HDFC Bank Education Loan for Foreign Education
Thursday, March 28, 2024
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HDFC Bank Education Loan for Foreign Education

  
  
  
  
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Pursue your dream education course in abroad with HDFC Bank Credila Education Loan. HDFC Bank Education Loan focus on pursuing the course of your choice and securing a great education.

Eligibility : 

Student

Credila provides education loan to Indian students for higher studies in India and abroad. Credila has funded Indian students for pursuing higher studies in over 2000 institutes across 36 countries.

If you are an Indian resident/citizen, have got admission for a job oriented professional / technical courses offered by reputed universities, MBA, MCA, MS, etc, Degree / diploma courses like aeronautical, shipping, etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India / abroad. The applicant should be aged between 16 - 35 yrs.

Courses

*Other courses may be considered on a case to case basis

Loan Details

Coverage of expenses 

Apart from the basic course fee payable to the institution where you decide to study, the following expenses will be covered under the loan:

The tuition and hostel fees (if any) will be disbursed directly to the educational institute as per the schedule and structure of fees given by them.

Quantum

To study abroad, the maximum loan amount you can get is up to Rs. 20 lakhs.

Margin

For loans upto Rs.4 lakhs - Nil
For loans above Rs. 4.00 lacs - 15%

A co-applicant is required for all Full-Time courses . Co-applicant could be Parent/ Guardian or Spouse/ Parent-in-law (if married)

Security

For loans up to Rs. 4 lakh - No collateral or Third Party Guarantee is required
For loans from Rs. 4 lakh to Rs. 7.5 lakh – No collateral required, however Third Party Guarantee is required
For loans above Rs. 7.5 lakh – collateral is required

The acceptable collaterals are: Residential Property, HDFC Bank Fixed Deposit, LIC, NSC or a KVP policy.

Documents Required

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 2 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.

Rate of Interest & Other Charges

As per bank rules

An exhaustive list of all the fees and charges to be paid for the education loan:

Repayment

The maximum tenure of the loan can be 7 years, including the Moratorium period.

Contact Details

HDFC Bank
Head Office : Ramon House, 169, Backbay Reclamation, H T Parekh Marg, Churchgate, Mumbai - 400 020.
Telephone No. : +91 (22) 66316000
Fax No.: +91 (22) 22048834
E-mail : Contact Now
Website : visit
Customer center : HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.



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   Study Abroad Loan , HDFC Bank Education Loan







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