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student education loan HDFC bank for higher education

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of RBI’s liberalisation of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of ‘HDFC Bank Limited’, with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995.for more details go with below information and links.for more information go with below links and for student education loan HDFC bank for higher education .

Features of Education Loans for education in India

  • Service at your doorstep
  • Preferential rates for top ranked universities / institutes

student education loan HDFC bank for higher education

Benefits of Educational Loan In India

  • Avail tax benefits under section 80(E) of income tax Act 1961
  • Flexible repayment options
  • Option to avail insurance cover for your loan

student education loan HDFC bank for higher education

Why take an Education Loan from HDFC Bank?

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of RBI’s liberalisation of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of ‘HDFC Bank Limited’, with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995.

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 collateral will be required for loans upto Rs. 7.5 lakh
  • Wider collateral options: Are you securing a loan of a higher amount than Rs. 7.5 lakh? We offer a wide range of bank approved 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 period.
  • Tax Rebate: Did you know that you are eligible for a tax rebate for the interest you pay on an education loan under Section 80-E of the Income Tax Act 1961*? See the Income Tax Circular for more details here. to receive interest certificate for the last financial year.

If this wasn’t enough for you, check out some more special privileges that you will get as a HDFC customer for an Education Loan for Indian Education:

  • We will provide services at your doorstep.
  • Loans will be directly disbursed to the educational institution as per the fee structure.
  • Avail access to some other great products and services that we offer. Get a Savings Account with us right away!
  • Thinking about insurance? As our customer for a student loan, you can also get a special privilege of choosing the Insurance Protection – Credit Protect from HDFC LIFE.read for more info of student education loan HDFC bank for higher education .
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 / ECS or SI Mandate
3 Security PDCs in case of ECS and SI mode of repayment

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

  • Subsequent Disbursement Request Letter From Applicant and Co-Applicant/s
  • University Fee Demand Letter
  • Applicant’s Academic Progress Report (Previous Semester)
  • Revised Repayment Instructions – PDCs / ECS / SI plus 3 security PDCs in case of ECS and SI mode of repayment.

 

student education loan HDFC bank for higher education

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* Maximum up to 1% of the loan amount as applicable.
Pre-payment charges* Upto 4% of the Outstanding Balance prepaid, if loan is foreclosed/ part perpaid during Moratorium (along with and in addition to due/accrued interest, if any, and other amounts due and/or payable by the Borrower to the Bank). No prepayment charges will be charged if loan is foreclosed / part prepaid any time after expiry of the Moratorium.
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 / ECS swapping charges Rs. 500/- per instance
Duplicate Repayment Schedule Charges Rs. 200/-
Loan Re-Booking / Re-Scheduling Charges Upto Rs. 1000/-
EMI Return Charges* Rs.550/- per instance
Legal / incidental charges 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 disbursementto date of cancellation), CBC/LPP charges as applicable would be charged and Stamp duty will be retained

*Terms & conditions apply

*Charges which are in nature of fees are EXCLUSIVE of service tax. Service tax and other government levies, as applicable, would be charged additionally.read for student education loan HDFC bank for higher education .

Rates offered to customer during the period of Oct’15 to Dec’15

Min IRR Max IRR Avg IRR
10.10% 15.50% 12.64%

Annual Percentage Rate offered to customer during the period of Oct’15 to Dec’15

Min APR Max APR Avg APR
10.10% 15.94% 12.70%

 

these details are extracted from the hdfc official website for providing information for loan seeking students. visit www.hdfcbank.com

link 1 link2 

for more related educational loans with low interest rate other bank 

 

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