HDFC Education Loan**HDFC Education Loan is a popular loan offered by HDFC Bank and HDFC Credila to help students finance their higher education.
The loan can be used to cover the cost of tuition fees, living expenses, and other related expenses.
Features of HDFC Education Loan
Loan amount: Up to ₹150 lakhs* Interest rates: Starting from 9.55% p.a.* Tenure: Up to 15 years
Collateral: Residential property, HDFC Bank fixed deposit, select debt mutual funds, insurance policies, and NSC/KVP* Processing fees: ₹2,500* Insurance cover: Life insurance cover for the borrower and the co-borrower
Tax benefits: The interest paid on an education loan is eligible for tax deduction under Section 80E of the Income Tax Act, 1961
Eligibility criteria for HDFC Education Loan*
The borrower must be a student enrolled in a full-time undergraduate or postgraduate course at a recognized university or college in India or abroad.
The borrower must have a minimum aggregate score of 50% in the qualifying examination.*
The borrower’s parents/guardians must have a minimum annual income of ₹6 lakhs.* The borrower must have a good credit history
How to apply for HDFC Education Loan
You can apply for an HDFC Education Loan online or at any HDFC Bank branch. The application process is simple and straightforward. You will need to provide the following documents
Proof of identity (passport, PAN card, voter ID card, etc.)* Proof of residence (electricity bill, water bill, etc.)
Proof of income (salary slips, tax returns, etc.)* Educational transcripts* Loan proposal
HDFC Education Loan is a good option for students who are looking for a loan to finance their higher education. The loan offers a competitive interest rate, a long repayment tenure, and a variety of collateral options.
The application process is also simple and straightforward.If you are considering an HDFC Education Loan, you should compare it with other education loans available in the market. You should also make sure that you understand the terms and conditions of the loan before you apply.
