All you need to know about HBSC Education Loan to Study Abroad for Students

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HSBC Education Loan to Study Abroad: Is it your dream to study at a foreign university or college to pursue your higher education, be it any master’s course, a PhD, or even your bachelor’s degree? but the expense is too much? 

Don’t worry! In this blog, we’ll tell you about the HSBC education loan, Which will help you afford your education abroad. With a maximum loan amount of 30 lakhs, it provides you with an easy process to apply for the loan with both online and offline applications. This loan has interest rates starting from 9.25%.

We’ll cover why you should take this loan how to apply for this loan and what qualifications you need to access this loan.

Overview of HSBC Education Loan to Study Abroad

The HSBC Education loan to study abroad is a trustworthy and student-friendly way to help students who want to study abroad from India by providing them with an education loan that covers their tuition fees, books, accommodation, travel and other expenses. The HSBC is affiliated with global student loan cooperation, which enables them to afford quality education without worrying about money. 

Not just education loans, HSBC Bank also offers credit cards for easy money management. There are several other benefits of the HSBC student credit card for international students to help them attain financial freedom.

Below is the necessary information about the loan in a tabular format – 

Loan AmountINR 15 lakhs to INR 30 lakhs
Interest Rates9.25% to 15.5% per annum
Repayment Tenure15 years
Application ProcessBoth Online & Offline are available
Moratorium periodCourse Duration + 1 year

Eligibility Criteria

There are some necessary eligibility requirements to be fulfilled by the applicant to get approved for the loan. The eligibility criteria revolve around the information of the applicant and generally require certain documents of proof. Some of them are listed below-  

  1. The applicant’s age must be between 21 to 60 years old.
  2. Submit a copy of the proof of admission to college you are admitted to.
  3. You must have passed your secondary education or if you are going for your master’s degree, you must have your bachelor’s certificate and vice versa.
  4. Collateral is only necessary for some loan amounts; if it is required the bank will let you know.
  5. The applicant must have an HSBC account.

Also Read: Ever wondered what is RLLR in interest rates? Check here Full form of RLLR and know its role in determining its importance.

Documents Required for the HSBC Education Loan

Some legal documents are required before applying for a loan. This is to check whether or not you fit in the category of HSBC education loan to study abroad. If you want to have a quick processing of your education loan then make sure that you submit the original, authentic and bonafide documents that you are asked for as it increases the chances of your application approval a lot faster. Some necessary documents required for an HSBC student loan to study abroad are listed below – 

  1. A valid copy of identification proof of the applicant ( Passport voter ID driving licence, Adhar card, etc.)
  2. A valid proof of address of the applicant (Electricity bill, Water bill, Rent bill)
  3. Proof of age ( Birth certificate, passport, Aadhar Card)
  4. Offer letter from the university
  5. Financial documents to show space for collaterals for the application.
  6. Legal documents at certain points in time (collaterals).

Application Process

The HSBC loan application is an easy and understandable process. There are two basic ways to successfully apply for this HSBC study abroad education loan and have a quick response to your application. Below are some steps to follow for a hassle-free application process – 

Offline Application Procedure

  1. Go to the nearest branch of HSBC.
  2. Submit all the documents that are stated above which will prove your verification.
  3. After the verification is done the loan will be transferred to your account and you will be notified by the bank about the same.

Online application procedure

  1. Visit the HSBC bank website online and start your application for the loan.
  2. Upload the required document directly through the online portal and ensure that all the items are submitted.
  3. After submitting your application via the online platform, the bank officials will go through your application and verify the details.
  4. After going through the application the bank officials will let you know about the approved payment and the loan amount will be directly transferred to your respective bank account.

Read More: Staying abroad and want to know about HSBC international account? Read our blog on Know Everything About HSBC International Student Account.

Loan Repayment Process of HSBC Bank

The repayment tenure of this HBSC Education Loan to study abroad is of about 15 years and to repay the HSBC education loan you just have to check the tenure selected by you. The easiest way to repay this loan is by EMI so the EMI will be calculated based on the tenure of our payment and rate of interest at the time of taking the loan. 

There are certain things to keep in mind while you repay your HSBC student loan like the EMI. This option allows you to repay your HSBC education loan in monthly instalments which is a combination of principal amount and interest amount. 

For this situation, HBSC has introduced Student Credit Cards and benefits to the users to reduce their interest rates by 2 times. Also while studying abroad you may face certain hardships or queries regarding the repayment of loans, so in this situation, you may directly go to the nearest branch of HSBC or the most effective method is through the digital website of this bank. 

Benefits of HSBC Education loan to study abroad

The first and foremost benefit of getting this kind of “money-help” is very beneficial as it plays a crucial part in fulfilling the dream of studying abroad. There are various other benefits for the applicant once they opt for this facility. Some of these are –

  1. The first benefit of this education loan is that it gives you access to higher education by covering various expenses like tuition fees accommodation travel fare etc.
  1. It has flexible repayment options to ease the financial burden for the students while they are studying.
  1. The application to be filled out for this education loan is very easy and flexible
  1. The repayment tenure is up to 15 years.

This was all about the HSBC Education Loan to Study Abroad and how it can help fund your educational aspirations.

FAQs

What is the maximum education loan amount provided by HSBC Bank and what are the interest rates?

The HSBC Education Loan to Study Abroad policy provides loan amounts ranging from 15 lakhs INR and up to 30 lakhs INR whereas we talk about the interest rates, ranging from 9.25% to 15.5% per annum which is seemingly manageable.

What does the HSBC student loan cover?

This loan policy covers your tuition fee which includes your fee payment for the semester along with skill development and lectures. Apart from fee payment, it also covers your books and library fees, accommodation money, flight fare and most importantly your food expenses.

How flexible are the repayment terms for an HSBC Education Loan?

HSBC offers flexible repayment terms for its Education Loans, allowing you to spread your repayments over 5 years with an optional extra 2 years of interest-only payments. This flexibility helps you find the best option to suit your financial situation.

What are the eligibility criteria for applying for an HSBC Education Loan in the UAE?

To apply for an Education Loan in the UAE, you need to be a UAE national or resident, between 21 and 65 years old, earning at least AED 7,500 a month. Additionally, having a current account with HSBC and crediting your salary to that account is generally required for loan approval.

Is an HSBC education loan a good option?

Yes, HSBC education loans provide 100% financing to students covering their study abroad expenses. The easy application process makes it easier to apply for loans, and loan processing time is also quick. The bank has a hassle-free disbursement process.

To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. 

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