Mumbai, Apr 28: Enlarging its retail product portfolio, Hongkong and Shanghai Banking Corporation (HSBC) today launched its education loans in the country. The bank would offer unsecured education loans for upto Rs five lakh and secured loans for up to Rs 25 lakh and the interest would range between 10.5-13 per cent per annum, HSBC country head of personal financial services, Vivek Kudva, told newspersons here today.
All unsecured loans can be paid over four years while secured ones can be paid over seven years, he said. Kudva said every year students or parents commit over Rs 18,000 crore towards higher studies.
"We will be disappointed if we do not reach Rs 100 crore in a year in such a big market," he said adding that the bank earlier had such loans but was not marketed as a separate product. HSBC would offer end-to-end solutions such as education counselling, international debit card to allow access to loan amount and loan protection insurance option.
He said the bank was talking to several counsellors for a tie-up with a focus on the UK, US and Australian education institutes. Bureau Report