Not all of us have the same resources, opportunities, and circumstances growing up. It is possible that our parents can’t fund our education entirely, and we feel a certain level of burden and responsibility in choosing the right course of study. With education loans becoming popular, students are able to pursue their dreams and passions. Students no longer need to worry about their financial well-being and focus on what’s really important – their studies.
Education loans are important because they can help you pursue your dream of earning a degree. But, choosing the right education loan is just as important as getting one in the first place because it will determine how much you have to take out and how much interest you need to repay later. There are plenty of banks and NBFCs offering the same, but shortlisting ones that you can rely on is not a cakewalk, but we are here to help.
One of such established most trusted banks for education loans is – HDFC Bank.
HDFC Education Loan – The Wind Beneath Your Wings
When it comes to education, your children’s future is most important to you. So why be scared of taking a loan and incurring expenses while they attend the best possible university or college? HDFC Bank Education Loan is suitable for you and your family and will help you fulfill every dream your children have regarding their higher studies. Banks like HDFC offer education loans that are simple and transparent. They offer flexible repayment options and collateral when needed. Student-centric benefits are also available!
Eligibility of HDFC Education Loan
The applicant must be an Indian Resident
The age of the applicant must be between 16 to 35
If you are willing to apply for a full-time course, a co-applicant is mandatory
The student should have secured admission to a higher education course through Entrance Test/ Merit Based Selection process
Only courses that lead to graduate/ post-graduate degrees and PhDs conducted by recognized colleges/ universities recognized by the UGC/ Government/ AICTE/ AIIMS/ ICMR, etc will be funded through the loan.
Documents to Apply for HDFC Education Loan
Required Documents Pre-Sanction
Completely filled application form
Passport Size photograph
Admission letter by the Institute with a Fee Break-Up
SSC, HSC, Graduation Marksheets
KYC Documents ( Age, address, Identity, and Signature proof)
Income Documents
2 Latest salary slip
Bank statement of last 6 months
Last 2 Year ITR with Computation of Income
Last 2 Years Audited Balance Sheet (for self-employed)
Proof of Turnover (Latest Sales / Service Tax Return) (for self-employed)
Proof of Qualification (for self-employed)
Required Documents Post-Sanction
Loan Agreement
Repayment Instruction ( PDCs /ACH or SI Mandate 3 Security PDCs in case of ACH and SI mode of repayment)
FAQs
A pledge of shares or debentures over security by the Customer is created in favor of HDFC Bank. Hence, the Shares cannot be transferred or sold by the Customer or Shareholder without prior written consent from HDFC Bank.
The maximum loan amount you can get to study abroad is Rs. 20 lakhs.
Yes, the loan application for full-time courses requires a co-applicant. The Primary Co-Applicants could be the applicant’s Parents, Spouse, or Siblings.