HDFC Bank Education loan: Interest Rate, Eligibility, Process & Customer Care

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HDFC BANK EDUCATION LOAN FOR INDIAN EDUCATION 

About HDFC Bank Education Loan for Indian Education :

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.

Benefits of HDFC Bank Education Loan for Indian Education :

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.

Interest Rate & Fee and charges of HDFC Bank Education Loan for Indian Education :

TYPE 

 

CHARGES 

Processing fee 

Maximum upto 1% of the loan amount, or Minimum Rs.1000 whichever is higher

Interest Rate

 

9.55% to 13.5%

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

Eligibility Criteria for HDFC Bank Education Loan for Indian Education :
 

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 Required for HDFC Bank Education Loan for Indian Education :

  • Documents for HDFC Bank Education Loan for Indian resident (Pre- sanction Loan ) :

  1. Filled application Form 

  2. Latest photograph with signed across

  3. Admission letter from the institution with the free break-up

  4. Academic Marksheets (SSC, HSC & Graduation)

  5. Age Proof 

  6. ID Proof

  7. Address Proof

  8. Signature Proof 

  9. Income Proof for salaried employee : Salary slip for last 2 months and Bank statement for last 6 months

  10. 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 ) :

  1. Completed loan agreement signed by the applicant 

  2. PDCs (Post dated cheques), ACH (Automated Clearing House) & SI (Standing Instructions) mandate.

  3. In case ACH ansSI mode of repayment, three security PDCs need to be submitted.

Compare other bank interest rate :

BANKS

INTEREST RATE

AXIS Bank Education Loan

13.70% to 15.20%

HDFC Bank Education Loan for Indian Education

9.55% to 13.50%

HDFC Bank Education Loan for Foreign Education

9% to 14%

Kotak Mahindra Bank Education Loan 

11.5% to 24%

IDBI Bank Education Loan

8.30% to 10.41%

Indian Bank Education Loan

Starts from 8.50%

RBL Bank Education Loan

14.15% to 16.15%

Bank of Baroda Education Loan

7.50% to 9.75%

Bank of India Education Loan

7.25% to 9.75%

Canara Bank Education Loan

11.35%

Standard Chartered Bank Education Loan

10.99%

SBI Student Loan Scheme

9.30%

SBI Skill Loan Scheme

8.80%

SBI Scholar Loan Scheme

8.30% to 9.95%

SBI Takeover of Education Loan

9.30%

SBI Global Ed-Vantage

9.30%

Other products of HDFC Bank :

1. HDFC Bank Car Loan

2. HDFC Bank Business Loan 

3. HDFC Bank Credit Card

4. HDFC Bank EMI Calculator

Expenses covered under HDFC Bank Education Loan :

  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

How to apply for HDFC Bank Education Loan : 

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 : loansupport@hdfcbank.com

Financials products offered by Bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN

HOME LOAN

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

HDFC Bank Education Loan for Indian Education Frequently Asked Questions :

1. What is the maximum tenure period of HDFC Bank Education Loan for Indian Education?

The maximum tenure period is 15 years to apply for HDFC Bank Education Loan for Indian Education.

2. How much interest rate is charged by 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.

3. Is processing fees charged to apply for HDFC Bank Education Loan for Indian Education?

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.

4. How to apply for HDFC Bank Education Loan?

You can apply online or offline both for HDFC Bank Education Loan.

5. Is age an important factor to get a HDFC Bank Education Loan for Indian Education?

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

Hdfc Bank Education Loan For Indian Education

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

Hdfc Bank Education Loan For Indian Education Interest Rates

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959