Student Loans by HDFC Bank

Features & Benefits

• Loans upto Rs.15 Lakhs for Education in India and upto Rs.20 Lakhs for Education abroad#
• Attractive interest rates.
• Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)
• Loan available upto tenure of 7 years including moratorium period.
• Tax Benefits availaible under Section 80E of the IT Act *
• Hassle free loans and speedy approvals.
• Convenience of service at your doorstep.
• Loans available for other course related expenses also!

* Pls Check with your CA
# from Bank’s approved list of Institutes

Loans disbursed directly to the educational institution.
Loan to be released as per fee schedules of institutes.
Exclusive Telegraphic Transfer facility availaible for courses abroad.
Loans available for short duration/ job oriented courses also.

Eligibility Criteria

Students who wish to pursue higher education .You need to be an Indian resident having secured admission in any of the bank’s list of approved course or universities. 

Age : Anyone in the age group of 16-35 years can take this loan.

Which courses can I take an Education Loan for ?

• Management Courses ( Full-Time + Part Time ) - PostGraduation
• Engineering Courses ( Government + Private ) - Graduation
• Medicine - Graducation + Post Graducation
• Masters in Computer Application ( MCA/MCM) - Post Graduation
• Online / Distance Learning courses.

Wherever it is a private institution,the same has to be recongized by the relevant/competent government body.

• Fine Arts and Designing - Graduation + Post Graduation
• Architecture - Graduation
• Hotel and Hospitality - Graduation + Post Graduation
• Agriculture - Post Graduation
• Pure Science - Graduation + Post Graduation
• B.A./B.Com/M.A./M.Com
• Courses such as SAP , ERP , GNIIT , Air Hostess Training programmes etc.

Besides the above mentioned ,other Institute to be rated on the basis of their listing with the AICTE etc.

Which expenses does the loan cover ?

• Fee Payable to College/School/Hostel
• Exam/Library/Lab fees
• Caution deposit / Refundable deposit asked by the institution/Building fund - supported by Institution bills/receipts
• Purchase of Books/equipments/instrument/uniforms
• Travel expenses/passage money for studies abroad
• Purchase of computers - essential for completion of the course

Any other expense required to complete the course - like study tours, project work, thesis, etc.

Moratorium period
Repayment holiday/ moratorium would be for the course period + 1 year or 6 months after the student gets a job/start earning whichever is earlier.

Documents required:

   Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution

• Completely filled Application Form with Photographs.
• Letter of admission from the Institute
• Letter from the Institute stating cost break up of the program (term-wise, year-wise)
• Marksheets from SSC onwards till the latest examination passed
• KYC Documents for the Applicant & Co-applicant (Residence Proof , ID Proof , Signature Verfication Proof , Age proof )
• Income Documents of the Co-applicant ( Pay Slips / ITR copy etc )
• Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution

For studies abroad - In addition to the above list of documents – Pls Provide :

• Letter from the Head Of Department ( University)
• Visa approval papers
• Travel papers
• GMAT/GRE/SAT score
• I-20 in case of applicant going to the USA

Insurance
                        
Credit Shield
In case of death or total permanent disability of the loanee,the loanee/nominee can avail of the Payment Protection Insurance (Credit Shield) which insures the principle outstanding on the loan up to a maximum of the loan amount. Principle outstanding is defined as the amount of loan outstanding (not including any arrears in payment or interest thereon) at the Date of Loss, having accounted for payments made and interest accruing as determined in the Policy.Hence,the amount covered does not include any principal added because of non - payment of EMI and also will not include interest/ accrued charges.

Personal Accident Cover
In order to ensure that your family is taken care of we also offer a Personal Accident cover of Rs.1,00,000 at a nominal premium.

For more info visite HDFC Bank Educational Loan

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Housing Development Finance Corporation Limited or HDFC Bank started its operations in the year 1995 as a scheduled commercial bank. It is one of the Indian banks, which offer education loans to students willing to pursue higher education in India or abroad. Scroll down the page to learn more about HDFC Bank education loans. 

Candidates Eligibility Required for Education Loan

Candidates willing to apply for HDFC Bank education loan should be Indian Nationals. Applicants should be between 16-35 years of age. Collateral security is essential for loans above Rs. 7.5 lacs. A co-applicant is required if you are applying for full time courses. 

Eligible Courses

The eligible courses for HDFC student loan are undergraduate and postgraduate courses in the fields of management, engineering, medicine, computer applications, fine arts and designing, hotel and hospitality, architecture and pure science. The other courses eligible for loans are distance learning programs, air hostess training courses, SAP, GNIIT and ERP. The institutes should be recognized by competent government body or even by AICTE. 

Features and Benefits offered by HDFC Bank

• The maximum amount of loan granted for education in India is Rs.10 lacs and Rs. 20 lacs for education in abroad. The rate of interest offered is attractive.
• Repayment of loan commences either one year after the course ends or six months after one gets a job. It depends on which one is earlier to the other.
• Tenure of seven years is available for the loans and the customers also get tax benefit.
• The entire procedure is hassle free and approvals are given at the earliest.
• Candidates may also fill and submit the online application form available. The representatives of the bank get in touch with the applicants as soon as possible.

Expenses Covered by the Loans

• The expenses covered by HDFC Bank education loan includes money to be paid as college and hostel charges, examination fees, library and laboratory fees, refundable deposit, caution deposit and other charges.
• The loan also covers travel expenses for studying abroad, essential articles required for completing the course and other educational costs.

In order to learn more about moratorium period and interest rates, browse through http://www.hdfcbank.com/

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