding company, it is the world’s fourth largest bank by total assets. With the bank mainly having its origins in Hong Kong, it opened its branches in Shanghai in 1865. HSBC banking services was first formally incorporated in 1866. It has around 6000 offices in 71 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America.

About HSBC

It boasts of around 60 million customers, making it the world’s sixth largest public company, as in 2014 (Forbes magazine). HSBC services is organized within 4 business groups, namely – Commercial Banking, Global Banking and Markets (Investment Banking), Retail Banking and Wealth Management, and Global Private Banking.

The Bank’s origin in India dates back to 1853 when the Mercantile Bank of India was established in Mumbai. It has witnessed a steady growth and now offers a variety of products and services to corporate and commercial banking clients and retail customers. It has so far assumed a significant role in the development of the Indian banking history, even giving the country its first ATM in 1987. The customers of HSBC financial services in India are served through the 4 global businesses, along with other entities like, Global Asset Management, Global Service Delivery, HSBC Securities and Capital Markets (India) Pvt. Ltd., Global Software Development, Audit Services, HSBC Invest Direct, and Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.

HSBC Loans

HSBC Home Loan : The Bank assists customers in getting home loans from HSBC so as to the finance their dream homes. The quantum of loan can range from Rs. 3 lakhs to Rs. 10 crores. Home loan from HSBC can be availed by Resident Indians and NRIs for ready properties, select under construction properties approved by HSBC, purchase of plots of land, self-construction and home improvement. According to the HSBC Home Loan eligibility criteria, NRI applicants should have a local co-applicant or a local contact person. The maximum tenure is 20 years, while for salaried customers it is 25 years. The Bank offers this loan a floating rate of interest. For salaried individuals, the minimum net income should be Rs. 5,00,000 p.a., while for self-employed applicants, it should be Rs. 7,50,000 p.a. The borrower should at least be 21 years of age. For salaried applicants, the maximum age limit is 58 years, for public limited/govt. employees, it is 60 years, and for self-employed borrowers it is 65 years.  There are no prepayment charges, while, the processing fee levied on the loan is a total of 1% of the amount sanctioned or Rs. 10,000, whichever is higher.

Smart Home from HSBC enables the borrower to save on interest payments and thereby lower the tenure of the loan. 

HSBC Personal Loan : This loan can be availed to finance a wedding ceremony, home furnishings, higher education, or a family holiday. HSBC loan advantage is that the personal loan  comes with a flexible tenure of up to 5 years. Under HSBC finance, the maximum loan amount is Rs. 15 lakhs, though select customers may be eligible for loans up to Rs. 30 lakhs based on internal credit policy of HSBC. The EMI date will be the 5th or 15th of every month, depending on the loan disbursal date. With easy documentation, quick processing and disbursal, this loan scheme also offers the facility of transferring an existing personal loan from another bank in India. HSBC loan advantage under this scheme is that no collateral or guarantor is required. The minimum age of the applicant should be 21 years, while the maximum age at loan maturity should be 58 years for salaried individuals and 65 years for self-employed applicants. Also, for Corporate Employee Programme the minimum net annual income should be Rs. 400,000 p.a. whereas for other customers it should be Rs. 500,000. HSBC Personal Loan interest rate is fixed across the loan tenure. The interest on the Personal Loan account accrues on a daily basis and is payable in EMIs on the due date. Currently, the Bank extends Personal Loans only to its existing customers.

HSBC Loan Against Property : This scheme is aimed at providing funds to customers against their residential property. The borrower can avail loans up to Rs. 10 crores, with the loan tenor being up to 15 years. HSBC Loan interest is levied at a floating rate. The applicant should at least be 21 years of age. The maximum age limit is 58 years for salaried employees, 60 years for public limited/government employees, and 65 years for self-employed professionals. The minimum net income for salaried applicants should be Rs. 5,00,000 p.a., while for self-employed individuals, it should be Rs. 7,50,000 p.a. The quantum of finance is a minimum of Rs. 3 lakhs. The processing fee on the loan is a total of 1% of the amount sanctioned or Rs. 10,000, whichever is higher. The customer can also raise funds against his/her residential property with Smart Loan Against Property (Smart LAP) from HSBC. This loan scheme has been tailored to enable the borrower to save on interest payments and thereby reduce the tenure of the loan.

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