Education loan from HDFC

Key Features of HDFC Credila Loan Products

Feature	Details
Loan amount	Secured Loan - No Limit on loan amount Unsecured Loan - Upto 75 Lakh
Margin money	No margin for Prime & secured loans
Interest rate	Axis Bank Abroad Education Loan Interest rate. 9.5% - 10%
Processing fee	0.85% to 1.0%
Processing time	3 days after document submission
Loan tenure	15 Years(Up to)
Prepayment charges	Nil
Countries covered	HDFC Credila offers to study in over 59+ different countries across the world including the USA, Canada, the UK, Germany, Australia, Singapore, France, etc
Payment study period	1. Yes, Partial Interest, Simple Interest, Direct EMI. 2. For selected good profile, partial interest repayment available.

Education loan products of HDFC Bank

HDFC Bank is one of the largest lender banks in India. It has specially designed products through which it offers student loans at interest rates starting from 8.15% and loan amounts ranging up to 1.5 Crores. They offer education loans for courses such as MBA, Masters, Bachelors, Ph.D and Vocational courses based on the student's eligibility.

Loan Products for India

HDFC Student Loan Scheme
HDFC Shaurya Education Loan (FOR WARDS OF DEFENSE AND INDIAN COAST GUARD PERSONNEL)
Takeover of Education Loan
HDFC Scholar Loans
HDFC Skill Loan Scheme

Loan Products for abroad

HDFC Student Loan Scheme
HDFC Global ED-VANTAGE Scheme
HDFC Shaurya Education Loan (FOR WARDS OF DEFENSE AND INDIAN COAST GUARD PERSONNEL)
Takeover of Education Loan

Comparision of All The HDFC Education Loan Schemes

Scheme Name	Loan Limit	Interest Rate	India or Abroad
HDFC Student Loan Scheme	Up to 1.5 Crores (Abroad Studies) Up to 50 Lakhs (Study in India)	10.15% (including interest rate concession*)	Both
Shaurya Education Loan (FOR WARDS OF DEFENSE AND INDIAN COAST GUARD PERSONNEL)	Maximum 1.5 Crores (Abroad Studies) Maximum 40 Lakhs (Study in India)	10.15% (including interest rate concession*)	Both
Scholar Loans (IITs, IIMs, NITs, etc.)	No Upper Limit	8.15%	India
Skill Loan	Upto 1.5 Lakhs	10.65%	India
HDFC Global Ed-Vantage	Up to 1.5 Crores	10.15% (including interest rate concession*)	Abroad

Eligibility criteria in HDFC

The first and foremost step after you have researched to get an abroad education loan is to prove your eligibility with the help of documents. You can create a document checklist to help with this. There are specific criteria that a prospective student must meet.

Un-Secured Loan

Student should be an Indian national
Applicant must have secured admission in their preferred college or university
Co-applicant’s income should be more than Rs 4.5 LPA

Secured Loan

Student should be an Indian national
Applicant must have secured admission in their preferred college or university

Note: Just a footnote for eligibility criteria.

Documents required for HDFC Education Loan

There is a long list of documents required for student loans in HDFC to process the loan, you can check out this blog “Documents Required for an Education Loan”, we have provided you with the complete list of the mandatory documents required for processing your education loan. In this section, we will provide you with the list of some mandatory documents asked by the HDFC Bank :

Un-Secured Loan

Hard copy of loan application form filled on WeMakeScholars Website along with 2 passport-size photographs
Address proof - Aadhar card, Voter ID card, Bank passbook front page copy, Passport, Telephone Bill, Electricity Bill (any 2 if current and permanent address are different)
Proof of Identity - PAN Card, Aadhar card, Passport of the applicant, Election Commission ID card, Ration card with photo, for the person whose photo is affixed
Statement of assets and liabilities, verified by the lenders team
Salary and personal bank account statement of the co-applicant of the last 6 months. If self employed, then statement should reflect business transactions of last 1 year
Proof of admission into the course (showing the course duration)
Scorecard of qualifying examinations like GRE, TOEFL, IELTS etc (whichever required)
Fees details and payment deadlines as given by the college or university.
Proof of address of the business
Last 3 years Income Tax Returns
Profit & loss statement and balance sheet of last 3 years
Last 2 years Income Tax Returns
Form 16 details of last 2 years

Secured Loan

In addition to Unsecured loan you will require below documents:
Registered sale agreement / Gift Deed
Registration receipt of the agreement
Property title deed
Building plan or plot’s layout copy approved by the municipality
Latest property tax receipt and an electricity bill

Note: Only self-attested documents will be acceptable.

Expenses Covered in Education Loan

Always verify what other expenses, including tuition, you cover. There are numerous more things for which you must watch out. Nowadays, several student loans are available to pay for expenses besides tuition. Some of the costs paid are:

Examination, laboratory fees, library
Fee expected for college and hostel
Purchase of books, instruments, equipment Travel expenses
Caution deposit, refundable deposit, building fund
Insurance premium for the student (if applicable)
Other expenses like study tours, thesis, project work
Purchase of laptop (if required for the course)

Note: Just Footnote for expenses.

How to get an HDFC Education loan

Steps to get Un-Secured Loan

Step 1:Request a callback or fill out the common loan application form to start your loan process with FinForte
Step 2:Give your loan requirements and profile details to your assigned financial officer, over a call
Step 3:After your loan profile analysis, upload your documents on FinForet documents portal as per the documents checklist shared by your financial officer
Step 4:You will be informed about the progress of your loan file at every step, if required you can contact your financial officer to take updates
Step 5:Sign the necessary formalities and collect your loan sanction letter from the bank/ lender within 2-6 days of submitting the required documents as per documents checklist.

Steps to get Secured Loan

Step 1:Request a callback or fill out the common loan application form to start your loan process with Finforte.
Step 2:On receiving a callback from your assigned financial officer, give your loan requirement and co-applicant details.
Step 3:As per your loan profile analysis, choose your lender from the lenders suggested by your financial officer, also ask for the documents checklist from them.
Step 4:Upload your documents on the FinForte documents portal as per the documents checklist to start your loan process at the earliest
Step 5:Collect your education loan sanction letter from your chosen lender within 15-20 days after signing the loan agreement documents.

Note:

FAQs:

What is the interest rate of HDFC education loan?

The interest rates for education loans in HDFC for Indian institutes start at 6.70 and for abroad it starts at 8.65. Additionally, a 0.50% concession in interest is given to all girl students.

What is the EMI for education loan in HDFC?

EMI is decided based on how much amount did you take from your sanctioned loan amount, how much is your interest rates, did you pay anything during your moratorium period, etc. After calculating all this your EMI is decided.

How can I reduce my education loan interest in HDFC?

HDFC gives an additional 0.50% concession for students availing of HDFC Rinn Raksha or any other existing policy assigned in favor of our Bank while taking education loans.

What is the education loan interest rate in the HDFC Bank?

The interest rate of HDFC bank usually ranges from 8-11%. Depending on the student's loan profile and academic history, a student is also entitled to get an education loan at a cheaper rate of interest.

Where can I get the HDFC education loan application form?

You will get the HDFC loan form Finforte website, fill the form to check your eligibility and start your education loan process in the HDFC Bank with FinForte.