Education Loan
HDFC Bank Education Loan
HDFC Bank, for it’s overseas education loan, partners with Credila- India’s first dedicated education loan specialist.
Customizing solutions, we home deliver education loans. Students can find out their loan eligibility even before they start applying to the Universities. Thus, a pioneer in enabling students to have financial abilities to choose better academic institutes globally.
Quick and unique service makes Credila the preferred and trusted choice of thousands of Indian students, pursuing 950 different courses, in over 4000 educational institutions, across 36 countries!
Credila makes getting a loan simpler, faster and more convenient with its unmatched features and services like:
- Huge tax benefit under Sec 80-E of income Tax Act
- Doorstep service
- Loan over 20 lakh also available
- Easy EMIs
- Flexible Loan Terms
- Up to 100% finance
- Attractive rate of interest
Enjoy quadruple benefits when you take an Education Loan from HDFC Bank:
- Quick and convenient loan – Our loan sanction and disbursal is one of the quickest with easy documentation and doorstep service.
- Competitive pricing – Our loan rates and charges are very attractive
- Flexible & Customised loan solutions – Enjoy flexible collateral and co-borrower terms and get loan up to 100% of tuition fee.
- Loan sanction before admission confirmation too – Plan your finances for education in advance to help get admissions at your dream university and avoid last minute running around too.
Features and benefits of taking an education loan VS using other sources:
- Huge tax benefit under Sec 80 E of Income Tax Act of India
- Opportunity for students to take up responsibility and pay for their education on their own
- Preserve family savings (don’t break FDs, MFs etc and preserve funds for family contingency/emergencies)
- EMI starts post course completion whereas through personal finance fee needs to be paid at the beginning of the course
- Plan your finances in advance: Apply for a loan even before admission confirmation to avoid last minute running around for funds. Also, use the loan sanction letter as a proof of funds.
- An education loan from Credila can also cover tuition fee, living expense, books, travel, laptop etc.
- Build a good credit history (helps in taking loans etc in the future also)
- Quick and convenient loan processing with door step service
So, why use any other source of funds when you can avail of an education loan!
Features of HDFC Educational Loan
- Get tax benefits under Section 80(E) of Income Tax Act of India
- Get Education Loan home delivered
- Flexible choices of repayment terms
- Loan up to 100% of educational expenses. No margin money required
- Flexibility on collateral security
- Loan sanction before admission
- Multi city co-borrowers accepted
- Web enabled billing and servicing
- Doorstep service
- Preferential rates for top ranked universities/institutes
Eligibility criteria for securing an Education Loan from Credila:
- You need to be a Indian resident
- You should be aged between 16 – 35 years.
- Collateral security may be required
- Co-Applicant: Co-Applicant is required for all full time courses
- Co-Applicant: Parents, spouse and siblings, father in-law, mother in-law, brother in-law, paternal/maternal uncle/aunt
Here is an exhaustive list of the documents that you will need for the Education Loan:
| Category | Applicant (Student) |
| Academic | Institute Admission Letter with fee break-up: USA Applicant: I-20 Form and UK Applicant: CAS Letter |
| SSC, HSC, Graduation mark sheets and also mark sheet of any entrance exam like GRE/GMAT/TOFEL/IELTS | |
| KYC(Know Your Customer) | Age Proof |
| Signature Proof | |
| Identity Proof | |
| Residence Proof | |
| Signature verification-Student/Co-Applicant like: PAN Card, Passport, Credila’s completed signature Authentication form Authenticate by Bank or 10th/12th or equivalent mark sheet with signature for student below 21 years | |
| Income Documents | Salaried |
| Latest 3 salary slips carrying date of joining details | |
| Latest 6 months Bank Statement of the Salary Account | |
| Latest 1 Year’s form 16 from employer along with 1 year income tax return | |
| Self Employed | |
| Last 2 Year ITR with Computation of Income | |
| Last 2 Years Audited Balance Sheet | |
| Last 8 Months Bank Statement | |
| Proof of Turnover (Latest Sales / Service Tax Return) | |
| Self Employed – Professional | |
| Last 2 Year ITR with Computation of Income | |
| Last 2 Years Audited Balance Sheet / P& L | |
| Last 8 Months Bank Statement | |
| Proof of Qualification | |
| Others | Completed Application Form |
| Latest Photograph (Signed Across Any document for establishing relationship between student and the co-applicant viz. ration card, marriage certificate, birth certificate etc. | |
- 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 asmay be applicable and the statement of particulars should be given inForm No.3CD.
Documentation (Post Sanction)
| Documentation ( Post Sanction ) | |||
| Is there any documentation required post the sanction of the loan? | |||
| Category | Applicant ( Student ) | ||
| Loan Agreement | Completed Loan Agreement to be Signed by Applicant and Co-applicant * | ||
| Repayment Instructions |
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| * 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:
- 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
| Description of Charges | Education Loan |
| Loan Processing Charges* | Up to 1.5% of the sanctioned amount plus applicable any taxes thereon. |
| Pre-payment charges | Nil |
| 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* | @ 2 % per month of instalment ( MI/PMII)+ applicable taxes thereon |
| Credit assessment charges | Not applicable |
| Non standard repayment charges | Not applicable |
| Cheque or ECS mandate or Direct Debit swapping charges* | Up to Rs.500/- per swap instance plus applicable taxes thereon |
| Cheque/ECS/Direct Debit Bouncing Charges* | Rs. 400/- per dishonor of cheque or ECS or Direct Debit return per presentation plus applicable any taxes thereon |
| Legal / incidental charges | At actual |
| Stamp Duty and other statutory charges | As per applicable laws of the state |
| Loan cancellation charges* | 1% of the unveiled sanctioned loan amount + applicable any taxes thereon |
| Manual Collection Charges* | Rs. 200/- per visit plus applicable any taxes thereon |
| Charges for Updating & Handling Loan Account As Per Customer Request* | Rs. 1,500/- plus applicable any taxes thereon |
| Document Storage & Retrieval Charges* | For No Collateral: Rs. 2,000/- plus applicable any taxes thereon For Collateral: Rs. 4,000/- plus applicable any taxes thereon |
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 service tax. Service tax and other government levies, as applicable, would be charged additionally.
Source: http://www.hdfcbank.com/personal/products/loans/educational-loan/education-loan-for-foreign-education