HDFC Bank Education Loan

HDFC Bank Education Loan Schemes

1. Education loan for Indian Education

• Can be availed by an Indian resident between 16 and 35 years of age.
• Should have secured admission through entrance test or on merit basis.
• Co-applicants are mandatory in the case of full-time courses.
• You can avail yourself of a 100% loan on the cost of education.
• Preferential interest rates are provided in case you have secured admission at a top university.
• Repayment tenure can go up to 15 years.
• The Processing fee is a minimum of Rs.1000 and a maximum of up to 1% of the loan amount, which is higher.
• No hidden charges.
• Minimal and simple documentation.
• Avail pocket-friendly EMI repayment options.
• Rebate on the paid interest under Section 80E of the Income Tax Act 1961.
• No collateral required for an education loan of up to Rs.50 lakh in selected institutions. 

2. Central Government Interest Subsidy Scheme

• Avail loan at subsidized interest rates.
• Interest is waived off during the moratorium period.
• Can be availed of the annual gross income from all sources in below Rs.4.5 lakh.
• Applicable only to education loans taken from scheduled banks for approved courses.
• The scheme is meant for students belonging to Economically Weaker Sections (EWS).
• An income certificate issued by a competent State government authority is mandatory. 
• The scheme covers loans sanctioned on or after 1 April, 2009. 
• For loans exceeding Rs.10 lakh, the interest subsidy is applicable only up to Rs.10 lakh. 

3. Education loan for Foreign Education

• Can be availed by an Indian resident between 16 and 35 years of age.
• Should be able to offer collateral for certain cases (Moveable or Immoveable).
• You can avail yourself of an unsecured loan of up to Rs.75 lakh.
• Co-applicants are mandatory in the case of full-time courses.
• Preferential interest rates are provided in case you have secured admission at a top university.
• Education loans can be availed for more than 5000 universities in 64 countries.
• The entire cost of the reduction can be covered with collateral.
• Repayment tenure can go up to 15 years.
• Minimal and simple documentation.
• No hidden charges.
• Avail pocket-friendly EMI repayment options.
• Rebate on the paid interest under Section 80E of the Income Tax Act 1961.

HDFC Bank Education Loan EMI Calculator

Use the BankBazaar Education Loan EMI calculator to find out how much you will have to pay each month after taking out a bank loan. If necessary, enter the loan amount, repayment schedule, and interest rate before clicking the "Calculate" button. 

Eligibility Criteria for HDFC Bank Education Loan

The eligibility criteria to apply for an HDFC Bank education loan are as follows: 

• You must be a resident of India. 
• You must be aged between 16 years and 35 years.  
• All full-time programmes require a co-applicant, who can be a parent, spouse, parent-in-law, or guardian.  

• You must be pursuing graduate/post graduate degree and post graduate diploma courses at recognised institutions and universities accredited by the government, AICTE, UGC, and other organisations. 
• You must have obtained admission to a higher education course at a recognised institution in India or overseas via an entrance test or merit-based selection process. 

How to Apply for HDFC Bank Education Loan?

HDFC Bank accepts online and offline applications for student loans. To submit an online application, go to the bank's website and follow the on-screen instructions. In addition, you can visit the nearest bank branch and complete the required paperwork to apply for an education loan.

Documents Required for HDFC Bank Education Loan

The documents that need to be submitted if you wish to avail an education loan from HDFC bank are listed below:

1. Documents Required for Pre-Sanction Education Loans

• Duly filled application form
• Latest photograph (Signed Across)
• Admission letter from the institute with the fee break - up
• Academic marksheets (SSC, HSC and Graduation)
• Age proof
• Identity proof
• Residence proof
• Signature proof
• Salary slips of the last two months carrying the date of joining details (Salaried)
• Bank statement of the salary account for the last 6 months (Salaried)
• ITR of last two years with computation of income (Self-employed)
• Audited Balance Sheet or Profit and loss statement for the last 2 years (Self- employed)
• Bank statement for the last 6 months (Self-employed)
• Latest Sales or service tax return as proof of turnover (Self-employed)
• Proof of qualification (Self-employed)

2. Documents Required for Post-Sanction Education Loans

Even for post-sanction loans, you will be required to submit the above-mentioned documents. Along with them, you will also be required to submit the following:

• Completed loan agreement signed by the applicant and co-applicant
• PDCs, ACH or SI Mandate
• In the case of ACH and SI mode of repayment, three security PDCs need to be submitted.

3. Documents Required for Central Government Interest Subsidy Scheme

• Original income certificate issued by an authorised officer of the State government under the scheme
• Original Bonafide student letter that has been issued by the institute.
• Interest subsidy agreement stamped as per the State Stamp Act.
• Aadhaar number of students.
• Any extra documents requested by the bank must be submitted too.

4. Documents Required for Education loan for Foreign Education

• Duly filled application form
• 2 passport sized photograph of the applicant and co-applicant
• Photo ID (Any one)
  • Voter ID
  • Aadhaar card
  • Driving License
  • Passport
  • PAN Card
• Residence Proof (Any one)
  • Voter ID
  • Aadhaar card
  • Driving License
  • Passport
• Academic documents
  • Marksheet/certificate of 12th Exam
  • Marksheet/certificate of subsequent years of education
  • Scholarship documents (if applicable)
  • Marksheets of any entrance exam (if applicable)
  • IELTS/TOEFL/GMAT/GRE marksheets if applicable
• Admission proof
• Bank statements of the co-applicant for the last 8 months
• Salary slips for the last 3 months or salary certificate on employers' letter (Salaried co-applicant)
• Income tax returns for the last two years (Salaried and Self-employed co-applicant)
• Lease deed, Utility bill, title deed etc. to serve as proof of office (Self-employed co-applicant)
• For the last two years, self-employed co-applicant must provide certified or provisional financial statements that have been properly certified by a CA.

• Any other income proof not reflected in the above documents may also be asked for by the bank officials.
• In case, immoveable property is provided as collateral you will be required to submit:
  • 7/12 extracts in case of land.
  • Registered sale agreement along with society share certificate.
  • Property title deed.
  • Original registration receipt for the above agreement.
  • Approved building plan.
  • Encumbrance certificates.
  • Latest property tax bill along with receipts.
  • Latest maintenance bill along with receipts issued by builder/society.
  • Allotment letter by municipal corporation or authorised Government Authority like MHADA, CIDCO etc.

Fees and Charges for HDFC Bank Foreign Education Loan

Students who want to pursue degrees in foreign institution can seek HDFC Bank’s Foreign Education Loan and its fees and charges are: 

Fees and Charges for HDFC Bank Education Loan in Indian Institutes

Students who want to pursue degrees in Indian institution can seek HDFC Bank’s Indian Education Loan and its fees and charges are:

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