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Old 9th Jan 2008, 18:54
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Adios
 
Join Date: Jun 2006
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Having recently researched the HSBC/OAT PSL, I'd like to set the record straight because most of what has been posted is incorrect.

They offer up £25K unsecured and sometimes require a parental guarantee for this loan, but not always. Interest rate is base rate plus 2-3/4% and they do give deferred repayments with the due date six months post training.

They offer up to £50K secured against home equity. Repayments deferred until six months post completion. Interest rate is base rate plus 2%.

The original poster seems to be going down the Modular route, so those who assume he is looking for £50K or £60K are reading too much into the thread. The maximum HSBC will loan for Modular training is £25K, either secured or unsecured.

They definitely will not grant the loan to anyone who has filed bankruptcy, even if it is discharged.

I spoke to the the HSBC Oxford loan officer about this only a month ago, plus several email followups, so I'm pretty sure my facts are up to date. Both loans are a PSL, no payments during training, 11 years to repay £50K or 8 to repay £25K, first payment due six months after completion of the training.
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