HSBC personal loan interest rates & product overview

HSBC logo (HSBC personal loans)

The table below shows a snapshot of HSBC personal loan options. Whatever your goal – debt consolidation, a home renovation, or a large purchase – HSBC can help you achieve it sooner.

How much will a loan from HSBC cost? Use the HSBC personal loan calculator below to find your estimated monthly repayment by inputting your desired loan amount and loan length. You can also explore different payment scenarios by adjusting the figures until you find an estimate that fits your budget better.

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

HSBC personal loan calculator

Calculator coming soon

HSBC personal loans review

There are several financial products for personal use available from HSBC Canada, including an HSBC personal loan, RRSP loan, and personal line of credit.

HSBC loan features

Here are key features and benefits to expect when taking out an HSBC loan:

  • Loan term. 1-5 years.
  • Fixed or variable rates. Choose a rate that stays the same or one that can reduce your interest costs if HSBC’s prime rate changes. Please note that, in any case, the rate you get depends on your credit profile.
  • Flexible payment options. You can make payments weekly, bi-weekly, or monthly.
  • Creditor insurance. This provides security if you or your co-signer can’t make payments due to death or disability.
  • Unsecured loans. You don’t have to offer an asset as security for the loan when applying.
  • Special rates for some customers. You can receive a preferential interest rate if you’re an HSBC Premier or HSBC Advance customer.

How to apply for an HSBC personal loan?

You can apply online for an HSBC loan, and a representative will reach out to you within two business days to inform you of your application’s status. Alternatively, you can apply at a branch or by calling toll-free 1-888-310-4722.

Check that you’re eligible:

To qualify, you must:

  • Be at least 18 or 19 years of age, depending on the age of majority in your province
  • Be a Canadian resident
  • Have a bank account
  • Meet the income and credit criteria
  • Consent to HSBC obtaining your credit report

What you’ll need

You will need to provide your name, date of birth, and contact information. You will also need to have the following:

  • Social Insurance Number
  • Proof of income or employment, such as pay stubs and bank statements
  • Other financial details, such as monthly expenses, assets, and liabilities
  • Your bank details (if you do not bank with HSBC)
  • Your desired loan amount and purpose


How long does HSBC take to approve and pay out a loan?

According to HSBC, you can expect a response within two business days once you submit your application. If approved and provided your information was correct and up-to-date; you can expect to receive the funds in your account shortly after.

How does an HSBC RRSP loan work?

This is a financial product that allows you to maximize your RRSP contributions, catch up on RRSP contributions that you have missed in the past, and enjoy tax benefits now while saving for retirement. The eligibility criteria is the same for regular personal loans.

How does an HSBC personal line of credit work?

This is a financial product that allows you to access funds whenever you need to, instead of receiving a lump sum. It’s great for unexpected expenses, debt consolidation, and major purchases. Additionally, you only pay interest on the amount you draw. The eligibility criteria is the same for regular personal loans.

Learn more about HSBC in this video