An education loan for studying abroad can help students pursue higher education in a foreign country without any financial worries. HDFC bank education loan is your one-stop solution to your dream of studying abroad. HDFC offers a range of education loan options tailored to help students achieve their dreams.
Types of Education Loans in HDFC Bank
HDFC education loans are offered to students pursuing studies in India and abroad. The types of education loans offered by HDFC bank are:
Type of Loan
Features
Education Loan for Indian Education
Loans up to INR 150 lakhs
Preferential interest rates for top-ranked colleges and universities
Loan repayment of up to 15 years
Education Loan for Foreign Education
Loans offered for over 2100 universities, 950 courses across 35+ countries
Covers the entire cost of education
Floating rate of interest linked to HDFC Credila’s CBLR
HDFC Bank Education Loan for Abroad
HDFC Credila offers education loans for study abroad covering the entire cost of education for the students. The key highlights for the HDFC Credila education loan are as follows:
Particulars
Details
Loan Amount
The entire cost of education with collateral
INR 45 lakhs for unsecured loan
Repayment
14 years, including the Moratorium period
Collateral
Moveable – fixed deposit with HDFC bank
Immoveable Collateral – flat, house, bungalow, land (non-agricultural), shop, etc
Eligibility
Borrower and co-applicant must be an Indian citizen
Ability to offer collateral
The co-borrower must have a bank account in India with cheque writing facilities
Must have confirmed admission before disbursement
Costs Covered
Living & hostel expenses – Up to 100% covered
Travel expenses – One economy class return ticket (India to study country)
Examination fees
Library / Laboratory fees
Books & study materials
Computer / Laptop purchase
HDFC Bank Education Loans for Studying Abroad: Country-Wise Guide
HDFC Bank covers the entire cost of education with no upper limit if you have collateral. Without collateral, the bank offers loan up to INR 45 lakhs. Let’s look at the country-wise details for HDFC Bank for abroad education:
Australia: HDFC Bank loan for study in Australia offers students a loan for students pursuing studies in Australian universities without and with collateral (however, the amount may vary).
Canada: For students planning to study in Canada, the HDFC Bank loan for study in Canada offers loan that covers expenses such as tuition, accommodation, and travel.
UK: HDFC Bank loan for study in UK is for Indian students pursuing education in the UK. Students can get loan up to INR 45 lakhs (without collateral) depending on their university.
US: HDFC Bank loan for study in USA covers several expenses and support courses in accredited US universities. The loan amount may vary depending on the course and university.
HDFC Bank Education Loan Interest Rate
HDFC Bank offers education loans on interest rates from 8.64% to 9.55%. However, the interest rate may vary based on factors such as the course, university, and the applicant’s profile. The key highlights of HDFC bank education loan interest rate is as follows:
Interest Rate
8.64% – 9.55%
Calculation
The interest rate will be calculated using the Simple Interest Rate
Floating Interest
Floating rate of interest to be (HDFC Credila’s CBLR + Spread)% per annum
Determination of Spread
Student’s academic background
Employability of selected course, college, and country
Financial strength of co-borrower
Loan repayment capability
Credit history
Collateral (offered or not)
Serviceability of loan through HDFC Credila
The cost associated with underwriting and servicing the loan
HDFC Bank Education Loan Without Collateral
HDFC Bank offers education loans without collateral for students. The loan amount can vary depending on the institution, course of study, and other eligibility criteria. The features of HDFC Bank education loan without collateral are:
Loan Amount: Up to INR 45 lakhs without collateral
Interest Rates: Competitive based on course, university, and country
Repayment: Up to 14 years, including the moratorium period
Additional Benefits: Tax benefits under Section 80(E)
Documents Required for HDFC Bank Education Loan
While applying for a loan, ensure you have all the required documents for a smooth process beforehand. HDFC Credila education loan requirements are as follows:
Duly filled and signed application form
2 passport-size photographs of Applicant and co-applicant
Photo ID
Applicant and co-applicant (any one of the following)
PAN Card
Passport
Driving License
Aadhar Card
Voter’s ID
Address Proof
Applicant and co-applicant (any one of the following)
Passport
Driving License
Aadhar Card
Voter’s ID
Academics of Student
Mark sheet / Certificate of 12th
Mark sheet / Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.
Mark sheets of GRE / GMAT / TOEFL / IELTS, etc. (If applicable)
Scholarship documents (if applicable)
Admission Proof
Printed admission letter from the institute (if available)
Last 8 Months Bank Statements of Co-Applicant
If more than 1 bank account, provide copies of all
Income Proof of Co-Applicant
If a salaried employee:
The last 3 salary slips or salary certificates on the Employer’s letterhead
Last 2 years Form 16 from Employer or last 2 years ITR
Any other proof not mentioned above
If self-employed or professional:
Last 2 years ITR and certified financial statements or provisional financial statements duly certified
Proof of office
Any other proof not mentioned above
If Collateral (Immovable Property)
Property title deed
7 / 12 extracts in case of land
Registered sale agreement along with society share certificate
Original registration receipt for the above agreement
Allotment letter issued by Municipal Corporation / Authorized Govt. authority (e.g., MHADA, CIDCO, HUDA, DDA, JDA, GIDC, etc.)
Previous chain of sale deed (to establish title)
Latest maintenance bill, along with receipts (issued by the builder/society)
What is the HDFC Credila education loan calculator?
The HDFC Credila education loan calculator is an online tool that helps students and parents estimate their loan eligibility, EMI, and repayment schedule.
What is the processing fee for an HDFC Credila education loan?
HDFC Credila charges a processing fee ranging from 1% to 1.25% of the sanctioned loan amount, depending on the loan amount and applicant profile.
How long does it take for HDFC Credila to approve an education loan?
It typically takes 7 to 15 working days to process your education loan application in HDFC Credila. However, the time may vary depending on your requirements, loan amount, and documentation.
Can I get a tax benefit on an education loan from HDFC Credila?
You can get tax benefits under Section 80(E) on your education loan from HDFC Credila. You can reduce your tax burden while funding your education.
Can I transfer my existing education loan to HDFC Credila?
You can transfer your existing education loan to HDFC Credila. However, you must provide all the details of your existing education loan.