HDFC Bank Education Loan

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The eligible candidate can secure education loan if he / she is studying in one of the recognized institute of India.

Bank Name	Amount of Loan	Repayment Tenure	Interest Rate
	10-20 lac	10-15 years	10-12.61 %

About HDFC Bank Education Loan

The eligible candidate can secure education loan if he / she is studying in one of the recognized institute of India.The students who want to study in foreign can also take loan from HDFC bank who has secured admission in some of the reputed university abroad.The borrower is not supposed to worry for repayment during the course of study because the repayment time starts one year later the completion of course or 6 months after doing the job and whichever of above is earlier. This period is called the moratorium period. The repayment moratorium is same for study in India or abroad.

Eligible Courses

Studies in India:

There are some specific courses from the approved institutes like engineering, MBA, architecture, medicine, IT pure science and others for which the candidate can apply for an education loan.

Studies abroad:

For courses like MS, MBA and MCA from any of the reputed college / university the bank grants loan to the candidate.

Expenses that can be considered for granting loan

The expenses include all the basic necessary things for the student that the university prescribe necessary which may include a computer, books, fee etc.

About HDFC Bank Education Loan

Amount of loan granted

The student loan amount is 10 Lac if third party security is provided and is 7.5 Lac for no third party security. The limit is 20 Lac for education out of India.

Interest rates

10-12.61 % Interest rate, Interest rebate is given under the income tax act 1961 which may subject to change.

Processing fee

Maximum up to 1% of the loan amount for India while 1.5% with taxes for Abroad.

Repayment tenure

Tenure for the loan is usually of 10 years for 7.50 lacs and 15 years for more than 7.50 lacs which includes the moratorium period as well.

Security

Collateral security is needed to be provided for loans more than 7.5 Lac.

Margin

No margin is provided.

Required Documents

The applicant should present the loan agreement signed by the applicant and co-applicant and the following.

Admission letter
Graduation, HSC, SSC mark sheets
Signature proof
Age proof
Residence proof
Identity proof
Income proof of co-borrower

Documents that are needed to be submitted for sub sequence disbursements

There are many documents that are needed by the applicant to be submitted as he / she progresses in the course so that next year as he / she require the next fee disbursement it would be easy.

Subsequent request letter for disbursement of fund by the applicant and co-applicant
The demand letter from the university
Previous year progress report of applicant
All the documents and instructions required for revised repayment

Loan insurance:

The insurance of loan amount is also necessary to be made by the candidate so that in case if some problem happens and the candidate is unable to repay then with the help of insurance company full repayment could be made. HDFC general insurance company limited can give you full protection from your loan. The limited company focuses on providing the best possible insurance solution to every borrower that suits the needs and requirements.
Loan processing fee is a maximum of 1.5 % of the amount of loan granted. The prepayment charges are only 4 % of principal outstanding. Charges of late EMI payment is 24 % per annum on the outstanding amount. Check swapping charge of Rs. 500/- per transaction is also applicable.

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