You can Enjoy triple benefits when you take an Education Loan from HDFC Bank:
- Faster loan - HDFC loan sanction and disbursal is one of the quickest with easy documentation and doorstep service.
- Competitive pricing – HDFC loan rates and charges are very attractive
- Transparency – All charges are communicated up front in writing along with the loan quotation
Features and Benefits of Education Loan for Indian Education
Focus on pursuing the course of your choice and securing a great
education. Leave the hassles of documentation and finances of your
Education Loan for Indian education to us. Here are a few features of
the loan:
- Amount limits: Get Education Loan upto Rs. 10 lakh and unsecured lending upto Rs. 7.5 lakh. No collateral will be required for loans upto Rs. 7.5 lakh
- Wider collateral options: Are you securing a loan of a higher amount than Rs. 7.5 lakh? We offer a wide range of bank approved collateral securities like Residential Property, HDFC Bank Fixed Deposit, LIC, NSC or a KVP policy.
- Loan Tenure: The maximum repayment tenure is upto 15 years post moratorium period.
- Tax Rebate: Did you know that you are eligible for a tax rebate for the interest you pay on an education loan under Section 80-E of the Income Tax Act 1961*? See the Income Tax Circular for more details here. Write to us by visiting www.hdfcbank.com/services to receive interest certificate for the last financial year.
If this wasn't enough for you, check out some more special privileges
that you will get as a HDFC customer for an Education Loan for Indian
Education:
- HDFC will provide services at your doorstep.
- Loans will be directly disbursed to the educational institution as per the fee structure.
- Avail access to some other great products and services that we offer. Get a Savings Account with us right away!
- Thinking about insurance? As our customer for a student loan, you
can also get a special privilege of choosing the Insurance Protection -
Credit Protect from HDFC LIFE.
What are the eligibility criteria for securing Education Loan for Indian Education?
- You need to be a Indian resident
- You should be aged between 16 - 35 years.
- If you are taking a loan of more than Rs. 7.5 Lakh, a collateral security will be required.
- Co-applicant: A co-applicant is mandatory for all full time
programs. Co-applicant could be Parent/ Guardian or Spouse (if married) /
Parent-in-law (if married).
Check out more details on eligibility and courses on offer in HDFC bank FAQ section.
Here is an exhaustive list of documents that you will need for the Education Loan:
| Category | Applicant (Student) |
| Academic |
Institute Admission Letter with Fee break-up |
| |
SSC,HSC,Graduation Marksheets |
| KYC(Know Your Customer) |
Age Proof |
| |
Signature Proof |
| |
Identity Proof |
| |
Residence Proof |
| Income Documents |
Salaried |
| |
Latest 2 Salary Slips carrying date of joining details |
| |
Latest 6 Months Bank Statement of the Salary Account. |
| |
Self Employed |
| |
Last 2 Year ITR with Computation of Income |
| |
Last 2 Years Audited Balance Sheet |
| |
Last 6 Months Bank Statement |
| |
Proof of Turnover (Latest Sales / Service Tax Return) |
| |
Self Employed - Professional |
| |
Last 2 Year ITR with Computation of Income |
| |
Last 2 Years Audited Balance Sheet / P& L |
| |
Last 6 Months Bank Statement |
| |
Proof of Qualification |
| Others |
Completed Application Form |
| |
Latest Photograph (Signed Across) |
| Documentation ( Post Sanction ) |
| Is there any documentation required post the sanction of the loan? |
| Category |
Applicant ( Student ) |
| Loan Agreement |
Completed Loan Agreement to be Signed by Applicant and Co-applicant * |
| Repayment Instructions |
| PDCs / ECS or SI Mandate |
| 3 Security PDCs in case of ECS and SI mode of repayment |
|
| * Stamp duty to be paid by the customer as per the relevant state laws. |
Here are the documents you need to submit for subsequent disbursements:
- Subsequent Disbursement Request Letter From Applicant and Co-Applicant/s
- University Fee Demand Letter
- Applicant's Academic Progress Report (Previous Semester)
- Revised Repayment Instructions - PDCs / ECS / SI plus 3 security PDCs in case of ECS and SI mode of repayment.
Please e-mail us at
![eduloan[at]hdfcbank[dot]com](http://www.hdfcbank.com/assets/images/eduloan.png)
Education Loan for Indian Education Interest Rates & Charges
Enclosed below are HDFC Bank Education Loan for Indian Education Interest Rates & Charges
Here is an exhaustive list of all the fees and charges to be paid for the education loan:
| Description of Charges | Education Loan |
| Loan Processing Charges* |
Maximum up to 1% of the loan amount as applicable. |
| Pre-payment charges* |
Upto 4% of the Outstanding Balance prepaid, if loan
is foreclosed/ part perpaid during Moratorium (along with and in
addition to due/accrued interest, if any, and other amounts due and/or
payable by the Borrower to the Bank). No prepayment charges will be
charged if loan is foreclosed / part prepaid any time after expiry of
the Moratorium. |
| No Due Certificate / No Objection Certificate (NOC) |
Nil |
| Duplicate of No Dues Certificate/NOC |
Nil |
| Solvency Certificate |
Not applicable |
| Charges for late payment of EMI |
@ 24 % p.a. on overdue/unpaid EMI amount outstanding from EMI due date |
| Credit assessment charges |
Not applicable |
| Non standard repayment charges |
Not applicable |
| Cheque / ECS swapping charges |
Rs. 500/- per instance |
| Duplicate Repayment Schedule Charges |
Rs. 200/- |
| Loan Re-Booking / Re-Scheduling Charges |
Upto Rs. 1000/- |
| EMI Return Charges* |
Rs.550/- per instance |
| Legal / incidental charges |
At actual |
| Stamp Duty & other statutory charges |
As per applicable laws of the state |
| Loan Cancellation Charges |
Nil cancellation charges. However, interest for the interim period (date of disbursement to date of cancellation), CBC/LPP charges as applicable would be charged and Stamp duty will be retained |
*Terms & conditions apply
*Charges which are in nature of fees are EXCLUSIVE of
service tax. Service tax and other government levies, as applicable,
would be charged additionally.
Rates offered to customer during the period of Jan'15 to Mar'15
| Min IRR | Max IRR | Avg IRR |
| 10.25% |
14.86% |
12.58% |
Annual Percentage Rate offered to customer during the period of Jan'15 to Mar'15
| Min APR | Max APR |
| 10.25% |
14.86% |
Education loan offered by HDFC bank to study in India, Study loan by HDFC bank, student loans
Posted by Anonymous
Thank you for sharing such great information. It has help me in finding out more detail about Study Loans in India!
ReplyDeleteWhat is the minimum cpga or % of previous academic required for getting education loan in India studies
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