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    HSBC Premier Education Loan

    There are several uncertainties that might be on your mind in case you’re thinking of sending your children to pursue their education abroad. Singapore has several universities and polytechnic institutions that offer an extensive range of courses to choose from. Parents around the globe send their wards to pursue their studies in Singapore, despite their concerns surrounding the financial well-being of their kids. HSBC Premier has a solution to your woes in the form of its education loan. This loan helps in taking care of your child’s banking requirements when you send them abroad.

    The HSBC Premier Education Loan is offered in partnership with several organisations around the world. Before applying for this loan, you must try to gather an overview of the general education system in Singapore. You must also make a projection of the financial support you might require while planning your child’s further studies in Singapore. Knowing how much it is going to cost you will help you be better prepared to spend as and when the needs arise. This loan from HSBC comes with an extensive suite of banking services and privileges that will provide you with assistance in administering day-to-day banking operations. Besides, this loan features global connectivity. You can easily apply for this loan by leaving your details on the contact form available on the bank’s page and have the Premier Relationship Manager call you back and guide you through the application process. This loan also extefnds support for your child in case of an emergency.

    Features and Benefits

    The bank offers the following features and benefits when you opt for the HSBC Premier Education Loan:

    • This loan will provide you with an account pack that contains your ward’s credit card, debit card, and cheque book. You will receive these before your child departs.
    • You can enjoy low flat fares while using telegraphic transfers. Besides, the commission charges will also be waived on the demand drafts that you use to help settle your ward’s fees for his/her studies.
    • With this loan, you can conveniently manage your day-to-day banking activities. You can make use of HSBC’s Personal Internet Banking service through a single log-in to view and manage all your HSBC accounts from any part of the world, at any particular instant.
    • You can perform instant funds transfers online between you and your child’s banking accounts without any additional cost. With this loan, you have access to global banking assistance for your ward.
    • Your child can also get access to more than 24,000 HSBC ATMs and over 1 million Cirrus/Plus ATMs around the world. This loan also comes with exclusive access to offers and privileges on HSBC Premier MasterCard Credit Card. However, terms and conditions will be applicable for the sign up of HSBC Premier MasterCard Credit Card.
    • The HSBC Premier Education Loan comes with the Global Safety Net facility which gives you access to instant emergency cash at any HSBC branch around the world. This loan also features access to instant assistance through HSBC Premier emergency hotline. It assists your child to connect directly with the contact centre in the home country.
    • Your child will receive a replacement card in case the HSBC Premier MasterCard Credit Card is lost.
    • With this loan, you can make use of HSBC Premier accounts and HSBC Premier Lite savings accounts at exclusive rates offered by HSBC Premier. Additionally, you can also enjoy preferential foreign exchange rates in case of foreign currency exchange. The preferential rates are only applicable in Singapore unless the bank decides otherwise.
    • You can also enjoy reduced commission charges on Banker’s Guarantee. You can enjoy preferential rates for local currency time deposits. The preferential rates are applicable only in Singapore, and are subject to change under the bank’s discretion. Additionally, the service fee is waived when you use our HSBC Premier debit/ATM card to make cash withdrawals at HSBC ATMs abroad.

    Organisations Partnering for the HSBC Premier Education Loan

    The following organisations partner with HSBC to provide this loan:

    • AUG Global Network
    • British Council
    • Education first
    • IDP

    How to Apply for HSBC Premier Education Loan

    You can leave your contact information along with other relevant details in the relevant online form available on HSBC’s website. The bank will get in touch with you using these details. A Premier Relationship Manager will contact you in order to guide you through the application process for this loan.

    FAQs

    Q. What must I remember to carry or check in terms of travel/immigration and visas while pursuing a degree in Singapore?

    A. You must remember checking or carrying the following in terms of travel/immigration and visas if you’re travelling to Singapore for pursuing your studies:

    • You must remember to check your passport validity and also ensure that you have the required visa.
    • You must remember to carry all the other relevant documents (if any)that are required by the authorities of the country.
    • It would also be wise to carry copies of your passport and other documents containing personal information, as well as the visa page.

    Q. Are the Singapore dollar deposits of non-bank depositors insured by the Singapore Deposit Insurance Scheme in case of the HSBC Premier Education Loan?

    A. Yes, the Singapore Deposit Insurance Scheme insures the Singapore dollar deposits of non-bank depositors in case of the HSBC Premier Education Loan.

    Q. How much coverage is provided under the Singapore Deposit Insurance Scheme for Singapore dollar deposits of non-bank depositors in case of the HSBC Premier Education Loan?

    A. The Singapore dollar deposits made by non-bank depositors are given insurance up to an amount in aggregate of S$50,000 for each depositor per scheme member in case of the HSBC Premier Education Loan.

    Q. Are dual currency investments, foreign currency deposits, structured deposits, and other investment products insured by the Singapore Deposit Insurance Scheme in case of the HSBC Premier Education Loan?

    A. No, dual currency investments, foreign currency deposits, structured deposits, and other investment products are not insured by the Singapore Deposit Insurance Scheme in case of the HSBC Premier Education Loan.

    Q. Will I have to wait for approval of my application for the HSBC Premier Education Loan to receive the account credit card, debit card, and cheque book?

    A. Yes, your application for the HSBC Premier Education Loan needs to be first approved by the bank in order to receive the account credit card, debit card, and cheque book.

    Q. Which instant fund transfers between your and your child’s account are free in case of the HSBC Premier Education Loan? Which countries have this facility available for customers? Are the fund transfers subject to any daily transfer limit in case of this loan?

    A. If you have the HSBC Premier Education Limit, the instant fund transfers made only between accounts with the same name(s) will be free of any charge. This facility is available on the loan only in countries where Global Transfers are offered. You must ideally visit hsbcpremier.com.sg to get a full list of these countries at any point. Yes, the fund transfers are subject to a daily transfer limit in case of this loan. This transfer limit stands at a maximum sum of US$200,000 or its equivalent.

    Q. What is the age criteria that I need to meet in order to hold a supplementary card and enjoy exclusive HSBC Premier MasterCard Credit Card privileges as part of the HSBC Premier Education Loan?

    A.  You need to be at least 18 years of age in order to have a supplementary card while being able to enjoy exclusive HSBC Premier MasterCard Credit Card privileges as part of the HSBC Premier Education Loan.

    Q. Will I have to pay IDD charges if I want access to immediate assistance through the HSBC Premier emergency hotline in case of the HSBC Premier Education Loan?

    A. Yes, in case you have the HSBC Premier Education Loan, you will have to pay IDD charges if you use the HSBC Premier emergency hotline to obtain access to immediate assistance.

    Q. What is the maximum limit of instant emergency cash I can obtain using Global Safety Net facility from any of the HSBC branch if I have HSBC Premier Education Loan?

    A. If you have the HSBC Premier Education Loan, you can receive emergency cash instantly up to a maximum limit of US$2,000, or a local currency equivalent from any of the HSBC branches using the Global Safety Net service.

    Q. When will your child receive a replacement card if the HSBC Premier MasterCard Credit Card is lost in case of the HSBC Premier Education Loan?

    A. If you have the HSBC Premier Education Loan and the HSBC Premier MasterCard Credit Card is lost, your child will receive a replacement card within the next day of placing a request for one.

    Q. Do I get to enjoy a waiver of service charges on a Cashier’s Order if I have the HSBC Premier Education Loan? Is the promotional pricing only applicable for HSBC Premier customers?  Are there any conditions attached to the promotional pricing offered on a Cashier’s Order?

    A. Yes, if you have the HSBC Premier Education Loan, you don’t have to pay for any kind of service charge on a Cashier’s Order. Yes, the promotional pricing will only be available for HSBC Premier customers. Yes, you have to meet certain conditions to make use of the promotional pricing. It is only available through fax-in or branch network.

    Q. Are there any terms and conditions I have to meet to enjoy promotional pricing in the form of reduced commission charges on Banker’s Guarantee in case of an HSBC Premier Education Loan?

    A. Yes, you have to meet certain terms and conditions in order to enjoy promotional pricing in the form of reduced commission charges on Banker’s Guarantee if you have the HSBC Premier Education Loan. These terms are as follows:

    • You need to have a legit Singapore Student Pass which is issued by the Immigration and Checkpoint Authority for the promotional pricing to be valid.
    • Alternately, you can submit an application for in-principle approval of student pass which is also provided by the Immigration and Checkpoint Authority in Singapore.

    Q. What is the minimum amount you need in order to enjoy preferential F/X rates in case of foreign currency exchange if you have the HSBC Premier Education Loan?

    A.  You should have a minimum amount standing at S$50,000 in order to enjoy preferential F/X rates in case of a foreign currency exchange if you have the HSBC Premier Education Loan.

    Q. In what currency will the preferential rates be applicable for local currency time deposits in case you have the HSBC Premier Education Loan?

    A. If you have the HSBC Premier Education Loan, the preferential rates will be applicable on local currency time deposits only in case of the SGD currency.

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