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We are pleased to launch two new eligibility criteria to our Advance Proposition, besides the Income eligibility criteria, to reward our customers for their loyalty, giving them further opportunity to enjoy numerous benefits attached to our Advance proposition.
What are the new eligibility criteria?
As from the 29 October 2021, 2 new eligibility criteria have been introduced, which can be met in order to qualify for HSBC Advance. These have been revised further with effect from 16th January 2023, being:
hold a new or existing mortgage with HSBC Bank Malta p.l.c., equivalent to a minimum of €150,000 if applying as a sole customer or a minimum of €250,000 as a joint customer with a spouse or partner. Customers' salaries must also be credited to your HSBC Bank Malta p.l.c. account to qualify
graduates who have obtained a minimum of MQF level 6 qualification will be eligible for the Advance Proposition for a period of 3 consecutive years (or for the duration of any personal loan taken with HSBC Bank Malta p.l.c. whilst such eligibility is applicable), as long as the application is processed within 5 years from the achievement of certification. Customers' salary must be credited to their HSBC Malta p.l.c. account to qualify
The current Income eligibility criteria have also been revised, and are now:
crediting a minimum net annual income^ of €20,000 to your HSBC Bank Malta p.l.c. account if applying as a sole customer or, a joint net annual income of €30,000 if applying jointly
^See Advance Terms & Conditions for income definition
If I already hold a mortgage with you, can I apply for Advance?
Whether you will be taking a new mortgage, or have an existing mortgage with HSBC Bank Malta p.l.c which balance is over €150,000 on sole basis or €250,000 jointly with another person, you can apply for HSBC Advance, as long as your salary is directly credited into an HSBC Bank Malta p.l.c. account. The Advance Proposition Terms & Conditions will apply.
Does my salary need to be directly credited with HSBC Bank Malta p.l.c. for me to apply for Advance?
Yes. All eligibility criteria require direct salary credited into one of your HSBC Bank Malta p.l.c. accounts. Any particular circumstances where this requirement cannot be met need to be evaluated on a case by case basis.
If I am an unemployed Graduate, can I still apply for Advance?
If you are still studying or still searching for the right career opportunity, you may still apply for Advance under the Graduate criteria, subject that you have obtained an MQF Level 6 qualification within the last 5 years from application. However, without any income, you will not be gaining full benefits from the proposition, since the 3 consecutive years Advance entitlement period will commence as from date of application. Thus, we suggest that you apply for Advance once you have a fixed salary credited to your HSBC Bank Malta p.l.c. account, so that you can enjoy the full benefits of Advance, including an Advance Platinum Credit Card, for a whole 3-year period from application, or for the duration of any personal loan you should take with us throughout that period. May we remind you also of the 4.5% (4.7% APRC) ** fixed preferential rate we are offering to Graduates on any personal loans taken whilst qualifying for our Advance Graduate.
The Annual Percentage Rate of Charge (APRC) on a Personal Loan of €10,000, repayable over 7 years at a fixed borrowing rate of 4.5% per annum will be 4.7%. The loan will be repayable in 83 equal monthly instalments of €139.31 and one final instalment of €137.76. The total amount paid after 7 years will be €11,700.49.
How can I apply for Advance?
If you are already an HSBC customer, you can visit our public website www.hsbc.com.mt/advance, call our Advance Contact Centre team on +356 21489101, or visit one of our branches to request an appointment.
If you are not an HSBC customer, you may apply to become a customer of HSBC by
Once the account is open and set up, one of our dedicated staff members will contact you to set up an appointment at any one of our operating branches, where then you will be assisted accordingly.
If you are a Graduate and applying for Advance through the Graduate criteria, you may visit our public website on www.hsbc.com.mt/graduates to request an appointment. You will be asked to attach a copy of your Graduation Certification and your Identity Card, whilst also selecting your preferred branch. One of our dedicated staff members will then contact you to set up an appointment at your chosen branch, where then you will be assisted accordingly.
Where can I find more information about this newly enhanced proposition?
More details about HSBC Advance benefits, terms and conditions and up-to-date information can be found on our public website www.hsbc.com.mt/advance.
If you are a Graduate, you may visit our webpage www.hsbc.com.mt/graduates for details on our HSBC Advance for Graduates package.
Are there any new benefits or enhancements in the Advance proposition?
The Advance proposition features will not be changed. We are providing further opportunities for upgrade through our new additional eligibility criteria besides the current Income criteria.