Education Loan for Indian Education
Pursue your dream education course in India and abroad with Education Loan
Features of Education Loans for education in India
- Service at your doorstep
- Preferential rates for top ranked universities / institutes
Benefits of Educational Loan In India
- Avail tax benefits under section 80(E) of income tax Act 1961
- Flexible repayment options
- Option to avail insurance cover for your loan
Why take an Education Loan from HDFC Bank?
Whatever be your need we have a loan for you. Over the years we have won the trust of our customers and have become market leader in loan products.
Enjoy triple benefits when you take an Education Loan from HDFC Bank:
- Faster loan - Our loan sanction and disbursal is one of the quickest with easy documentation and doorstep service.
- Competitive pricing – Our loan rates and charges are very attractive
- Transparency – All charges are communicated up front in writing along with the loan quotation
Features and Benefits of Education Loan for Indian Education
Focus on pursuing the course of your choice and securing a great education. Leave the hassles of documentation and finances of your Education Loan for Indian education to us. Here are a few features of the loan:
- Amount limits: Get Education Loan upto Rs. 10 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. Send a mail to to receive interest certificate for the last financial year.
If this wasn't enough for you, check out some more special privileges that you will get as a HDFC customer for an Education 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 Education 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 documents that you will need for the Education Loan:
|Academic||Institute Admission Letter with Fee break-up|
|KYC(Know Your Customer)||Age Proof|
|Latest 2 Salary Slips carrying date of joining details|
|Latest 6 Months Bank Statement of the Salary Account.|
|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 *|
|* 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 and Co-Applicant/s
- 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.
Education Loan for Indian Education Interest Rates & Charges
Enclosed below are HDFC Bank Education Loan for Indian Education Interest Rates & Charges
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*||Maximum up to 1% of the loan amount as applicable.|
|Pre-payment charges*||Upto 4% of the Outstanding Balance prepaid, if loan is foreclosed/ part perpaid during Moratorium (along with and in addition to due/accrued interest, if any, and other amounts due and/or payable by the Borrower to the Bank). No prepayment charges will be charged if loan is foreclosed / part prepaid any time after expiry of the Moratorium.|
|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*||Rs. 500/-|
|Repayment Schedule Charges*||Rs. 200/-|
|Loan Re-Booking / Re-Scheduling Charges||Upto Rs. 1000/-|
|Cheque Bouncing Charges*||Upto Rs. 550/- 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|
|Loan cancellation charges
||Nil cancellation charges. However, interest for the interim period (date of disbursementDisbursement of loan means the delivery of the loan funds by the bank to the applicant of the loan. to date of cancellation), CBC/LPP charges as applicable would be charged.|
*Terms & conditions apply
*Charges which are in nature of fees are EXCLUSIVE of service tax.
Service tax and other government levies, as applicable, would be charged additionally.