Top of main content

Personal Overdraft

Tailored to your needs

HSBC Personal Overdraft

Our personal overdraft is a great way to put your plans into action. Enjoy the convenience of a fast decision and funds transferred on the same day (if approved), with a variable interest rate.

Benefits

With the HSBC Personal Overdraft, you will get:

  • Fast decision
    We will give you a quick reply to your overdraft request.
  • Preferential rates
    HSBC Advance and HSBC Premier customers can enjoy discounts on their effective interest rates.
  • No processing fee
    No processing fee on personal overdrafts.

Product overview

Maximum overdraft amount and interest rate

A personal overdraft is subject to a maximum limit of 10% of your net annual income or €30,000 whichever is the lower.

At present, our interest rate is 4.25% over the Bank's Base Rate which as at 1st January 2015 was 2.50%. This works out at an effective interest rate of 6.75% per annum.

  • HSBC Premier customers benefit from 1% discount for an effective interest rate of 5.75% on overdrafts up to €12,000
  • HSBC Advance customers benefit from 0.50% discount for an effective interest rate of 6.25% on overdrafts up to €7,000

 

Representative example: If you apply for a personal overdraft of €1,500 at a variable borrowing rate of 6.75%, the total amount paid by you after 12 months will be €1,602.66.

This example is based on the assumption that you spend your overdraft limit in full at the start of the agreement and that it remains fully drawn down for the duration of the agreement, which is here deemed to be 12 months. Use of the overdraft in a different manner may result in a higher total amount paid. The 12 month term of the overdraft facility is for guidance purposes only as our overdrafts are generally for an indefinite duration and repayable on demand.

Repayment

No repayment schedule but normally subject to an annual review.

Cost

No processing fees will be charged when you apply for this product.

Documentation

When you apply for an overdraft, we will ask you to present your ID card, together with evidence of income. If you are employed , you will need to provide your latest FS3 or the latest 3 monthly payslips. If you are self-employed, we will ask you for the last 3 years’ income tax returns. We may also ask for other documentation, depending on your individual circumstances.

Other conditions

When you apply to borrow money from us, we want to ensure that you will be able to meet your monthly repayments. We feel that it would not be in your best interest to take on a commitment which you may find difficult to manage. We will grant you a loan following an assessment on your financial position performed by your branch.

Wherever possible, your salary / income is to be credited directly to an account with HSBC from which loan repayments will be effected.

Eligibility

To apply for a personal overdraft you must be a resident of Malta, and aged 18 or over. Other eligibility criteria may apply.

Apply online

It’s quick and easy to apply for an overdraft.

Apply in branch

Alternatively, you can visit one of our branches, where our staff will be glad to give you further information and process your application.

Existing Overdraft customers

Related products

 

A great way to put your plans into action.

 

Helping you put your plans into action after university.

 

For environmentally friendly products and services.

Disclaimer

The Site is primarily intended for those who access it from within Malta. Because of this we cannot guarantee that the Site or the information thereon complies with law or regulation of other countries, or is appropriate for use, in other places. You are wholly responsible for use of the Site by any person using your computer and you must ensure that any such person complies with these Terms. The information provided on this Site is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to law or regulation. This Site should not be considered as communicating any invitation or inducements to engage in banking or investment activity or any offer to buy or sell any securities or other instruments outside Malta.

Listening to what you have to say about our services matters to us.