HDFC bank education loan is provided to help poor and needy for basic educations and to meritorious students for their higher studies in India and abroad. In this competitive world education plays an important role in shaping our life and personality. Education is very important to get a good position and a job in society. It not only improves our personality but also makes us mentally, spiritually, intellectually advanced. To make you dreams into reality, HDFC bank provides education loan at lower rate of interest, less processing charge and with less paper works.
Basics details to avail education loan in India
- Individual must be a resident of India
- Minimum age of an individual should be 16 years and maximum should be 35 years
- Maximum tenure is of 10 years for loan up to Rs. 7.50 Lakhs including the moratorium period
- Maximum tenure is of 15 years for loan above Rs. 7.50 Lakhs including the moratorium period
- Moratorium period is of 1 year after the course period of 6 months after getting the job, whichever is earlier
- Loan processing charge is minimum Rs. 1,000/- or 1% of loan amount whichever is higher
- Pre-payment charge is 4% of the outstanding balance, if loan is pre-paid during the moratorium period
- Charges for late payment of EMI- 24% p.a. on unpaid EMI amount from the due date
- Student have secured admission to a higher education course in institutes recognised by UGC/ Government/ AICTE/ AIBMS/ ICMR etc.
- Rate of interest is in the range of 9% to 14.10%
- No margin is required for loan up to Rs. 4 Lakhs. 5% of margin for loan above Rs. 4 Lakhs
- Maximum quantum of loan finance is Rs. 10 Lakhs
Security required for availment of loan of specified amount
| Quantum of loan | Security |
| For loan amount up to Rs. 7.50 Lakhs | Third Party Guarantee is taken |
| Fore loan above Rs. 7.50 Lakhs | Tangible collateral security is taken
Moveable- Fixed Deposit with HDFC bank Immoveable- House, Flat, Bungalow, shop, etc. |
Documents required are
- Admission letter of Institute with fee break-up
- Latest 2 salary slip of co-applicant i.e. parent/guardian
- Last 6 months bank account statement of co-applicant i.e. parent/guardian
- Non-salaried/Self-employed should submit last 2 year IT return, audited balance sheet and P&L account
- statement
- Application form duly filled with 2 photographs
- Applicant’s academic progress report
Basics details to avail education loan for higher studies in abroad
- Individual must be a resident of India
- Minimum age of an individual should be 16 years and maximum should be 35 years
- Student have secured admission to a higher education course in recognised institutions in abroad through
- Entrance Test/ Merit Based Selection process or in any other form desired by competent authority
- Maximum quantum of loan finance provided is Rs. 20 Lakhs
- Maximum repayment tenure is 10 years for loan up to Rs. 7.50 Lakhs and 15 years for loan above Rs. 7.50 Lakhs
- Processing fee is 1.5% of loan amount excluding taxes
- No margin is required for loan up to Rs. 4 Lakhs. 15% of margin for loan above Rs. 4 Lakhs
- Rate of interest is in the range of 9% to 14.10%
- Courses covered are- MBA (Full time), Engineering, MCA, Architecture, etc
Security required for availment of HDFC bank education loan
| Quantum of loan | Security |
| For loan amount up to Rs. 7.50 Lakhs | Third Party Guarantee is taken |
| Fore loan above Rs. 7.50 Lakhs | Tangible collateral security is taken
Moveable- Fixed Deposit with HDFC bank Immoveable- House, Flat, Bungalow, shop, etc. |
Documents required for availment of HDFC bank education loan
- Identity and residence proof like Passport, Driving license, utility bills, Voter’s Id, Aadhaar card, etc.
- Application form duly filled with 2 photographs
- In addition applicant’s academic progress report is also required
- Last 8 months bank account statement of co-applicant i.e. parent/guardian
- Latest 3 salary slip of co-applicant i.e. parent/guardian
- Last 2 years form 16 from employer or last 2 years Income Tax return
Documents required if collateral is an Immoveable property
- Property Title Deed
- 7 / 12 extracts in case of land
- Registered Sale Agreement Along With Society Share Certificate
- In addition original Registration receipt for the above agreement is also required
- Allotment Letter by Municipal Corporation / Authorized Govt. Authority like MHADA, CIDCO, etc. Please add HUDA, DDA, JDA, GIDC etc.
- Previous Chain of Sale Deed establishing title
- Latest Maintenance bill along with Receipts issued by builder/ society,
- Latest Property tax bill along with receipts,
- NOC for mortgage from society/builder,
- Approved building plan
- Encumbrance certificates as on date etc.
That’s all for HDFC bank education loan in India and abroad Hope you have understood better. Thanks for visiting us !