HSBC Education Loan for Studying Abroad

HSBC provides education loan options for students aspiring to pursue higher studies abroad, exclusively for its account holders. Through its overseas account services, HSBC facilitates international education financing with ease. Additionally, the bank offers personal loans that can be used for education purposes, with interest rates starting from 9.99% p.a. Continue reading to explore detailed information about HSBC education loans for abroad studies.

When applying for a loan with the help of HSBC, it is essential to attach the documents that are needed for the application. The required documents are categorized into four main groups: identity documents, address documents, age documents, and any other document that relates to finance. The identity of the customer can be proved through any document issued by the government including a passport, voter ID, or driving license. Identity proof entails documents that prove your identity such as a passport and residence proof entails documents that show your place of residence such as a utility bill. Some of the documents that may be used to produce proof of age include the birth certificate or the permanent account number card.

To help you save time and prevent any potential sanction-related issues or delays, we can provide you with a personalized document checklist that considers your unique requirements and profile 

HSBC charges up to 2% of the sanctioned loan amount which once deducted is non-refundable.

WeMakeScholars does not require you to pay a processing fee. WeMakeScholars is an organization that receives funding and backing from the Ministry of IT, Government of India, as part of the Digital India scheme. To put it simply, our services are available to you at no charge.

For example, if a student has applied for a loan of 75 Lacs and if the loan margin is 10%, then the loan margin becomes equal to 7.5 Lakhs.

We recognize that loan margins can greatly affect borrowing costs, and our goal is to assist students in obtaining the most favorable loan conditions and rates. you can reach out to us to know more about loan margins and ways to reduce them. 

Loan insurance is mandatory for an education loan in HSBC bank which is about 1-2% of the loan amount. Loan insurance proves to be the most helpful to the co-applicant in case the co-applicant becomes unable to repay the loan due to disability or death.

HSBC Bank Education Loan process (Offline)

Step 1: Visit the closest operating branch of the HSBC   

Step 2: Submit all the required documents at that branch 

Step 3: Your documents will be verified manually

Step 4: The loan amount will be sanctioned and disbursed after verification.

Online Education loan Application Process through WeMakeScholars

Step 1: Fill in the Common Application form for education loans available to you on our website 

Step 2: You will receive a call from one of our financial officers to acquire your basic details and check your eligibility for a student loan. Provide them with the required information.

Step 3: You will be thoroughly informed about all the lenders you are eligible to get a loan from depending on the policies of the bank and your eligibility. 

Step 4: Your financial officer will provide you with a document checklist using which you can submit the documents either directly to the bank or in WeMakeScholars’ secured document portal. 

Step 5: You will be logged in, the second you submit all the documents, the outcome of which will be provided to you within 2-6 days in private banks and 10-15 days in government banks.

Step 6: After your loan has been sanctioned, you can obtain your sanction letter and sign the loan agreement provided to you.

Issues while approaching the lenders directly:

• A very long process
•  Not technologically advanced 
• Takes a very long time to process the loan 
• You are not given a document checklist 
• No scope for negotiation 
• Lack of transparency
• No idea about the other competitor products available in the market

Not having the proper knowledge or the tools needed to handle the lenders can result in you not getting to reap the maximum out of the loan you’re trying to get. Not knowing how to negotiate for lower interest rates, and not having a clear understanding of the loan process can cost you a lot more than you think.  

Perks of applying through WeMakeScholars

• Negotiation on your behalf: Want a lower rate on your interest? We’ve got you covered. Here at WeMakeScholars our very talented team of financial officers will negotiate the rate of interest for you.
• Best customer service/support: You can reach out to us about any query you have any time from 9 AM to 9 PM. We’ll help you out at any stage of your loan process. We are always just a phone call away.
• The cashback offered: You will be rewarded with a cashback on multiple disbursements to a maximum of INR 3000, as you are supporting the Digital India campaign by applying for your study abroad education loan via WeMakeScholars. 
• Digitized process of application: With WemakeScholars’ online application process you can apply for your education loan without having to take numerous trips to the bank.

The repayment in HSBC is based on the duration you chose. The repayment period and interest rate at the time of sanction will be used to compute the EMIs.

For instance, if the loan availed by the applicant was 15 Lakhs at a rate of interest of 10% and the period for repayment was 12 years, their EMI schedule would look something like this.

At WeMakeScholars, we are committed to providing comprehensive and reliable services to our users, and post-sanction help is just one of the many ways in which we strive to make the loan application process easier for you.

Why transfer your loan to HSBC Bank?

• By transferring your loan, you not only save on the new education loan you’re applying for but you also get a lower interest rate on your existing loan.
• WeMakeScholars is connected to most of the big public banks, private banks, and NBFCs the whole process becomes much simpler and much faster. 
• We do the negotiation on your behalf, making the process a lot smoother for you.

How to transfer your loan to HSBC Bank?

• Request for a callback from our team of financial officers  
• Discuss the details of your pending loan with our financial officer 
• You will be provided with a list of documents by your assigned financial officer.
• Submit those documents to the bank to get your loan transferred. 

If you need help transferring your loan, our financial officers are always available to provide guidance and answer any questions.

In conclusion, HSBC offers a convenient and flexible option for students looking to fund their higher education abroad, especially for existing account holders. With competitive interest rates starting at 9.54% p.a. and access to both education-specific and personal loans, HSBC can be a reliable partner in making your international study goals achievable.