HSBC Bank Abroad Education Loan

✓ Education Loan without Collateral

✓ Easy application process 

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Table of content

  1. HSBC Bank Education Loan for Abroad
  2. Interest Subsidy Schemes for Higher Education Abroad
  3. Documents Required for the HSBC Bank Education Loan for Abroad
  4. HSBC Bank Education Loan Repayment Process
  5. How to Apply for Education Loan from HSBC Bank Education Loan
  6. Benefits of processing your HSBC Bank Education Loan with WeMakeScholars
  7. FAQ's
  8. Need Help? Ask Here!

India’s Largest Study Abroad Funding Expo (SAFE) 2024


- Explore 26,000+ International Scholarships

- Instant Education Loan-pre approval with the lowest interest rate in India


For owners of HSBC accounts, HSBC provides loans for further education in India and overseas. Through their overseas account services, they provide loans for foreign schooling. Additionally, they provide personal loans for schooling with interest rates beginning at 9.54% per year.

HSBC Bank Education Loan for Abroad

 

Parameter

Details

Loan Amount 

15 Lacs (upto 30 Lakhs can be availed on the basis of the profile)

Preferred co-applicants 

Parents, Parents- In- Law, Spouse, Siblings

HSBC Bank Education loan interest rate/ rate of interest 

from 9.25% p.a. to 15.5% p.a

Moratorium Period

Course duration + 6 months/1-year 

Repayment Duration

Flexible tenure ranging from 6, 12, 18, 24, 30, 36, 42, 48, 54 or 60 months.

HSBC Bank Education Loan Eligibility Criteria

    1. The age of the applicant should fall between:
      • Applicants who are salaried: 21–60
      • For applicants who are self-employed: 21–65
    2.  Only citizens of India who are residents may apply.
    3. Applicants must be salaried or self-employed to be considered.
    4.  The applicant's correspondence address must be located in India.
    5.  The candidate must have an active HSBC account (current or savings) that has been open for more than three months.
    6.  NRIs are not eligible.

 

Discover your financial options and get one step closer to your educational dreams with us.

Interest Subsidy Schemes for Higher Education Abroad

In order to assist underprivileged communities in India, the Indian government provides subsidies. The interest accrued during the moratorium/ grace period is paid by the Indian government under various programs.

Dr. Ambedkar Central Sector Scheme

- The student may be eligible for this subsidy if their family income is less than 8 lakhs per year and they fall under the Economically Backward Class (EBC).
- This subsidy is available to students from OBC populations who have a household income of less than 8 lakh rupees.

Padho Pardesh

-If the student's family makes less than Rs. 6 lakhs and they are a member of a religious minority (Muslim, Christian, Sikh, Buddhist, Jain, Parsi (Zoroastrian)

Note: The scheme has been discontinued by the government from 1st April 2022. However, the beneficiaries before 1st April are eligible for the interest subsidy in the moratorium period.

Say goodbye to high ROI rates on your education loan - choose WMS for a better deal and negotiation.

Documents Required for the HSBC Bank Education Loan for Abroad

Parameter

Details

Applicant’s identity proof 

    1. HSBC Bank Education loan application form, attached with one passport-size photograph.
    2. Passport of the applicant
    3. Voter ID of the applicant 
    4. Driving license (permanent)
    5. Employee ID card issued by the government
    6. ID card provided by defense
    7. PAN card  
    8. Ration card
    9. Aadhar Card
    10. NREGA Job Card

Proof of address of the applicant 

 

  1. Any of the following are to be shown as address proof:  
    • Election ID 
    • Passport
    • Permanent driving license
    • Ration card
    • Society outgoing bill
    • Electricity bill, water bill, or telephone bill
    • Gas bill 
    • Property tax bill
    • Domicile certificate with address issued by Municipal Corporation
    • Registered rent or lease agreement

Proof of age of the applicant 

    1. Passport of the applicant 
    2. Driving license of the applicant 
    3. School leaving certificate of the student
    4. Birth certificate of the applicant 
    5. PAN card of the applicant 

Co-applicant’s financial document requirements 

Salaried applicants:

    1. Form 16 with the most recent pay stub that shows statutory deductions
    2. Last three months' worth of account statements (salary account)

Self-employed applicants:

    1. Balance sheet and P&L account
    2. ITRs filed for the past 2 years 
    3. Bank statement for the main account over the previous six months

 

Our financial officers at WeMakeScholars provide you with a carefully curated list of Documents that are specifically suited for you and the loan you're applying for, taking into account all the minute details so you can submit all the necessary paperwork at once.

Stop feeling overwhelmed by paperwork and let us provide you with a customized document list today.

HSBC Bank Education Loan Repayment Process

The repayment for the HSBC Bank Education Loan depends on the tenure selected by you. The EMI will be calculated on the basis of the tenure of repayment and rate of interest at the time of sanction.  

For example, if the applicant received a loan for 15 lakhs with a 10% interest rate and a 10-year repayment period, their EMI schedule might look like this.

Repayment cycle 

EMI

Interest portion

Principal portion

Loan Outstanding

End of the 1st year

23415

13939

9477

1663185

End of the 2nd year

23415

12947

10469

1543114

End of the 3rd year

23415

11850

11565

1410469

End of the 4th year

23415

10639

12776

1263935

End of the 5th year

23415

9301

14114

1102057

End of the 6th year

23415

7824

15592

923228

End of the 7th year

23415

6191

17225

725674

End of the 8th year

23415

4387

19028

507433

End of the 9th year

23415

2395

21021

266339

End of the 10th year

23415

194

23222

0

 

Our goal is to ensure that the loan disbursement process is as smooth and stress-free as possible so that you can focus on your studies without worrying about financial matters.

Don't compromise on quality education - apply with us and get a better deal on your education loan

How to Apply for Education Loan from HSBC Bank Education Loan

HSBC Bank Education Loan Offline Application Process 

Step 1: Go to the nearest HSBC bank’s operating branch to you.

Step 2: Submit all the documents asked for by the banking representative for verification.

Step 3: After verification, the loan amount will be approved and released.

HSBC Bank Education Loan Online Application process through WeMakeScholars

Step 1: Fill in the common application form available on the WeMakeScholars website.

Step 2: After filling in the form you’ll be contacted by a financial officer from our team. You’ll be asked for your basic details to gauge your eligibility for the loan. 

Step 3: After a thorough analysis of your profile, you’ll be given a thorough analysis of your profile, you will be provided with a list of lenders you are eligible of getting a loan from.

Step 4: You will be given a list of documents that are to be submitted to start your loan process. Submit the documents accordingly to the Secured WeMakeScholars document portal.

Step 5: As soon as your documents have been submitted, your profile will be logged in. The outcome of your loan application will be given to you within 2-6 days in the case of private banks and 15-20 days in the case of public banks. 

Step 6: You will receive the sanction letter and then you need to sign your loan agreement. 

Issues while approaching the lenders directly

  1. Lack of clarity 
  2. The loan processing process is quite slow.
  3. Lack of a document checklist
  4. No scope for negotiation 
  5. Inadequate transparency
  6. No knowledge of the other rival products on the market.

Benefits of processing your HSBC Bank Education Loan with WeMakeScholars

Negotiation on your behalf: Want a lower interest rate?  We have your back. Our highly skilled staff of financial officers at WeMakeScholars will negotiate the interest rate on your behalf. You may cut your interest rate by up to 2% by having us handle the processing of your loan.

Best customer service/support: You can contact us at any time with any questions you may have. We will support you during the entire financing procedure. We may always be reached by phone. (9 a.m.–9 p.m.)

The cashback offered: By applying for your study abroad education loan with WeMakeScholars, you are assisting the Digital India initiative and will be rewarded with cashback on repeated disbursements up to a maximum of INR 3000.

Free-of-cost services: Since we are a government-funded institution backed by the Ministry of IT, we provide our high-quality services at no cost.
Request a callback or fill in the common application form to get started on your loan application process today!

 

Find out why so many students trust WMS - apply for your education loan with us today.

Education Loan FAQs

  • What is the repayment tenure in HSBC?

    HSBC offers a flexible repayment tenure ranging from 6 to 60 months i.e, up to 5 years (6, 12, 18, 24, 30, 36, 42, 48, 54, 60 months)

  • Does HSBC personal loan require collateral?

    To apply for a personal loan for the purposes of higher education, you do not need to have any collateral. I.e, unsecured personal loans are offered in HSBC bank.

  • Can I transfer my loan to HSBC Bank?

    To transfer your loan from your previous bank to HSBC Bank, You can request a callback from us or visit our website for more details.

  • Which cities can avail of HSBC education loan?

    The applicant has to be from the following cities to avail of a personal loan in HSBC; Ahmedabad, Bangalore, Chandigarh, Chennai, Kochi, Coimbatore, Jaipur, Hyderabad, Kolkata, New Delhi, Pune, Mumbai, or Vizag.

Our Education Loan team will help you with any questions

Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: