Personal loans

You'll need to provide the following documents when you apply for a loan:

• Your completed loan application form with one passport size photograph
• One valid proof of identity, such as your: passport, driving licence, Aadhaar card, voter ID card issued by the Election Commission of India, or NREGA job card signed by a state government officer
• One valid proof of address, such as your: passport, voter ID card, permanent driving license, ration card, society outgoing bill (only from registered societies), electricity/water/telephone bill, gas bill (pipeline connection only), property tax bill, domicile certificate issued by Municipal Corporation, registered rent or lease agreement (with state government or similar authority)
• One valid proof of age, such as your: passport, driving licence, birth certificate, photo PAN card, or school leaving certificate
• Financial documents if you're salaried: Latest salary slip showing statutory deductions or Form 16 issued by the employer, and salary account statements for the last 3 months
• Financial documents if you're self-employed: Audited/certified financial statements (Profit & Loss account

We offer instant personal loans from INR100,000 to INR5,000,000. The amount you can borrow will depend on a number of eligibility criteria, including your age, income, job status and credit history.

The easiest way to see how much interest you could pay on your personal loan is using the simple interest method. You can do this using the formula:

Amount borrowed x Annual interest rate x Term in years = Total interest

For instance, if you borrowed INR150,000 at 10% pa over 2 years:

INR150,000 x 0.1 x 2 = INR30,000 interest

Keep in mind that most lenders use amortised interest, where the interest is calculated monthly on the outstanding loan balance. This means that as the months pass and your credit balance reduces, so will your interest payments. As a result you should pay less than the total simple interest if you don't miss any loan payments.

We offer flexible finance terms over up to 5 years. You can choose to repay your loan over 6, 12, 18, 24, 30, 36, 42, 48, 54 or 60 months, depending on your financial needs.

Just keep in mind that while a longer term could help you keep down your monthly loan payments, you will pay more in credit interest.

HSBC Personal Loans are unsecured. This means you don't need to secure your loan against any collateral, like a home loan against your home. You also don't need a guarantor to repay your loan if you find you can't meet your payments.

Yes, you can update some of your personal details if you need to when you apply for your loan. Just note you can't edit any fields with locked icons.

If you want to update your financial details, you can upload your latest documents at the end of the application process once your loan has been approved or referred.

Once your loan is approved in principle, we'll contact you for any further information or documents we need before giving our final approval and releasing your funds.

If you hold a salary account with us, you could have your loan paid into your account the same day.

The minimum CIBIL score needed for a personal loan ranges from 700 to 800. Your CIBIL score is a measure of creditworthiness based on your credit history and repayment behaviour. Higher scores mean a lower credit risk, making it easier for you to get a loan with a better interest rate. However, other factors such as income, employment history, and existing debts may also be considered. 

No, personal loans do not offer any tax benefits as they are not considered to be a part of your income. Only certain types of loans, such as home loans and education loans, may offer tax benefits. Interest paid on personal loans is not eligible for tax deductions.