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HDFC Bank Education Loan 2017-2018 | Eligibility | Application Process | Interest Rates

HDFC Bank Education Loan

HDFC Bank is one of the major private sector banks in India with its headquarters in Mumbai, Maharashtra. In order to empower the youth of India to pursue their dream studies or higher education in India or Abroad the bank initiates education loan programmed called as HDFC Bank Education Loan for both Indian studies and abroad studies.

Objective & Purpose

The main objective of this scheme is to provide education loan/ financial support for the students to fuel their future aspirations successfully. No matter how far dream education path is, ease it with HDFC Bank Education Loan easily. Also, the purpose of cedillas’ education loan is to provide loan for abroad studies. The HDFC Bank Education Loan is available for the students from graduation/post graduation/ engineering/ medical/ management etc who got admission in recognized university/institute through entrance test/ merit based test or else admission through the minimum aggregate of 60% in previous academics.

HDFC Bank Education Loan

HDFC Bank Education Loan Eligibility

The students who are applied for education loan in HDFC Bank should meet all the student eligibility criteria’s and the applicant should get admission in eligible courses as mentioned below

  • The student should resident of India and also an Indian National
  • The applicant should have obtained entree in recognized university/institute.
  • The age criteria should be minimum of 16 years and maximum of 35 years.
  • All the loans in between 4 to 7.5 lacs the parents would become a joint borrowers and 3rd party guarantee is essential.
  • All the loans above 7.5 lacs tangible collateral security is required along with the co-obligation of parents should become joint borrowers.
  • Eligible courses for studies in India is like graduation, engineering, management, hotel management, medicine, agriculture, MCA/MCM etc
  • Also for studies in abroad the eligible courses conducted by CIMA-London and CPA in the USA. And also some post graduation courses namely MBA, MCA, MS etc. Graduation courses for abroad studies are job oriented professional/technical colleges recognized by respective authorities.

Required Documents / HDFC Bank Application Process

The eligible candidates who are going to pursue higher esteem with the help of HDFC Bank Education Loan should carry all the required and mandatory documents for the successful completion of loan formalities without any faults/errors.

  • Age proof/Birth certificate
  • Resident proof/ Gas bill/ latest electricity bill/ recent mobile recharge bill
  • Income proof/ existing house legal documents
  • Signature proof
  • Identity proof like aadhar card, pan card, driving license, voter id, passport etc.
  • For salaried applicants: last 2 years payslips and last 6 months bank account statements etc.
  • Completed application form
  • Latest recognizable photograph with a signature signed across.
  • Completed Loan agreement to be signed by applicant and co-borrower/parent.
  • Proof of qualification
  • Last two years ITR and audited balance sheet for self-employed applicants.
  • Proof of turnover is required for self-employed professionals.
  • Subsequent disbursement request letter from the applicant and co-applicant
  • University fee demand letter.

Quantum of Loan

The loan will be different for Indian studies and Abroad Studies as follows

  • For Studies in India: Maximum of 10 lakhs
  • For studies in Abroad: up to 20 lakhs. Loans worth more than 20 lakhs also available which is need based.

HDFC Bank Education Loan Margin

  • Loans up to 4 lakhs: No margin
  • Loans above 4 lakhs: 5% for studies in India and 15 % for Studies in Abroad.

HDFC Bank Education Loan Security

  • No security is required for the loans up to 4 lakhs but parents would become joint borrowers
  • For Above 7.5 lakh loans tangible collateral security of suitable value acceptable to bank along with the co-obligation of parents to be co-borrowers
  • Approved collateral security includes residential property, HDFC bank fixed deposit etc.

HDFC Bank Education Loan Repayment

The repayment process will become into existence after the 1 year of course completion/securing a job. The mode of repayment will be installment based or EMIs. The maximum time period for the loans up to 7.5 lakhs is 10 years and for above 7.5 lakhs loans it will be 15 years.

Insurance policy from HDFC ERGO

The main theme of this scheme is providing right insurance solutions for the customers. They offer customers a complete range of insurance facilities starting from the motor, personal accident in the retail span etc. So we suggest contenders should know the basic rules regarding this scheme and apply it based on your needs.

HDFC Bank Education Loan Subsidy Scheme

The central government interest subsidy scheme for HDFC education loan is applicable for the students who are from the low-income family backgrounds. It is mandatory that applicable candidates must provide income proof in order to avail the subsidy scheme. The scheme will be activated only in moratorium period and it will not be applicable if any of the discontinuation occurred in course completion process. Also, the students from the accredited universities are applicable for this central government subsidy scheme. So we advised that the intenders should be aware of all the aspects before applying for subsidy scheme.

Things to know

  • Quick and easy disbursement: There is a doorstep service and it ensures that loans are disbursed as quickly as possible.
  • The bank has a benefit of web billing and servicing. So customers can avail all the billing facilities anywhere from the world
  • When students choose to take education loan from HDFC bank there is an insurance protection facility in order to secure their education loan by opting into credit protect from HDFC life.
  • Applicants can also ask for tranche disbursement by walking into the nearest customer care center for retail assets.
  • 100% Transparency: The aspirants can rest assured that there are no hidden costs. All charges are concluded in writing along with the loan agreement/quotation.
  • There will be tax rebates for applicants under section 80(E) of the income tax act 1961.

Considered Expenses

  • Tuition Fee/Hostel fee
  • Examination fee/ uniform fee/ library fee
  • Building fee/ caution deposit supported by respective college bills
  • Other essential expenses like purchase of books, equipment, instruments, computers etc
  • Project work, thesis etc

HDFC Bank Education Loan Interest Rate & Other Conditions

HDFC Bank Loan Other Conditions

Hope you people got an overview of HDFC Bank education loan from this article. If you have any queries let us know through comment box on our website www.govtjobs.allindiajobs.in. we will respond as quickly as possible. Also, you can refer the official website www.hdfcbank.com whenever you want to.

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