Plan Your Next Vacation with HSBC Travel Loan
Last Updated : June 29, 2016, 11:06 a.m.
Whenever you are in urgent need of funds so to travel to your favourite destination, look no further as HSBC Travel Loan won’t disappoint you. The bank with its best of travel loan product is here to fulfill every wish of yours. The moment you avail a travel loan from the lender, you will be delighted with plenty of benefits and privileges. Yes, the loan offered by the bank comes to you with various advantages such as lower interest rates, easy repayment option, less documentation and quick disbursal.
This is the reason that many people are showing their keen interest in availing a travel loan from HSBC. But, one thing that needs to be mentioned here is the fact that if you want to avail the loan from the bank, there is a certain eligibility criteria that you need to meet. The bank offers you a loan, if only you fit into the eligibility. To know about the same, go through the article below.
HSBC Bank Travel Loan Details:
| Particulars | Details |
|---|---|
| Interest Rates | 12.25%-17.5% |
| Loan Amount | Rs.75,000-Rs. 20 lakh |
| Repayment | 6 Months-60 Months |
| Processing Fees | Up to 2.5% |
| Forclosure charge | Up to 3.75% |
Eligibility Criteria for HSBC Bank Travel Loan
- If you are an applicant, you must be an existing customer of the bank
- Only an Indian can apply for a loan
- The age of the applicant should be 21-65 years
- Minimum net annual income of Rs.4,00,000 p.a. and above is required for Corporate Employee Programme and Rs.5,00,000 p.a. and above for other individuals.
Next, thing on which you need to pay attention is the documentation required to get the travel loan in this bank.
Documentation Required for HSBC Bank Travel Loan
| For Salaried | For Self-Employed |
|---|---|
| Proof of identity: Passport/ voter’s id/driving licence/ government employee ID card /defence ID card /PAN card/ aadhar card/ Photo ration card/ NREGA job card | Proof of identity: Passport/ voter’s id/driving licence/ government employee ID card /defence ID card /PAN card/ aadhar card/ Photo ration card/ NREGA job card |
| Proof of residence:Passport/ voter’s id/driving licence/ ration card/ society outgoing bill/ electricity/water/telephone bill/ gas bill/property tax bill/domicile certificate with address issued by municipal corporation/registered rent/lease agreement | Proof of residence:Passport/ voter’s id/driving licence/ ration card/ society outgoing bill/ electricity/water/telephone bill/ gas bill/property tax bill/domicile certificate with address issued by municipal corporation/registered rent/lease agreement |
| Proof of age:Passport/driving license/birth certificate/ photo PAN card/ school leaving certificate | Proof of age:Passport/driving license/birth certificate/ photo PAN card/ school leaving certificate |
| Financial documents: Latest salary slip showing statutory deductions/ form 16 (Declaration from employer giving details of income and deductions, duly signed by an authorized signatory of the company) and salary account statements for the last 3 months | Financial documents: Audited/ certified financials (P&L account and balance sheet) and acknowledged IT returns for the last 2 years and bank statement of the primary account for the last 6 months |
Features and Benefits of HSBC Bank Travel Loan
- Best Interest Rates
- Simple Documents
- Easy Process
- Quick Disbursal
- Doorstep Service
- No requirement of collateral
- Flexible Tenures
- Balance Transfer Facility
HSBC Bank Travel Loan EMI Calculator
Now if you want to avail a travel loan, knowing EMIs regarding the same is also important. It would be really helpful for you to know your travel loan EMIs as it will give you an insight regarding the amount that you are going to repay the loan. All, these difficult calculations are done by EMI Calculator, giving you best results instantly. But, to know exact calculations, you need to enter the loan amount, tenure and interest rate into the tool because then only it will give you the results. With the help of this smart tool, you can anytime and from anywhere calculate your EMIs and make your loan journey simpler and smoother. Well, for your reference, below is an example, which will help you in knowing your EMI better. So, let’s take a help from an example below.
Suppose, Rajesh Mehta, a Chartered Accountant wants to avail a loan of Rs.5,00,000 from HSBC for 5 years at an interest rate ranges between 12.25%-17.7%p.a. But, the problem here is that he doesn’t know how to calculate the EMIs of the same. So, what would he do? Nothing to worry as HSBC EMI calculator is here to help. All he needs to do is just feed few details (loan amount, tenure & interest rate) in the calculator, it will give you the results instantly. So, let’s get started and see the magic.
| Loan Amount (in Rs.) | Interest Rate (in p.a.) | Tenure (in Years) | EMI (in Rs.) | Interest (in Rs.) | Total Amount (in Rs.) |
|---|---|---|---|---|---|
| 500000 | 12.25%-17.7% | 1 | 44,483-45,769 | 33,795-49,224 | 5,33,795-5,49,224 |
| 500000 | 12.25%-17.7% | 2 | 23,595-24,890 | 66,284-97,351 | 5,66,284-5,97,351 |
| 500000 | 12.25%-17.7% | 3 | 16,667-18,001 | 1,00,009-1,48,037 | 6,00,009-6,48,037 |
| 500000 | 12.25%-17.7% | 4 | 13,228-14,609 | 1,34,962-2,01,243 | 6,34,962-7,01,243 |
| 500000 | 12.25%-17.7% | 5 | 11,185-12,615 | 1,71,130-2,56,915 | 6,71,130-7,56,915 |
Ammortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 77,212-68,240 | 57,008- 83,140 | 422,788-431,760 |
| 2 | 87,218-81,349 | 47,002-70,031 | 335,570-350,411 |
| 3 | 98,523-96,975 | 35,697-54,405 | 237,047-253,436 |
| 4 | 111,293-115,603 | 22,927-35,777 | 125,754-137,833 |
| 5 | 125,867.-138,017 | 8,502-13,571 | 0 |