HDFC Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

HDFC Bank Education Loan
HDFC Bank Education Loan

The HDFC Bank India’s largest private sector bank. It is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It has 88,253 permanent employees as on 31 March 2018 and has a presence in Bahrain, Hong Kong and Dubai. HDFC bank provides the facility of Education loan. If you want Education Loan to pursue higher studies from Abroad or India, You are at the right place to collect every aspect of information related to Education Loan in India. Read this full post on HDFC Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc.

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Read this full post on HDFC Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding HDFC Bank Education Loan it’s Process to Apply and full detailed Information.


HDFC Bank Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  HDFC Bank
Founded on 1994
Headquarter Mumbai, Maharashtra, India
Type of Bank  Private Bank
Number of Employees 88,253 (March 2018)
CEO Name Aditya Puri
Maximum Loan Amount  Rs. 20 Lakhs
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue 81,602 Crore (US$ 11 billion) 2017
Processing Fees 1% of the loan amount as applicable or Minimum Rs. 1000/- whichever is higher
Other Subsidiaries
  • HDFC Securities
  • HDB Financial Services Limited
  • Next Gen Publishing
  • HDFC Bank Limited, Asset Management Arm
  • HDFC Bank Ltd., Hong Kong Branch
  • HDFC Bank Limited, Bahrain Branch
Category  Education Loan in India

Types of HDFC Bank Student Loan

S.no. Schemes Description
1. Education Loan for Indian Education Education Loan aims to provide financial support to every child who wishes to study further. Our loan gives you the opportunity to fulfil your career goals with loans that are tailor-made to suit your every educational need.
loans amount for up to Rs 10 lakhs.
2. Central Government Interest Subsidy Scheme The Government of India has introduced the Central Government Interest Subsidy Scheme to ensure that every child as the right to higher education. At HDFC Bank, we are proud to help give every child a chance to fulfil their dreams.
3. Education Loan for Foreign Education Education Loan wants to empower every keen learner and provide them with the opportunity to pursue their dream course abroad, without any financial constraints. Our HDFC Bank Education Loan for Foreign Education provides customised loan solutions, with doorstep service and tax benefits. Education loans for foreign education greater than Rs 20 lakhs

How to Apply

Online

Offline

  • Visit the nearest branch of HDFC Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian national.
  • Applicant must have secured admission in a government recognized educational institution.
  • Those who can offer collateral for certain cases.
  • A co-applicant is required for all full-time programmes. The co-applicant can be a parent, spouse, sibling, father-in-law, mother-in-law, brother-in-law, or a paternal/maternal uncle/aunt.

Documents Needed

  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Admission Letter with Fee break-up.
  • SSLC, HSC Graduation Mark sheets
  • Salaried last 2 payslips with the date of joining + 6 months bank statement.
  • Proof of Qualification+6 months’ bank statements.
  • Proof of Age and Signature
  • Identity Proof
  • Residence Proof
  • Duly Filled-in Application Form
  • Photograph

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy

  • In case of HDFC Bank Education loan, repayment will start after the completion of course period and moratorium period. Repayment will commence 6 months after completion of Course.
  • Repayment up to Maximum of 15 years

HDFC Bank Education Loan EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for HDFC Bank Education Loan: Click Here

HDFC Bank Education Loan Security

  •  Up to Rs. 4 Lacs
    • Co-obligation of parents
    • No security
  •  Above Rs.7.50 Lacs
    •Tangible collateral security of suitable value acceptable to the bank along with parents to be joint borrower(s).
  • Approved collateral securities include residential property, HDFC Bank Fixed Deposit, LIC, NSC or KVP Policy

Contact Details

Head office  1st Floor,C.S.No.6/242, Senapati Bapat Marg, Lower Parel,
Mumbai – 400 013.
Official website www.hdfcbank.com
Apply for Loan  Click Here
Contact Number +91 (22) 5652-1000

HDFC Bank Student Loans FAQs

We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on an HDFC Bank education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

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