HDFC Education Loan: Interest Rates, Eligibility | Apply Online
HDFC Education Loan- HDFC Bank offers Educational financing for courses like MBA, Engineering, Medical, Graduation etc. Check eligibility documents and EMI calculator, Interest rates & Charges, Procedure.
Eligibility Criteria
- You need to be an Indian resident
- You should be aged between 16 – 35 years.
- If you are taking a loan of more than Rs. 7.5 LakWhy take an Education Loan from HDFC Bank?h, a collateral security will be required.
- Co-applicant: A co-applicant is mandatory for all full-time programs. Co-applicant could be Parent/ Guardian or Spouse (if married) / Parent-in-law (if married).
Co-applicant:
A co-applicant is required for all full-time courses. Here are a few points to be noted about co-applicants:
Primary Co-Applicants:
Parents, Spouse, Siblings
Secondary Co-Applicants:
Father-In-Law, Mother-In-Law, Brother-In-Law, Paternal / Maternal Uncle / Aunt
Here is an exhaustive list of the documents that you will need for the student loan:
Category Applicant
Student
- Academic Institute Admission Letter with Fee break-up
- SSC,HSC,Graduation Marksheets
- KYC (Know Your Customer)
- Age Proof
- Signature Proof
- Identity Proof
- Residence Proof
- Income Documents
Salaried
- Latest 2 Salary Slips carrying the date of joining details
- Latest 6 Months Bank Statement of the Salary Account.
Self Employed
- Last 2 Year ITR with Computation of Income
- Last 2 Years Audited Balance Sheet
- Last 6 Months Bank Statement
- Proof of Turnover (Latest Sales / Service Tax Return)
Self Employed – Professional
- Last 2 Year ITR with Computation of Income
- Last 2 Years Audited Balance Sheet / P& L
- Last 6 Months Bank Statement
Proof of Qualification
- Others Completed Application Form
- Latest Photograph (Signed Across)
- If appointment letter does not mention Joining Details, then the applicant has to submit appointment letter from the current employer.
- Proof of continuity from the previous employer is required if co-applicant is in current job for less than 1 year at the time of loan application
- Documentation (Post Sanction).
Benefits of Educational Loan In India
- Avail tax benefits under section 80(E) of income tax Act 1961
- Flexible repayment options
- Option to avail insurance cover for your loan
Why take an Education Loan from HDFC Bank?
Whatever be your need we have a loan for you. Over the years we have won the trust of our customers and have become the market leader in loan products.
Enjoy triple benefits when you take an Education Loan from HDFC Bank:
- Faster loan – Our loan sanction and disbursal is one of the quickest with easy documentation and doorstep service.
- Competitive pricing – Our loan rates and charges are very attractive
- Transparency – All charges are communicated up front in writing along with the loan quotation
Education Loan for Indian Education Interest Rates & 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 Charges |
Education Loan |
|
Loan Processing Charges |
Maximum up to 1% of the loan amount as applicable. |
|
Pre-payment charges |
Upto 4% of the Outstanding Balance prepaid, if the loan is foreclosed/ part prepaid 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 the loan is foreclosed / part prepaid any time after the expiry of the Moratorium. |
|
No Due Certificate / No Objection Certificate (NOC) |
Nil |
|
Duplicate of No Dues Certificate/NOC |
Nil |
|
Solvency Certificate |
Not applicable |
|
Charges for late payment of EMI |
@ 24 % p.a. on overdue/unpaid EMI amount outstanding from EMI due date |
|
Credit assessment charges |
Not applicable |
|
Nonstandard repayment charges |
Not applicable |
|
Cheque / ECS swapping charges |
Rs. 500/- per instance |
|
Duplicate Repayment Schedule Charges |
Rs. 200/- |
|
Loan Re-Booking/Re-Scheduling Charges |
Upto Rs. 1000/- |
|
EMI Return Charges* |
Rs.550/- per instance |
|
Legal / incidental charges |
At actual |
|
Loan Cancellation Charges |
Nil 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
Rates offered to the customer during the period of Oct’15 to Dec’15
|
Min IRR |
Max IRR |
Avg IRR |
|
10.10% |
15.50% |
12.64% |
Annual Percentage Rate offered to the customer during the period of Oct’15 to Dec’15
|
Min IRR |
Max IRR |
Avg IRR |
|
10.10% |
15.94% |
12.70% |
