Make college memories that last a lot longer than your student loan payments.

HDFC Bank Education Loan

HDFC Bank offers different schemes when it comes to education loans. Presently, the lender offers three types of education loans. The loan can be availed at affordable interest rates and laced are laced with a number of features. The repayment can be made within 15 years of availing the loan.

HDFC Bank Education Loan Interest Rates

Scheme Name Maximum Loan Amount Interest rate (p.a.)
HDFC Education loan for Indian Up to Rs.20 lakh 9.55% - 13.25%
Education loan for Foreign Education No Upper limit 9.55% - 13.25%

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.
  • Get preferential interest rates.
  • Repayment tenure can go up to 15 years.
  • 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.
  • Collateral required only if the loan amount is higher than Rs.7.5 lakh.

2. Central Government Interest Subsidy Scheme

  • Avail loan at subsidized interest rates.
  • Interest is waived off during the moratorium period.
  • Can be availed if the annual gross income from all sources in below Rs.4.5 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)
  • Co-applicant mandatory
  • Avail preferential interest rates
  • Entire cost of reduction can be covered with collateral
  • Repayment tenure can go up to 15 years.
  • Minimal and simple documentation.
  • Get the loan sanctioned before admission
  • 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

In case, you want to know the amount which will be required to be paid as EMI after availing the loan from the bank, it can be done using HDFC Bank’s Education Loan EMI calculator. All you need to do is enter the loan amount that you are looking to avail, the repayment tenure, and the interest rate before clicking on the ‘Calculate’ button.

How to Apply for HDFC Bank Education Loan

You can apply for the HDFC Bank education loan using the online or offline mode. To apply online, you need to visit the bank website and follow the instructions. You can also visit a branch along with the required documents and apply for the education loan.

Documents Required for HDFC Bank Education Loan

The documents which needs to be submitted while looking to avail an education loan from HDFC bank are listed below:

1. Education loan for Indian Education for Pre-sanction 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. Education loan for Indian Education for Post-sanction 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 case of ACH and SI mode of repayment, three security PDCs need to be submitted.

3. Central Government Interest Subsidy Scheme

  • Original income certificate issued by authorised officer of the State government under the scheme
  • Original Bonafide student letter issued by the institute.
  • Interest subsidy agreement stamped as per the State Stamp Act.
  • Aadhaar number of the student.

4. 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
  • 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)
  • 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)
  • Certified financial statements or provisional financial statements duly certified by a CA for the last 2 years (Self-employed co-applicant)
  • Any other income proof not reflected in the above documents may also be asked 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.

FAQ's

1. Can my spouse be a co-applicant of the loan?

Yes, your spouse can be a co-applicant of the loan.

2. What are the charges for late payment of EMI?

The amount charged for late payment is charged at the rate of 24% p.a. on overdue/unpaid EMI amount outstanding from EMI due date.

3. What are the stamp duty and other statutory charges?

They are as per the applicable laws of the state.

4. Can I make pre-payment?

Yes, pre-payment is allowed. However, you will need to incur a charge of up to 4% of the outstanding balance if it is done during moratorium period. In case, pre-payment is done after the expiry of the moratorium, no pre-payment charge is levied.

5. What are swapping charges for cheque or ACH?

The swapping charge for cheque or ACH is Rs.500 per instance.

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