HSBC Bank Education Loan

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 

The Indian government will pay the interest due during the moratorium or grace period, which is equal to the length of the course plus 12 months, under these programs.

Padho Pardesh Scheme

Eligibility:

-The applicant is a member of a religious minority, such as a Muslim, Christian, Sikh, Buddhist, Jain, or Zoroastrian. 

-Their family's annual income is less than 6 Lakhs.

Central Scheme for Interest Subsidy for Economically Weaker Sections

Eligibility:

• Should belong to EWS
• The household income of the applicant is less than 4.5 lakhs.

Dr. Ambedkar Central Sector Scheme

Eligibility: 

• The applicant comes from an economically backward class, and their total yearly household income is less than 8 lakhs.
• The applicant is from the OBC class, and their family makes less than 8 lakhs per year.

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.