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How to get a personal loan: everything you need to know

If you don't have adequate cash on hand for your overall spending needs, a personal loan could really come in handy. You can use the funds as general cash flow or for making your dreams come true, whether that's buying a car, renovating your home, paying for a wedding, or going back to school. HSBC offers a 24-hour online application service for personal loans (e-loans), with an approval turnaround as fast as 1 day, making it quick and easy for you to settle your tax payments. It's that simple!

How long is the personal loan period?

HSBC personal loans offer repayment periods ranging from 12 to 84 installments, spread over 1 to 7 years, and you can either apply for the phase-1 or phase-2 solution (note1), which offer matching interest rate schemes and different total percentage rates.

Does the loan amount matter?

The minimum loan amount is NT$100,000, but you can borrow up to 15 times your monthly salary (maximum NT$3,000,000).

It's a good idea to assess your repayment ability based on your actual needs. If you run into difficulties over repaying the loan after borrowing and wind up having to defer your repayment, this will affect your credit rating.

What is the annualised percentage rate of total loan costs?

APR is a benchmark rate derived by taking into account the loan's interest, account opening fees, and the 1-phase or 2-phase interest option. It's the easiest way for you to compare and judge whether the cost of taking on a personal loan is high or low.

When shopping around for the most suitable loan, you should compare the information from major banks, taking into account factors like the APR of different loan plans.

Applying for a loan

24-hour online loan applications (e-loans) can be approved as quickly as 1 day. Existing cardholders and account holders can complete their applications very easily – no signatures, printed or mailed applications are required. New customers can complete an online form, and send scanned copies of the certifying documents to us online. Our staff will help you do the rest.

Take advantage of HSBC's personal loan promotions: phase-1 preferential interest rate starting from 0.01%, and phase-2 interest rate of 2.54%~15.99%.

Note 1.
"With prepayment penalty" (locked-in) plan
: Within 18 months after the loan disbursement date, in addition to the scheduled repayment installments, if the borrower wants to settle the loan fully or partially prior to maturity, he/she will be liable to pay a prepayment penalty to the Bank calculated using the following formula: Within 6 months after the loan disbursement date, 4% of the amount of principal prepayment (including partial or full repayment) will be charged as prepayment penalty; Within 7 to 18 months after the loan disbursement date, 3% of the amount of principal prepayment (including partial or full repayment) will be charged as prepayment penalty. However, prepayment due to a borrower's death, major injury, or critical illness will be exempted from prepayment penalty upon presenting the relevant certifying documents.

"No prepayment penalty" (open) plan: The borrower can make repayment or settle the entire loan at any time after the loan disbursement date without paying a prepayment penalty.

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Listening to what you have to say about services matters to us. It's easy to share your ideas, stay informed and join the conversation. To improve the protection of customers' rights for the elderly or customers with special needs, the Bank provides relatives or friends to accompany them to participate in the communication to understand the product information, and provides enough time to consider whether to apply for related products. Please contact us via contact center (02)6616-6000 or email if any doubt/concern or further explanation is needed.