How to take HDFC Bank Education Loan HDFC Bank Education Loan 2022

How to take HDFC Bank Education Loan HDFC Bank Education Loan 2022


HDFC Bank is a leading bank in India. It was established in August 1994 in Mumbai, India. HDFC Bank started functioning as a scheduled commercial bank in January 1995. Mobile banking is also available in this. Its maximum number of branches are in Mumbai and New Delhi.

This bank offers personal loans, home loans, property loans, car vehicle loans, and HDFC Bank offers three different types of education loans, loans can be availed at attractive interest rates, and it comes with many features. . Repayment can be made within 15 years of availing the loan.

HDFC Bank Education Loan Features and Benefits –

  • Loan up to 10 lakhs for education in India
  • Unsecured Loans up to INR 7.5 Lakh
  • Wide range of collateral for loans above INR 7.5 Lakh
  • You can get a loan against residential property
  • You can take a loan against LIC/NSC/KVP policies.
  • Repayment can start after 1 year of course completion / 6 months after getting employment (whichever is earlier).

HDFC Bank education loan scheme

HDFC Bank Education Loan Schemes:-

1. Loan Schemes for Indian Education:-

  • An Indian resident between the age of 16 to 35 can take advantage of this.
  • Admission should be secured on the basis of an entrance test or merit.
  • Co-applicant is mandatory in the case of full-time courses.
  • You can take a loan of up to Rs 20 lakh.
  • Preferential interest rates are provided if you have secured admission in a top university.
  • The repayment period can go up to 15 years.
  • The processing fee is a minimum of Rs.1000 and a maximum of 1% of the loan amount, whichever is higher.
  • no hidden charges.
  • Minimal and simple documentation.
  • Avail of pocket-friendly EMI repayment options.
  • Exemption on interest paid under section 80E of Income Tax Act 1961.
  • Collateral is required only if the loan amount exceeds Rs.7.5 lakh.

2. Central Government Interest Subsidy Schemes

  • Get loans at concessional interest rates.
  • The interest is waived off during the moratorium period.
  • The benefit can be availed if the annual gross income from all sources is less than Rs 4.5 lakh.
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3. Education Loan for Foreign Education

  • An Indian resident between the age of 16 to 35 can take advantage of this.
  • Must be able to offer collateral for certain cases (movable or immovable)
  • You can get an unsecured loan of up to Rs 35 lakh.
  • Co-applicant is mandatory in the case of full-time courses.
  • Preferential interest rates are provided if you have secured admission in a top university.
  • Education loans can be availed for over 950 courses in 36 countries.
  • The full cost of the shortfall can be covered with collateral.
  • The repayment period can go up to 15 years.
  • Minimal and simple documentation.
  • no hidden charges.
  • Avail of pocket-friendly EMI repayment options.
  • Exemption on interest paid under section 80E of Income Tax Act 1961.

HDFC Bank Education Loan Eligibility Criteria

  • To take an education loan, one must first be an Indian citizen.
  • Your admission country must be within a university.
  • Any person can apply for a loan after completion of Higher Secondary, and some banks provide loans even before higher secondary.
  • The Reserve Bank of India has not fixed any maximum age limit for the loan, but some banks keep the term and conditions according to their own.

Courses Eligible For HDFC Bank Educational Loans

Today, banks provide loans for almost all courses, but the courses offered by the institutes offered by the authorities and undergraduate degrees/diplomas and special courses.

  • Postgraduate degrees/diplomas and special courses.
  • PhDs and Doctoral Programs.

Bank also provides loans for specialized courses, training, and diplomas, but cannot increase the amount for anyone but students can request from any bank.

Include courses

  • computer certificate course
  • engineering diploma
  • Certificate course from ITI
  • data entry operator course
  • Nursing/Teacher Training Certificate Course and B.Ed
  • Agriculture Diploma
  • Veterinary Diploma
  • Any job oriented diploma or certificate course
  • Degree or Diploma in aeronautics, pilot training, shipping conducted by recognized regulatory bodies for the purpose of employment in India or abroad
  • Vocational courses run by any Government Organization or Department Courses conducted by State Skill Missions, State Skill Corporations or National Skill Development Corporation

Required documents for HDFC Bank Educational Loan

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Documents required for taking education loans within the country:

  • Duly filled application form.
  • 2 passport-size photographs.
  • Graduation, Secondary School Certificate, or High School Certificate or Marksheet
  • KYC documents include ID, address, and age proof.
  • signature proof
  • Income proof of parent or guardian
  • Documentation for real estate, FDs, etc., if the collateral is required.
If a student is interested in doing education inside any other country, then the documents are required for him. HDFC Bank Education Loan 2022

  • Duly filled application form.
  • 2 passport-size photographs.
  • KYC documents include ID, residence, and age proof.
  • A copy of the details of the final examination passing marks or certificates.
  • Proof of admission to university and course
  • course cost schedule
  • If you have received a scholarship, a copy of the scholarship letter is required.
  • If you have a copy of the forex permit.
  • Bank account details of the borrower, parent, or guardian for the last six months.
  • Income tax assessment of the borrower, parent, or guardian for the last 2 years.
  • For loans with collateral, the details of security offered should be furnished. You may also need to find a lawyer and report on his/her marketability, mortgage ability, etc.
  • Proof of source of margin is required.

HDFC Bank Education Loan Types

Looking at India's education system, there are 4 types of education loans.

Undergraduate Education Loan:

For Students who have completed their higher secondary education and want to pursue any further graduation course, then this loan is available for that student. That student can apply for this loan for his further studies.

Graduate education loan:

This loan is provided for graduate students, if any graduate student needs money for higher education, then that student can take this loan.

Career Education Loan:

A Career education loan is available for those students who are taking any education according to their interest in technical schools and establishments.

Loans for Parents:

If the parents of a student are not able to bear any expenses related to education, then they can apply for this loan. It is available for all the expenses related to education Education Loans.

Education Loan Interest Rates 

Talking about the interest rates of education loans, then the interest rates on education loans given by every bank and company are different. Like different interest rates for male students and different interest rates for female students.

A discount of 0.5% is given in the interest rates of girls as compared to boys. Sometimes it also depends on the tenure of your loan.

Still, for your information, you should know that if the Education Loan is taken for a period of 10 years, then interest rates ranging from 11% to 16% are charged.

That is why do not seek any kind of Student Loan Forgiveness, and return your loan before time. To know the interest rate charged on this loan, see the table given below.

How to apply for HDFC Education Loan?

How to take an education loan from HDFC or to get an education loan in HDFC Bank, three major steps have to be followed as given below:

Step 1. Register

  • First of all visit the official website of HDFC.
  • On the home page of the website, select the type of service and type of loan option in the Banking service section.
  • And click on Apply Online button.

Step 2. Login

  • To login, visit this link of the most official website.
  • After clicking on the login option, select the option of STUDENT LOGIN.
  • After that login by entering your email and password.

Step 3. Apply

  • Select an option for an education loan.
  • After that select the apply online option.
  • After this, the application eligible will appear in front of you.
  • Enter all the information asked in the form like personal, contact, residence, educational, income, etc.
  • After that upload the required documents online.
  • After saving the form pay the fee.
  • Finally submit the form.
  • If all the information provided by you is correct during the investigation, then HDFC Education Loan will be made available within 30 days.

HDFC Education Loan EMI Calculator

Any interested candidate who wants to understand how much amount will be paid as EMI after taking a loan from a bank. For such a situation, follow the steps given below.

  • To check the EMI calculator online, first of all, visit the official website of HDFC Bank.
  • After scrolling the home page, click on the Education Loan EMI Calculate button.
  • On the next page, first enter the loan amount, year, and interest rate.
  • After that click on CALCULATE button.
  • In this way, you can easily find out the EMI amount of the HDFC Education Loan.
All the important information related to HDFC Education Loan like,- eligibility, documents, interest rate, etc. has been provided here which is necessary to understand about it for the loan.

HDFC Education Loan – FAQ

Q. How to take an education loan from HDFC?

Ans- To get an education loan from HDFC Bank, first of all, the eligibility has to be confirmed, after that the application for the loan is done as follows.

  • The Applicant must be an Indian citizen.
  • Must have secured admission in a recognized institute.
  • Applicant age should be 16 to 35 years.
  • You can apply for a loan according to the terms of its post bank.
Q. Who can take an education loan from HDFC Bank?

Any student from India who wants to get admission in higher education courses through the entrance exam or merit-based selection process in recognized institutes and is financially incapable can apply for HDFC Education Loan.

Q. How much education loan can I take from HDFC Bank?

For the study of higher education in India or abroad, you can get a loan up to a maximum of Rs 10 lakh and in some special cases up to 30 lakh. But the interest rate will be determined as per the terms of the bank.