HDFC Education Loan

HDFC bank provides loan with triple benefits to students who have secured admissions in India and abroad.it aims at providing loan to students to have great education. For its overseas education loan it partners with Credila- India’s first education loan specialist.

  • Faster loan  as there are easy documentation and doorstep service
    • Competitive pricing as  loan rates and charges are very attractive
  • Transparency as  all charges are communicated up front in writing along with the loan quotation

Privileges for student applying for loan:

The main objective of bank is to Focus on pursuing the course of your choice and securing a great education.it does not contains problems of documentation and finances of your Education Loan for Indian education to us.

Following are few important features of the loan:

ü  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

ü  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.

ü  Loan Tenure: The maximum repayment tenure is upto 15 years post moratorium period.

ü  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*?

To know this send an EMAIL to loansupport@hdfcbank.com

Eligibility criteria for securing loan:

ü  Should be an Indian resident

ü  Should have age between 16 - 35 years.

ü  In case you are taking a loan of more than Rs. 7.5 Lakh, a collateral security will be required.

ü  A co-applicant is required for all full time courses. Here are a few points to be noted about co-applicants:

Primary Co-Applicants: Parents, Spouse, Siblings

Secondary Co-Applicants: Father-In Law, Mother-In-Law, Brother-In-Law, Paternal / Maternal Uncle / Aunt

Interest rates and charges for Indian education:

Charges Description of Charges

Education Loan

Loan Processing Charges

Nil

Pre-payment charges

Upto 4% of the Principal Outstanding if loan is foreclosed / part prepaid during Moratorium Period . Nil charges if loan is foreclosed / part prepaid any time during Repayment Period.

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 swapping charges

Nil

Loan Re-Booking / Re-Scheduling Charges

Upto Rs. 1000/-

Bounce Cheque Charges

Upto Rs. 450/- per Bouncing

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 disbursement to date of cancellation), CBC/LPP charges as applicable would be charged.

Interest rates and charges for foreign education:

Description of Charges

Education Loan

Loan Processing Charges

Up to 1.5%

Pre-payment charges

If prepayment is made within 12 months from the date of Agreement: 4% of the Principal amount pre-paid, plus any applicable taxes thereon.
If prepayment is made after 12 months from the date of Agreement: 2% of the principal amount pre-paid plus applicable taxes thereon.

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

@ 2 % per month of instalment ( MI/PMII)+ applicable taxes thereon

Credit assessment charges

Not applicable

Non-standard repayment charges

Not applicable

Cheque swapping charges

Up to Rs.500/- per swap instance plus applicable taxes thereon

Bounce Cheque Charges

Up to Rs. 400/- per bouncing

Legal / incidental charges

At actual

Stamp Duty and other statutory charges

As per applicable laws of the state

Loan cancellation charges

1% of the unveiled sanctioned loan amount + applicable any taxes thereon

Following are the documents which the student applying for loan need to submit for subsequent repayment:

ü  Subsequent repayment Request letter from the applicant and Co-Applicant

ü  University fee demand letter

ü  Applicant’s academic progress report

ü  Revised repayment instructions for ECS mode with 8 security cheques

 

 

 

 

 

 

 

 

 

Ask our Counsellors