HDFC Bank Education Loan: You need a loan to be admitted in order to pursue further education at the best colleges or institutes. Also, you can apply for an education fund at HDFC Bank after passing the entrance exam or merit-based selection process. At this leader in private banking, you can look for an immediate solution to the loan you need for education. You must be an eligible candidate in order to get the education fund. And the person who satisfies the requirements can borrow the desired sum from HDFC Bank to pay for their schooling. You have up to 15 years to repay the loan thanks to the HDFC Education Fund’s competitive rate of return.
With funding from HDFC Bank, candidates can also pursue their study at a foreign university. Since education is boundless, why should your loan be? You only need to go to HDFC Bank to obtain the loan that you require to be admitted. Learn about the HDFC Education Fund programmes in the information and how they can assist candidates in realizing their goals.
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Education Loans From HDFC Bank In India 2023
The HDFC Bank provides complete financial help to applicants who have already made arrangements to gain admission to the top Indian universities or institutions. You may withdraw from the bank up to INR 7.5 lakh with no collateral security. If you need a computer for academic purposes, you can buy one using the Fund to cover your semester fees, book costs, and other expenses.
The annual return rate charged by HDFC Bank ranges from 9.45% to 2.01%. Also, the rate of return depends on the parental income since they are co-applicants for the HDFC Education Loan. As co-Candidates for the loan, you may nominate your partner, parents-in-law, or guardian. Also, if you were admitted to a prestigious university as a result of your SAT scores, there is a greater probability that you will receive a lower Return rate on the borrowed money.
Information About HDFC Bank Education Loan In India 2023
| HDFC Bank Education Loan In India 2023 Details | |
|---|---|
| Bank Name | HDFC Bank |
| Lone Name | Education Lone |
| Year | 2023 |
| Article For | HDFC Bank Education Loan In India 2023, Abroad, Interest, Eligibility |
| Categories | Loan |
| Official Site | www.hdfcbank.com |
What Exactly Is a Student Loan?
A student who wants to pursue higher education in India or abroad might apply for an education loan. Following completion of their study, candidates start paying back the funds, and they are given six months as grace time to find employment. You must choose how you want to repay the Fund because that decision will affect the Return amount. That is, if you wish to begin paying before or after the moratorium Time or during the actual moratorium Time. The Moratorium Time is the length of time you have till you can find a job plus six months or a year. You are only required to make the payment following this period.
India has four different forms of education funds.
- Undergraduate education funds are provided to candidates who have finished their secondary school and are pursuing undergrad degrees. In India or overseas, it might be acceptable.
- After completing an undergraduate programme at a reputable institution or college, students who wish to pursue post-graduation are provided post-graduate education funds. Also in this case, the scholarship may be for study in India or overseas.
- Parents utilising an education fund – This situation involves parents utilising an education fund for their children’s educational needs. This is an unsecured fund that can be used for courses in elementary and secondary school as well as graduate and post-graduate programmes. These funds are provided to young people for their career progress and education.
- Young adults who want to pursue courses, trainings, or certifications that may help their career progress may be eligible for career growth education funds.
About HDFC Bank
Bank HDFC Mumbai serves as the home base for the Indian banking and money services company HDFC Bank Ltd. As the largest private sector lender in terms of assets, HDFC employs 84,325 people and has 4,727 branches and 12,220 ATMs spread throughout 2,666 Indian cities.
HDFC Education Loan For Indian Education
You can also borrow money from HDFC Bank for part-time educational programmes, however you can only borrow up to INR 75 lakh at a set Return rate of 12.75%. For the part-time course, the bank provides a reduced payment time. The one-year moratorium Time on your school fund is still available. The Fund is paid out in equidistant monthly payments. The table that details the fees and return rate for the HDFC Bank Education Loan in India 2023 can be seen below.
| HDFC Education Loan For Education in India | |
|---|---|
| Particulars | Details |
| Return Rate | 9.45%-13.33% per annum |
| Processing Cost | 1% of the loan amount |
| Prepayment/Foreclosure charge | 4% of outstanding if paid during the moratorium Time Nil if paid after the moratorium Time |
| Late Payment fee | 24% per Year 2% on each due EMI |
Indian Education Loan Qualifications
- You should be between the ages of 16 and 35.
- Needs Fund will be a collateral security if it exceeds Rs. 7.5 lakh.
- Amount of Funds Below Collateral security is not necessary
- For all full-time programmes, a co-candidate is required. A parent, guardian, spouse (if married), or parent-in-law may co-apply (if married).
HDFC Education Loan for International Study
With the help of the international education Fund from HDFC Bank, you can fulfil your ambition of attending the top foreign university or college. You may borrow the whole cost of your education with no maximum collateral requirement. Moreover, HDFC Bank will provide customers up to INR 35 lakh for their educational expenses if the Taken needs an unsecured fund.
The Take Amount’s Return Rate is the same as the Return Rate charged by the Indian Education Fund. That implies that you can obtain a reasonable EMI for the amount you borrowed. With HDFC Education Fund, you have 650 degree options spread across 36 countries, and the money is disbursed prior to admission. With HDFC Bank services, you no longer have to wait for the Fund approval following admission. The list of costs covered by the HDFC Bank Education Loan is below.
- Course The semester, test, library, and lab Cost
- Returnable down payments requirements set by the university for admission
- Purchase of textbooks, supplies, tools, uniforms (if applicable), or computers is necessary to finish the course.
- Travel costs for studying abroad
- Insurance protection
- Study trips, projects, theses, and other costs associated with the course.
| Particulars Details | |
|---|---|
| Particulars | Details |
| Interest Rate | 9.45%-14.01% per annum |
| Processing fee | 1.5% of the loan amount |
| Prepayment/Foreclosure | Nil |
| Late Payment | 2% on the due EMI |
Qualifications For An Education Loan Overseas
- You should be between the ages of 16 and 35.
- Whenever a fund exceeds Rs. 10 lakh, it becomes a collateral security.
- Amount of Funds Below Collateral security is not necessary
- For all full-time programmes, a co-aspirant is required. A parent, guardian, spouse (if married), or parent-in-law may co-apply (if married).
Interest rates on education loans from HDFC Bank
| HDFC Bank Education Loan Interest Rates | ||
|---|---|---|
| Scheme Name | Maximum Loan Amount | Interest rate (p.a.) |
| HDFC Education loan for Indians | Up to Rs.10 lakh | 9.55% – 13.25% |
Calculation for HDFC Education Loans
To calculate your EMI estimate, visit the HDFC Bank main website and use the online EMI calculator tool. The HDFC EMI calculator is the greatest tool to use to figure out your expected education fund payment. You only need to enter your selected Fund, Return, and tenure to learn the proper EMI. It is anticipated that you will need to borrow 12 lakh INR from HDFC Bank in order to enrol in the chosen university.
An annual return rate of 10% is charged by the bank. As a result, according to the EMI calculator’s report, your EMI would be INR 8,745. The formula for the tool’s operation is [P x R x (1+R)N]/[(1+R)N-1], where P is your fund, R denotes the return rate, and N denotes the length of the payment period.
HDFC Education Loan Documents
The Take must provide the bank with a list of documentation attesting to both his or her and the Candidate’s identification and financial information. Also, you must send the deposit receipts and property papers if you mortgage your property or fixed deposit to secure the Fund. Check out the list of KYC and income verification requirements for the application process. Only the taker needs to supply the income ID; candidates are not required to submit any income documentation.
- letter of acceptance
- completed loan application
- 2 photos in passport size
- Declaration of Study Costs
- Candidates’ and their parents’/guardians’ PAN cards, as well as their AADHAR cards
- (Driving licence, passport, Aadhar card, or other form of picture identification)
- (Driver’s licence, passport, electricity bill, or phone bill)
- Bank account information for the candidates, co-borrowers, and guarantors for the last six months, as well as
- the most recent two years’ worth of parent, guardian, and other co-borrowers (if IT Payee)
- A brief description of the parent, guardian, or other co-assets taker’s and obligations
- Name of income (such as Form 16 or pay stubs) Parent, a guardian, or another borrower
How Can I Apply at HDFC Bank for an Education Loan?
To submit an online application for an education loan from HDFC Bank.
- First, visit www.hdfcbank.com, HDFC Bank’s official website.
- After then, you don’t need to worry at all because the application process is both online and offline.
- To get the information, you may either go to the official website or open a direct account with the bank or the lender.
- You must fill out the application form carefully after that. If applying online, you can just download the form and complete it.
- Then you must attach your number sheet, your admissions document, and any more necessary documents.
- You must also participate in an official interview. They will determine your eligibility by reading.
- All of the information you provided in the prior steps is documented and verified in this phase.
- In this step, your loan will be accepted, and the money will start to flow in a few days.