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. It also avails loans of upto Rs.7.5 lakh without collateral. The bank currently offers education loans worth Rs.20 lakhs for pursuing higher studies in India only. On the other hand, HDFC Bank education loan for Indian education charged the interest rates vary from 9.55% per annum to 13.5% per annum, but it will depend on the loan amount and tenure. The tenure lasts up to a maximum of fifteen years.
1. It provides minimal and simple documentation
2. No hidden charges, basically not applying any prepayment or foreclosure charges
3. Repayment tenure can go upto 15 years
4. It can be availed by Indian residents between 16 years to 35 years of age.
5. If you wish to take a loan higher than 7.5 lakh then you will need to provide collateral.
|
TYPE |
|
||
|
Processing fee |
Maximum upto 1% of the loan amount, or Minimum Rs.1000 whichever is higher |
||
|
Interest Rate |
|
||
|
No due certificate/ No objection certificate charges |
NIL |
||
|
Duplicate of no dues certificate charges |
NIL |
||
|
Late payment of EMI charges |
@24% p.a. On overdue/ unpaid EMI amount outstanding from EMI due date |
||
|
Cheque swapping charges |
Rs.500 per instance |
||
|
Duplicate repayment schedule charges |
Rs.200 |
||
|
Loan Re-booking/ Rescheduling charges |
Upto Rs.1000 |
||
|
EMI Return charges |
Rs.500 per instance |
1. Must be an Indian Resident
2. Applicant should have secured admission with education institute
3. An applicant should be 16 years to 35 years of age.
Documents for HDFC Bank Education Loan for Indian resident (Pre- sanction Loan ) :
Filled application Form
Latest photograph with signed across
Admission letter from the institution with the free break-up
Academic Marksheets (SSC, HSC & Graduation)
Age Proof
ID Proof
Address Proof
Signature Proof
Income Proof for salaried employee : Salary slip for last 2 months and Bank statement for last 6 months
Income Proof for Self employed : ITR for last 2 years with audited Profit & Loss statement or Balance Sheet of last 2 years, bank statement of last 6 month, latest sales or service tax return as proof of turnover, proof of duplication.
Documents for HDFC Bank Education Loan for Indian resident (Post- sanction Loan ) :
Completed loan agreement signed by the applicant
PDCs (Post dated cheques), ACH (Automated Clearing House) & SI (Standing Instructions) mandate.
In case ACH ansSI mode of repayment, three security PDCs need to be submitted.
|
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 :
Tuition fees
Cost of books, uniforms and stationeries
Cost of laptop or computer ( If required)
Examination Form
Library/ Laboratory fees
Hostel fee
Travel expenses ( for Abroad)
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 Indian Education.
The interest rate is charged by HDFC Bank Education Loan for Indian Education is 9.55% to 13.5% p.a.
Yes, maximum upto 1% of the loan amount, or minimum Rs.1000 whichever is higher processing fee is charged to apply for HDFC Bank Education Loan for Indian 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 Indian Education and the applicant age should be at least 16 years to 35 years.
Last Updated on : 10/Aug/2020
Know More About
You're eligible for a Hdfc Bank Education Loan For Indian 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 Indian Education Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 9.55% - 13.5% |
| Processing Fees | 1% of the loan amount or Minimum Rs. 1000, whichever is higher |
| Loan Tenure | 1 year to 15 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Education Loans EMI Calculator