HSBC to announce low personal loan and payroll rates

Contrary to Banco de México's (Banxico) uptrend, which currently stands at 7.75%, HSBC plans to lower its personal loan and staffing rates for the second week of July.

"It will be small, but we hope that it will be appreciated in context, it is a move to give a message of more certainty for customers," said Juan Parma, deputy director general Bank of HSBC Bank. The manager pointed out that in the course of 2018, consumer credit has only increased by 8%, a slowdown from the 12% increase recorded in 2017.

"We are talking about". positive real growth, there is no Real, but there is uncertainty and it affects consumer confidence, it is not alarming either, remember that After Trump's victory in the US elections, the prospects were terrible and 2017 was still a good year. "

See also: Banxico can make other adjustments to the interest rate

With regard to mortgages, Juan Parma asserted that no movement is expected in the rates charged today.

Banxico Vice Governor, Javier Guzman Calafell, said at an event in London that, as the Mexican inflation risk balance tends to rise in the current context, Further adjustments to the benchmark interest rate should not be excluded, indicating that the cost of credits could increase.

Opt for Savings

As part of its business plan, the bank plans to have 6 million customers by 2021. The strategy for to achieve this goes through a product

This is a service called Stilo, which includes a composite account with a debit card with option of savings with interest, insurance for mobile devices (cell phones and tablets) yu n a financial framework provided by an application

The account has a monthly cost that can be exempted if the customer has an average balance greater than 4 000 pesos or s & he transfers his account to Payroll deductions of an amount greater than: 4,000 pesos per month.

Juan Parma explains that the account is focused on providing a personalized service to high-income clients, since 30% of those with a salary greater than 30,000 pesos can achieve transaction savings and three of each 10 clients with this profile are ready to move to a bank that puts more interest.

Here's what the new HSBC product looks like