HDFC Education Loan
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| Interest Rate | Grace Period | Margin Money |
| 8.64% – 9.55% | Course Period + 6 Months – 1 Year | 15% |
Table of Contents:
- Types of Education Loans in HDFC Bank
- HDFC Bank Education Loan for Abroad
- HDFC Bank Education Loans for Studying Abroad: Country-Wise Guide
- HDFC Bank Education Loan Interest Rate
- HDFC Bank Education Loan Without Collateral
- Documents Required for HDFC Bank Education Loan
- Frequently Asked Questions
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 |
|
| Education Loan for Foreign Education |
|
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 |
|
| Repayment | 14 years, including the Moratorium period |
| Collateral |
|
| Eligibility |
|
Costs Covered |
|
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 |
|
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)
|
| Address Proof | Applicant and co-applicant (any one of the following)
|
| Academics of Student |
|
| 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:
If self-employed or professional:
|
| If Collateral (Immovable Property) |
|
Frequently Asked Questions
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.
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