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.
Table of Contents
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
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
Completed application form
the most recent 2 photographs (Signed Across)
Academic documents
Age proof
Proof of your identity
Proof of residence
Proof of signature
Proof of admission
For the last eight months, the co-bank applicant’s statements
Salary slips for the previous three months or a salary certificate on the letter from the employer (Salaried co-applicant)
Tax returns from the previous two years (Salaried and Self-employed co-applicant)
Proof of office: lease deed, utility bill, title deed, etc (Self-employed co-applicant)
For the previous two years, certified financial statements or interim financial statements duly certified by a CA are required (Self-employed co-applicant)
The bank officials may also request additional proof of income or other documents not included in the above mentioned.
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.
