Frequently Asked Questions - Car Loan October 2013
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Application Who is eligible to apply for an HSBC Car Loan? Individuals aged between 18 to 65 years old (loan to terminate at 65 years) with a minimum monthly income of MUR 12,000. Why should I apply for an HSBC Car Loan? HSBC Car Loans provide you with hassle free financing to enable you to own your own Car with financing up to 70% of the Value / Purchase price of the vehicle (whichever is the lower). You may choose to repay your Car Loan over to 84 months, and also choose our unique fortnightly repayment option which could further save you interest on your loan. Interest Rates are variable and available upon request. Lease or Car Loan? With Leasing, the Car belongs to the Leasing Company until you have fully repaid all financing including the residual value at the end of the financing period. With a Car Loan, the car is yours to own from Day One. You have the flexibility to repay the loan at any time with no Early Repayment Penalties, which can make the Car that much easier to sell should you wish to upgrade to a newer Car at any time. How much can I borrow? As a responsible lender, we review and assess each file individually. As a guide, your total monthly credit repayments for all of your loans, leasing etc., should not exceed 40% of your Gross Monthly Salary. As part of the assessment, a Credit Check will be conducted with the Mauritius Credit Information Bureau. Simply contact us on 800 1234 or visit your local branch and we will assist and provide free quotations. I've applied for an HSBC Car Loan, how can I check on the status of my application? Your Relationship Manager or Personal Banker is your main contact for all your Banking services. They will regularly keep you informed on the status of your application. You may contact them directly, or call our Customer Service Centre on 800 1234. What will be my monthly / fortnightly repayment? The key factors that will affect your repayments are, the loan amount, the actual interest rate being charged, and the term of the loan. If you would like a free quotation, please contact us on 800 1234 or visit your local branch. What are the different loan terms I can apply for? Up to 7 years, subject to age of Vehicle not exceeding 7 years at end of loan tenor. How can I apply for an HSBC Car Loan? Simply visit one of our branches or contact us on 800 1234 to arrange an appointment with one of our Personal Bankers or Relationship Managers. What is the difference between the Car Loan and an Unsecured loan? The Car Loan is considered as a Secured Loan and so a lien in the form of Gage sans Deplacement will be registered on the vehicle. In addition, a fully comprehensive Car Insurance assigned in favour of the Bank is required. Unsecured Loans do not need to be supported by Security other than a Salary pledge from your Employer. The benefit for taking the Car Loan option is that it is generally available over a longer period than the Unsecured Personal Loans and at much lower interest rates. What supporting documentation do I need in order to complete the HSBC Car Loan application? National Identity Card Recent Utility Bill Last 3 Months Payslips Last 6 months Bank Statements where salary is credited (if not HSBC) 3
Please also provide: Car Quotation from Dealer Copy of Deed of Sale & Horsepower if available Is there an application fee? There is no application fee. However, should your loan be approved, a handling Fee of 1% is payable at the time of disbursement. I am having difficulty completing my application form, who can I speak to for assistance? Your relationship manager might be of help if you are an Assetvantage customer. Otherwise, you may either seek assistance by visiting one of our branches or by calling our hotline on 800 1234. Can I apply for an HSBC Car Loan in joint names? Yes, however we do not advise since your Car will only be registered in one name only. 4
Product Information What are the features and benefits of an HSBC Car Loan? Monthly or Unique Fortnightly Repayment options available Competitive Variable Interest Rates Fast Approval and Disbursement No Early Repayment Penalties No Monthly or Half Yearly Service / Ledger Fees What are the fees associated with an HSBC Car Loan? A Handling Fee of 1% of the loan amount is payable at the time of disbursement. Registration Fee payable to the Government of Mauritius for the Gage sans Deplacement. (For 2nd Hand Vehicles, an independent valuation is required and a fee payable). Our staff will provide you with the necessary information upon request and at the time of application. What is the interest rate? Please contact us on 800 1234 or call into your local branch for information on Interest Rates. Are there any fees if I repay my HSBC Car Loan early? No. With our Car Loan there are no Early Repayment Penalties to pay should you choose to repay part or your entire Loan early. How often do I have to make repayments? Repayments are made on a monthly or fortnightly basis and are debited to your HSBC account. How quickly will I receive the funds once my loan is approved? We will disburse the loan within 24 hours of the Loan having been approved and all terms and conditions including security documentation having been completed satisfactorily. 5
Servicing Information How do I change the account from which my repayments are debited from? You may advise us in writing or call into your local branch to make the change. We will require the authority of all parties if the account to be debited is a joint account. Where can I access my HSBC Car Loan Statements? If you have registered to Internet Banking, you may access your Loan statements through your Online Banking Service. How often will I receive Statements? As a minimum, you will receive statements at least twice yearly. How do I register for estatements? Once you have logged into your Online Banking Account, Click on Options > Statement/Advices > Select E-Statement/E-advice in the drop down menu. You will be then prompted to select an option. Finally Click on Submit to confirm your request. How do I register for Internet Banking? You can register to Intenet Banking only if you have an ATM card. Then simply follow the instructions on the 'Internet Banking' page of our website. How can I close my HSBC Car Loan account? You must contact us for confirmation of the amount repayable. You will need to ensure that you have sufficient cleared funds on your account to cover the loan amount and any refunds due to the Bank in case of any Fees which were paid on your behalf. Details of this can be found in your original Loan Facility Offer Letter. you will also need to pay the cost for the erasure of the Gage sans Deplacement. How do I change my personal details? Simply call your Relationship Manager or Personal Banker. (Additional supporting documents may be required). Can I change the frequency of my repayments? If you have chosen a fortnightly repayment option for your Car Loan, you may be able to switch to monthly repayments. Please contact your Relationship Manager / Personal Banker to assist you. I would like to borrow more. How can I apply for a top up? Please contact your Relationship Manager or Personal Banker. You may be required to provide additional supporting documents such as current Payslips etc. and will be advised accordingly. What should I do if I am having problems meeting my repayments? Contact us as soon as you encounter difficulties repaying your loan. 6