The Housing Development Financing Corporation Limited (HDFC) was the first bank to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. The bank was incorporated in August 1994 in the name of ‘HDFC Bank Pvt. Limited’, with its registered office in Mumbai. India.
When it comes to offering student-friendly loans, HDFC Bank education loans are considered the best due to its transparency and flexible tenures. One can avail loan for pursuing higher studies in whatever course they like and the education loans come with competitive interest rates. The bank currently offers education loans worth Rs.35 lakhs for pursuing higher studies in foreign only. On the other hand, HDFC Bank education loan for foreign education charged the interest rates vary from 9% per annum to 14% per annum, but it will depend on the loan amount and tenure. The tenure lasts up to a maximum of fifteen years.
1. Repayment tenure can go up to 15 years
2. Minimal and simple documentation
3. No hidden charges are required
4. Entire cost of reduction can be covered with collateral
5. Co-applicant is mandatory
6. Avail preferential interest rate
1. Letter of admission
2. Filled in Loan Application Form
3. 2 passport size photographs
4. Statement of cost of study
5. PAN Card of the student and the parent/guardian
6. Aadhaar Card of the student and the parent/guardian
7. Id proof : Driving license, passport, aadhaar card, ant photo identity
8. Address proof : Driving license, passport, electricity bill, telephone bill
9. Student/co-borrower/guarantor’s bank account statement for last 6 months.
10. IT Return/ IT assessment order, of previous 2 years of parent/ guardian/ other co-borrower(If IT payee)
11. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
12. Income proof : Salary slip, form 16 of parent/ guardian/ other co-borrower
1. Can be availed by an Indian resident between 16 years and 35 years.
2. Co- applicant is mandatory
3. Applicants should be secured admission with the education institutions
|
TYPE |
CHARGES |
|
|
Interest Rate |
9% to 14% p.a. |
|
|
Loan amount |
Rs.1 lakh to Rs.35 lakh |
|
|
Processing fee |
Up to 1.5% of the sanctioned amount plus applicable taxes thereon |
|
|
Prepayment charges |
Nil |
|
|
No due certificate / No Objection Certificate charges |
Nil |
|
|
Duplicate charges of no due certificate / No Objection Certificate |
Nil |
|
|
Charges of late payment of EMI |
@2% per month of installment plus applicable taxes thereon |
|
|
Cheque of ACH mandate or direct debit swapping charges |
Up to Rs.500/- per swap instance plus applicable taxes thereon |
|
|
Cheque/ACH/Direct Debit Bouncing Charges |
Rs. 400/- per dishonor of cheque or ACH or Direct Debit return per presentation plus applicable any taxes thereon |
|
|
Legal/ incidental charges |
At actual |
|
|
Manual collection charges |
Rs.200/- per visit plus applicable any taxes thereon |
|
|
Loan cancellation charges |
1% of the unveiled sanctioned loan amount plus applicable taxes |
|
|
Charges from updating & handling loan account as per customer request |
Rs.1500/- per instance plus applicable taxes |
|
|
Document storage and retrieval charges |
|
|
BANKS |
INTEREST RATE |
|
13.70% to 15.20% |
|
|
9.55% to 13.50% |
|
|
9% to 14% |
|
|
11.5% to 24% |
|
|
8.30% to 10.41% |
|
|
Starts from 8.50% |
|
|
14.15% to 16.15% |
|
|
7.50% to 9.75% |
|
|
7.25% to 9.75% |
|
|
11.35% |
|
|
10.99% |
|
|
9.30% |
|
|
8.80% |
|
|
8.30% to 9.95% |
|
|
9.30% |
|
|
9.30% |
Expenses covered under HDFC Bank Education Loan for Foreign Education :
1. Tuition fees
2. Cost of books, uniforms and stationeries
3. Cost of laptop or computer ( If required)
4. Examination Form
5. Library/ Laboratory fees
6. Hostel fee
7. Travel expenses ( for Abroad)
8. Miscellaneous Expenses
1. Offline Method : By visiting the nearest bank branch.
2. Online Method :
Visit the official website of loan.
Click on apply now
Fill out the form with essential details.
Upload the mandatory documents required
Submit the form and take out a print out of the applications
Visit the bank branch for further formalities.
How to contact for HDFC Bank Education Loan :
1. By Customer Care Contact Number : 01416160616
2. By Customer Care Email-ID : [email protected]
Financials products offered by Bank :
The maximum tenure period is 15 years to apply for HDFC Bank Education Loan for Foreign Education.
The interest rate charged by HDFC Bank Education Loan for Foreign Education is 9% to 14% p.a.
Yes, maximum upto 1.5% of the sanctioned amount plus applicable taxes thereon processing fee is charged to apply for HDFC Bank Education Loan for Foreign Education.
You can apply online or offline both for HDFC Bank Education Loan.
Yes, age is an important factor to get a HDFC Bank Education Loan for Foreign Education and the applicant age should be at least 16 years to 35 years
Last Updated on : 10/Aug/2020Know More About
You're eligible for a Hdfc Bank Education Loan For Foreign Education if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Education Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Hdfc Bank Education Loan For Foreign Education Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 9% - 14% |
| Processing Fees | Up to 1.5% of the sanctioned amount plus applicable taxes thereon |
| Loan Tenure | 1 year to 15 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Education Loans EMI Calculator