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HSBC Bank Car Loan

Apply HSBC Bank Car Loan

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HSBC Bank Car Loans

A car could mean different things to different people. India is also a growing market for automobiles, the passenger car market showed growth double digit growth in the last year. The growth is also seen across car categories which include compact car, sedan and utility leading to the breaking of a long-held belief that India is just an economic small car market. International car manufacturers have also made their presence felt by creating cars for the Indian soil.

What is HSBC Bank Car Loan?

HSBC Bank provides cars loans. On discovery that many people are interested in buying a car for either comfort, safety or any other reason will not be able to buy their dream car on their own. They should either go for a car that they don’t want because it is cheaper or wait and save to buy the car which will take time and the car model might change. The borrower can pay back HSBC Bank through equated monthly instalments or EMI(s). HSBC Bank believes in providing the right applicant by providing with loans which are cost effective way to purchase a car.

HSBC Bank Car Loan Eligibility

Age21-60 years
Employment statusSalaried: Must have continuous employment of at least 1 year
Self-employed: Minimum 2 years of employment in the same line of business
Tenure48 months
Loan amountMaximum of 70% of the car value
Interest rateStarts from 8%
Processing fee0.5% of the loan amount
Prepayment chargesNil
Part prepayment chargesNil

HSBC Bank Pre-Owned Car Loans

Do refer to the above reasons for HSBC car loan eligibility

HSBC bank also provides loans for used or pre-owned cars for up to 70% of the car insurance.

Documents required for HSBC Bank Car Loan

The following are the documents required for HSBC Bank car loan

Salaried Individuals:

  • Any of the following identity proof documents:
    • Aadhar Card
    • Passport
    • PAN Card
    • Voters ID Card
    • Driving License (recent, legible, laminated)
  • Latest salary slip and Form 16 as income proof
  • Any of the following documents as address proof:
    • Aadhar Card
    • Ration Card
    • Driving License (recent, legible, laminated)
    • Voters ID Card
    • Passport Copy
    • Telephone Bill
    • Electricity Bill
    • Life Insurance Policy
  • Bank statement of the previous 6 months

How to apply for a car loan with HSBC Bank

TheHSBC Bank car loan approval & verification process is simple and much quicker for existing HSBC Bank customers. They can apply online and get pre-approved offers on car loans with attractive interest rates. The loan amount is directly credited to their account instantly.

The application process is different for new customers of HSBC bank. The borrower needs to either apply online or directly download the application form from the official website or visit the nearest HSBC Bank branch. They can also call the HSBC Bank car loan customer care to proceed with the application process.

Generally, HSBC Bank’s representative will come to your place of work or your car to collect the filled in application form and all the necessary documents required for verification at any time you specify. A background check would help the lender know about the personal, professional standing of the applicant If there are any discrepancies with the information provided, the HSBC Bank car loan application is likely to be denied. After passing through document verification and eligibility criteria, the approval process moves to the final level. At the final stage and after negotiations, the HSBC Bank car loan interest rate and tenure are fixed and sent for your acknowledgement.

In case your car loan application was rejected you will receive HSBC Bank loan rejection letter which will receive a status update on the car loan rejection. Let us know see what the eligibility or qualifying criteria are as they are called in banking parlance for a car loan.

HSBC Bank Car Loan EMI Payment Methods

HSBC Bank Car Loan Eligibility Check

Before a person applies for an HSBC Bank car loan it is best to do an eligibility check which is available on the HSBC Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Car Loan EMI Calculator

Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the HSBC Bank Car Loan EMI calculator.

The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.

CreditMantri’ s Car Loan EMI Calculator and HSBC Bank Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

HSBC Bank Car Loan – FAQ

1. Does HSBC bank provide 100% finance for car loans?

No, HSBC Bank provides on 70% of the car value as loan for new cars and 70% of the insurance value for used cars

2. What is the maximum tenure for HSBC Bank car loan?

A loan tenure of 48 months is offered by HSBC Bank

3. What type of cars do HSBC bank provide car loans for?

HSBC Bank offers. Auto Loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.

4. Do I have to provide any security to avail an HSBC Bank car loan?

Not required for car loans, as they are secured loans by nature

5. Can I sell my vehicle before I repay the entire car loan taken from HSBC bank?

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from HSBC Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.

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