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Education Loan

It takes more than money to write a brighter future for your child

Pay for your child’s school fees and save up to 60% on interest cost.

We’re delighted to introduce our Loan-AsYouGo for the new academic year. Benefit from 4% discount on GEMS Education school fees for the full year.1

Pay for your child's education

Whether you want to pay for education for your child or thinking of studying yourself, turn your plans into reality with an Education Loan. Annual Percentage Rate (APR) starts from 7.24%. This rate is available to Premier customers working for a HSBC listed company and who transfer their salaries to HSBC.2 & 3

Already an HSBC Customer?

Log on to online banking for the quickest and easiest way to apply.

Why you'll want an HSBC Education Loan

  • Flexible terms

    Pay your loan back over 6 to 48 months

  • Individualized interest rate

    Get an interest rate based on your profile.

  • Adaptable to meet your needs

    Top-up option to accommodate your ever-changing financial needs.2

  • No need for Credit life insurance

    Take out your loan without having to pay for extra insurance.

  • Quick decision

    Get an approval in principle on your loan in 10 minutes if you apply online.2

Are you eligible?

You can apply for an Education Loan if you:

  • are a UAE national or resident
  • are between 21 and 65 years old
  • earn at least AED 7,500 a month3
  • have a current account with HSBC and credit your salary to that account

Things you should know

Representative example

An illustrative example of monthly instalment, total interest and total processing fee for an HSBC Personal Loan for Premier customer is given below:

Total loan amount Repayment time Monthly instalment

APR

(Annual Percentage Rate)4

Total interest (for the loan tenor) Total Processing Fees (including VAT)
AED 150,000.00 48 months AED 3,591 7.24% AED 22,380 AED             1,575.00

An illustrative example of monthly instalment, total interest and total processing fee for an HSBC Personal Loan for Premier customer is given below:

Total loan amount AED 150,000.00
Repayment time 48 months
Monthly instalment AED 3,591

APR

(Annual Percentage Rate)4

7.24%
Total interest (for the loan tenor) AED 22,380
Total Processing Fees (including VAT) AED             1,575.00

You may have to pay penalties if you pay off a loan/financing early.

If you do not meet the repayments/payments on your loan/financing, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future.

Refinancing your loans/financing may take longer to pay off than your previous loan/financing and may result in paying more in interest/profit.

How to apply

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Notes

1Terms and conditions apply.

The 60% saving on interest is reachable when you choose to disburse your loan on 3 tranches in line with the school payment terms.

Discount is offered by GEMS Education and subject to GEMS Education approval and terms and conditions. Any such discounts thereof needs to be reflected in the relevant academic year invoice(s) as issued by GEMS. This loan feature is currently only available for specific GEMS Schools as determined and approved by HSBC.

2Annual Percentage Rate quoted is based on reducing rate which is fixed throughout the loan tenor, and is inclusive of 1% arrangement fee amortized over the maximum loan tenor of 48 months. Interest is calculated on the basis of a 365 day calendar year and accrues daily. We apply the interest rate to your Loan balance as it reduces each month (i.e. as you pay each scheduled instalment).

3Final approval is subject to satisfactory documentation, salary transfer, internal policies and credit bureau checks.

4The mentioned rate is applicable for Premier customers working for a HSBC listed company. This rate may vary depending on the customer segment and prevailing market condition.

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