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- Student Loans For Indian Education
Features of Student Loans for education In India
- Secure a loan for approved courses offered by recognized institutions in India.
- Loans upto Rs. 15 lakh available
- Get maximum advantage of unsecured lending upto Rs. 7.5 lakh!
Benefits of Educational Loan In India
- Be worry-free about repaying the principle amount while you study! Repayments will start only after 1 year of course completion or 6 months after you get a job (whichever is earlier)
- Avail of tax rebates for the interest you pay on an education loan under Section 80-E of the Income Tax Act 1961*
*Check with your CA
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Do you want to know about our Student Loan for Indian Education in detail?
Focus on pursuing the course of your choice and securing a great education. Leave the hassles of documentation and finances of your student loan for Indian education to us. Here are a few features of the loan:
- Amount limits: Get Student loans upto Rs. 15 lakh and unsecured lending upto Rs. 7.5 lakh. No collateralCollateral is a necessary element that a recipient has to keep with him to get a loan. Securities can also be used as collateral. will be required for loans upto Rs. 7.5 lakh
- Wider collateralCollateral is a necessary element that a recipient has to keep with him to get a loan. Securities can also be used as collateral. options: Are you securing a loan of a higher amount than Rs. 7.5 lakh? We offer a wide range of bank approved collateralCollateral is a necessary element that a recipient has to keep with him to get a loan. Securities can also be used as 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 periodA repayment moratorium (also called a repayment holiday) is the coursework period + 1 year or 6 months after the student gets a job/starts earning - whichever is earlier..
- Tax Rebate: Did you know that you are eligible for a tax rebateAlso called Tax Holidays, tax rebates are a form of tax slashing or tax reduction given if a taxpayer fits meets prescribed criteria. This is the government's way to encourage people to pay tax and stimulate growth in the economy. 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. Email loansupport@hdfcbank.com to receive interest certificate for FY 09-10.
If this wasn't enough for you, check out some more special privileges that you will get as a HDFC customer for a Student 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 ERGO.
What are the eligibility criteria for securing Student Loan for Indian Education?
- 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 collateralCollateral is a necessary element that a recipient has to keep with him to get a loan. Securities can also be used as collateral. security will be required.
- Co applicant: 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
Check out more details on eligibility and courses on offer in our FAQ section.
Here is an exhaustive list of the documents that you will need for the student loan:
| Category | Applicant (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 | |
| * Stamp dutyA tax levied on documents, stamp duty applies to documents like cheques, receipts, licenses and transaction records. to be paid by the customer as per the relevant state laws. | |
Here are the documents you need to submit for subsequent disbursements:
- Subsequent DisbursementDisbursement of loan means the delivery of the loan funds by the bank to the applicant of the loan. Request Letter From Applicant Or Co-Applicant
- University Fee Demand Letter
- Applicant's Academic Progress Report (Previous Semester)
- Revised Repayment Instructions - PDCs / ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder. / SI plus 3 security PDCs in case of ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder. and SI mode of repayment.
Just SMS <ELSUB> 567-6721 or e-mail at eduloan@hdfcbank.com
What are the fees and charges applicable for Student Loan for Indian Education?
Here is an exhaustive list of all the fees and charges to be paid for the education loan:
| Description of Charges | Education Loan |
|---|---|
| Loan Processing Charges | Upto a maximum 2% of the loan amount |
| Pre-payment charges | Upto 4% of the Principal Outstanding if loan is foreclosed / part prepaid during Moratorium PeriodA repayment moratorium (also called a repayment holiday) is the coursework period + 1 year or 6 months after the student gets a job/starts earning - whichever is earlier.. 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 | Rs. 250/- |
| Solvency Certificate | Not applicable |
| Charges for late payment of EMI | @ 24 % p.a. on amount outstanding from date of default |
| Credit assessment charges | Not applicable |
| Non standard repayment charges | Not applicable |
| Cheque swapping charges | Upto Rs. 500/- per event |
| Loan Re-Booking / Re-Scheduling Charges | Upto Rs. 1000/- |
| Bounce Cheque Charges | Upto Rs. 450/- per Bouncing |
| Legal / incidental chargesIncidental charges are those expenses that are not budgeted or specified but are incurred by the bank on behalf of the customer. | At actual |
| Stamp Duty & other statutory charges | As per applicable laws of the state |
*Terms & conditions apply
Charges which are in nature of fees are inclusive of service tax.
Have questions?
Which courses can I take an education loan for (Student Loans For Indian Education)?
You can take a student loan for Indian education on the following courses:
- Management Courses (Full-Time) – Post Graduation
- Engineering Courses ( Government + Private ) - Graduation
- Medicine - Graduation + Post Graduation
- Masters in Computer Application ( MCA/MCM) - Post Graduation
- Architecture - Graduation
- Hotel and Hospitality - Graduation + Post Graduation
- Agriculture - Post Graduation
- Pure Science - Graduation + Post Graduation
Do I need a co-applicant for the loan (Student Loans For Indian Education)?
Yes 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
What is the age limit for the loan (Student Loans For Indian Education)?
Here are the age criteria:
| Applicant (Student): | 16-35 Years |
| Co-Applicant: | 21-60 years (Salaried)* 21-65 years (Self-Employed)* |
| 25-65 years (Self-Employed Professional) * | |
* These age limits are at the time loan maturity.
Is there moratorium/repayment holiday available (Student Loans For Indian Education)?
Yes. A moratorium/repayment holiday is available for select courses.
Do I have to make any repayment during the moratorium period (Student Loans For Indian Education)?
You have the option of servicing simple interest during moratorium periodA repayment moratorium (also called a repayment holiday) is the coursework period + 1 year or 6 months after the student gets a job/starts earning - whichever is earlier.. Simple interest will be calculated on the loan amount disbursed payable monthly.
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Get Started with your Student Loan
With your welcome kit you will receive a:
- Welcome Letter
- Copy of the Loan Agreement
- Repayment Schedule
Did you know?
- You can check with your Chartered Accountant to get a tax rebateAlso called Tax Holidays, tax rebates are a form of tax slashing or tax reduction given if a taxpayer fits meets prescribed criteria. This is the government's way to encourage people to pay tax and stimulate growth in the economy. for the interest paid on your loan
Contact us
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Get started with your Student Loan
Got your Welcome Kit? With your welcome kit you will receive a:
- Welcome Letter: A letter confirming the opening of your Student Loan Account
- Copy of Agreement: A copy of the Loan Agreement.
- Repayment Schedule: A detailed schedule of repayment of interest / EMI.
For Subsequent Disbursements you will need to send us:
- A subsequent disbursementDisbursement of loan means the delivery of the loan funds by the bank to the applicant of the loan. request letter from the applicant or co-applicant
- A University Fee Demand Letter
- The applicant's Academic Progress Report (Previous Semester)
- Acknowledgement of last fees paid
- Just SMS <ELSUB> 567-6721 or e-mail at eduloan@hdfcbank.com to avail subsequent disbursements
A revised Repayment Instruction - PDCs / ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder. / SI and 3 security PDCs in the case of ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder. and SI modes of repayment
Did you know?
- You can get a tax rebateAlso called Tax Holidays, tax rebates are a form of tax slashing or tax reduction given if a taxpayer fits meets prescribed criteria. This is the government's way to encourage people to pay tax and stimulate growth in the economy. offered under section 80-E of the Income Tax Act 1961* for the entire interest amount paid towards your Education Loan. (*Please check with your Chartered Accountant.)
You may also benefit from:
- A Loan against Securities to get liquidity from your investments without selling them. Just apply for our Loan Against Securities.
- An HDFC Bank Savings Account and enjoy effortless banking and several other benefits.
- An HDFC Bank Current Account that will allow you to control your business operations centrally.
- Our Forex facility at competitive rates from any HDFC Bank branch.
What are the fees and charges I pay?
Here is an exhaustive list of all the fees and charges to be paid for the education loan:
| Description of Charges | Education Loan |
|---|---|
| Loan Processing Charges | Upto a maximum 2% of the loan amount |
| Pre-payment charges | Upto 4% of the Principal Outstanding if loan is foreclosed / part prepaid during Moratorium PeriodA repayment moratorium (also called a repayment holiday) is the coursework period + 1 year or 6 months after the student gets a job/starts earning - whichever is earlier.. 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 | Rs. 250/- |
| Solvency Certificate | Not applicable |
| Charges for late payment of EMI | @ 24 % p.a. on amount outstanding from date of default |
| Credit assessment charges | Not applicable |
| Non standard repayment charges | Not applicable |
| Cheque swapping charges | Upto Rs. 500/- per event |
| Loan Re-Booking / Re-Scheduling Charges | Upto Rs. 1000/- |
| Bounce Cheque Charges | Upto Rs. 450/- per Bouncing |
| Legal / incidental chargesIncidental charges are those expenses that are not budgeted or specified but are incurred by the bank on behalf of the customer. | At actual |
| Stamp Duty & other statutory charges | As per applicable laws of the state |
*Terms & conditions apply
Charges which are in nature of fees are inclusive of service tax.
Have questions?
Is there moratorium/repayment holiday available (Student Loans For Indian Education)?
Yes. A moratorium/repayment holiday is available for select courses.
Do I have to make any repayment during the moratorium period (Student Loans For Indian Education)?
You have the option of servicing simple interest during moratorium periodA repayment moratorium (also called a repayment holiday) is the coursework period + 1 year or 6 months after the student gets a job/starts earning - whichever is earlier.. Simple interest will be calculated on the loan amount disbursed payable monthly.
What is the mode of repayment (Student Loans For Indian Education)?
You have the option of repaying the loan through a Standing instruction, ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder. or post-dated cheques.
What does 'Moratorium period' mean (Student Loans For Indian Education)?
A repayment moratorium (also called a repayment holiday) is the course work period + 1 year or 6 months after the student gets a job or starts earning, whichever is earlier.
Will the loan be disbursed in favour of the Institute/college/university (Student Loans For Indian Education)?
Yes. The tuition and hostel fees (if any) will be disbursed directly to the educational institute as per the schedule and structure of fees given by them.
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