HDFC Education Loan

HDFC Bank offers a variety of education loans for both Indian and foreign education. The eligibility criteria and interest rates for these loans vary depending on the type of loan, the borrower's profile, and the course of study.

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HDFC Education Loan Scheme

Loan Scheme Name Interest rate (p.a.) Maximum Loan Amount
HDFC Education Loan for Indians 9.50% p.a. onwards Up to ₹10 lakh

What are the HDFC Education Loan Schemes?

  1. Education Loan for Indian Education:

    Who can apply?

    • Indian residents between the ages of 16 and 35.

    • Those who have secured admission through entrance tests or on a merit basis.

    Loan Features:

    • Loan amount: Up to Rs.30 lakh.

    • Co-applicants: Mandatory for full-time courses.

    • Preferential interest rates: Available for admissions to top universities.

    • Repayment tenure: Extends up to 15 years.

    • Processing fee: Minimum Rs.1000, maximum 1% of the loan amount (whichever is higher).

    • No hidden charges.

    • Minimal and simple documentation.

    • Pocket-friendly EMI repayment options.

    • Rebate on paid interest under Section 80E of the Income Tax Act 1961.

    • No collateral required for loans up to Rs.7.5 lakh.

  2. Central Government Interest Subsidy Scheme:

    Highlights:

    • Subsidized interest rates.

    • Interest waiver during the moratorium period.

    • Eligibility based on annual gross income from all sources below Rs.4.5 lakh.

  3. Education Loan for Foreign Education:

    Eligibility Criteria:

    • Indian residents aged between 16 and 35.

    • Collateral: Required in certain cases (movable or immovable).

    • Loan amount: Up to Rs.45 lakh (unsecured).

    • Co-applicant: Mandatory for full-time courses.

    • Preferential interest rates: Available for admissions to top universities.

    • Courses covered: Over 950 in 36 countries.

    • Entire cost coverage with collateral.

    • Repayment tenure: Up to 14 years.

    • Minimal documentation, no hidden charges.

    • Pocket-friendly EMI options.

    • Rebate on paid interest under Section 80E of the Income Tax Act 1961.

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What is the Eligibility Criteria for HDFC Bank Education Loan?

Eligibility Criteria for HDFC Bank Education Loan:

  1. Resident of India:

    • To apply for an HDFC Bank education loan, the applicant must be a resident of India.

  2. Age Requirement:

    • Applicants must fall within the age range of 16 years to 35 years to be eligible for the education loan.

  3. Co-Applicant for Full-Time Programs:

    • For all full-time education programs, a co-applicant is mandatory. The co-applicant can be either a parent, spouse, parent-in-law, or guardian.

  4. Qualification Pursued:

    • The education loan is applicable to those pursuing graduate, postgraduate degree, and postgraduate diploma courses.

  5. Recognized Institutions:

    • The applicant must be enrolled in institutions and universities that are recognized by the government, AICTE (All India Council for Technical Education), UGC (University Grants Commission), and other relevant organizations.

  6. Admission through Entrance Test or Merit-Based Selection:

    • Eligibility extends to individuals who have secured admission to a higher education course in a recognized institution in India or overseas. This admission should have been obtained through a valid entrance test or a merit-based selection process.

How to Apply for the HDFC Bank Education Loan?

You can apply for an HDFC Bank Education Loan online or offline. To apply online, you will need to create an account on the HDFC Bank website. To apply offline, you will need to visit your nearest HDFC Bank branch.

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What are the Documents Required for HDFC Bank Education Loan Schemes?

Documents Required for HDFC Bank Education Loan:

  1. For Pre-sanction Loans:

    • Duly filled application form.

    • Latest photograph (Signed Across).

    • Admission letter from the institute with 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 (Salaried).

    • Bank statement of the salary account for the last 6 months (Salaried).

    • ITR of the last two years with computation of income (Self-employed).

    • Audited Balance Sheet or Profit and loss statement for the last 2 years (Self-employed).

    • Bank statement for the last 6 months (Self-employed).

    • Latest Sales or service tax return as proof of turnover (Self-employed).

    • Proof of qualification (Self-employed).

  2. For Post-sanction Loans:

    • Completed loan agreement signed by the applicant and co-applicant.

    • PDCs, ACH, or SI Mandate.

    • Three security PDCs for ACH and SI mode of repayment.

  3. Central Government Interest Subsidy Scheme:

    • Original income certificate from State government.

    • Bonafide student letter from the institute.

    • Stamped interest subsidy agreement.

    • Aadhaar number of the student.

    • Additional documents as requested by the bank.

  4. For Foreign Education Loans:

    • Duly filled application form.

    • 2 passport-sized photographs of the applicant and co-applicant.

    • Photo ID (Voter ID, Aadhaar card, Driving License, Passport, PAN Card).

    • Residence Proof (Voter ID, Aadhaar card, Driving License, Passport).

    • Academic documents.

    • Bank statements of the co-applicant for the last 8 months.

    • Salary slips for the last 3 months or salary certificate (Salaried co-applicant).

    • Income tax returns for the last two years (Salaried and Self-employed co-applicant).

    • Proof of office for self-employed co-applicant.

    • Certified financial statements for the last 2 years (Self-employed co-applicant).

    • Any other income proof requested by the bank.

    • Collateral documents (if applicable):

      • 7/12 extracts (land).

      • Registered sale agreement with the society share certificate.

      • Property title deed.

      • Original registration receipt.

      • Approved building plan.

      • Encumbrance certificates.

      • Latest property tax and maintenance bills.

What are the Fees and Charges for HDFC Bank Education Loan?

The fees and charges associated with the HDFC Bank education loan are as follows:

  • Processing fee: There are no processing fees for domestic cases. For abroad, part-time, or special initiative cases, the processing fee is up to 1% or a minimum of Rs. 1000, whichever is greater.

  • Charges for late EMI payment: 24% p.a. on the outstanding EMI amount from the EMI due date

  • Duplicate Repayment Schedule Charges: NA

  • EMI return charges: ₹450

  • Cheque/ACH Swapping Charges: NA

  • Loan re-booking/rescheduling charges: NA

  • Loan Cancellation Charges: NA

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FAQ's

  • What are the stamp duty and other statutory charges?

    These charges adhere to the applicable laws of the state.
  • Is prepayment allowed?

    Yes, pre-payment is permitted. However, a charge of up to 4% of the outstanding balance is applicable during the moratorium period. No prepayment charge is levied after the moratorium period expires.
  • Do duplicate repayment schedule charges apply?

    No, HDFC Bank does not enforce any duplicate repayment schedule charges.
  • Will I receive tax benefits on an Education Loan from HDFC Bank?

    Yes, you are eligible for tax benefits under Section 80E of the Income Tax Act 1961 when availing an education loan from HDFC Bank.
  • Can my spouse act as a co-applicant for the loan?

    Yes, your spouse is eligible to be a co-applicant.

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#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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