Education Loan for Indian Education, Features & Benefits:
- Amount limits: You may get Education Loan upto Rs. 10 lakhs and unsecured lending upto Rs. 7.5 lakhs. Most of all, no collateral will be required for loans upto Rs. 7.5 lakhs; unlike other banks.
- Wider collateral options: Are you securing a loan of a higher amount than Rs. 7.5 lakhs? HDFC offers a wide range of bank approved collateral securities such as Residential Property, HDFC Bank Fixed Deposit, LIC, NSC or a KVP policy.
- Loan Tenure: Also, the maximum repayment tenure is upto 15 years after moratorium period.
- Tax Rebate: Especially relevant that you are eligible for a tax rebate. This rebate is applicable for the interest you pay on an education loan under Section 80-E of the Income Tax Act 1961.
- Also, HDFC Bank provides services at your doorstep unlike PSU Banks.
- And, Loan amount will be directly disbursed to the educational institution as per the fee structure.
What are the eligibility criteria for securing Education Loan for Indian Education?
- You need to be a Indian resident
- And, your age should be between 16 – 35 years.
- If you are taking a loan of more than Rs. 7.5 Lakhs, a collateral security will be required.
- Co-applicant: A co-applicant is mandatory for all full time programs. Co-applicant could be either of them : Parent, Guardian or Spouse (if married) / Parent-in-law (if married).
Courses Covered for Education Loan:
You can take an Education Loan for Indian education for either of the courses:
- Management Courses (Full-Time) – Graduation and Post Graduation
- Engineering Courses ( Government and Private ) – Graduation
- Medicine – Graduation and Post Graduation
- Masters in Computer Application ( MCA / MCM )
- Architecture – Graduation and Post Graduation
- Hotel and Hospitality – Graduation and Post Graduation
- Agriculture – Graduation and Post Graduation
- Pure Science – Graduation and Post Graduation
Here is an exhaustive list of documents that you will need for the Education Loan:
- All academic documents such as Institute Admission Letter with Fee break-up, SSC, HSC and Graduation Marksheets.
- All your KYC documents such as Age proof, Signature proof, Identity Proof and Residence proof.
- And, your Income documents such as Latest 2 months salary slips, latest 6 months bank statements of salary account.
- And, for Self Employed, you need to submit last 2 years ITR, Audited Balance Sheet, Profit and Loss Statement, proof of turn over and qualification proof.
Furthermore, here are the documents you need to submit for subsequent disbursements:
- Subsequent Disbursement Request Letter From Applicant and Co-Applicant/s
- University Fee Demand Letter
- And, Applicant’s Academic Progress Report (Previous Semester)
- Also, Revised Repayment Instructions – PDCs / ECS / SI along with 3 security PDCs in case of ECS and SI mode of repayment.
Recommended Read : SBI Student Loan
Education Loan for Indian Education Interest Rates & Charges:
Please contact HDFC Bank Interest Rates and applicable charges.
May also read, Cent Vidyarthi-An Education Loan from Central Bank of India