Our fixed rate Personal Loan

There are many reasons why a person might wish to take out a personal loan.

• making a purchase with high upfront costs – such as a new car or a home improvement project
• consolidating multiple debts into a single, simplified repayment plan
• important life events such as a wedding or funeral.

In all of these circumstances, a personal loan can often help you to get the cash you need, when you need it, with a sensible, affordable regular repayment plan.

It is important to consider your financial stability before applying for a personal loan. You should be confident that your income is secure enough to meet your monthly repayments.

A personal loan should usually not be considered if:

• you are facing a long period of unemployment or imminent redundancy
• you are facing serious financial difficulties
• you are not confident in your ability to effectively manage your finances and stay on top of your repayments.
  

The maximum amount you may borrow will depend on a combination of your financial status, income, credit score and the approval of your branch.

As a general rule, our maximum personal loan value for HSBC Personal Banking customers is €50,000, while HSBC Premier account holders can borrow up to €70,000.

APRC stands for annual percentage rate of charge. It is used to calculate the annual cost of your personal loan based on fees such as interest and other account charges such as processing fees.

The lower the APRC, the less you will usually pay on top of the sum you initially received over the course of your loan repayments – assuming you keep your repayments up to date and do not incur any additional charges. Your total repayments may also change if you alter the terms of your loan, such as extending the repayment timeframe or borrowing more money.

APRC is an industry standard measurement and can be used to compare the true cost of borrowing across different lenders.

Yes, you can settle your loan in full or part at any time. You may wish to pay a large lump sum or alter your monthly repayments to clear your loan faster. You will not pay any fees or additional interest if you repay your loan early.

Please speak to one of our advisors if you are interested in reducing the terms of your loan agreement.

When you apply for a Personal Loan, we will ask you to present your ID card, together with evidence of income. If you are employed and your salary is not credited to an account held with HSBC Bank Malta plc, you will need to provide your latest FS3 and the latest three months’ payslips. If you are self-employed, we will ask you for up-to-date income tax returns for the last two years.

We may also ask for other documentation, depending on your individual circumstances.