Education Loan for Indian Education in HDFC Bank

Education Loan  Updated date : December 6, 2017 10

Fuel your child’s aspirations with HDFC Bank’s education loan for Indian education.

Apply for our education loan for Indian education and get loans of up to Rs 10 lakhs. Our education loan for Indian education offer competitive pricing and give you the option of an insurance cover.

Also enjoy doorstep service and quick disbursal of funds when you apply for education loan for Indian education.

Education Loan for Indian Education Features

We offer up to Rs 10 lakhs as education loans for Indian education. Enjoy the benefits of our education loans for Indian education with a wide range of collateral options, and easy loan repayment terms.

Make the most of our customer-friendly features on education loans for Indian education, such as quick disbursals, easy documentation process and insurance protection.

In addition, you enjoy the special benefits of education loans for Indian education, thanks to our 100% transparency policy and tax benefits under section 80(E) of IT Act, 1961.

  • High Loan Amounts
    Max loan up to Rs. 10 lakh for studies in India
  • Wide Range of strongCollateral Options
    Up to Rs. 4 lakh: No Security. Parents to be joint borrower(s)
    Above Rs. 7.5 lakh: Tangible strongcollateral security of suitable value acceptable to bank along with parents to be joint borrower(s).
    Approved strongcollateral securities include residential property, HDFC Bank Fixed Deposit, LIC, NSC or KVP Policy
  • Easy Loan Repayment
    Maximum tenure up to 10 years for loans up to Rs. 7.50 lakhs
    Maximum tenure up to 15 years for loans above Rs. 7.50 lakhs
  • Stay Protected
    When you choose to take an education loan from HDFC Bank, we also provide you with the option to secure your education loan by opting for Insurance Protection in the form of Credit Protect from HDFC Life.
  • Quick and Easy Disbursals
    Our doorstep service, and quick and easy documentation process ensures that our loans are disbursed as quickly as possible, directly to the education institution, as per their fee structure.
  • Subsequent Disbursement
    You can also ask for trache disbursement by walking into the nearest Retail Assets Customer Service Centre (CSC).
  • 100% Transparency
    When you choose a loan from HDFC Bank, you can rest assured that there are no hidden costs. All charges are communicated up front in writing along with the loan quotation.
  • Tax Rebates
    You get tax benefits under section 80(E) of the Income Tax Act 1961*. Write to us by visiting www.hdfcbank.com/services to receive interest certificate for the last financial year.

Education Loan for Indian Education Eligibility Criteria

The eligibility criteria for education loans for Indian education are applicable for resident Indians. The eligibility criteria may require joint borrowers, third party guarantee or collateral security. Refer below to know more about the eligibility criteria for education loans for Indian education.

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

  • Resident Indians
  • Individuals between the ages of 16 and 35
  • For Loan amount 4lac <=7.5lac: third party guarantee and parent(s) as joint borrower(s)
  • For loan amount > 7.5lac: Tangible collateral security along with Parents to be joint borrower(s)

Education Loan for Indian Education Documentation

The documents required for education loans for Indian education are minimal, and include academic records and references. Read on to know more about the documents required for education loans for Indian education.

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

CategoryApplicant (Student)
AcademicInstitute admission letter with fee break-up
 SSC, HSC, Graduation mark sheets
KYC (Know Your Customer)Age proof
 Signature proof
 Identity proof
 Residence proof
Income DocumentsSalaried
 Latest 2 salary slips carrying date of joining details
 Previous 6 months bank statement of the salary account
 Self Employed
 ITR of previous 2 years along with computation of income
 Audited balance sheet of previous 2 years
 Bank statement of previous 6 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 6 months
 Proof of Qualification
OthersCompleted application form
 Latest photograph (signed across)
Documents – Post Sanction
Loan AgreementCompleted Loan Agreement to be signed by applicant and co-applicant*
Repayment InstructionsPDCs/ECS or SI Mandate
3 Security PDCs in case of ECS and SI mode of repayment
*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 at your nearest Retail Assets Customer Service Center (CSC)

  • Disbursement Request Letter for tranche disbursement duly signed by Customer
  • University Fee Demand Letter
  • Applicant's Academic Progress Report (Previous Semester)
  • Fresh repayment instructions in case of full Post Dated Cheque (PDC) or swap of existing repayment instructions.
  • Copy of the payment receipt of the previous disbursement / semester, issued by the Institute.

Education Loan for Indian Education Rates & Fees

HDFC Bank offers attractive interest rates on education loans for Indian education. Refer below to know more about interest rates for education loan for Indian education, and education loan for Indian education fees and 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 ChargesEducation Loan
Loan Processing Charges*Maximum up to 1% of the loan amount as applicable.
or Minimum Rs. 1000/- whichever is higher
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/NOCNil
Solvency CertificateNot applicable
Charges for late payment of EMI@ 24 % p.a. on overdue/unpaid EMI amount outstanding from EMI due date
Credit assessment chargesNot applicable
Non standard repayment chargesNot applicable
Cheque / ACH swapping chargesRs. 500/- per instance
Duplicate Repayment Schedule ChargesRs. 200/-
Loan Re-Booking / Re-Scheduling ChargesUpto Rs. 1000/-
EMI Return Charges*Rs.550/- per instance
Legal / incidental chargesAt actual
Stamp Duty & other statutory chargesAs per applicable laws of the state
Loan Cancellation ChargesNil cancellation charges. However, interest for the interim period (date of disbursement to date of cancellation), CBC/LPP charges as applicable would be charged and Stamp duty will be retained

*Terms & conditions apply

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

Rates offered to customer during the period of July'17 to Sep'17

Min IRRMax IRRAvg IRR
9.00%13.75%11.94%

Annual Percentage Rate offered to customer during the period of July'17 to Sep'17

Min APRMax APRAvg APR
9.00%14.01%11.97%

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