About HDFC Education Loan
Education is a high-yield investment that can be a huge financial burden for students.
HDFC Bank offers a full package of higher education loans for students studying in India and overseas. The loans can be used to pay tuition, living expenses, and other educational expenses. With these, HDFC education provides financial backing to students from different backgrounds.
HDFC Education Loan Interest Rate & Charges
HDFC offers different education loan schemes to students who want to pursue education in both India and abroad.
Check out the interest rates and other charges below:
Here is a table detailing the HDFC Bank Education Loan, including the interest rates, maximum loan amount, and associated fees and charges:
You can also check banks that offer lowest interest rates on education loans.
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Features of HDFC Education Loan
Here are the key features of HDFC Education Loan:
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HDFC Bank Education Loan Schemes
HDFC offers Indian students access to many education loan schemes to fund their education for studies within and outside of India.
The major types of schemes are:
1. HDFC Education Loan to Study in India
- Can be availed by an Indian resident between 16 and 35 years of age.
- Processing fee is a minimum of Rs.1000 and a maximum of up to 1% of the loan amount, which is higher.
- Rebate on the paid interest under Section 80E of the Income Tax Act 1961.
- No collateral required for an education loan of up to Rs.7.5 lakh.
- Loan repayment of up to 15 years
2. HDFC Education Loan to Study Abroad
- Can be availed by an Indian resident between 16 and 35 years of age.
- You can avail yourself of an unsecured loan of up to Rs.45 lakh.
- The entire cost of the reduction can be covered with collateral.
- Repayment tenure can go up to 14 years.
- Rebate on the paid interest under Section 80E of the Income Tax Act 1961.
HDFC Bank Education Loan for Abroad
HDFC Credila provides education loans for studying abroad, covering the full cost of education. The key features of the loan are:
HDFC Bank Education Loan Without Collateral
HDFC Bank provides education loans without collateral, offering financial support to students based on their course, institution, and eligibility criteria. The key features include:
1. Loan Amount
Up to ₹45 lakh without requiring collateral.
2. Interest Rates
Competitive rates based on the course, university, and destination country.
3. Repayment Tenure
Up to 14 years, including the moratorium period.
4. Tax Benefits
Eligible for deductions under Section 80E of the Income Tax Act.
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HDFC Education Loan Eligibility
The qualifications required for educational loans at HDFC Bank can differ based on the specific loan type. Below are the general qualifications often necessary for these loans:
1. Citizenship
The borrower must be an Indian citizen. NRIs must assign power of attorney to a close family member in India.
2. Age Limit
The applicant must be between 16 and 35 years, subject to bank guidelines.
3. Academic Requirements
Admission to an accredited institution through an entrance exam or academic merit is required.
4. Recognized Institutions
Loans are available for institutions approved by UGC, Government, AICTE, AIBMS, ICMR, etc.
5. Eligible Courses
Funding is available for MS, MBA, MBBS/MD, and executive management courses. Other courses depend on the co-applicant’s income and collateral.
6. Co-applicant Requirement
A co-applicant is mandatory for full-time programs and can be a parent, spouse, parent-in-law, or guardian.
7. Course Requirement
The applicant must pursue a graduate/postgraduate degree or postgraduate diploma at a recognized institution.
8. Admission Criteria
Admission must be secured through an entrance test or merit-based selection.
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HDFC Education Loan Documents Required
During the application process for a student loan, an HDFC education loan necessitates submitting a set of important documents, which include:
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How to Apply for an HDFC Education Loan?
HDFC Bank accepts online as well as offline applications for education loan. Here are both the processes:
After your application is processed, and if your loan is sanctioned, the amount is transferred to the college directly.
HDFC Education Loan Repayment
HDFC loan repayment policies enable the student to focus on their studies by giving them relief with convenient repayment policies. These loan repayment policies involve:
1. Moratorium Period
Repayment begins after a predetermined moratorium period, covering the course duration and a post-completion grace period where only simple interest is payable.
2. Flexible EMIs
Various EMI options are available based on your financial situation and repayment capacity.
3. Repayment Tenure
The loan can be repaid within a maximum tenure of 15 years, ensuring convenient repayment.
4. Repayment Methods
HDFC Bank accepts online payments, post-dated checks, auto-debit instructions, and Electronic Clearing Services (ECS) for seamless repayment.
5. Prepayment Option
You can prepay the loan partially or in full, subject to applicable terms and conditions.
6. Late Payment Charges
Failure to adhere to the repayment schedule may result in late fees for overdue EMIs.
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How to Transfer Your Loan to HDFC?
Students can transfer their existing student loans to HDFC, which offers advantages like:
1. Simple loan terms
2. Policies that are advantageous to students
3. Reduced rates of interest
4. Improved repayment schedules
5. Broader reach
Students must gather documentation of the outstanding loan to transfer their loan to HDFC. After acceptance, HDFC repays the previous lender and uses the money to approve a new education loan with updated conditions in accordance with HDFC's student loan policy.
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HDFC Credila Education Loan
HDFC Bank, a prominent private sector bank in India, provides education loans through its NBFC subsidiary, HDFC Credila, to help students pursue higher education domestically and internationally. These loans feature interest rates beginning at 9.75% and can go up to 1 Crore with collateral and up to 80 Lakhs without collateral.
You can read more and get comprehensive details about this on our page about HDFC Credila Education Loan.
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HDFC Bank Education Loan College List
All the students applying for HDFC student loans have the significant advantage of applying to different colleges and institutes. The education loan scheme provides funding for reputed colleges or institutes. The HDFC bank education loan college list is long and includes several colleges across India and abroad.
You can get the complete information on our blog on HDFC Bank Education Loan College List.
You can also download HDFC Bank Education Loan College list pdf.
This also contains the list of approved foreign universities for education loan.
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Benefits of HDFC Education Loan
From funding education to easier repayment, HDFC Credila education loan offers a range of benefits to students, which primarily include:
1. Tax Benefits
Interest paid on the loan qualifies for tax deduction under Section 80E of the Income Tax Act.
2. Pay After Education
EMI payments begin after course completion, reducing the financial burden during studies.
3. Covers All Expenses
The loan covers tuition, travel, accommodation, books, and other education-related costs.
4. Flexible Repayment
Offers competitive interest rates with special benefits for students of top institutions.
5. No Immediate Repayment
Provides collateral-free options and co-borrower flexibility for hassle-free loan management.
Expenses Covered by HDFC Education Loan
The opportunity for students to obtain loan approval before the admissions process is one of the main advantages of HDFC Credila's education loans. The other advantage is the long list of expenses it covers.
1. Educational Fees
Covers tuition, lab, and examination fees.
2. Housing and Living Costs
Includes accommodation and food expenses.
3. Transportation Expenses
Funds travel costs to your educational location.
4. Additional Costs
Covers expenses for a laptop, books, and study materials
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Interest Subsidy Schemes in HDFC Bank
The HDFC education loan is also eligible for interest subsidy. You can ease the student loan repayment with the following subsidies:
1. Central Government Interest Subsidy Scheme (CSIS)
Provides interest subsidies on education loans for economically weaker students in India. The subsidy applies to loans up to ₹7.50 lakh without collateral, with a family income limit of ₹4.50 lakh.
2. Padho Pardesh Scheme
Implemented by the Ministry of Minority Affairs, this scheme waives interest during the moratorium period for economically weaker minority students pursuing higher studies. The family income limit is ₹6 lakh.
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HDFC Education Loan Insurance
To help you and your family manage the financial risks, the bank offers HDFC education loan insurance.
The loan insurance must be purchased individually by the student and the premium for education loan may be added to the loan amount or paid separately as per the policy terms.
In the event of unanticipated circumstances like the borrower's death, disability, serious sickness, or job loss, HDFC education loan insurance will pay the remaining balance of the loan.
Credit Shield Insurance
Provides coverage against critical illnesses, accidental disability, and death, ensuring financial security.
Term Insurance
Covers the loan amount for a specified term. In case of the borrower's demise during the policy period, the insurance company settles the remaining loan amount with HDFC Bank.
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HDFC Education Loan Margin Calculation
The loan margin is a percentage of the loan amount the students have to pay themselves. It is generally within 0-15% of the loan amount in most of the cases. Banks introduced the loan margin to estimate your repaying capacity. If you take an education loan of ₹50 lakh rupees, then you will have to pay ₹7.5 lakh rupees from your pocket.
HDFC Education Loan EMI Calculator
The HDFC Bank EMI Calculator is an online tool that helps estimate monthly loan repayments based on the principal amount, interest rate, and tenure.
1. How Can It Help You?
The HDFC Bank EMI Calculator is an online tool that helps estimate monthly loan repayments based on the principal amount, interest rate, and tenure.
2. How to Use?
Enter the loan amount, interest rate, and tenure into the calculator to instantly view the EMI, total interest payable, and total repayment amount.
3. How is EMI Calculated?
The calculator uses the formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
where P is the loan amount, R is the monthly interest rate, and N is the loan tenure in months.
The EMI is calculated using the formula EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the tenure in months.
Example
For a loan of ₹10 lakh at a 10% annual interest rate for 5 years, the EMI would be approximately ₹21,247 per month.
4. Plan Your EMIs Easily
Use the Propelld Education Loan EMI Calculator to estimate your monthly payments and choose the best repayment plan for your education loan.
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Lets look at some more benefits of Propelld:
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Propelld provides education loans for students. With easy paperwork, flexible eligibility criteria, and convenient repayment schedules, Propelld helps students worldwide achieve their dreams quickly!
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