Hi Everyone! Hope you are all doing well. Welcome back to another blog. Today I am here to tell you about the financial opportunities provided by the HDFC bank in India, to facilitate your educational expenditures. Now everyone wants to get quality education but is not ready to get into the most prestigious universities, due to high tuition fees.
To bear and share your expenditures HDFC bank provides different Education loan schemes for students, to fund their higher education. These education loans cover all education-related expenses including admission, tuition fee, examination, health insurance, travel expenses, and other equipment. So, if you are looking to get an education loan, then read the whole blog and get the opportunity to avail education loan program announced by HDFC bank.
| Maximum Loan Limit | Rs. 20 Lacs + |
| Margin | Up to 4 lacs – Nil Above 4 lacs 5% |
| Security | Up to 7.5 Lacs – No collateral Above Rs.7.5 Lacs -Residential Property, HDFC Bank Fixed Deposit |
| Processing Fee | 1% |
| Interest Rate | 9 – 14 % |
| Loan Repayment | 15 years |
About HDFC Education Loan
HDFC is the largest financial organization in India. Its headquarters is located in Mumbai. It provides an opportunity for students to study in India or any other prestigious institute or university in the world. It provides no complicated process, fast loan payment, and easy repayment methods. No collateral and application fee charges are applicable. So, if you want to get an education loan, then apply for an HDFC education loan now.
Benefits of HDFC Bank Education Loan
Now I will tell you the benefits that are provided to the students by HDFC bank, to the students that take education loans from there. Benefits are discussed below;
- Low-interest rate
- Less paperwork
- Faster Payment
- Disturbance-free application process
The education loans by HDFC bank are categorized into two categories;
HDFC Bank Education Loan
HDFC Education Loan is provided to students that are willing to complete their higher education in any university in India recognized by UGC, AIBMS, ICMR, and AICTE in numerous disciplines. HDFC provides the following benefits to students that want to take education loans to study in India;
- No collateral is required to be paid as security for loans up to INR 7.5 lakhs.
- For loan amounts of more than INR 7.5 lakhs, you have to pay collateral in the form of property, HDFC Bank Fix Deposit, LIC, or any other valid document.
- If you get a loan amount of more than INR 7.5 lakhs, then refunding period extends up to 15 years
- Applicants must have to submit at least 1% of the loan amount as dispensation fees.
- No margin amount is necessary for loan amounts up to 4 lakh INR, and for loan amounts above INR, 4 lakhs 5% margin is applicable.
- If an education loan is pre-closed during the monitoring duration then, a sum of up to 4% has to be paid as advance charges.
- Education loans that are taken to study in India, are directly paid to the relevant university
- Education loans also provide a life insurance policy for the student.
HDFC Education Loan for Abroad
Indian Students that are willing to study outside India, can also get an Education loan through HDFC. It provides opportunities for students to get enrolled in the 4000 top universities from 36 several countries of the world. Students can apply for any of the degrees of their choice, in any discipline in which they want to study, and in any of their dream universities. The following benefits will be provided to the students that take education loans from HDFC to study abroad;
- HDFC Education Loan covers all the expenses of the students including, hostel fees, book fees, tuition fees, along with travel expenses.
- Applicants must have to pay 1.5% of the total loan amount as processing fees.
- The loan funds up to 100% of the cost of education and support loan sums above INR 20 lakhs.
- If an education loan is pre-closed between 12 months from the date of the contract, then applicants have to pay 4% of the primary amount as advance charges.
- The tuition fees and the hostel fees are paid directly to the universities where the students have been registered.
- Education loan that is taken for studying abroad has to be refunded as monthly payments.
HDFC Education Loan Interest Rate
HDFC applies the least interest rates on education loans, and these interest rates are different for different courses. Their interest rate ranges between 9% to 14% and depends upon the amount of the loan.
HDFC Credila Education Loan
HDFC also provides the opportunity for students to set up their own customize education loan, and on a loan amount of INR 7.5 lakhs, no security charges are applicable. For these customized loans, the application process is easy. And, it also provides a maximum loan amount of INR 20 lakhs. And, the good thing is that HDFC provides education loans without admission confirmation proof.
HDFC Credila Education Loan Interest Rate
For Credila HDFC education loans, interest rates are based on the amount of loan, the university, and course selected, and the academic career of the student. The interest rate of the Credila HDFC education loan ranges between 11% to 13%. You can also estimate your interest rate by using the following given formula;
HDFC Credila’s CBLR + Spread% per annum
Who are eligible to apply for HDFC education loans?
The students that are willing to apply for the HDFC education loan must have to fulfill the following eligibility terms and conditions;
- Applicant must be an Indian national.
- Applicant must have between the age of 16 and 35
- The applicants that are looking for an education loan for a full-time program, must need a co-applicant.
- Students must have been acknowledged into a higher education program at a predictable institution in India or outside India through either an entry test or a merit-based assortment procedure.
- Appropriate Masters and Ph.D. degree programs, as well as PG certificates, are presented by qualified institutions and universities documented by the UGC, the government of India, the AICTE, AIBMS, and the ICMR.
Documents Required
The students that are willing to apply for HDFC education loans must have to provide the following documents along with their application form;
- Evidence of residency
- National identity card
- Application form
- Two passport-size photographs
- Admission Letter issued by the university
- Evidence of income of the guarantor
- Collateral Security Credentials
- GRE/IELTS/TOEFL/GMATÂ test Scores
- 10th and 12th exam mark sheets
- Recent 6 Months’ Bank Statement of the Salary Account.
- Recent 2 Salary Slips with the date of joining information
How to Apply for HDFC Bank Education Loan?
If you are willing to apply for an HDFC Bank education loan, you can submit your application form through an online or offline platform. If you want to apply online, then visit the official website of HDFC official website. And, if you are willing to apply through an offline platform, then visit the nearest HDFC bank branch.
HDFC Credila Education Loan Without Collateral
HDFC provides a Credila education loan without collateral security to the loan amount of up to INR 20 lakhs. These without collateral loans are provided only to the students that are much concerned with their studies, able, and admirable.
HDFC Education Loan Without Collateral
HDFC provides without collateral security on education loans to students that are willing to study in India, and takes loan amount up to INR 7.5 lakhs, while HDFC provides without collateral security on education loans to students that are willing to study abroad, and takes loan amount ranges between INR 15 lakhs to 35 lakhs. To apply for the HDFC education loan, visit the official website, or reach the nearest branch of HDFC bank.
HDFC Education Loan Status
You can pattern the status of your HDFC education loan application through the official website of HDFC. The following steps are to be followed to check the status of your loan;
- Visit the official website of HDFC education loans.
- Give your name or reference number
- Next, you have to give your Date of birth or mobile number
- Then, you will be forwarded to a page & check your loan status.
- The processing of education loans at HDFC can take up to 15 to 30 days.
HDFC Education Loan Refunding Methods
The following methods are provided by HDFC to students that have completed their degree program, and are willing to repay their loans;
- Standing Instruction (SI): Standing Instruction is an easy way to refund if you previously have an account with HDFC Bank. At the end of the month, your monthly installment is directly subtracted from your HDFC bank account.
- Electronic Clearing Service (ECS): If you have a non-HDFC Bank account and you would like your EMIs paid routinely at the end of the month, so they have to follow this method
- Post-Dated Cheques (PDCs): Post-dated EMI payments from non-HDFC Bank accounts can acquiesce to your local HDFC Bank Loan Center. A new usual of PDCs will need to have acquiesced as soon as conceivable.
HDFC Education Loan Contact Number
If you find any questions or uncertainties, you can contact HDFC bank through their Toll-Free number – 1800 258 3838.
If you find any questions or uncertainties related to the Credila education loan, applicants have to write an email to [email protected]. You will mostly get a reply between 24 to 48 hours.
