HDFC Education Loan for Indian Education

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 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

Features and Benefits of Education Loan for Indian Education

Focus on pursuing the course of your choice and securing a great education. Leave the hassles of documentation and finances of your Education Loan for Indian education to us. Here are a few features of the loan:

• Amount limits: Get Education Loan upto Rs. 10 lakh and unsecured lending upto Rs. 7.5 lakh. No collateralCollateral is a necessary element that a recipient has to keep with him to get a loan. Securities can also be used as collateral. will be required for loans upto Rs. 7.5 lakh
• Wider collateralCollateral is a necessary element that a recipient has to keep with him to get a loan. Securities can also be used as collateral. options: Are you securing a loan of a higher amount than Rs. 7.5 lakh? We offer a wide range of bank approved collateralCollateral is a necessary element that a recipient has to keep with him to get a loan. Securities can also be used as collateral. securities like Residential Property, HDFC Bank Fixed Deposit, LIC, NSC or a KVP policy.
• Loan Tenure: The maximum repayment tenure is upto 15 years post moratorium periodA repayment moratorium (also called a repayment holiday) is the coursework period + 1 year or 6 months after the student gets a job/starts earning - whichever is earlier..

What are the eligibility criteria for securing Education Loan for Indian Education?

• You need to be a Indian resident
• You should be aged between 16 - 35 years.
• If you are taking a loan of more than Rs. 7.5 Lakh, a collateralCollateral is a necessary element that a recipient has to keep with him to get a loan. Securities can also be used as collateral. security will be required.
• 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 Education 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 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)
Documentation ( Post Sanction )
Is there any documentation required post the sanction of the loan?
Category	Applicant ( Student )
Loan Agreement	Completed Loan Agreement to be Signed by Applicant and Co-applicant *
Repayment Instructions	PDCs / ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder. or SI Mandate 3 Security PDCs in case of ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder. and SI mode of repayment
* Stamp dutyA tax levied on documents, stamp duty applies to documents like cheques, receipts, licenses and transaction records. to be paid by the customer as per the relevant state laws.

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

• Subsequent DisbursementDisbursement of loan means the delivery of the loan funds by the bank to the applicant of the loan. Request Letter From Applicant and Co-Applicant/s
• University Fee Demand Letter
• Applicant's Academic Progress Report (Previous Semester)
• Revised Repayment Instructions - PDCs / ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder. / SI plus 3 security PDCs in case of ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder. and SI mode of repayment.

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	Nil
Pre-payment charges	Upto 4% of the Principal Outstanding if loan is foreclosed / part prepaid during Moratorium PeriodA repayment moratorium (also called a repayment holiday) is the coursework period + 1 year or 6 months after the student gets a job/starts earning - whichever is earlier. . Nil charges if loan is foreclosed / part prepaid any time during Repayment Period.
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
Non standard repayment charges	Not applicable
Cheque swapping charges	Nil
Loan Re-Booking / Re-Scheduling Charges	Upto Rs. 1000/-
Bounce Cheque Charges	Upto Rs. 450/- per Bouncing
Legal / incidental chargesIncidental charges are those expenses that are not budgeted or specified but are incurred by the bank on behalf of the customer.	At actual
Stamp Duty & other statutory charges	As per applicable laws of the state
Loan cancellation charges	Nil cancellation charges. However, interest for the interim period (date of disbursementDisbursement of loan means the delivery of the loan funds by the bank to the applicant of the loan. to date of cancellation), CBC/LPP charges as applicable would be charged.  For more information & apply online visit: http://www.hdfcbank.com