HDFC Bank Education Loan

Features & Benefits

 Loans upto Rs.10 Lakhs for Education in India and upto Rs.20 Lakhs for Education abroad

 Attractive interest rates.

 Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)

 Loan available upto tenure of 7 years including moratorium period.

 Tax Benefits availaible under Section 80E of the IT Act 

 Hassle free loans and speedy approvals.

 Convenience of service at your doorstep.

 Loans available for other course related expenses also!


Special privileges

 Loans disbursed directly to the educational institution.

 Loan to be released as per fee schedules of institutes.

 Exclusive Telegraphic Transfer facility availaible for courses abroad.

 Loans available for short duration/ job oriented courses also.


Eligibility

 You need to be an Indian National.

 You should be aged between 16 - 35 yrs.

 Collateral is required for all loans greater than Rs. 7.5 Lakhs.

 All Loans require a co-applicant. For co-applicant eligibility - check here

 For complete details on eligible courses and other details, check our FAQs section

 For complete documentation click here


Which courses can I take an Education Loan for ?

Management Courses ( Full-Time + Part Time ) - PostGraduation

Engineering Courses ( Government + Private ) - Graduation

Medicine - Graducation + Post Graducation

Masters in Computer Application ( MCA/MCM) - Post Graduation

Commercial Pilot License courses from Flying Schools approved by DGCA in India or an Equivalent approving body abroad.

Online / Distance Learning courses.

Wherever it is a private institution,the same has to be recongized by the relevant/competent government body.

Fine Arts and Designing - Graduation + Post Graduation

Architecture - Graduation

Hotel and Hospitality - Graduation + Post Graduation

Agriculture - Post Graduation

Pure Science - Graduation + Post Graduation

B.A./B.Com/M.A./M.Com

Courses such as SAP , ERP , GNIIT , Air Hostess Training programmes etc.

Besides the above mentioned ,other Institute to be rated on the basis of their listing with the AICTE etc.

Any other document / information as needed by Bank, depending upon the case and purpose of loan. 


Do I have to pay part of the fees ?

100% loan is available for select courses. Margin ranges from 5-15 % for courses in India & Abroad .Please contact your nearest branch for further details.
Is there moratorium/repayment holiday available ?

Yes. A moratorium/repayment holiday is available for select courses. Please contact your nearest branch for further details.
What is the moratorium period ?

Repayment holiday/ moratorium would be for the course period + 1 year or 6 months after the student gets a job/start earning whichever is earlier.
Is there any kind of repayment that has to be made in the moratorium period ?

Interest would have to be paid during the moratorium, the interest servicing would be of simple interest calculated on the loan amount disbursed payable monthly.
What would be the mode of repayment ?

Customer has the option of paying through Standing instructions/ ECS/Post dated cheques.


What would be the tenure of the loan ?

Maximum tenure of the loan can be 7 years including moratarium period.
Is there a need of a co-applicant ?

Yes, a co-applicant is required for all Full-Time courses . The co-applicant can be your parents, siblings, spouse or Family Relative . Loan eligiblity would be calculated on the basis of the co-applicant's income. In case of Part Time courses , No Co-applicant required . However in order to increase the eligibility a co-applicant may be added .


Which document have to be furnished to avail the loan ?

Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution
Completely filled Application Form with Photographs.
Letter of admission from the Institute
Letter from the Institute stating cost break up of the program (term-wise, year-wise)
Marksheets from SSC onwards till the latest examination passed
KYC Documents for the Applicant & Co-applicant (Residence Proof , ID Proof , Signature Verfication Proof , Age proof )
Income Documents of the Co-applicant ( Pay Slips / ITR copy etc )
Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution
For studies abroad - In addition to the above list of documents – Pls Provide :
Letter from the Head Of Department ( University)
Visa approval papers
Travel papers
GMAT/GRE/SAT score
I-20 in case of applicant going to the USA


What is the quantum of the loan ?

For loans with Moratorium :
Studying in India - Max Rs. 10 Lakhs
Studying abroad - Max Rs. 20 Lakhs
For Loans without Moratorium :
Studying in India - Max Rs. 7.50 Lakhs
Studying abroad - Max Rs. 10 Lakhs


Would the loan be disbursed in favour of the Institute ?

Yes. Tution & hostel fee will be disbursed directly to the educational Institute as per the schedule of fee given by the Institute/college ( semester - wise/yearly).


Which expenses does the loan cover ?

Fee Payable to College/School/Hostel
Exam/Library/Lab fees

Caution deposit / Refundable deposit asked by the institution/Building fund - supported by Institution bills/receipts

Purchase of Books/equipments/instrument/uniforms
Travel expenses/passage money for studies abroad
Purchase of computers - essential for completion of the course

Any other expense required to complete the course - like study tours, project work, thesis, etc.


 For more Details  :       www.hdfcbank.com