HDFC Bank Education Loan In India 2023: Eligibility Criteria, Required Documents

HDFC Bank Education Loan In India 2023: You’ll require a Loan if you want to enroll in a prestigious higher learning establishment. You can apply for an HDFC Bank education fund after passing the bank’s admission exam or a merit-based selection process. This industry-leading private bank is where you should start your search for a timely answer to your educational loan questions. You must be a qualified Candidate to receive the College Fund. Those who are eligible might borrow as much as they need from HDFC Bank in order to fund their education. HDFC Education Fund offers a competitive Return on Investment and a maximum repayment period of 15 years.

HDFC Bank would sponsor applicants who wish to study abroad at accredited institutions. That’s why your loan may be infinite if your education is. Going to HDFC Bank will get you the loan you need for admission. Read up on the details of the HDFC Education Fund programs in the Data and see how they may help you reach your goals.

HDFC Bank Education Loan 2023

HDFC Bank offers full financial backing to aspiring students who have already set their sights on studying at one of India’s top universities. You can borrow up to INR 7.5 million from the bank without putting up any collateral. Needs-based funding from the Fund can be used to cover things like tuition, books, and computers.

HDFC Bank has an annual percentage rate (APR) of 9.45%-12.01%. Also, HDFC Education Loan interest rates are determined by the combined annual income of both parents applying for the loan. Co-Candidates for the loan might include a spouse, parent-in-law, or legal guardian. And if you’ve been accepted to a prestigious school thanks to great Approach scores, you may be able to negotiate a reduced Return rate on the money you borrow.

HDFC Bank Education Loan 2023 Overview

Field Value
Bank Name HDFC Bank
Loan Name Education Loan
Year 2023
Article For HDFC Bank Education Loan In India 2023
Categories Bank Recruitment
Official Site www.hdfcbank.com

What Is an Education Loan?

Individuals in India and elsewhere may take out education loans to finance their studies at accredited institutions. Candidates are offered a grace period of 6 months following graduation to find gainful employment before the Fund payback term begins. You need to pick how you wish to return the Fund, and the amount of the Return will depend on that decision. That instance, whether you wish to begin making payments either during the moratorium Time or after it has ended. The Moratorium Period is the time it takes to complete your education plus six months or one year, whichever is longer. You are not required to make a contribution to the Fund until after this date.

Types of Education Loan in India

  1. Under Graduate education Loan- These are awarded to students who have finished high school and are planning to continue their study at the undergraduate level. It could pass muster in India or elsewhere.
  2. Post graduate education Loan- After earning an undergraduate degree at a reputable institution, these funds are made available to those who choose to continue their education by pursuing a graduate degree. The Scholarship may be used either for education in India or overseas.
  3. Parents availing education Loan-This is the situation where parents are using the Fund to pay for their children’s higher education expenses. This is an unguaranteed pool of money that can be used for any kind of schooling from kindergarten through college.
  4. Career growth education Loan- Young people can apply for these funds to help them pay for college or professional training or certification.

About HDFC Bank

Bank HDFC HDFC Bank Limited is a financial services institution based in Mumbai, India. HDFC has 84,325 workers, 4,727 branches, and 12,220 ATMs in 2,666 locations across India, making it the largest private sector lender by assets.

HDFC Education Loan in India

You may borrow up to INR 75 lakh from HDFC Bank for part-time study at a set Return rate of 12.75 percent. For the part-time schedule, the bank provides a more manageable payment schedule. You still have time to apply for the moratorium on your education fund’s earnings of 1 year. The Fund disburses money in equal monthly chunks. See the table below for HDFC Bank Education Loan In India 2023 Fees and Return Rate Details.

Particulars Details
Annualized Rate of Return 9.45%-13.33%
Loan Origination Fees 1% of the Total Borrowed
Foreclosure/Prepayment Penalty 4% discount on balance owed if paid during suspension; no payment due after moratorium ends
Late Payment Fee (Annualized) Additional 2% per EMI on top of the annual 24% late f

Eligibility Criteria Education Loan

  • You need to be between the ages of 16 and 35 to apply.
  • If you need more beyond Rs. 7.5 million, you’ll have to put up collateral.
  • Amount of Money Less than No Need for Security Deposits or Collateral
  • All full-time degree programs require a co-Candidate. It is acceptable to have a parent, guardian, spouse, or in-law apply with you.

HDFC Education Loan for Abroad Education

HDFC Bank’s Foreign Education Fund makes it possible to attend the university of your choice, no matter where it may be located in the world. Borrow the whole amount necessary to cover tuition and fees without worrying about exceeding the loan’s collateral value. HDFC Bank provides customers with unsecured funding for school costs up to INR 35 lakh. The Take amount is subject to the same Return rate as the Indian Education Trust Fund. It implies you should be able to negotiate a manageable monthly payment on your loan. HDFC Education Fund will pay for your education before you ever enroll, and you may choose from over 600 different programs in 36 different locations. Therefore, using HDFC Bank services, you may skip the step of waiting for Fund approval following admission. The HDFC Bank Education Loan In India 2023 costs are detailed below.

  • Course Exam, study hall, science lab, and semester Cost
    Funds That Can Be Returned Admission requirements set by the university
  • Purchase of required course materials, such as textbooks, required lab supplies, required uniforms (if applicable), and required technology.
  • Costs of studying or interning abroad
  • Safety nets
  • Course-related costs such as those incurred on field trips, special projects, a thesis, etc.
Particulars Details
Annual Percentage Rate of Interest 9.45-14.01%
Cost of Processing 1% of the total loan amount
Foreclosure/Prepayment Rate 100% No Payments
Late2% of the pending EMI

Eligibility Criteria Education Loan In Abroad

  • You need to be between the ages of 16 and 35 to apply.
  • If you need to borrow more than Rs.10 million, you’ll have to put up some collateral.
  • Amount of Money Less than No Need for Security Deposits or Collateral
    All full-time courses need the presence of a co-Aspirant. It is acceptable to have a parent, guardian, spouse, or in-law apply with you.

HDFC Bank Education Loan Interest Rates

Maximum Amount Borrowed Per Annum Interest Rate
INR 10,000,000 9.55% – 13.25%

HDFC Education Loan Calculator

To calculate your EMI, you can go to HDFC Bank’s main website and utilize the online tool-EMI calculator. The HDFC EMI calculator is the ideal tool to use if you want to estimate your monthly education fund payment. Simply enter the chosen Fund, Return, and duration to calculate the EMI. To attend Wentworth, you’ll need to borrow 12 million Indian rupees (about $200,000) from HDFC Bank. The annual percentage rate of return that the bank requires is 10.00%. On the basis of the EMI calculator, your EMI would be INR 8,745. Where P is your Fund, R is your Return rate, and N is the length of payment, the tool operates according to the formula [P x R x (1+R)N]/[(1+R)N-1].

Required Documents for HDFC Education Loan

The bank will ask the Take to verify his or her identification and income using a series of papers. And if you’re using a mortgage or a fixed deposit as collateral for the Fund, you’ll also need to provide proof of those things. Take a look at the Know Your Customer (KYC) and Income Verification (IV) Needs List. Candidates are not required to present evidence of income together with the income identification document.

  • Acceptance Letter
  • Completed Application for a Loan
  • Two pictures, passport size
  • Study Budget Justification
  • Candidates’ and parents’/guardians’ Social Security Numbers (SSNs) and Permanent Account Numbers (PANs)
  • Valid picture identification (driver’s license, passport, Aadhar card, etc.)
  • Address verification (such as a driver’s license, passport, utility bill, or phone bill)
  • Bank statements over the previous six months from the candidate/co-borrower/guarantor (if applicable) and their parent/guardian/other co-take (if IT Payee).
  • Summary of Parent’s/Guardian’s/Co-Takers’ Assets and Liabilities
  • Form 16 or pay stubs as the source of income. A parent, legal guardian, or co-signer

Apply for an Education Loan in HDFC Bank

To submit an online application for an HDFC Bank student loan.

  • To begin, please visit www.hdfcbank.com, HDFC Bank’s official website.
  • The application may then be submitted either online or offline, so you need not worry.
  • You may get the information you need by either visiting the bank’s or lender’s physical location, or by going online.
  • The next step is to carefully fill out the application form. If applying online, just save the application form to your computer, print it out, and fill it out.
  • After that, you’ll need to upload your tally sheet, proof of enrollment, and any other relevant requirements.
  • You must also submit to an interview with the authorities. Whether or whether you qualify, they will make you Read.
  • Here, you’ll record and verify all the data you provided in the previous phases.
  • This is the final stage before your loan is approved and the Funds are dispersed to you.

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