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HDFC education loan is a great way to fund your education in India as well as abroad. It offers flexible repayment tenure along with good interest rates. HDFC Bank has been known for its credibility, transparency and Accountability when it comes to loans.
You can avail loans the hassle-free way with convenient loan amount disbursement options.
HDFC Education loan’s interest rate starts at 9.65% p.a. The minimum and maximum rate depend on the bank’s discretion and your requirement along with the profile.
irr refers to Internal Rate of Return.
|Min IRR||Max IRR||Avg IRR|
You can avail loans up to Rs. 20 lakh for education in India and abroad.
The loan repayment tenure is up to 15 years. The repayment period starts after 1 year from the completion of studies or 6 months after getting a job.
Flexible EMI repayment option is available with the bank.
HDFC bank offers Collateral-free loan up to Rs. 7.5 lakhs, above this amount the applicant needs to submit a collateral. Various options for collateral are available with the bank like residential property, HDFC bank Fixed Deposit, etc.
You can save on Taxes with a rebate on the interest to be paid. This is under the section 80-E of the income tax Act 1961.
HDFC provides credit protection from HDFC Life. This will be part of the loan amount you avail from the bank. HDFC Life is HDFC bank’s Life Insurance provider.
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You have to be an Indian national.
You have to be between the age of 16 to 35.
HDFC bank requires co-applicant for the purpose of an education loan. The co-applicant can be parent/guardian or spouse/parent-in-law.
In order to avail the loan, it is required that you have secured admission to a higher education course in a recognised institution in India or abroad. This could be through an entrance test/ merit-based selection process.
You can avail the loan for approved graduate/post-graduate degree and PG diplomas conducted in recognised universities/colleges. This should be recognised by UGC/ Government/ AICTE/ AIBMS/ ICMR, etc.
Mentioned below is the various charges to be paid under HDFC Education loan scheme.
The charges are subject to change based on bank's discretion.
|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|
|No Due Certificate / No Objection Certificate (NOC)||Nil|
|Duplicate of No Dues Certificate/NOC||Nil|
|Solvency Certificate||Not applicable|
|Charges for late payment of EMI||@ 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||up to 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|
HDFC education loan is a great option if you are looking for a good deal from a credible financial institution. Read all the loan related documents carefully before applying.