- Home
- Personal
- Loans
- Educational Loan
- Eligibility and Documentation
You are not logged on.
Educational Loan - Eligibility & Documentation
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. |
Notes
All loans are subject to terms and conditions and are at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India).
Loans available for applicants and properties in and around the limits of cities where HSBC India has branches and is subject to change time to time.
Interest rates are subject to change from time to time on the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India).
The loan shall be disbursed in Indian rupees, and all variations in the loan amount due to changes in the exchange rate shall have to be borne by the borrower. HSBC India shall not be liable for any loss to the borrower arising out of variation in exchange rates.
Please be advised that vide Notification No. 8/2009 – ST (Govt of India) dated February 24, 2009, a service tax of 10% + 2% education cess + 1% secondary and higher secondary education cess thereon will be applicable on our fees and charges.
Global Student Loan Corporation® is registered trademark of Global Student Loan Corporation or its affiliates.
To know more about GSLC and how it can assist you and to begin an application, visit www.GlobalSLC.com.
Basic documents required:
Completed loan application form with one passport size photograph
An electronic confirmation of admission from school through GSLC system
Electronic confirmation through GSLC system of break up of tuition fees, living expenses, expenses on books, etc., as issued by the university
Beneficiary declaration form, where both co-applicant and applicant would confirm that they are okay with the loan being disbursed in favour of the university
Resident Indians - You will be required to present the following documents:
Proof of individual’s identity (any one of the following)
- Passport*
- Photo PAN card
- Defence identity card
- Voter's identity card
- Driving license
- Photo ration card
- Government identity card
Proof of residence (any one of the following)
- Passport*
- Ration card
- Telephone (land/mobile) bill
- Electricity bill
- Driving license
- Society outgoing bill
- Voter's identity card
- Life Insurance Policy
*Only Passport can be used as both Proof of individual's identity and Proof of residence.
Proof of age (any one of the following)
- Passport
- Valid driving license
- Voter's identity card
- Birth certificate
- School leaving certificate
- LIC Policy or Premium receipt clearly indicating the applicant's age
- Letter from the employer stating the age of the employee#
# Applicable only for employees of select Public Limited Companies. Conditions apply.
Financial documents (all of the following)
Salaried individuals
- Latest salary slip showing statutory deductions AND Form 16 (Declaration from the employer giving the details of income and deductions, duly signed by an authorised signatory of the Company) OR
- Latest acknowledged IT returns AND Bank statements for the last 3 months
Self-employed individuals / Proprietor
- Computation of income for the last 2 years certified by a C.A. OR
- P&L and balance sheet for the last 2 years certified by a C.A. AND
- Copies of acknowledged IT returns for the last 2 years AND
- Bank statements for the last 6 months
Terms and conditions apply. The above stated documentation is subject to change at the sole discretion of HSBC, India.
*Notes
All loans are subject to terms and conditions and are at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India).
The interest rate on your Education loan, if disbursed on / after July 01, 2010 is linked to HSBC's Base Rate. Any revision in the Base Rate would impact your interest rate. The Base Rate is 9.75% effective from August 02, 2011.
The interest rate on your Education loan if disbursed prior to July 01, 2010 is linked to HSBC's Retail Lending Rate (RLR) and any revision in the RLR would impact your interest rate. The RLR is 17.00% effective from August 02, 2011.
For further details on the Base Rate and it's impact on your floating rate loan, please refer to the FAQs.
Additionally, as per local regulations applicable in India, education loans are priced at a further discount of 50 basis points for female students in order to promote their education. HSBC India is happy to offer this as an additional discount on its interest rates to female students.
The Education Loans are currently only available to borrowers with co-borrowers who reside in and / or have collateral in the following regions: Bangalore, Chennai, Mumbai, New Delhi (NCR - Noida, Gurgaon, Faridabad) and Pune. This is subject to change from time to time.
**Interest rates are subject to change from time to time on the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India).
The loan shall be disbursed in Indian rupees, and all variations in the loan amount due to changes in the exchange rate shall have to be borne by the borrower. HSBC India shall not be liable for any loss to the borrower arising out of variation in exchange rates.
**Please be advised that vide Notification No. 8/2009 – ST (Govt of India) dated February 24, 2009, a service tax of 10% + 2% education cess + 1% secondary and higher secondary education cess thereon will be applicable on our fees and charges. Please click here for service tax details.
Global Student Loan Corporation® is registered trademark of Global Student Loan Corporation or its affiliates.
