HSBC Education Loan for Studying Abroad: Check Application Process, Eligibility Criteria

HSBC Education Loan for Studying Abroad

Banking is of utmost importance when it comes to transactions while living in a foreign country. Having said this, this blog will cover all the essentials that are required for students to choose the best bank in any foreign country for education loans. It’s understood that banks only do not provide financial security with the help of loans. At times of need and emergencies, banks have the complete documentation of the students who might suddenly need insurance of any kind or even investment plans. And naturally, every country will have different financial requirements. Thus, we will here cover the HSBC education loan for studying abroad.

Bank for education loanHSBC
Loan AmountINR 15 Lakhs to 30 Lakhs
Repayment Tenure15 years
Moratorium periodMaximum 1-year
Additional Eligibility criterionHSBC account (>3 months old)
Rate of Interest9.25% p.a. to 15.5% p.a
Application modeOnline & Offline

HSBC Bank Services

HSBC is known to support students who look forward to taking international education. The bank’s services talk about its endless support to international students.

  • Easy banking: Students living abroad can easily send money, make payments of bills, and hence manage finances 24*7.
  • Transfers made easy: HSBC allows students to make payments to more than 150 countries. The payments can be made with a mobile or debit card or any online mode.
  • Global benefits: HSBC allows students to move money into other accounts when the need arises. The entire process can be done online.
  • Contactless payments: HSBC Debit card allows students to make secure and contactless payments in any place globally.
  • Global network: HSBC has a global network dissipated across 100 countries which popularly include London, New York, Vancouver, and Hong Kong.

Read more: Credit Card for International students

About HSBC Education Loan

HSBC Bank is affiliated with Global Student Loan Corporation which makes loans from the bank very trustworthy and student-friendly. This education loan is among the best for international students. The reason behind this is that HSBC gives out up to 1 Crore against residential property for abroad education. Also, the repayment tenure is 15 years. The bank is especially great for international students in the UK. However, for other destinations of studying abroad, the bank helps with not only education loans but also with visa applications as well.

Expenses Covered Under HSBC Education Loan 

The following expenses are covered by the HSBC education loan.

  • University Tuition fees: The fees of the University or college per semester including skill development, lectures, and other expenses collectively under tuition fees are being covered.
  • Accommodation expenses: Housing allowance can be the other name for this as it covers all the expenses to meet the rent of the student accommodation and the necessary equipment to make the accommodation home-like.
  • Library and books: This is the necessary expense that is inexcludable from a student’s expenditures.
  • Travel and food: The other necessary expense which is super important for a student to survive in a foreign city.

Facts About HSBC Education Loan

These are the facts about the HSBC Education Loan that make the bank among the best for students getting their education abroad.

  • The disbursed loan amount can range from 15 to 30 Lakhs depending upon the profile of the student.
  • The co-applicants can be parents, siblings, and in-laws.
  • The rate of Interest payable for the loan is between 9.25% to 15.5% p.a.
  • The moratorium period is a maximum of up to one year after the completion of the course.
  • The repayment tenure is up to 15 years.

Application Process

HSBC provides both online and offline applications for education loans. We would provide the steps to both procedures for the benefit of international students.

Offline Application Procedure

  • Visit the nearest offline branch of HSBC.
  • To complete the verification, submit all the documentation that is required by the bank.
  • If the verification is completed, the loan amount will be sanctioned by the bank.

Online Application Procedure

  • Visit the website of HSBC Bank.
  • Go to the section for education loans abroad.
  • Book an appointment with the bank.
  • Keep the documents ready for verification.
  • Fill out the forms that the bank would provide after the appointment is successful.
  • If the application meets all requirements, the loan would be sanctioned.

Also Read: BENEFITS OF OPENING A BARCLAYS INTERNATIONAL STUDENT ACCOUNT

Eligibility Criteria

There are a few eligibility criteria that need to be fulfilled in order to get an education loan from HSBC for education abroad.

  • Age: 21 to 60 years.
  • Applicants must be citizens of India at the time of the loan application.
  • Applicants must be salaried or self-employed to be considered for the loan.
  • The address for correspondence needs to be located in India.
  • Candidates must have an HSBC account (savings or current account) that is more than 3 months old.

Documents Required for the HSBC Education Loan

The following documents are required for the HSBC Education loan to be considered and the application to be carried forward for verification.

  • A valid ID proof of the applicant.
  • A valid proof of address of the applicant.
  • Financial documents to show space for collaterals for the application.
  • Legal documents at certain points in time (collaterals).
  • Offer Letter from the University.

Loan Repayment Process of HSBC Bank

HSBC education loans can be repaid in easy EMIs. The EMIs depend on the 

  • tenure that the student is choosing for his or her study abroad requirements,
  • Interest rate of the loan, and 
  • the loan amount for the same. 

There is a loan repayment schedule where the person has to repay the interest on the principal amount and the Equated Monthly Installment or EMI.

FAQs

Which bank is best for international students?

The top bank in the UK for international students is HSBC. For international students studying in the UK, this bank offers a “Basic Account” that enables them to conduct transactions and make other financial decisions.

Can international students get a student bank account in the UK?

You are able to open a bank account in the UK as an overseas student. Your passport or another kind of photo ID is required in order to establish an account. An official “bank letter” from the university can serve as proof of an overseas student’s enrollment, home address in the UK, and any correspondence they may have had with the university while residing abroad.

Which banks are best in the UK for Indians?

There are a lot of banks that allow international students to make transactions and plan finances. This list of banks can be very important for an international student.
Barclays.
Lloyds.
HSBC.
NatWest / RBS.
Nationwide Building Society.
Santander Essentials.
TSB Spend and Save.
Al Rayan Bank.

Expenditures and savings go hand in hand. Without savings, one would fail to handle the expenditures that are lined up in the future. Overdrafts often make transactions tougher while studying abroad and HSBC is free from the same. This is one of the primary reasons that make HSBC the best bank for international students.

If you are someone looking forward to pursuing your career abroad, sign up for the free career counseling session at 1800572000 and gain an opportunity to talk to our Leverage Edu mentors! You can also reach out to fly finance for any education loan assistance. 

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