HDFC bank is a well-known major private bank has over 5000 Branches all over the country. The bank has schemes that offer and finances studies through different types of education loans. The HDFC bank education loan is available at different interest rates and repayment can be made within 15 years of availing the loan. For any query or problems, the customers can contact customer care.
Contents
HDFC Education Loan Interest Rate
| Scheme Name | Maximum Loan Amount | Interest rate (p.a.) |
| HDFC Education loan for Indian | Up to Rs.20 lakh | 9.25% – 13.42% |
| Education loan for Foreign Education | No Upper limit | 9.25% – 13.52% |
HDFC Bank Education Loan Schemes for Indian Education
- Education loan for Indian Education
Education loan for Indian Education can be availed by an Indian resident between 16 and 35 years of age. Before the applicant applies for the loan, they should have secured admission in a reputed college. The admission needs to be secured through an entrance test or on merit basis. Along with this, co-applicant is compulsory in the case of full-time courses. The applicant for the scheme can avail a loan of up to Rs.20 lakh.
Preferential interest rates are around 9.25% – 13.42 if you have secured admission at a top university. The processing fee for education loan for Indian education is a minimum of Rs.1000 and a maximum of up to 1% of the loan amount, which is higher. With no hidden charges applied, the repayment tenure for the loan can go up to 15 years. The loan also offers an option of pocket-friendly EMI repayment options. The applicants should know that rebate is on the paid interest under Section 80E of the Income Tax Act 1961. As per this scheme, the collateral required only if the loan amount is higher than Rs.7.5 lakh.
- Central Government Interest Subsidy Scheme
As per the Central Government Interest Subsidy Scheme, one can avail loan at subsidized interest rates. In this scheme, the interest is waived off during the moratorium period. Also, it can be availed if the annual gross income from all sources below Rs.4.5 lakh.
HDFC Education Loan Documents Required
| Education loan for Indian Education for Pre-sanction loans |
| Duly filled application form |
| Latest photograph (Signed Across) |
| Admission letter from the institute with the fee break – up |
| Academic mark sheets (SSC, HSC and Graduation) |
| Age proof |
| Identity proof |
| Residence proof |
| Signature proof |
| Salary slips of the last two months carrying the date of joining details. Bank statement of the salary account for the last 6 months (Salaried) |
| ITR of the last 2 years with computation of income. Audited Balance Sheet or Profit and loss statement for the last 2 years. Bank statement for the last 6 months. Latest Sales or service tax return as proof of turnover Proof of qualification (Self-employed) |
| Education loan for Indian Education for Post-sanction loans |
| Duly filled application form |
| Latest photograph (Signed Across) |
| Admission letter from the institute with the fee break – up |
| Academic mark sheets |
| Age proof |
| Identity proof |
| Residence proof |
| Signature proof |
| Salary slips of the last two months carrying the date of joining details. Bank statement of the salary account for the last 6 months (Salaried) |
| ITR of the last two years with computation of income. Audited Balance Sheet or Profit and loss statement for the last 2 years. Bank statement for the last 6 months. Latest Sales or service tax return as proof of turnover Proof of qualification (Self-employed) |
| Completed loan agreement signed by the applicant and co-applicant |
| PDCs, ACH or SI Mandate |
| In the case of ACH and SI mode of repayment, three security PDCs need to be submitted. |
| Central Government Interest Subsidy Scheme |
| Original income certificate issued by an authorised officer of the State government under the scheme |
| Original Bonafide student letter that has been issued by the institute. |
| Interest subsidy agreement stamped as per the State Stamp Act. |
| Aadhaar number of the student. |
| Any additional documents requested by the bank must be submitted as well. |
HDFC Education Loan For Abroad
HDFC Bank also tends to offer Education loan for Foreign Education. This loan can be availed
- If you are an Indian resident.
- Age limit – 16 and 35 years of age.
- Can provide moveable or immoveable collateral for certain cases (In fact applicants can avail an unsecured loan of up to Rs.35 lakh.)
- Co-applicant is compulsory in the case of full-time courses.
- Preferential interest rates are around 9.25% – 13.52% if you have secured admission at a top university.
- Education loan for Foreign Education can be availed for more than 950 courses in 36 countries.
- With no hidden charges applied, the repayment tenure for the loan can go up to 15 years. The loan also offers an option of pocket-friendly EMI repayment options.
Courses covered
HDFC Education Loan For Abroad applies for over 950 courses across 36 countries. It can be used for courses such as Management (Full-Time), Engineering, Medicine – Only in India, Masters in Computer Application (MCA / MCM ) and Architecture
Costs covered
The loan is structured in such a manner that it covers Exam/ Library/ Lab fees. Along with this, it provides for caution deposit / refundable deposit asked by the institution/building fund – supported by Institution bills/receipts. The loan covers for applicants Purchase of books/equipment/instrument/uniforms. The travel expenses/passage money for studies abroad are also looked after under the education loan scheme. Essential for completion of the course such as the purchase of computers or other equipment. The education loan also covers for Insurance and other miscellaneous expenses related to the course – like study tours, project work, thesis, etc.
Processing & approval
Get loan sanction before admission. You can apply with co-borrowers in a different city. Get doorstep service and web-enabled billing. Pay no hidden charges and experience a completely transparent process. Enjoy minimal and simple documentation
HDFC Education Loan Documents Required For Abroad
| Education loan for Foreign Education | ||
| Personal Document | Residence Proof (Anyone) | Academic documents |
| Duly filled application form | Photo ID such as Voter ID , Aadhaar cardDriving LicensePassportPAN Card (Any One) | Marksheet/certificate of 12th Exam and Admission proof |
| 2 passport-sized photograph of the applicant and co-applicant | Marksheet/certificate of subsequent years of education | |
| Photo ID such as Voter IDAadhaar cardDriving LicensePassportPAN Card (Any One) | Scholarship documents (if applicable)Marksheets of any entrance exam (if applicable) | |
| IELTS/TOEFL/GMAT/GRE mark sheets if applicable |
| Other Documents | In case, the immovable property is as collateral |
| Bank statements of the co-applicant for the last 8 months | 7/12 extracts in case of land. |
| Salary slips for the last 3 months or salary certificate on employers’ letter (Salaried co-applicant) | Registered sale agreement along with society share certificate. |
| Income tax returns for the last two years (Salaried and Self-employed co-applicant) | Property title deed. |
| Lease deed, Utility bill, title deed etc. to serve as proof of office (Self-employed co-applicant) | Original registration receipt for the above agreement. |
| Certified financial statements or provisional financial statements duly certified by a CA for the last 2 years (Self-employed co-applicant) | Approved building plan. |
| Any other income proof not reflected in the above documents may also be asked by the bank officials. | Encumbrance certificates. |
| Latest property tax bill along with receipts. | |
| Latest maintenance bill along with receipts issued by builder/society. | |
| Allotment letter by a municipal corporation or authorised Government Authority like MHADA, CIDCO etc. |