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Disclaimer:

Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time. students and parents are advised to check thoroughly the terms and conditions of educational loan scheme of respective bank on offer at the time of application.

HDFC BANK

 

Features and Benefits of Education Loan for Indian Education(HDFC BANK)

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. Send a mail to loansupport[at]hdfcbank[dot]com 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:
• We 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 from HDFC LIFE.

Eligibility Criteria

  • 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).

Here is an exhaustive list of all the fees and charges to be paid for the education loan:

               
CategoryApplicant (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.

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 ChargesEducation 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 disbursementto 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 inclusive of service tax.. Service tax and other government levies, as applicable, would be charged additionally.

Rates offered to customer during the period of April'16 to June'16

               
Min IRRMax IRRAvg IRR
9.50% 14.75% 12.49%

Annual Percentage Rate offered to customer during the period of April'16 to June'16

               
Min APRMax APRAvg APR
9.50% 15.62% 12.52%

Website:http://www.hdfcbank.com/


 


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