The next step in personal loans

Thursday, 1 August 2013 01:18 -     - {{hitsCtrl.values.hits}}

With many changes influencing modern lifestyles, the increasing demand for personal loans has heightened over time, attributed mainly to the greater ease and convenience in obtaining them. In light of the changing environment and appetite for more borrowings, HSBC’s personal loans have been structured to facilitate the expanding needs of customers. Therefore, HSBC has rolled out a new concept, ‘Take the Next Step’, to enable greater convenience and a more affordable proposition. Be it small home renovations to purchasing a vehicle, funding overseas travel or paying for educational needs; with convenient lifestyle personal loans from HSBC, customers can simply fill out an application to obtain a loan for any lifestyle requirement. Nilantha Bastian, Head of Retail Banking and Wealth Management, noted: “Lifestyle loans can be used as a valuable financial tool to offer solutions in time of need. The current market enables for competitive rates and ease of accessibility and ‘Take the Next Step’ will encourage customers to take advantage of this opportunity and better their lifestyles.” HSBC’s lifestyle loans are accessible to anyone with a stable monthly income (net salary of Rs. 20,000 with a minimum basic salary of Rs. 15,000). Loans can be obtained with minimal hassle as applicants are not required to provide guarantors, nor remit their salary to HSBC or provide additional collateral to support their borrowing. Customers who wish to obtain a lifestyle car loan from HSBC require a minimum monthly income of Rs. 30,000 (minimum basic salary of Rs. 15,000) will be able to repay their lifestyle car loan over a period of up to 7 years, allowing more affordable repayments and obtain loans up to 100% of the value of the vehicle they are interested in purchasing. Furthermore, unlike leasing facilities, no VAT is charged on the instalments. With a ‘next working day’ approval process in place, customers are assured of a speedier decision on the application, upon submission of the required documentation by 12 noon of the preceding day, to the bank. Additionally, a personalised mobile ‘door step service’ will serve customers in their own home or office which will be welcomed by anyone who is tied up for time. Customers can also visit their local HSBC branch or fill out a loan application on-line or dial the dedicated lifestyle loan hotline on 2511533 to arrange for a sales agent to visit and assist them. HSBC’s personal banking business having expanded to a full scale operation over 16 years ago has led the market with tailor made products and services including credit cards which revolutionised the local market. Similarly, HSBC lifestyle loans became a phenomenon in 2003 which created high demand, owning to its flexibility, convenience and competitiveness. For more details applicants can visit