The following documents are required along with your Education Loan for Indian Education application:
| Category | Applicant (Student) |
|---|---|
| Academic | Institute admission letter with fee break-up |
| SSC, HSC, Graduation mark sheets | |
| KYC (Know Your Customer) | Age proof |
| Signature proof | |
| Identity proof | |
| Residence proof | |
| Income Documents | Salaried |
| Latest 2 salary slips carrying date of joining details | |
| Previous 6 months bank statement of the salary account | |
| Self Employed | |
| ITR of previous 2 years along with computation of income | |
| Audited balance sheet of previous 2 years | |
| Bank statement of previous 6 months | |
| Proof of turnover (latest sales/service tax return) | |
| Self Employed – Professional | |
| ITR of previous 2 years along with computation of income | |
| Audited balance sheet/proft and loss statement of previous 2 years | |
| Bank statement of previous 6 months | |
| Proof of Qualification | |
| Others | Completed application form |
| Latest photograph (signed across) | |
| Documents – Post Sanction | |
| Loan Agreement | Completed Loan Agreement to be signed by applicant and co-applicant* |
| Repayment Instructions | PDCs/ECS or SI Mandate 3 Security PDCs in case of ECS and SI mode of repayment |
| *Stamp duty to be paid by the customer as per the relevant state laws | |
Here are the documents you need to submit for subsequent disbursements at your nearest Retail Assets Customer Service Center (CSC)
Enclosed below are HDFC Bank Education Loan for Indian Education Interest Rates & Charges
Here is an exhaustive list of all the fees and charges to be paid for the education loan:
| Description of Charges | Education Loan |
|---|---|
| Loan Processing Charges* | Maximum up to 1% of the loan amount as applicable. or Minimum Rs. 1000/- whichever is higher |
| Pre-payment charges* | Upto 4% of the Outstanding Balance prepaid, if loan is foreclosed/ part perpaid during Moratorium (along with and in addition to due/accrued interest, if any, and other amounts due and/or payable by the Borrower to the Bank). No prepayment charges will be charged if loan is foreclosed / part prepaid any time after expiry of the Moratorium. |
| No Due Certificate / No Objection Certificate (NOC) | Nil |
| Duplicate of No Dues Certificate/NOC | Nil |
| Solvency Certificate | Not applicable |
| Overdue EMI Interest | @ 24 % p.a. on overdue/unpaid EMI amount outstanding from EMI due date |
| Credit assessment charges | Not applicable |
| Non standard repayment charges | Not applicable |
| Cheque / ACH swapping charges | Rs. 500/- per instance |
| Duplicate Repayment Schedule Charges | Rs. 200/- |
| Loan Re-Booking / Re-Scheduling Charges | Upto Rs. 1000/- |
| EMI Return Charges* | Rs.550/- per instance |
| Legal / incidental charges | At actual |
| Stamp Duty & other statutory charges | As per applicable laws of the state |
| Loan Cancellation Charges | Nil cancellation charges. However, interest for the interim period (date of disbursement to date of cancellation), CBC/LPP charges as applicable would be charged and Stamp duty will be retained |
*Terms & conditions apply
*Charges which are in nature of fees are EXCLUSIVE of GST. GST and other government levies, as applicable, would be charged additionally.
Rates offered to customer during the period of Oct'18 to Dec'18
| Min IRR | Max IRR | Avg IRR |
|---|---|---|
| 9.20% | 13.34% | 12.10% |
Annual Percentage Rate offered to customer during the period of Oct'18 to Dec'18
| Min APR | Max APR | Avg APR |
|---|---|---|
| 9.20% | 13.64% | 12.13% |
You can take a Education Loan for Indian education on the following courses:
Yes a co applicant is required for all full time courses. Co-applicant could be Parent/ Guardian or Spouse/ Parent-in-law (if married)
Yes. A moratorium/repayment holiday is available for select courses.
You have the option of servicing simple interest during moratorium period. Simple interest will be calculated on the loan amount disbursed payable monthly.
