HSBC Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

HSBC Education Loan

The Hong Kong and Shanghai Banking Corporation is an Indian subsidiary of UK-based HSBC Holdings plc, is a bank with its operational head office in Mumbai. It is a foreign bank under the Banking Regulation Act, 1949 and thus is regulated by the Reserve Bank of India (RBI). If you want Education Loan to pursue higher studies from Abroad or India, You are at the right place to collect every aspect of information related to Education Loan in India.

HSBC Bank logo

Read this full post on HSBC Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding HSBC Bank Education Loan it’s Process to Apply and full detailed Information.


Hong Kong and Shanghai Banking Corporation Bank  Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  HSBC bank
Founded on 1853
Headquarter Mumbai
Type of Bank  Private Bank
Number of Employees 32,000
CEO Name Surendra Rosha
Maximum Loan Amount  Rs. 1 Crore
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue
Processing Fees 1% of the loan amount+GST
Other Subsidiaries
  • HSBC
  • The Hongkong and Shanghai Banking Corporation
  • HSBC Bank USA
  • Hang Seng Bank
  • HSBC Bank Canada
Category  Education Loan in India

Types of HSBC Bank Student Loan

S.no. Scheme Description
1. Education Loan This loan is for pursuing higher education in India and abroad.one can avail a loan amount up to Rs.50.00 lakh for studies in India and abroad. Vocational courses – Maximum up to Rs.1 crore

How to Apply

Online

  • Visit official Web Site of HSBC Bank (Click Here)
  • Find the Educational Loan Section Apply Now Button
  • Fill online Application Form

Offline

  • Visit the nearest branch of HSBC Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian national.
  • The minimum net annual income must be  Rs. 150,000 for secured loan and Rs. 75,000 for an unsecured loan
    The student must have secured admission to a recognized college/university in India or abroad

Documents Needed

  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Electronic confirmation through GSLC system of break up of tuition fees, living expenses, expenses on books, etc., as issued by the university
  • Beneficiary declaration form, where both co-applicant and applicant would confirm that they are okay with the loan being disbursed in favour of the university
  • 1 passport size photographs

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Books, supplies, computer equipment
  • Travel expenses, accommodation, other living expenses

Return Policy

  • In case of HSBC Bank Education loan, repayment will start after the completion of course period +1 year or moratorium period. Repayment will commence 6 months after securing a job, Whichever is earlier.

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for HSBC Bank Educational LoanClick Here

Security

  • Loans above Rs.5 Lacs
    • There are available against security of residential property/shares.
  • Loans to value ratio to be less than or equal to 50% of the property valuation.

Contact Details

Head office  Plot No. 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001
Official website www.hsbc.co.in
Apply for Loan  Click Here
Contact Number 18001032666

HSBC Student Loans FAQs

We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on an HSBC Bank education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

 

Disclaimer: If you have found any inappropriate or wrong information/data on the site, inform us by emailing us at mail[@]edufever.com for rectification/deletion/updating of the same.

1 COMMENT

  1. I got an offer letter from Northampton University for MBA program in UK. I need a educational loan from your bank to study there. Kindly reply me. Thank you.

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