HSBC loan calculator
Our HSBC loan calculator will help you work out how much you'll pay back on an HSBC personal loan.
HSBC offers fixed-rate, unsecured personal loans at competitive rates to new and existing customers. You can borrow from £1,000 to £25,000, with loan terms of 1 to 7 years, or up to 8 years for loans over £15,000.
Calculate the cost of an HSBC loan
Our calculator lets you pick how much you want to borrow, and your loan term, to estimate how much you would pay back each month and overall. We base our calculations on HSBC’s representative APR, but it’s important to note that credit is subject to status and your circumstances may affect the rate you’re offered.
We also assume that you don’t take any repayment holidays, and you don’t repay the loan early (both of which are facilities offered with HSBC loans).
How do HSBC loans compare against the competition?
Am I eligible for an HSBC loan?
You should only apply if you’re certain you can meet the repayment terms, and you meet the following HSBC personal loan requirements:
HSBC states that these loans should not be used for funding or part funding a property, gambling, business purposes or share dealing.
HSBC Premier Customer Personal Loans are only available to HSBC Premier customers. To become eligible for an HSBC Premier Bank Account, you’ll need to have your salary paid into your HSBC account and either have savings or investments of at least £50,000 with HSBC in the UK, or you’ll need an individual annual income of at least £75,000 and a mortgage, investment, life insurance or protection product with HSBC in the UK.
If you do have an HSBC Premier account, you can apply online, on the phone or in person.
Things to keep in mind
- Rates may vary. HSBC personal loans are unsecured – meaning they’re based on your creditworthiness, rather than the value of any property or other assets you use as collateral. While HSBC’s rates are normally competitive, the advertised representative APR may not be the rate you’ll receive, and HSBC will offer you a rate based on its assessment of your personal financial circumstances.
- Repayment holidays. You have the option of taking a repayment holiday for the first three months of your loan term, or every January for the life of the loan. However, this will cost you more overall, because your outstanding balance will still be accruing interest during these periods.
- Quick turnaround. HSBC account holders may get approved for a loan immediately, and other customers should be contacted with a credit decision within five working days. Successful applicants will generally get their funds within three working days, but existing HSBC customers may receive their money instantly.
- Cashback option. HSBC Advance customers may be eligible to receive cashback at the end of the loan term.
What is APR?
The Annual Percentage Rate (APR) is a figure designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges you will need to pay (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, which means it can be a handy tool for comparing different loans.
However, lenders only need to award this rate to 51% of those who take out the loan – the other 49% could end up paying much more. This is why it’s often referred to as the representative APR, as it will not necessarily be the rate you receive if you’re approved for a loan.
Want to quickly see which lenders can offer you a loan?
How does a HSBC personal loan work?
If you want to apply for a HSBC personal loan, you can do so by following these steps:
1. Get a personalised quote.
Use HSBC’s “Personalised Loan Quote tool” to get an indication as to whether your application would be successful. This involves a “soft” search of your credit file, which doesn’t affect your credit score. You’ll need to provide three years of address history, as well as your current income and employment details in order for HSBC to run the check.
If you’re happy with the quote, you can then click “Apply now”. You’ll also need to provide the sort code and account number of your bank or building society account.
3. Get a decision.
Once your application has been received, you’ll generally need to wait up to five working days for a decision. For existing HSBC account holders, you may get an instant decision on your loan application.
Frequently asked questions
Ask an Expert