HDFC Education Loan - Check Loan Details, Eligibility, and Application Process

The HDFC Bank provides various education loans to help students help them with their institution fees in India or abroad. These loans offered by HDFC Bank help students pursue their academic aspirations without financial constraints. They can apply for the HDFC education loan online through the official website, www.hdfcbank.com or by visiting the bank branch in their respective area.

Features of HDFC Education Loan

Loan Amount: Students applying for the HDFC education loan can get up to Rs 1.5 crore as an education loan. For selected institutes, the bank offers loans up to Rs 50 lakhs without collateral.

HDFC Education Loan Eligibility Criteria

It is important to know the eligibility criteria for the HDFC education loan before filling out the application form. Below, we have provided the eligibility criteria for students' reference.

• Indian resident

• They must be between the ages of 16 to 35 years old.

• Admission to recognised institutions in India or internationally through an entrance test/merit-based selection process.

Documents Required for HDFC Education Loan

Students will be required to submit some documents along with the completed application form to the bank for the approval of the HDFC education loan. Below, we have provided a list of documents required before and after sanctioning the loan.

Pre-Sanction:

• Academic proof (Institute admission letter with fee break up SSC, HSC, graduation marksheet)

• KYC (Age proof, signature proof, identity proof, residence proof)

• Income proof (Salaried, self-employed, proof of qualification etc)

• Signed photograph

Post-Sanction:

• Completed loan agreement signed by the applicant and co-applicant

• Repayment (PDCs/ACH or SI Mandate, 3 Security PDCs in case of ACH and SI mode of repayment)

Note: Below, we have provided the full form of PCDs, ACH and SI for students' knowledge. These are the modes of repayment students can use to disburse loans to HDFC Bank.

• PDCs: Post-Dated Cheques

• ACH: Automated Clearing House

• SI: Standing Instructions

What will be my Loan EMI for Rs 1 lakh?

If a student pursuing a full-time education course take a loan of Rs 1 lakh for 5 years with an interest rate of 10.85%, their monthly Equated Monthly Instalment (EMI) will be Rs 2,167 per month.

• EMI: Rs 2,167 per month

• Interest: Rs 30,006

• Total: Rs 1,30,006

• Principal: Rs 1,00,000

Students can calculate their loam EMI on their own by using the EMI calculator available on the official website of HDFC Bank, hdfcbank.com.