HSBC Personal Loan

HSBC introduces it’s HSBC Amanah Personal Financing-i for those who require funds promptly. The HSBC Amanah Personal Financing-i is a financing facility executed on a fixed monthly installment. It is grounded on the concept of Murabahah that is Sharia compliant which is an agreement of purchase and sale of Shariah compliant commodities concerning cost and profit margin being acknowledged and complied by all parties involved.

This quick, easy and minimal hassle loan facility offers financing amount of RM6,000 to RM150,000. Financing of up to RM150,000 is available for existing customers while RM120,000 is capped for customers that are new to the bank. The HSBC Amanah Personal Financing-i has no requirement for a guarantor nor a collateral and promises fast approval. With a disciplined payment method, total consumption benefit can be increased. Funds can be utilized for just about anything such as family vacations, child’s education, marriage, bill payments, savings for emergency. It is another alternative simple cash financing facility to credit card.

Interest

Financing Amount Fixed Flat Rate Per Annum

RM6,000  –  RM19,500 12.5%

RM20,000 – RM49,500 11.5%

RM50,000 – RM150,000 10.5%

Charges and Fees

There is no processing fees or stamping fees for The HSBC Amanah Personal Financing-i. The flat rate per annum that is determined in the application of Financing Amount is a result of computation of the Financing Amount that excludes the Takaful Contribution.

It takes 3 days for the money to be submitted into your account once it has been approved. Borrower will need to have HSBC account for the cash disbursement.   Monthly payment for this financing can be made after disbursement from an established desposit account to the facility from a standing instruction.

Eligibility

To be eligible for the HSBC Amanah Personal Financing-i, you need to be a Malaysian or possess a Malaysian Permanent Resident status and aged between 21 and 60 years old. HSBC customers who have a current relationship with HSBC or HSBC Amanah will need to have a salary of RM3,000. If not,  a minimum salary of RM5,000 is required for the eligibility. It is good to note that the HSBC Personal Financing-i is only available for individual sole account and not for joint application.

Documentations

Applications for the HSBC Amanah Personal Financing-i can be made by submitting the application form together with the documents stated below:

Salaried

• Copy of your Mykad
• Copy of present or previous month’s salary / Copy of a Bank Statement proving salary credit into your account
• Form BE (full submission to the income tax department with attachment of  payment receipts) / EA/ EPF statement OR copy of appointment letter (if employment is less than 3 months)

 

Self Employed

• Copy of your Mykad
• Copy of most recent Form B (full submission to the income tax department with attachment of payment receipts or CPO2) / EPF statement / copy of your audited financial statement / Profit and Loss account
• Copy of your Business Registration Form

You can find more details on The Monthly Payment Schedule excluding Takaful Contribution here:

Commission earners

• Copy of your MyKad
• Copy of most recent 3 months salary / Bank statement when salary is credited
• Form BE (full submission to the income tax department with attachment of  payment receipts) / EA/ EPF statement

Hsbc Personal Loan Table

Pros

• Receive quick cash disbursement in your account with HSBC Amanah or HSBC upon confirmation

CONS

• High effective interest rates at 19% p.a