|Home | Issues | The Daily Star Home | Volume 2, Issue 12, Tuesday September 14, 2004|
HSBC's My Loan
The banking industry has evolved with the times. Where before the focus had been on secured loans backed by the government, the current focus has become the consumer market. Thus the commercial banks are concentrating on developing services and products designed for personal banking customers, mainly focusing on deposit and loan products.
The Hongkong and Shanghai Banking Corporation's (HSBC) 'My Loan' is the solution to the current needs of the consumer market. 'My Loan' is a package of asset products under which HSBC is providing Personal Installment Loan, Car Loan, Home Loan and Travel Loan at competitive interest rates.
The Personal instalment loan has also been broken up into different categories like wedding loan, motorbike loan, lifestyle loan and furniture loan to better suit the customers' needs. With an eye to catering to the student community in Bangladesh, HSBC has recently launched the Student loan under its 'My Loan' banner.
You do not need to provide any cash security or personal guarantee to apply for 'My Loan', which is the major feature of this loan scheme. Although there are certain inherent differences in the range and amount of the loans, there are certain requirements. These include only 2 years of job experience in a reputed and well-established organization, an age limit ranging from 25 years to 56 years or more as the loan and valid income proof documents.
To bring 'My Loan' into the spotlight, HSBC has sponsored the 'My Loan Fair 2004', which is organized by CEMS-Conference & Exhibition Management Services Ltd. It will be held from 16-18 September at Dhaka Sheraton Hotel. This is the first fair of its kind to be ever held in Bangladesh with different kinds of companies participating and HSBC Loan facilities available to the visitors under one roof.
Along with the availability of different consumer loans, HSBC is also going to launch their Student loan on the occasion of the fair. The participants of the fair will be companies showcasing Furniture, Travel, Automobile, Motorbike, Power & Electronics, Interior Design, Real Estate, Tiles and Fittings, Computer and other services, Educational Institutions etc.
The HSBC 'My Loan Fair 2004' shall open a window to the entire clientele of Bangladesh who may be potential customers intending to buy items or even invest in Housing schemes with the added backing of HSBC's 'My Loan' scheme. Thus, the visitors to the Fair will have more buying power with the added backing of HSBC's 'My Loan' available to them.
We take a closer look at the different categories of loans provided by HSBC and help you decide which one may suit you best. The following are the different consumer loans which fall under the 'My Loan' scheme and all of these shall be available at the fair.
Personal Instalment Loan is a consumer loan that can be taken for any purpose, such as purchasing home appliances, computers, home renovation, children's education, etc. The loan amount ranges from TK. 50,000 to maximum TK. 1,000,000 at competitive interest rates, and customers have the flexibility to repay the loan within a maximum period of 60 months. The minimum salary requirement for this loan is TK. 18,000 per month. There are no hidden costs, and no down payments are required for the loan. This loan is available for low processing fees
HSBC has also categorised the personal loans for the benefit of the consumers. These are: wedding loan, lifestyle loan, profession loan, motorbike loan, travel loan, car loan, home loan, student loan, an furniture loan. The requirements for these loans are the same as for personal installment loans. Self-employed professionals may also avail any of these loans, subject to proof of income, the minimum requirement for such being Tk 50,000 per month.
Wedding loan: a wedding is one of the most important decisions in any person's life. There are many costs associated with a wedding and HSBC's wedding loan is the solution. The loan amount ranges from TK. 50,000 to maximum TK. 1,000,000 at competitive interest rates and customers have the flexibility to repay the loan within a maximum period of 60 months. The minimum salary requirement for this loan is TK. 18,000 per month.
Lifestyle loan: as we go through different times in our lives, our needs change. Listening to the radio was once the only form of entertainment, but times have changed and now stereo systems and televisions are the basic forms of entertainment. We don't always have the necessary funds to meet the prices of such products in the market. HSBC's lifestyle loan is the solution to all these problems. The loan amount ranges from TK. 50,000 to maximum TK. 1,000,000 at competitive interest rates and customers have the flexibility to repay the loan within a maximum period of 60 months. The minimum salary requirement for this loan is TK. 18,000 per month.
Professional loan: During our career path, we face many choices. Some of these choices involve a large amount of funds, which are not readily available to us. HSBCs professional loan is the solution to such problems. The loan amount ranges from TK. 50,000 to maximum TK. 1,000,000 at competitive interest rates and customers have the flexibility to repay the loan within a maximum period of 60 months. The minimum salary requirement for this loan is TK. 18,000 per month.
Motorbike loan: If you've found the new motorbike you've always wanted but can't afford it just yet, then think again. HSBC's motorbike loan is the solution to the problem and shall help you overcome all the obstacles. The loan amount ranges from TK. 50,000 to maximum TK. 200,000 at competitive interest rates and customers have the flexibility to repay the loan within a maximum period of 36 months. The minimum salary requirement for this loan is TK. 18,000 per month. Documentation along with the quotation for the motorbike has to be provided to avail oneself of this loan.
Travel loan: If you've always wanted that second honeymoon or even to visit another country but don't have the necessary funds, don't start sulking just yet. HSBC's travel loan enables customers to enjoy the full travelling experience. Along with proof of income, applicants are required to provide travel quotations from their travel agencies. One can apply for a minimum loan of TK. 50,000 and a maximum of TK. 500,000. Repayment period for the travel loan is a maximum of 48 months.
Loan: The car loan enables its customers to fulfill their dreams
of owning a car of their own. The loan amount can range from a minimum
of TK. 100,000 to a maximum of TK. 4,000,000. Repayment period for the
car loan is a maximum of 60 months. HSBC provides car loan for a maximum
75% of the car value for brand-new cars, and 70% for re-conditioned
cars. The minimum salary requirement for the loan is TK. 20,000 per
Student Loan: The student loan shall be launched at the fair, and is a one of a kind loan. With the costs of good education sky-rocketing in recent times, it is normally hard to find the funds for education. However, the decision to provide the best possible education for your child is no anomaly. You may also want to add more value to your professional life by achieving some specialized degree while you are still working. The student loan is the solution to your problems. Student loan offers a variety of benefits including no personal guarantee and no cash security; a loan amount ranging from TK. 50,000 to TK. 750,000 with competitive interest rates. There are no hidden costs. Partial secured loans are also available. The loan can be paid off in equal monthly installments within a maximum of 60 months. There is the added option of opening a student file for the prospective applicants.
HSBC's My Loan scheme
displays a lot of simplicity. The total loan application processing
is simple and efficient, and the customers of HSBC can know the status
of their loan within 24 hours of applying for the loan, while non-HSBC
customers can know their status within 48 hours. The loan processing
fee is very minimal compared to other banks. Moreover, HSBC is providing
its customers the opportunity to partially or fully repay the whole
loan amount at any time with a minimal fee.
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