In another positive step to support its customers, HSBC today announced the introduction of its new 12 month personal loans in both conventional and Shariah-compliant forms at attractive rates.
Personal Finance is available from AED 25,000/- to a maximum of AED 250,000/- and can be taken over a minimum tenure of 6 months to a maximum of 12 months.
The 12 month loan is available to customers with a minimum monthly salary of AED15,000/- who hold an account with the bank. Salary transfer to the customer's HSBC account is mandatory.
Interest rate for the conventional loan is 9.99% p.a. on a reducing balance. Amanah Personal Finance is also available at an equivalent flat profit rate of 5.49% p.a. for a period of up to12 months.
Commenting on the product launch, Rick Crossman, Head of Personal Financial Services, UAE, HSBC said, "HSBC has always been a prudent lender. Each applicant will be analysed on an individual basis; providing them with a loan option that is specific for their financial needs and economic situation. Our goal is to provide a personal service for our customers from beginning to end.
"With this new product, customers can get the finance they need fast to meet short term requirements such as the annual rent, school fees or to redecorate their home; while feeling confident that they can pay this debt over a very manageable term at a reasonable price.
"This is 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."
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HSBC Bank Middle East Limited (HSBC)
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 46 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan, Algeria 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 on 04 4235635
at andreajaishankar@hsbc.com
Press Release 2010
