Here is given only a brief description on for which courses you can apply for education loan under HSBC bank however you are required to go to the nearest branch of HSBC bank in order to know the courses
To study in India :
- Any one of the graduation and post- graduation program in India including Ph.D. provided that the university / college where the student has taken admission should be recognized under some of the state / central government recognized approving institutes like AICTE / UGC etc.
To study abroad :
- Job oriented posy-graduation / graduation / Ph.D. degree courses from any of the recognized institute of foreign university. The country US is usually given preference.
Expenses that can be considered for granting loan
Expenses that are considered for granting of loan to the student are given below
- Tuition fee to college / university
- Fee for other requirements such as purchase of books / equipment etc.
- Hostel / room charges
- Boarding fee
- Other expenses are also considered related to education or competence of course such travel expense / passage expense for study abroad / study tours expense / project work expense etc.
Amount of loan granted
Minimum amount of loan taken is 5 lakhs whereas HSBC bank can provide maximum amount of loan up to Rs. 20 lacs. However reasonable non-moving asset is needed for collateral security for such highest amount of loan for study purpose.
- Interest rate of the bank is reasonable and competitive which is supposed to disbursed only on the basis of requirements of the applicant.
- Current interest rate ranges from 12.25% p.a. to 17.5% p.a.
- Processing fee is charged for the loan which is usually not more than 2.5 per cent of loan.
- For detailed information on repayment you should contact to the nearest branch this is because of the fact that it is subject to change on different amount of loans.
- Repayment holiday including moratorium is equal to which one is less of below
- One year later completion of course
- 6 months later to getting a job
- After ending of holiday period loan repayment tenure starts. After the commencement of loan repayment period it needs around 15 years for completion of loan repayment.
- It can be extended in case if the student is unable to complete the course in desired period
Residential property is usually considered as the collateral security fee under the education loan scheme of HSBC bank. This should be occupied by the applicant / student itself or can be on the name of co-borrower (usually parents)
HSBC can disburse only 2.5 % per cent of the loan amount.
Below is given the list of all the documents which are must to be submitted for granting the loan
- Completely filled application for education loan
- 2 passport size photograph
- A confirmation of admission or the proof of the studentship it should be in electronic form
- Schedule of expenses in electronic form
Declaration form signed by the borrower and co-borrower that both are okay with the term and conditions.