HDFC Bank Education Loan- Student Loan in India

HDFC Bank Education Loan Scheme

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

Also See

Public Sector Banks to offer Insurance linked Education Loans