HDFC bank provides Education loan

[Kalyan]

HDFC bank provides Education loan

Features & Benefits:-

Loans upto Rs.10 Lakhs for Education in India and upto Rs.20 Lakhs for Education abroad#
Attractive interest rates.

Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)
Loan available up to tenure of 7 years including moratorium period.

Tax Benefits available under Section 80E of the IT Act *
Hassle free loans and speedy approvals.

Convenience of service at your doorstep.

Loans available for other course related expenses also!

Special privileges:-

Loans disbursed directly to the educational institution.
Loan to be released as per fee schedules of institutes.

Exclusive Telegraphic Transfer facility available for courses abroad.
Loans available for short duration/ job oriented courses also.

*Conditions Apply

*Premium will be charged for this product.A transaction fee of Rs.350 will also be deducted at the time of disbursal.Pls note that service tax @ 12.36% will also be charged on both the premium and the transaction fee.

Eligibility :-

You need to be an Indian National.
You should be aged between 16 - 35 yrs.

Collateral is required for all loans greater than Rs. 7.5 Lakhs.
All Loans require a co-applicant

Co-Applicant's Eligibility & Documentation:-

Salaried Individuals include Salaried Doctors, CAs, employees of select Public and Private limited companies, Government Sector employees including public sector undertakings and central, state and local bodies:

Eligibility Criteria:-

Minimum age of Co-applicant : 21 years
Maximum age of Co-applicant at loan maturity: 60 years
Minimum employment: Minimum 2 years in employment and minimum 1 year in the current organization
Minimum Net Monthly Income : Rs. 10,000 p.m. for Tier 1 & Tier 2 cities ( Rs. 8,000 in select cities )

Documents required:-

Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence)

Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)

Bank Statements (latest 3 months bank statement / 6 months bank passbook)

Latest salary slip or current dated salary certificate with latest Form 16

Self employed (Professionals) include self - employed Doctors, Chartered Accountants, Engineers, MBA Consultants, Architects, Company Secretaries.

Eligibility Criteria:-

Minimum age of Co-applicant : 25 years
Maximum age of Co-applicant at loan maturity: 65 years

Years in business:

Minimum 3 years in current business and 5 years total business experience

Minimum Annual Income:

Rs. 1 Lakh for Doctors , CA s , CS , Architects

Documents required:-

Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence).

Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate).
Bank Statements(latest 6 months bank statement /passbook)

Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
Qualification proof of the highest professional degree

Self Employed (Individuals) include self-employed - Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services.

Eligibility Criteria:-

Minimum age of Co-applicant : 21 years
Maximum age of Co-applicant at loan maturity: 65 years

Years in business: 5 yrs continuous business experience

Minimum Annual Income: Rs. 1,50,000 p.a.. for Tier 1 & Tier 2 cities.
Available in select cities

Documents required:-

Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence)

Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
Bank Statements(latest 6 months bank statement /passbook)

Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA

Proof of continuation (Trade licence /Establishment /Sales Tax certificate)
Other Mandatory Documents(Sole Prop. Decl. Or Cert. Copy of Partnership Deed,Cert. Copy of MOA, AOA & Board resolution.)

Self Employed (Pvt Cos and Partnership Firms) include Private Companies and Partnership firms in the Business of Manufacturing, Trading or Services

Eligibility Criteria:-

Years in business: Minimum of 3 years in current business and 5 years total business experience

Business must be profit making for the last 2 years

Minimum Annual Income: Rs 1,50,000 p.a.. for Tier 1 & Tier 2 cities

Available in select cities

Documents required:-

Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
Bank Statements(latest 6 months bank statement /passbook)

Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
Proof of continuation (Trade licence /Establishment /Sales Tax certificate)

Other Mandatory Documents (Sole Prop. Decl. Or Cert. Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original).)

Documents to be furnished to avail the Loan:-

Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution
Completely filled Application Form with Photographs.

Letter of admission from the Institute
Letter from the Institute stating cost break up of the program (term-wise, year-wise)

Marksheets from SSC onwards till the latest examination passed
KYC Documents for the Applicant & Co-applicant (Residence Proof , ID Proof , Signature Verfication Proof , Age proof )
Income Documents of the Co-applicant ( Pay Slips / ITR copy etc )

Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution

For studies abroad - In addition to the above list of documents – Pls Provide :

Letter from the Head Of Department ( University)
Visa approval papers
Travel papers

GMAT/GRE/SAT score
I-20 in case of applicant going to the USA

Fees & Charges for Educational Loan:-

Description of Charges Personal Loan
Loan Processing Charges Upto a maximum 2% of the loan amount

Pre-payment charges Upto 4% of the Principal Outstanding

No Due Certificate / No Objection Certificate (NOC) Nil

Solvency Certificate Not applicable
Charges for late payment of EMI @ 24 % p.a. on amount outstanding from date of default

Credit assessment charges Not applicable
Non standard repayment charges Not applicable

Cheque swapping charges Upto Rs. 500/- per event
Loan cancellation / re-booking charges / Re-scheduling Upto Rs. 1000/-

Bounce Cheque Charges Upto Rs. 450/- per Bouncing

Statement Charges (per statement) / Repayment Schedule Upto Rs. 500/-
Legal / incidental charges At actual


To Collect more Detail please visit the brach manager for Educational Loans.
visit www.hdfcbank.com