HDFC Education Loan

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All about HDFC Education Loan

HDFC Education Loan

Why worry for financial assistance when HDFC Bank is here to provide student education loans for all Graduate, Post-Graduate, Engineering, Medical, MBA , Vocational Courses (Multi-Media, ERP) offered by recognized institutions in India. All the documentation and running around will be done by our sales managers, who will also give complete guidance on what would be the best for you.

HDFC Education Loan help those students who want to excel in their life by doing further studies from reputated educational institutes. May it be the education from the Indian institutes or from some abroad education institute. If they are eligible according to the terms of HDFC one can get an education loan from HDFC.

HDFC Education Loan Features And Benefits

  1. Amount of Loan
    1. for studying in INDIA : maximum Rs.10 lakh
    2. for studying ABROAD : maximum Rs.20 lakh
  2. Collateral security for availing education loan
    1. For Loans Upto INR 7.5 Lakh – NO – Nil Collateral nor Third-Party Guarantee
    2. For Loans Above INR 7.5 Lakh – Yes, Any of the following collaterals : Residential Property , HDFC Bank Fixed Deposit , LIC/NSC/KVP
  3. Loan available upto tenure of 7 years including moratorium period
  4. Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)
  5. Loans available for short duration/ job oriented courses also
  6. Avail the tax rebate, offered under section 80-E of the Income Tax Act 1961* for the entire interest amount paid towards your education loan.

This HDFC education loan will cover for the following (For Foreign education loan):

  1. Exam/Library/Lab fees
  2. Caution deposit / Refundable deposit asked by the institution / Building fund – supported by Institution bills / receipts
  3. Purchase of Books / equipments / instrument / uniforms
  4. Travel expenses / passage money for studies abroad
  5. Purchase of computers – essential for completion of the course
  6. Insurance
  7. Miscellaneous expenses related to the course – like study tours, project work, thesis, etc.

HDFC Education Loan Eligibility Criteria:

  1. You need to be a Resident Indian
  2. You should be aged between 16 – 35 yrs.
  3. Collateral is required for all loans greater than Rs. 7.5 Lakhs.
  4. All Loans require a co-applicant.

The Documents required are:

  1. Know Your Customer
    1. Age Proof
    2. Signature Proof
    3. Identity Proof
    4. Residence Proof
  2. Other Documents
    1. 2 Passport size photographs of the borrower, co-applicant(if any) or guarantor
    2. Marksheet of the most recent qualification
    3. Acceptance offer letter from the institute the borrower has applied
    4. List of expense to be done for the education (usually given by the institute to the borrower)
    5. 6 Month of bank statement,
      1. 2 month slary slip, if the person is a salaried employee
      2. 2 year of ITR if the borrower’s guarantor/co-applicant is self emplyed
      3. 2 Yrs Audited Balance Sheet / P& L if the guarantor/co-applicant is a self-employed professional.

HDFC Education Loan Fees, Charges

Description Of ChargesEducation Loans
Loan Processing ChargesUpto a maximum 1% of the loan amount
Prepayment (upto 6 months of repayment)No pre-payment permitted

Leading Education Loan Providers (Click to Apply)

  1. SBI Education Loan
  2. BOI Star Education Loan
  3. ICICI Bank Education Loan
  4. IDBI Education Loan
  5. Punjab National Bank Education Loan
  6. Other Banks

HDFC Education Loan EMI CalculatorHDFC Education Loan Interest Rates
HDFC Education Loan EMI CalculatorHDFC Education Loan Interest Rates

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