HDFC Bank Details

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to get an ‘in principle’ approval from the RBI to set up a bank in the private sector. The bank was established in August 1994 in the name of HDFC Bank Limited, in Mumbai, India. It has always been in the front row in giving customers the best experience that uses tech seamlessly. The bank quickly adapts to the latest technology and change in the environment. Hdfc bank offers many loans which include Personal Loan, Car Loan, Gold loan, Home Loan, Education Loan and so on.

Sr. No. Title
1 Types of HDFC Education Loan
2 Interest Rate and Other Charges
3 Eligibility Criteria
4 Documents Required and Repayment Tenure
5 Education Loan Without Collateral
6 Education Loan Customer Care Helpline

Education Loan in HDFC Bank

As the tuition cost and other expense are increasing day by day it is hard to meet the expenditure on education by many of the families. Thus HDFC Bank helps the eligible students by providing education loan for studies both in India and overseas.

Education Loan for Indian Education

The student wishes to apply the education loan for Indian education can avail loan amount of up to Rs 10 lakhs. The loans are provided with competitive pricing and equipped with the option of an insurance cover.

Central Government Interest Subsidy Scheme

The Government of India has introduced the Central Government Interest Subsidy Scheme in order to ensure that every child has the right to higher education which is supported by the HDFC Bank. It has the benefits of Quick Disbursal, Competitive Pricing, and Transparent Processing. It is available only to the individuals whose annual gross income from all the sources including parental income is a maximum of Rs. 4.5 Lakhs.

HDFC Bank Education Loan for Abroad

HDFC Bank provides you education loan for studies abroad. It has customized solutions and flexible repayment terms. It offers up to 100% finance cover on the education expense. The bank strives to give customer-friendly service with quick processing and disbursal. The fund from the education loan for foreign education can be used for over 950 courses across 36 countries.


HDFC Bank Education Loan Interest Rate and Other Fees

The rate of interest offered to customers during the period of July 2018 to Sep 2018 is given below. The IRR is subjected to change every year. You can check the official website for an update.

Rate of Interest for Education Loan

HDFC Bank

Minimum IRR

9.00%

Maximum IRR

13.75%

Average IRR

11.88%

Other charges imposed for education loan

Description of Charges

Education Loan

Loan Processing Charges

Maximum up to 1% of the loan amount as applicable.

or Minimum Rs. 1000/- whichever is higher

Pre-payment charges

Up to 4% of the Outstanding Balance prepaid if the loan is foreclosed while 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).

Cheque / ACH swapping charges

@ 24 % p.a. on overdue/unpaid EMI amount outstanding from EMI due date

Cheque / ACH swapping charges

Rs. 500/- per instance

Duplicate Repayment Schedule Charges

Rs. 200/-

Loan Re-Booking / Re-Scheduling Charges

Up to Rs. 1000/-

EMI Return Charges

Rs.550/- per instance

Stamp Duty & other statutory charges

As per applicable laws of the state


HDFC Bank Education Loan Eligibility Criteria

  • Applicant must be an Indian Citizen.

  • The age should be between 16 and 35.

  • Third party guarantee and parent(s) as joint borrower(s) for loan amount up to 4 lakh.

  • Tangible collateral security along with Parents to be joint borrower(s) for loan above 7.5 lakh.

  • Applicant must possess good academic records

HDFC Bank Education Loan Documents Required

Admission letter along with fee structure from the institute.

  • Age proof

  • Signature proof

  • Identity proof

  • Residence proof

  • If salaried - Latest 2 salary slips with the date of joining details and Previous 6 months bank statement of the salary account

  • If Self employed - an audited balance sheet of previous 2 years and Bank statement of previous 6 months.

  • Completed application form

  • Latest photographs signed across

  • Previous marks card or completion certificate

Collateral Options

It has a wide range of collateral option.

  • No security/collateral is required for loans up to Rs. 4 lakh.

  • Tangible collateral security of suitable value acceptable to the bank is required for loans above Rs. 7.5 lakh.

Loan Repayment Tenure

  • Up to 10 years for loans up to Rs. 7.50 lakhs

  • Up to 15 years for loans above Rs. 7.50 lakhs

HDFC Bank Education Loan Without Collateral

Collateral is an immovable property or any other asset such as FD, shares, bond and so on which is offered to the bank to secure the loan. The bank has all the right to seize the collateral in case the borrower fails to repay the loan amount.

You no need to worry if you do not have any collateral to pledge. Most of the banks including HDFC bank offers loan without collateral. HDFC Bank provides loan loans up to Rs. 4 lakh without the requirement of any collateral/security with parents as the joint borrowers.

It is provided on the basis of academic excellence of a student in order to make the availability of necessary funds to all the eligible and deserving students.


HDFC Bank Education Loan Customer Care

For any queries regarding education loan, you can dial 61606161 with the std code of your city. It works for most of the districts of India.



Leave a comment