Upto Rs.30 Lakh – HDFC Education Loan

HDFC Education loans come in 3 types. These loans include low-interest rates and a variety of other benefits. These student loans from HDFC bank have a 15-year repayment duration.

HDFC Education Loan Schemes

1. Education Loan for Education in India

  • A resident of India between the ages of 16 and 35 can apply.
  • Admission should have been obtained through an competetive exam or based on merit.
  • In the case of full-time courses, a co-applicant is required.
  • A loan of up to Rs.30 lakh is possible.
  • If you have been accepted to a top university, you will be given preferential interest rates.
  • Repayment terms of up to 15 years are available.
  • The processing charge is set at a minimum of Rs.1000 and can go up to 1% of the loan amount, whichever is higher.
  • There are no hidden fees.
  • Documentation is kept to a bare minimum.
  • Take advantage of EMI repayment alternatives that are cost-effective.
  • Section 80E of the Income Tax Act of 1961 provides a refund on interest paid.
  • An education loan of up to Rs.7.5 lakh requires no collateral.

2. Interest Subsidy Scheme of the Central Government

  • Get a loan with low-interest rates.
  • During the moratorium, interest is not charged.
  • If your annual gross income from all sources is less than Rs.4.5 lakh, you may qualify
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3. Education loan for Foreign Education

  • A resident of India between the ages of 16 and 35 can apply.
  • In some situations, you should be able to provide collateral (Moveable or Immoveable)
  • An unsecured loan of up to Rs.45 lakh is available.
  • In the case of full-time courses, a co-applicant is required.
  • If you have been accepted to a top university, you will be given preferential interest rates.
  • More than 950 courses in 36 countries are eligible for education financing.
  • Collateral can pay the entire cost of reduction.
  • The repayment period can be as long as 14 years.
  • Documentation is kept to a bare minimum.
  • There are no hidden fees.
  • Take advantage of EMI repayment alternatives that are cost-effective.
  • Section 80E of the Income Tax Act of 1961 provides a refund on interest paid.

How to apply for an HDFC Education loan?

  • Both online and offline applications are accepted for the HDFC Bank education loan.
  • Go to the bank’s website and follow the on-screen directions to apply online. 
  • You can also apply for an education loan by going to a bank and filling out the necessary papers.

Documents required for different Schemes

1. Education Loan for Education in India

  1. Completed application form
  2. the most recent photograph (Signed Across)
  3. The institute’s admission letter with the fee break–up
  4. Academic grading sheets (SSC, HSC, and Graduation)
  5. Age-defying
  6. Proof of your identity
  7. Proof of residence
  8. Proof of signature
  9. Salary slips from the previous two months that include the date of hire (Salaried)
  10. For the last six months, a bank statement of the salary account is required (Salaried)
  11. ITR for the previous two years, including income computation (Self-employed)
  12. Last two years’ audited balance sheet or profit and loss statement (Self- employed)
  13. Last six months’ bank statement (Self-employed)
  14. As proof of turnover, use the most recent sales or service tax return (Self-employed)
  15. Evidence of qualification
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2. Interest Subsidy Scheme of the Central Government

  • Original income certificate issued by a State government licensed person as part of the plan Original Bonafide student letter issued by the institute
  • The State Stamp Act was used to stamp the interest subsidy arrangement.
  • The student’s Aadhaar number.
  • Any other documents requested by the bank must also be presented.

3. Education loan for Foreign Education

  1. Completed application form
  2. the most recent 2 photographs (Signed Across)
  3. Academic documents
  4. Age proof
  5. Proof of your identity
  6. Proof of residence
  7. Proof of signature
  8. Proof of admission
  9. For the last eight months, the co-bank applicant’s statements
  10. Salary slips for the previous three months or a salary certificate on the letter from the employer (Salaried co-applicant)
  11. Tax returns from the previous two years (Salaried and Self-employed co-applicant)
  12. Proof of office: lease deed, utility bill, title deed, etc (Self-employed co-applicant)
  13. For the previous two years, certified financial statements or interim financial statements duly certified by a CA are required (Self-employed co-applicant)
  14. The bank officials may also request additional proof of income or other documents not included in the above mentioned.
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Loan without Collateral

Several banks offer education loans without needing collateral or security for loans up to a fixed amount. This is an advantage for students who may not be able to supply such collaterals.

HDFC provides Up to Rs.30 lakhs for domestic education Up to Rs.45 lakhs for foreign education, No collateral is needed for loans up to Rs.7.5 lakh.

Contact Details

Call – 1800 202 6161 / 1860 267 6161 (available across India)

To send quires – Click here

Official Website – HDFC Education Loans

FAQs

1). Is it true that education loans with no collateral have higher interest rates?

Yes, lenders charge higher interest rates on collateral-free education loans.

2). What fees do you have to pay if you don’t pay your EMI on time?

On the overdue/unpaid EMI amount outstanding from EMI due date, a penalty of 24 percent per annum is applied for late payment.

3). What are academic documents?

  • 12th Exam Marksheet/Certificate
  • Scholarship documents Marksheets/certificates from previous years of schooling (if applicable)
  • Any entrance exam’s marksheets (if applicable)
  • Marksheets from IELTS/TOEFL/GMAT/GRE, if relevant

4). Is it possible for my spouse to apply for the loan as a co-applicant?

Yes, your spouse is eligible to apply as a co-applicant.

5). Is the loan available in the currency of the country where the course is being taken?

Education loans for courses overseas are normally paid straight to the educational institution in the country’s local currency.

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