HDFC Bank- Education Loan

Features

• High Loan Amounts
  Get a loan up to 100% of educational expenses. Loans worth more than Rs. 20 lakhs are also available.
• Easy Loan Repayment
  With flexible loan terms, competitive interest rates, and the EMI starting post course completion, you can easily repay the loan amount is via EMIs. What's more – we offer preferential rates for certain top ranked universities and institutes.
• Quick and Easy Disbursals
  Our doorstep service, and quick and easy documentation process ensures that our loans are disbursed as quickly as possible. We have also enabled web billing and servicing, so you can reach us from anywhere in the world.
• Range of Over 950 Courses
  HDFC Credila, the preferred and trusted choice of thousands of Indian students, is a quick and unique service that offers finance for students for 950 different courses in more than 4,000 educaiton institutions spread across 36 countries. The money from the loan can be used to cover tuition fee, living expenses, books, travel, laptops and more!
• Tax Rebates
  You get tax benefits under section 80(E) of the Income Tax Act 1961.
• Loan Sanctioned Before Admission Confirmation
  To avoid any last minute running around, you can plan the finances for your education even before your admission is confirmed. You can use the loan sanction letter as proof of funds, and ensure that your journey to your dream college is a smooth one.
• Preserve Family Savings
  As students take out educational loans by themselves, it teaches them the value of money, and they have to take on the responsibility of repaying the loan by themselves. Taking out a loan also ensures that family savings such as fixed deposits, or mutual funds, can be saved for a rainy day. Students will also get to build a good credit history by taking out the loan.

Eligibility Criteria

The following people are eligible to apply for an Education Loan for Foreign Education:

• Resident Indians
• Individuals between the ages of 16 and 35
• Those who can offer collateral for certain cases
• A co-applicant is required for all full-time programmes. The co-applicant can be a parent, spouse, sibling, father-in-law, mother-in-law, brother-in-law, or a paternal/maternal uncle/aunt

Documentation

The following documents are required along with your Education Loan for Foreign Education application:

The report of audit, duly signed and verified by the chartered accountant is required to be given in such form and setting forth such particulars as prescribed by the Board. Rule 6G of IT Act provides that such audit report and particulars should be given in Forms No. 3CA/3CB as may be applicable and the statement of particulars should be given in Form No.3CD.

Here are the documents you need to submit for subsequent disbursements:

• Subsequent Disbursement Request Letter from the applicant and co-applicant
• University Fee Demand Letter
• Applicant's Academic Progress Report
• Revised repayment instructions for ECS mode with 8 security cheques

Rates & Fees

The HDFC Education Loan for Foreign Education Rates & Fees are as follows:

*Terms & conditions apply and may change conditionally. Credit at the sole discretion of Credila Financial Services Pvt. Ltd.

*Charges which are in nature of fees are EXCLUSIVE of GST. GST and other government levies, as applicable, would be charged additionally.

FAQs