HSBC Bank Middle East, today, announced the reduction in minimum salary requirement for personal and auto loans to AED 10,000/- in yet another positive step to support its customers.
Personal Finance is available from AED 50,000/- to a maximum of AED 250,000/- and can be availed over a maximum tenure of 60 months.
In order to get an auto loan customers must now have an account with HSBC and can take loans for new as well as used cars. Tenure for auto loans can be taken over a maximum period of 60 months.
Commenting on this significant move, Abdulfattah Sharaf, CEO of Personal Financial Services, HSBC Bank Middle East said, "This move is in line with current market conditions and a further adaptation of our relationship based business model so as to ensure that our products and services are sustainable for the bank and the customer.
"Our focus is to lend to relationship customers using prudent lending criteria combined with affordable pricing and excellent service levels. This illustrates our strong commitment to the UAE market"
HSBC Personal Finance offer unique features including flexible repayment periods, payment holidays & competitive rates.
Commenting further, Abdulfattah said, "HSBC is a responsible lender whose continued focus is clearly on maintaining its financial strength. Although we have relaxed salary levels for Personal and Auto Finance, we will adapt a cautious approach to assess customer's credit worthiness and offer loan amounts based on repayment capacity. Throughout our long history this approach has shown us that we are well-placed to navigate periods of economic and market instability,".
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HSBC Holdings plc - www.hsbc.com
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.
HSBC in the Middle East
HSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 44 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan and the Palestinian Autonomous Area. In addition to the branch network, the bank maintains representative offices in Tehran, Iran and Tripoli, Libya. This extensive regional coverage is strengthened by another member of the HSBC Group, HSBC Bank Egypt SAE, and by its associated companies: The Saudi British Bank; British Arab Commercial Bank Limited; HSBC Saudi Arabia Limited; SABB Securities Limited; SABB Takaful Co.; and Dar Es Saalam Investment Bank.
Media enquiries to
Andrea Jaishankar,
Manager Communications,
HSBC Bank Middle East Limited
04 3906639
andreajaishankar@hsbc.com
Press Release 2009
