Overview of HDFC Bank Education Loan:
Establish as a private sector bank in 1994, the Housing Development Finance Corporation Limited (HDFC) offers tailor made education loan products catering to students applying for admissions in India and overseas. HDFC guarantees complete transparency to clients while devoting an instruction loan. As a market leader in retail loan products, HDFC offers education loans with quick disbursements, simple documentation and greater loan amounts with aggressive prices and fees. Students may benefit hugely with a HDFC schooling loan since it covers all significant expenses incurred throughout the tenure of a program.
Feature and Benefits of This HDFC Educational Loan
HDFC offers pupils a chance to follow their dreams and pursue a course of study of the choice using comprehensive education loan solutions. HDFC education loans may be availed with preferential interest rates for funding admissions in premier institutions in India and overseas with doorstep support for borrowers. Borrowers will also be eligible for tax refunds for the pursuits that they will pay on education loans under Section 80-E of the Income Tax Act 1961.
HDFC Bank education loans Can Be Found in two variations - I) Education Loan for Indian Education and ii) Education Loan for Australian Education
Education Loan for Studies in India
Students aspiring to seek entry in associations recognized by UGC, AICTE, AIBMS or even ICMR and in areas of their choice could do this with no hassles as HDFC presents a topnotch fiscal solution with a number of advantages. Offering faster loan processing with simple instruction, HDFC instruction loans are customized in accordance with the candidate's needs.
HDFC Bank sanctions education loans around Rs. 10 lakhs for research in India.
- No security must be filed as collateral for loans around Rs. 7.5 lakhs. Any loan amount exceeding that will call for a security security in the kind of residential properties, HDFC Bank Fixed Deposit, LIC, NSC or even a KVP policy..
- Borrowers availing loans up to Rs 7.5 lakhs will prolong their repayment tenures around ten decades and also for loan amounts over Rs 7.5 lakhs the tenure could be picked up to 15 decades, following the moratorium period.
- Applicants aren't required to earn almost any margin sum for loans up to Rs 4 lakhs however for loans over Rs 4 lakh, a gross profit of 5 percent is necessary.
- Clients will need to pay as much as 1 percent of the loan amount as calculating charges.
- If the schooling loan is pre-closed throughout the moratorium period up to 4 percent of their outstanding balance needs to be compensated since prepayment charges. In the event the loan is foreclosed following the expiry of the moratorium period, no prepayment penalty will be levied.
- Together with the tuition prices, a HDFC schooling loan covers evaluation fees, laboratory fees, warning deposit, construction finance, novels and equipment fees and other traveling expenditures.
- HDFC schooling loans required for research from India will be disbursed directly to the institution According to the specified fee arrangement
- HDFC also gives an extra advantage of life insurance policy for a pupil under the Insurance Protection - Credit Protect strategy from HDFC LIFE.
- Creditors and co-borrowers will have to sign a loan agreement with HDFC following the instruction loan is justified. Additional stamp duty needs to be borne by the borrower. The applicant must ascertain the style of repayment for the loan from the kind of ECS debits using 3 PDCs as collateral, standing directions or as post-dated cheques.
Other Associated Charges |
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No Due Certificate / No Objection Certificate |
Nil |
|
Duplicate of No Dues Certificate/NOC |
Nil |
|
Solvency Certificate |
Not applicable |
|
EMI Return Charges |
Rs.550/- per instance |
|
Legal / Incidental Charges |
As per actuals |
|
Late payment of EMI |
24 % p.a. on overdue EMI amount |
|
Credit Assessment Charges |
Not applicable |
|
Duplicate Repayment Schedule Charges |
Rs. 200/- |
|
Loan Re-Booking / Rescheduling Charges |
Up to Rs. 1000/- |
|
Stamp Duty/Other Statutory Charges |
As per applicable laws |
|
Loan Cancellation Charges |
Nil |
|
Non-Standard Repayment Charges |
Not applicable |
|
Cheque / ECS Swapping Charges |
Rs. 500/- per instance |
Education Loan for Studies Abroad:
HDFC Bank in cooperation with Credila, provides personalized education loan options allowing students to pursue a level of their choice at over 4000 premier associations, across 36 states globally. Credila supplies 100% fund with attractive rates of interest, flexible repayment and loan tenures. Finding a student loan is quite straightforward and easy with Credila's hassle-free documentation procedure and personalized services such as delivering loans in the client's doorstep. HDFC also provides the choice of obtaining a loan warranted before pupils have verified their admissions to assist them plan their financing and also boost their chances of getting admissions. Students may declare their authorized HDFC education loans within a guaranteed fund source whilst applying for admissions or to their Visa interviews.
- Credila supplies a selection of interest levels for different borrowers depending upon the academic foundation, association, co-applicant specifics along with the security security supplied.
- Credila backing up to 100 percent of the price of schooling and approves loan amounts over Rs 20 lakhs.
- A HDFC schooling loan for overseas education covers costs such as hostel fees, book fees and traveling together with the tuition prices.
- Borrowers will need to pay as much as 1.5percent of the loan amount because calculating charges.
- If the schooling loan is pre-closed over 12 months from the date of arrangement, up to 4 percent of their principal amount plus taxes needs to be compensated since prepayment charges. In the event the loan is foreclosed following 12 months, then 2 percent of their principal amount plus taxes needs to be compensated since prepayment charges.
- Borrowers may choose to cover only the very simple interest throughout the program period and begin normal payments after the conclusion of this program.
- The tuition charges and the hostel fees will be disbursed directly to the institution at which the student was admitted to.
- No security must be filed as collateral for loans around Rs. 4 lakhs. Loans ranging between Rs 4 lakhs and Rs 7.5 lakhs demand no security but a third party warranty. Any loan amount exceeding Rs 7.5 lakhs will want a security security in the kind of residential properties, HDFC Bank Fixed Deposit, LIC, NSC or even a KVP policy.
- For loan amounts up to Rs 4 lakhs, borrowers don't need to bring in almost any loan allowance. However, for loans exceeding the offender must devote a loan allowance of 15 percent.
- Education loans required for research overseas need to be repaid as monthly payments through ECS debits.
- Applicants and co-applicants will have to sign a loan agreement with HDFC following the instruction loan is justified. Additional stamp duty needs to be borne by the borrower. The applicant must ascertain the style of repayment for the loan from the kind of ECS debits using 7 PDCs as collateral.
Other Associated Charges |
|
No Due Certificate / No Objection Certificate |
Nil |
Duplicate of No Dues Certificate/NOC |
Nil |
Solvency Certificate |
Not applicable |
Charges for late payment of EMI |
2 % per EMI plus taxes |
Credit Assessment Charges |
Not applicable |
Nonstandard Repayment Charges |
Not applicable |
Cheque Swapping Charges |
Up to Rs.500/- per instance plus taxes |
Cheque Bouncing Charges |
Up to Rs. 400/- per bouncing |
Legal / Incidental Charges |
At actual |
Stamp Duty & other Statutory Charges |
As per applicable laws |
Loan Cancellation Charges |
1% of the unveiled sanctioned loan amount plus taxes |
Eligible Courses:
Graduation and Post-graduation courses with any of the following disciplines -
- Management
- Engineering (graduation only)
- Medicine
- Architecture
- Hotel and Hospitality
- Agriculture
- Pure Science
- MCA / MCM
required Document:
Education Loan for Studies in India:
Academic:
- Admission Letter with Fee break-up
- SSLC, HSC Graduation Mark sheets
Income Documents:
Salaried:
- Last 2 pay slips with date of joining
- 6 months' bank statements
Self-employed:
- Last 2 years' ITR
- Last 2 years' Audited Balance Sheet
- 6 months' bank statements
- Proof of Turnover
Self-employed Professional:
- Last 2 years' ITR
- Last 2 years' Audited Balance Sheet & P/L
- 6 months' bank statements
- Proof of Qualification
Other Documents:
- Age Proof
- Signature Proof
- Identity Proof
- Residence Proof
- Duly Filled-in Application Form
- Photograph
Education Loan for Foreign Education:
Academic:
- Admission Letter with Fee break-up
- I-20 form for US applicants
- CAS letter for UK applicants
- SSLC, HSC Graduation Mark sheets
- GRE/GMAT/ TOEFL /IELTS Mark sheets
Income Documents:
Salaried:
- Last 3 payslips with date of joining
- 6 months' bank statements
- Form 16 for the previous year along with ITR
Self-employed;
- Last 2 years' ITR
- Last 2 years' Audited Balance Sheet
- 8 months' bank statements
- Proof of Turnover
Self-employed Professional:
- Last 2 years' ITR
- Last 2 years' Audited Balance Sheet & P/L
- 8 months' bank statements
- Proof of Qualification
Other Documents:
- Age Proof
- Signature Proof
- Identity Proof
- Residence Proof
- Signature Proof - PAN Card/Passport for signature verification of the applicant and co-applicant / Credila’s completed signature authentication form / 10th or 12th Mark sheet with signature for students below 21 years.
- Duly Filled-in Application Form
- Photograph
Records for Following disbursements:
- After Disbursement Request Letter from the Applicant and Co-Applicant
- University Fee Demand Letter
- Applicant's Academic Progress Report for the preceding semester
- Revised Repayment Directions
Qualification:
- All candidates have to be Indian nationals and aged between 16 to 35 decades.
- Co-applicants are compulsory for fulltime classes in India and overseas. The co-applicant ought to be part of their immediate family.
Central Government Interest Subsidy Scheme for HDFC Bank Education Loans:
The interest subsidy strategy for education loans was introduced with the HRD Ministry to support students applying for admissions from economically weaker sections using a gross income of around Rs 4.5 lakhs. Students are able to apply for the subsidy advantage with these documents - First revenue certification, Interest Subsidy Agreement and a first Bonifide pupil letter in the institution. Additional fees like stamp duty and franking fees must be borne by the applicant. The rate of interest subsidy scheme is appropriate just for admissions to accepted professional and technical courses from established institutes after the conclusion of Class 12. A complete interest subsidy benefit can be obtained for the moratorium period.
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