HDFC Bank, for it’s Foreign Education loan, partners with Credila.
Mostly, HDFC Bank home deliver education loans. You can find out your loan eligibility even before you start applying to the Universities. Visit their website to check your eligibility. And, plan your future studies accordingly.
Features of Educational Loan for Foreign Education:
- Especially relevant is that you get tax benefits under Section 80(E) of Income Tax Act of India
- Also, you get Education Loan home delivered
- Moreover, you have flexible choices of repayment terms
- In addition, loan up to 100% of educational expenses. Most of all, no margin money required
- Furthermore, Collateral security is flexible
- Most of all, you get your Loan sanctioned before admission
- Multi city co-borrowers accepted
- Web enabled billing and servicing
- Doorstep service
- Preferential rates for top ranked universities/institutes
What are the eligibility criteria for securing an Education Loan from Credila?
- You need to be a Indian resident
- Your age should be between 16 – 35 years.
- Collateral security may be required
- Co-Applicant: Co-Applicant is required for all full time courses
- Co-Applicant could be either of them: Parents, spouse and siblings, father in-law, mother in-law, brother in-law, paternal, maternal uncle or aunt
Courses Covered under Education Loan for Foreign Education:
You may opt for either of the courses under this loan:
- Management Courses (Full-Time)
- Engineering Courses
- Medicine – Graduation and Post Graduation
- Masters in Computer Application ( MCA and MCM )
- Hotel and Hospitality
- Pure Science
Course related expense covered under Education Loans For Foreign Education:
In addition to the basic course fee, your loan will cover following expenses:
- Exam, Library and Lab fees
- Caution deposit, Refundable deposit asked by the institution, Building fund – supported by Institution bills or receipts
- Purchase of Books, equipment, instruments and uniforms
- Travel expenses and passage money for studies abroad
- Purchase of computers – essential for completion of the course
- Miscellaneous expenses related to the course such as study tours, project work, thesis, etc.
List of the documents that you will need for the Education Loan:
Academic Documents are given below:
- Institute Admission Letter with fee break-up: USA Applicant: I-20 Form and UK Applicant: CAS Letter
- SSC, HSC, Graduation mark sheets and also mark sheet of any entrance exam like GRE/GMAT/TOFEL/IELTS
- Your KYC documents such as age proof, signature proof, Identity proof and address proof.
- For Signature verification of Student and Co-Applicant, you can give documents such as PAN Card, Passport. Also, Credila’s completed signature Authentication form Authenticate by Bank will do. You may also provide 10th/12th or equivalent mark sheet with signature for student below 21 years.
Income documents to be submitted are as follow:
If salaried, then:
- Latest 3 salary slips carrying date of joining details
- Bank Statement of the Salary Account for latest 6 months
- Latest 1 Year’s form 16 from employer along with 1 year income tax return
If Self employed, then:
- Last 2 Year ITR with Computation of Income
- Audited Balance Sheet for last 2 years
- Bank Statement for last 8 months
- Proof of Turnover (Latest Sales / Service Tax Return)
- Proof of Qualification
Other documents are:
- Completed Application Form
- Latest Photograph which should be Signed Across. In addition, any document for establishing relationship between student and the co-applicant such as ration card, marriage certificate, birth certificate etc.
Education Loan for Foreign Education interest rates and charges:
Please contact bank for latest rate of interest and charges.
I hope I have covered all the essential points, do comment below, if you want to add something to it. Also, if you have any queries.