HSBC Educational Loan

HSBC India Student Education Loan Program can help ease students' financial concerns as they embark on one of the biggest decisions in their life – attending the college / university of their dreams. The program enables you to borrow funds to cover the cost of education – tuition, fees, room charges, boarding, books, and other education-related expenses.

To qualify for an Education Loan, the following criteria apply

a.	Net Income (Rs.) of Primary Applicant / co-applicant	500,000 per year for Salaried. 750,000 per year for Self employed.
b.	Minimum Age (in years) of Primary Applicant / co-applicant	18
c.	Maximum Age (in years) of Primary Applicant / co-applicant	58 or retirement age (whichever is earlier) for salaried at loan maturity. 65 for self-employed.
		60 or retirement age (whichever is earlier) for PSU/government salaried employees, at loan maturity.
d.	Minimum Loan Amount (Rs.)	500,000
e.	Maximum Loan Amount (Rs.)	10,000,000
f.	Loan to Value Ratio	65% upto education loan of INR 5 M, 55% for education loan between INR 5-10 M
g.	Collateral	Residential Property. Either self-occupied and owned by either primary or co-applicant.
h.	Location	Property must be in Bangalore, Chennai, Mumbai, Delhi (NCR – Noida, Gurgaon, Faridabad), Pune.
i.	Primary Applicant	Must be the student.
j.	Co-Applicant	Must have a co-applicant in India and can only be parents or spouse of student.
		Co-applicant being considered when calculating the loan eligibility must be a resident Indian.

Loan Components

• The tuition fees component can go up to 100% of the total loan amount


• The lodging & boarding component is a maximum of 40% of the total loan amount


• The cost of books & equipment component is a maximum of 10% of the total loan amount
  The estimate for boarding, lodging expenses and also the cost of books and equipment needs to be confirmed by the concerned school.

 Margin Money

• HSBC India can fund a maximum of 85% of the total programme fees


• Upfront contribution proof of the remaining 15% of school fees must be submitted to HSBC, India prior to the disbursal

Currency

• The loan is disbursed in Indian rupees (INR) from where the funds are forwarded to the concerned school in U.S. dollars


• The applicant / co-applicant must repay the loan in Indian Rupees (INR)

Fees & Charges**
Processing fees
1% of the loan amount applied for, subject to a minimum of Rs 5000 plus service tax. This fee is payable on application and is not refundable

• Additional fees, as charged by GSLC apply. (If applicable)


• A one-time administration fee of 1.75% of the principal amount plus service tax (at 10.30%, totally 1.93%) shall be collected by HSBC and payable to GSLC


• An upfront non-refundable site usage fee of $75 is payable to GSLC via Credit Card or PayPal through the GSLC website

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Posted in: Scholarships