Education Loan for Foreign Education in HDFC Bank

Education Loan  Updated date : December 6, 2017 46

Fulfill your child’s academic ambitions with HDFC Bank’s education loan for foreign education.

Get customised solutions and flexible repayment terms with our education loan for foreign education. Receive up to 100% finance when you apply for our education loans for foreign education. Amounts greater than Rs 20 lakhs as education loans for foreign education are also available.

Enjoy customer-friendly service with quick processing and speedy disbursals for education loan for foreign education. The funds from the education loans for foreign education can be used for over 950 courses across 36 countries.

Education Loan for Foreign Education Features

A special feature of our education loans for foreign education is that we cover up to 100% of your education expenses. The funds from the education loans for foreign education can be used to cover tuition fee, living expenses, books, travel, laptops and more.

You get the additional benefit of our education loans for foreign education with loan sanctions even before admission confirmation.

Besides quick and easy disbursals, enjoy other benefits of our education loans for foreign education with flexible terms, and preferential rates for top ranked institutes.

  • High Loan Amounts
    Get a loan up to 100% of educational expenses. Loans worth more than Rs. 20 lakhs are also available.
  • Easy Loan Repayment
    With flexible loan terms, competitive interest rates, and the EMI starting post course completion, you can easily repay the loan amount is via EMIs. What's more – we offer preferential rates for certain top ranked universities and institutes.
  • Quick and Easy Disbursals
    Our doorstep service, and quick and easy documentation process ensures that our loans are disbursed as quickly as possible. We have also enabled web billing and servicing, so you can reach us from anywhere in the world.
  • Range of Over 950 Courses
    Credila, the preferred and trusted choice of thousands of Indian students, is a quick and unique service that offers finance for students for 950 different courses in more than 4,000 educaiton institutions spread across 36 countries. The money from the loan can be used to cover tuition fee, living expenses, books, travel, laptops and more!
  • Tax Rebates
    You get tax benefits under section 80(E) of the Income Tax Act 1961.
  • Loan Sanctioned Before Admission Confirmation
    To avoid any last minute running around, you can plan the finances for your education even before your admission is confirmed. You can use the loan sanction letter as proof of funds, and ensure that your journey to your dream college is a smooth one.
  • Preserve Family Savings
    As students take out educational loans by themselves, it teaches them the value of money, and they have to take on the responsibility of repaying the loan by themselves. Taking out a loan also ensures that family savings such as fixed deposits, or mutual funds, can be saved for a rainy day. Students will also get to build a good credit history by taking out the loan.

Education Loan for Foreign Education Eligibility Criteria

The eligibility criteria for education loans for foreign education are applicable for resident Indians. The eligibility criteria may include co-applicants or collateral security. Refer below to know more about the eligibility criteria for education loans for foreign education.

The following people are eligible to apply for an Education Loan for Foreign Education:

  • Resident Indians
  • Individuals between the ages of 16 and 35
  • Those who can offer collateral for certain cases
  • A co-applicant is required for all full-time programmes. The co-applicant can be a parent, spouse, sibling, father-in-law, mother-in-law, brother-in-law, or a paternal/maternal uncle/aunt

Education Loan for Foreign Education Documentation

The documents required for education loans for foreign education are minimal, and include academic records and institute acceptance letters. Read on to know more about the documents required for education loans for foreign education.

The following documents are required along with your Education Loan for Foreign Education application:

CategoryApplicant (Student)
AcademicInstitute admission letter with fee break-up : USA Applicant: I-20 Form and UK Applicant: CAS Letter
 SSC, HSC, Graduation mark sheets and also mark sheet of any entrance exam like GRE/GMAT/TOEFL/IELTS
KYC (Know Your Customer)Age proof
 Signature proof
 Identity proof
 Residence proof
 Signature verification for the Student/Co-Applicant like: PAN Card, Passport, Credila’s completed signature authentication form authenticated by Bank or 10th/12th or equivalent mark sheet with signature for students below 21 years
Income DocumentsSalaried
 Latest 3 salary slips carrying date of joining details
 Previous 6 months bank statement of the salary account
 Previous 1 year's Form 16 from the employer along with 1 year income tax return
 Self Employed
 ITR of previous 2 years along with computation of income
 Audited balance sheet of previous 2 years
 Bank statement of previous 8 months
 Proof of turnover (latest sales/service tax return)
 Self Employed – Professional
 ITR of previous 2 years along with computation of income
 Audited balance sheet/proft and loss statement of previous 2 years
 Bank statement of previous 8 months
 Proof of Qualification
OthersCompleted application form
 Latest photograph (signed across any document for establishing relationship between student and the c-applicant viz. ration card, marriage certificate, birth certificate, etc.)

The report of audit, duly signed and verified by the chartered accountant is required to be given in such form and setting forth such particulars as prescribed by the Board. Rule 6G of IT Act provides that such audit report and particulars should be given in Forms No. 3CA/3CB as may be applicable and the statement of particulars should be given in Form No.3CD.

Documents – Post Sanction
CategoryApplicant (Student)
Loan AgreementCompleted Loan Agreement to be signed by applicant and co-applicant*
Repayment InstructionsECS
7 Security PDCs in case of ECS
*Stamp duty to be paid by the customer as per the relevant state laws

Here are the documents you need to submit for subsequent disbursements:

  • Subsequent Disbursement Request Letter from the applicant and co-applicant
  • University Fee Demand Letter
  • Applicant's Academic Progress Report
  • Revised repayment instructions for ECS mode with 8 security cheques

Education Loan for Foreign Education Rates & Fees

HDFC Bank offers competitive interest rates on education loans for foreign education. Refer below to get details on interest rates for education loan for foreign education, and education loan for foreign education fees and charges.

The HDFC Education Loan for Foreign Education Rates & Fees are as follows:

Description of ChargesEducation Loan
Loan Processing Charges*Up to 1.5% of the sanctioned amount plus applicable any taxes thereon.
Pre-payment chargesNil
No Due Certificate / No Objection Certificate (NOC)Nil
Duplicate of No Dues Certificate/NOCNil
Solvency CertificateNot applicable
Charges for late payment of EMI*@ 2 % per month of instalment ( MI/PMII)+ applicable taxes thereon
Credit assessment chargesNot applicable
Non standard repayment chargesNot applicable
Cheque or ACH mandate or Direct Debit swapping charges*Up to Rs.500/- per swap instance plus applicable taxes thereon
Cheque/ACH/Direct Debit Bouncing Charges*Rs. 400/- per dishonor of cheque or ACH or Direct Debit return per presentation plus applicable any taxes thereon
Legal / incidental chargesAt actual
Stamp Duty and other statutory chargesAs per applicable laws of the state
Loan cancellation charges*1% of the unveiled sanctioned loan amount + applicable any taxes thereon
Manual Collection Charges*Rs. 200/- per visit plus applicable any taxes thereon
Charges for Updating & Handling Loan Account As Per Customer Request*Rs. 1,500/- plus applicable any taxes thereon
Document Storage & Retrieval Charges*For No Collateral: Rs. 2,000/- plus applicable any taxes thereon
For Collateral: Rs. 4,000/- plus applicable any taxes thereon

*Terms & conditions apply and may change conditionally. Credit at the sole discretion of Credila Financial Services Pvt. Ltd.

*Charges which are in nature of fees are EXCLUSIVE of GST. GST and other government levies, as applicable, would be charged additionally.

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