HDFC Bank Educational Loan

HDFC Bank limited with its headquarters in Mumbai is an Indian banking and financial services company. It has a total of 76,286 employed out of which 12,680 are women. It is the largest bank in India by market capitalization as of February 2016. It was ranked 58th among India’s most trusted brands according to Brand Trust Report, 2015. HDFC Bank Limited merged with Times Bank Limited in February 2000. This was the first merger of two private banks in the New Generation Private Sector Banks category. In 2008, Centurion Bank was acquired by HDFC Bank Limited. HDFC Bank Board approved the acquisition of CBoP for Rs. 9,510 crores in one of the largest mergers in the financial sector in India.

HDFC bank is the second largest private sector bank in India. It is providing a variety of financial services all over the country. The bank operates in various segments like personal banking, commercial banking, treasury options, wholesale banking and other banking business. To provide easy and hassle free facilities to its customers, the bank offers various online services through its portal.

What is an educational loan?

HDFC bank makes sure that each and every student is given an opportunity to complete his or her dreams. The educational loans give financial assistance to students who wish to study higher in India or abroad in liberal terms and conditions. Competitive interest rates also allow students to make stress-free repayments after moratorium period. These customizable and conducive loan terms will help bring expensive higher educational courses within the grasp of every student.

Eligible Courses  

Graduation and Post-graduation courses with any of the following disciplines –

  • Management
  • Engineering (graduation only)
  • Medicine
  • Architecture
  • Hotel and Hospitality
  • Agriculture
  • Pure Science
  • MCA / MCM

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

Educational Loan interest rates and charges

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 installment ( MI/PMII)+ applicable taxes thereon

Credit assessment charges: Not applicable

Nonstandard 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

Expenses Covered Under the Loan

  • Fee payable to college/ school/ hostel.
  • Examination/ Library/ Laboratory fee.
  • Travel expenses/ passage money for studies abroad.
  • Insurance premium for student borrower, if applicable.
  • Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
  • Purchase of books/ equipments/ instruments/ uniforms.
  • Purchase of computers – essential for completion of the course.
  • Any other expense required to complete the course – like study tours, project work, thesis, etc.

Leave a Reply

Your email address will not be published. Required fields are marked *