HSBC has set a target of Rs 100 crore for education loans
By Mumbai: | 29 Apr 2003
Mumbai: Hong Kong and Shanghai Banking Corporation (HSBC) has set a target of Rs 100 crore for education loans in the current year. The bank is to go aggressive on this product.
HSBC country head of personal financial services Vivek Kudva says the market for education loans for higher studies in India is about Rs 18,000 crore every year. "We will be disappointed if we do not reach Rs 100 crore in a year in such a big market."
The bank earlier had provided education loans, but had not marketed it aggressively. On offer will be unsecured education loans for up to Rs 5 lakh and secured loans for up to Rs 25 lakh with interest rates between 10.5-13 per cent per annum.
All unsecured loans can be repaid over four years while secured ones over seven years through equated monthly installments.
