Category: Bank Loans

Best HDFC Bank Education Loan 2017-18 scheme – Interest Rate & Conditions Read Here

HDFC (Housing Development Finance Corporation) is an Indian banking and financial services company Bank which was incorporated in the year 1994 with its registered office at Mumbai, India.  Its first corporate office and a full service branch at Sandoz House, Worli was inaugurated by the then Union Finance Minister, Manmohan Singh.  It has about 87,555 employees and has a presence in Bahrain, Hong Kong and Dubai.  HDFC Bank is the second largest private bank in India as measured by assets.  It is the largest bank in India by market capitalization as of February 2016.  It was ranked 69th in 2016 BrandZTM Top 100 Most Valuable Global Brands.  HDFC Bank has also bagged three awards at the FE Best Bank Awards function held on 21 February 2013 in Mumbai.

HDFC Bank merged with Times Bank 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. HDFC Bank Board approved the acquisition of CBoP for 95.1 billion INR in one of the largest mergers in the financial sector in India.

 

PRODUCTS AND SERVICES

Market leader in e-commerce, HDFC Bank provides a series of digital offerings like – 10 second personal loan, Chillr, PayZapp, SME Bank, Watch Banking, 30-Minute Auto Loan, 15-minute Two-Wheeler Loan, e-payment gateways, Digital Wallet, etc.

HDFC Bank provides a number of products and services which includes Wholesale banking, Retail banking, Treasury, Auto (car) Loans, Two Wheeler Loans, Personal loans, Loan Against Property and Credit Cards.

OFFICIAL SITE

The official site of HDFC Bank is www.hdfcbank.com .  You can get all the details and information about the bank, services offered by hdfc bank, loan schemes, and many more visiting this site.

LOAN  SCHEMES

HDFC Bank offers many types of loans that make it possible for you to realize your dreams. Want to Study in top colleges or Abroad?  Want a buy your dream home or that great car? Want to go on a world trip with your family or buy a flat panel TV? No matter what you desire, a bank loan will help you realize it. HDFC Bank offers some of the best loans in India, at attractive interest rates and with flexible pay back options. HDFC bank loans are designed to meet the needs of diverse individuals.

Below is the list of Loans offered by HDFC Bank –

  • Personal Loans
  • Car Loans
  • Education Loans
  • Business Loans
  • Two Wheeler Loans
  • Gold Loans
  • Loan against Assets
  • Rural Loans

 

In this article we will provide all the details of Education Loans so that the students who want to pursue their study in Deemed Univerities in India or Abroad but lack in money can read this article and take the advantage of HDFC Bank Education Loan Scheme.

HDFC BANK EDUCATION LOAN

A meritorious student is never far away from their dream career, courtesy of HDFC Bank’s education loans. Students from every discipline can now take their first steps on the path to success. Every feature of student loan assists the process of higher education in a comfortable manner. Tax benefits, post-graduation EMI schedule and a flexible tenure make higher education both affordable and convenient as never before.

With rapid loan processing, HDFC Bank’s student loans have faster disbursal and lower ancillary expenses. 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.

WHY TO TAKE LOAN FROM HDFC BANK ?

Whatever be your need HDFC Bank have a loan for you.  Over the years the bank have won the trust of its customers and have become market leader in loan products.

Enjoy triple benefits when you take a Loan from HDFC Bank:

  • Faster loan – The loan sanction and disbursal is one of the quickest with easy documentation and doorstep service.
  • Competitive pricing – The loan rates and charges are very attractive
  • Transparency – All charges are communicated up front in writing along with the loan quotation

EDUCATION LOAN PRODUCTS 

HDFC Bank education loans are available in two variants –

i)   Education Loan for Indian Education

ii)  Education Loan for Foreign Education

DETAILS OF LOANS :-

I)  Education Loan for Indian Education

HDFC offers students an opportunity to follow their dreams and pursue a course of study of their choice with comprehensive education loan products. HDFC education loans can be availed with preferential interest rates for financing admissions in premier institutions in India

Features and Benefits

Amount limits : Get Education Loan upto Rs. 10 lakh and unsecured lending upto Rs. 7.5 lakh. No collateral will be required for loans upto Rs. 7.5 lakh.

 

Wider collateral options : Are you securing a loan of a higher amount than Rs. 7.5 lakh? The bank offer a wide range of bank approved collateral securities like Residential Property, HDFC Bank Fixed Deposit, LIC, NSC or a KVP policy.

Loan Tenure: The maximum repayment tenure is upto 15 years post moratorium period.

Customers need to pay up to 1% of the loan amount as processing fees.

 

If the education loan is pre-closed during the moratorium period then up to 4% of the outstanding balance has to be paid as prepayment charges. If the loan is foreclosed after the expiry of the moratorium period, no prepayment penalty will be levied.

Along with the tuition fees, a HDFC education loan also covers examination fees, lab fees, caution deposit, building fund, books and equipment fees and other travel expenses.

 

HDFC education loans taken for studies in India will be disbursed directly to the institution as per the given fee structure

 

HDFC also provides an additional benefit of life insurance coverage for a student under the Insurance Protection – Credit Protect scheme from HDFC LIFE.

 

Borrowers and co-borrowers will be required to sign a loan agreement with HDFC after the education loan is sanctioned. Additional stamp duty has to be borne by the borrower. The applicant has to determine the mode of repayment for the loan in the form of ECS debits with 3 PDCs as security, standing instructions or as post-dated cheques.

Eligibility Criteria for securing Education Loan for Indian Education 

  • You need to be a Indian resident
  • You should be aged between 16 – 35 years.
  • If you are taking a loan of more than Rs. 7.5 Lakh, a collateral security will be required.
  • Co-applicant : A co-applicant is mandatory for all full time programs. Co-applicant could be Parent/ Guardian or Spouse (if married) / Parent-in-law (if married).

 

List of Documents required for Education Loan

 

Academic:

  1. Admission Letter with Fee break-up
  2. SSLC, HSC Graduation Mark sheets

Income Documents:

Salaried:

  1. Last 2 pay slips with date of joining
  2. 6 months’ bank statements

Self-employed:

  1. Last 2 years’ ITR
  2. Last 2 years’ Audited Balance Sheet
  3. 6 months’ bank statements
  4. Proof of Turnover

Self-employed Professional:

  1. Last 2 years’ ITR
  2. Last 2 years’ Audited Balance Sheet & P/L
  3. 6 months’ bank statements
  4. Proof of Qualification

Other Documents:

  1. Age Proof
  2. Signature Proof
  3. Identity Proof
  4. Residence Proof
  5. Duly Filled-in Application Form
  6. Photograph

 

Education Loan for Indian Education Interest Rates & Charges

Here is an exhaustive list of all the fees and charges to be paid for the education loan :-

No Due Certificate / No Objection Certificate Nil
Duplicate of No Dues Certificate/NOC Nil
Solvency Certificate Not applicable
EMI Return Charges Rs.550/- per instance
Legal / Incidental Charges As per actuals
Late payment of EMI 24 % p.a. on overdue EMI amount
Credit Assessment Charges Not applicable
Duplicate Repayment Schedule Charges Rs. 200/-
Loan Re-Booking / Rescheduling Charges Up to Rs. 1000/-
Stamp Duty/Other Statutory Charges As per applicable laws
Loan Cancellation Charges Nil
Non-Standard Repayment Charges Not applicable
Cheque / ECS Swapping Charges Rs. 500/- per instance

 

Documents for subsequent disbursements :

Here are the documents you need to submit for subsequent disbursements at your nearest Retail Assets Customer Service Center (CSC)

  • Disbursement Request Letter for tranche disbursement duly signed by Customer
  • University Fee Demand Letter
  • Applicant’s Academic Progress Report (Previous Semester)
  • Fresh repayment instructions in case of full Post Dated Cheque (PDC) or swap of existing repayment instructions.
  • Copy of the payment receipt of the previous disbursement / semester, issued by the Institute.

 

II)   Education Loan for Foreign Education 

 

HDFC Bank in collaboration with Credila, offers customized education loan solutions enabling students to pursue a degree of their choice in over 4000 premier institutions, across 36 countries worldwide. Credila provides 100% finance with attractive interest rates, flexible repayment and loan tenures. Getting an educational loan is very easy and simple with Credila’s hassle-free documentation process and personalized services like delivering loans at the customer’s doorstep.

Features and Benefits 

  • Credila offers a range of interest rates for different borrowers depending on the academic background, institution, co-applicant details and the collateral security furnished.
  • Credila finances up to 100% of the cost of education and also approves loan amounts above Rs 20 lakhs.
  • A HDFC education loan for foreign education covers expenses like hostel fees, book fees and travel along with the tuition fees.
  • Borrowers need to pay up to 1.5% of the loan amount as processing fees.
  • If the education loan is pre-closed within 12 months from the date of agreement, then up to 4% of the principal amount plus taxes has to be paid as prepayment charges. If the loan is foreclosed after 12 months, then 2% of the principal amount plus taxes has to be paid as prepayment charges.
  • Borrowers can opt to pay just the simple interest during the course period and start regular repayments after the completion of the course.
  • The tuition fees and the hostel fees will be disbursed directly to the institution where the student has been admitted to.
  • No collateral is required to be submitted as security for loans up to Rs. 4 lakhs. Loans ranging between Rs 4 lakhs and Rs 7.5 lakhs require no collateral but a third party guarantee. Any loan amount exceeding Rs 7.5 lakhs would require a collateral security in the form of residential properties, HDFC Bank Fixed Deposit, LIC, NSC or a KVP policy.
  • For loan amounts up to Rs 4 lakhs, borrowers do not have to bring in any loan margin. But for loans exceeding that, the applicant has to put in a loan margin of 15%.
  • Education loans taken for studies abroad have to be repaid as monthly installments via ECS debits.
  • Applicants and co-applicants will be required to sign a loan agreement with HDFC after the education loan is sanctioned. Additional stamp duty has to be borne by the borrower. The applicant has to determine the mode of repayment for the loan in the form of ECS debits with 7 PDCs as security.

 

Interest Rates and Charges

 

No Due Certificate / No Objection Certificate

Nil

Duplicate of No Dues Certificate/NOC

Nil

Solvency Certificate

Not applicable

Charges for late payment of EMI

2 % per EMI plus taxes

Credit Assessment Charges

Not applicable

Nonstandard Repayment Charges

Not applicable

Cheque Swapping Charges

Up to Rs.500/- per instance plus taxes

Cheque Bouncing Charges

Up to Rs. 400/- per bouncing

Legal / Incidental Charges

At actual

Stamp Duty & other Statutory Charges

As per applicable laws

Loan Cancellation Charges

1% of the unveiled sanctioned loan amount plus taxes

Eligibility Criteria

 

  • You need to be a Indian resident
  • You should be aged between 16 – 35 years.
  • Collateral security may be required
  • Co-Applicant: Co-Applicant is required for all full time courses
    • Co-Applicant: Parents, spouse and siblings, father in-law, mother in-law, brother in-law, paternal/maternal uncle/aunt

 

Documents Required 

 

Academic:

  1. Admission Letter with Fee break-up
  2. I-20 form for US applicants
  3. CAS letter for UK applicants
  4. SSLC, HSC Graduation Mark sheets
  5. GRE/GMAT/ TOEFL /IELTS Mark sheets

Income Documents:

Salaried:

  1. Last 3 payslips with date of joining
  2. 6 months’ bank statements
  3. Form 16 for the previous year along with ITR

Self-employed;

  1. Last 2 years’ ITR
  2. Last 2 years’ Audited Balance Sheet
  3. 8 months’ bank statements
  4. Proof of Turnover

Self-employed Professional:

  1. Last 2 years’ ITR
  2. Last 2 years’ Audited Balance Sheet & P/L
  3. 8 months’ bank statements
  4. Proof of Qualification

Other Documents:

  1. Age Proof
  2. Signature Proof
  3. Identity Proof
  4. Residence Proof
  5. Signature Proof – PAN Card/Passport for signature verification of the applicant and co-applicant / Credila’s completed signature authentication form / 10th or 12th Mark sheet with signature for students below 21 years.
  6. Duly Filled-in Application Form
  7. Photograph

Documents for subsequent disbursements :

Here are the documents you need to submit for subsequent disbursements:

  1. Subsequent Disbursement Request letter from the applicant and Co-Applicant
  2. University fee demand letter
  3. Applicant’s academic progress report
  4. Revised repayment instructions for ECS mode with 8 security cheques

 

Central Government Interest Subsidy Scheme for HDFC Bank Education Loans

 

In order to support students from economically weaker sections of the society, Department of Education, Ministry of Human Resource Development, Government of India has launched an interest subsidy scheme. The MoHRD has appointed Canara Bank as the Nodal Bank for the Scheme.

You will need to fulfil the following criteria to be eligible for this scheme:

  • Approved courses: This scheme applies only for educational loans availed from Scheduled Banks for pursuing any of the approved courses after Class 12 in technical and professional areas from recognized institutes** in India under the Educational Loan Scheme of IBA.
  • Upper limit of income: You are eligible to apply for this scheme if your annual gross income from all sources (including income from parents and family) is at an upper limit of Rs 4.5 lakh. You must submit a certificate to this effect issued by authorized officers of the State Government.
  • Interest benefit: Full interest subsidy is available for the period of moratorium.
  • Time period: This scheme is applicable for the loan amount availed from April 01, 2009. For loans sanctioned before that, only amounts disbursed during the above period are eligible.

 

Note  :- For more details regarding the scheme, check the website of the Department of Education, Ministry of Human Resource Development.

 

For the exact details we advise the students to visit the official site of HDFC Bank. Keep connected to our site for more news and updates.  You can also drop your comments in the box given below.

HDFC Bank Personal Loan eligibility 2017-18 check here

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of RBI’s liberalisation of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of ‘HDFC Bank Limited’, with its registered office in Mumbai, India.  HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995. The Bank is a young and dynamic bank, with a youthful and enthusiastic team determined to accomplish the vision of becoming a world-class Indian bank.  It has about 87,555 employees and has a presence in Bahrain, Hong Kong and Dubai.  HDFC Bank is the second largest private bank in India as measured by assets. There are more than 3500+ branches and 11,500+ ATMs in all over India. It is the largest bank in India by market capitalization as of February 2016. It was ranked 69th in 2016 BrandZTM Top 100 Most Valuable Global Brands.

HDFC Bank provides a series of digital offerings like – 10 second personal loan, Chillr, PayZapp, SME Bank, Watch Banking, 30-Minute Auto Loan, 15-minute Two-Wheeler Loan, e-payment gateways, Digital Wallet, etc.  The HDFC Bank also provides a number of products and services which includes Wholesale banking, Retail banking, Treasury, Auto (car) Loans, Two Wheeler Loans, Personal loans, Loan Against Property and Credit Cards.

The equity shares of HDFC Bank are listed on Bombay Stock Exchange and the National Stock Exchange of India. Its American Depository Shares are listed on NYSE and the Global depository receipt are listed on the Luxembourg Stock Exchange where two GDRs represent one equity share of HDFC Bank..

OFFICIAL SITE  

The official website of HDFC Bank is www.hdfcbank.com.  All the details of bank can be gained by visiting this site.

LOAN  SCHEMES

HDFC Bank offers many types of loans that make it possible for you to realize your dreams. Want to Study in top colleges or Abroad?  Want a buy your dream home or that great car? Want to go on a world trip with your family or buy a flat panel TV? No matter what you desire, a bank loan will help you realize it. HDFC Bank offers some of the best loans in India, at attractive interest rates and with flexible pay back options. HDFC bank loans are designed to meet the needs of diverse individuals.

Below is the list of Loans offered by HDFC Bank –

  • Personal Loans
  • Car Loans
  • Education Loans
  • Business Loans
  • Two Wheeler Loans
  • Gold Loans
  • Loan against Assets
  • Rural Loans

In this article we will provide all the details of Personal Loan scheme provided by HDFC Bank such as eligibility to apply for Personal Loan, Interest Rates, Benefits and many more.

HDFC BANK PERSONAL LOAN – COMPLETE DETAILS

 

Personal loans from HDFC Bank are quick, competitive and transparent. Whatever be your need, you can customise a personal loan for you. The Bank’s seamless loan sanction and disbursal procedure ensures that availing a personal loan is a hassle-free experience. Unmatched additional benefits, quick documentation, ease of communication and doorstep service make HDFC Bank a leader in personal loans.

FEATURES OF HDFC BANK PERSONAL LOAN

  • Highly competitive personal loan interest rates.
  • Special offers, interest rates and charges for HDFC Bank account holders.
  • Personal loan eligibility in 1 minute available online and across all branches
  • Special personal loan offers* for women employees.
  • Walk in Loan: Walk in to the branch with your documents and get Personal Loan in a day!, at select branches.
  • Convenience of contacting us through SMS, Webchat, Click2Talk, PhoneBanking and across all branches.

BENEFITS OF PERSONAL LOAN

 

HDFC Bank offer personal loans for all your requirements. Smart products, competitive offerings and peace of mind differentiate us. Enjoy triple benefits when you avail a personal loan from HDFC Bank:

  • Quick personal loans – Experience express loan processing, easy documentation, quick disbursal and doorstep service
  • Competitive pricing –  Benefit from competitive loan rates and convenient repayment options.
  • Transparency – Zero hidden charges, reasonable processing fees and utmost clarity on the loan process with up-to-date information about the loan application at each stage.
  • Free Insurance Cover : All personal loans approved by HDFC Bank come with an added benefit of personal accidental cover of up to 8 lakhs along with a critical illness cover of 1 Lakhs without any extra charges.
  • Special Offers for Women Applicants : HDFC Bank offers a specialized discounted scheme for women known as the Personal Loan Diva Scheme. This scheme offers pre approved personal loans of Rs. 3 Lakhs to women applicants along with more than 100 Diva offers across various premium brands and products.
  • PERSONAL LOAN EMI CLCULATOR : Personal loans from HDFC Bank are quick, competitive and transparent. Use this flexible online Personal Loan EMI Calculator to arrive at the EMI you are comfortable with. The calculator helps you to plan your borrowings and loan payments as per your requirements.

 

PERSONAL LOAN DIVA FOR WOMEN CUSTOMERS

 

HDFC Bank Personal Loan Diva is an exclusive offer for today’s women, who are empowered, enlightened and enterprising – a woman like you. This tailor-made Personal Loan takes you closer to fulfilling your dreams by taking care of your financial requirements and also comes with a host of benefits through special privileges.

HDFC Bank Personal Loan Diva offers:

  • Pre-approved Personal Loan of Rs 3 lac.
  • More than 100 Diva offers across premium brands and products.

Note :  More information can be gained from the official site of HDFC Bank.

 

ELIGIBILITY FOR HDFC BANK PERSONAL LOAN

 

The documentation for a HDFC Bank personal loan varies from individual to individual. The requirements are based on your profession, income and loan requirement.

Do you receive a regular salary?

This category includes salaried doctors, CAs, employees of private limited companies, employees from public sector undertakings including central, state and local bodies.

You should :

  • Be 21-60 years of age.
  • Have had a job for at least 2 years, and a minimum of 1 year with your current employer.
  • Be earning at least Rs. 12,000/- per month net income (Rs. 15,000/- in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahemdabad, Cochin).

 

DOCUMENTS REQUIRED FOR HDFC BANK PERSONAL LOAN

 

If you want to apply for HDFC Bank Personal Loan then you have to submit the following documents to the bank –

 

  • Proof of identity: Copy of passport/voter ID card/driving license
  • Proof of address: Copy of ration card/telephone or electricity bill/rental agreement/passport
  • Last 3 months bank statement/6 months bank passbook
  • Latest salary slip/ current dated salary certificate with the latest Form 16

 

HDFC BANK PERSONAL LOANS INTEREST RATES AND CHARGES

 

Enclosed below are HDFC Bank Personal Loan Interest Rates & Charges :-

Fee Amount to be Paid
Rack interest rate Salaried – 15.75% to 20%
Loan processing charges Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.
Prepayment Salaried – No pre-payment permitted until repayment of 12 EMIs
Pre-payment charges Salaried – 13-24 Months – 4% of Principal Outstanding,
25-36 Months – 3% of Principal Outstanding
>36 Months – 2% of Principal Outstanding
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 24% per annum on amount outstanding from date of default
Charges for changing from fixed to floating rate of interest Not applicable
Charges for changing from floating to fixed rate of interest Not applicable
Stamp duty & other statutory charges As per applicable laws of the state
Credit assessment charges Not applicable
Non standard repayment charges Not applicable
Cheque swapping charges Rs 500/-
Amortization Schedule charges Rs 200/-
Loan cancellation charges NIL (However client would be charged interest for the interim period between date of loan disbursement and loan cancellation and processing fees would be retained.)
Cheque bounce charges Rs. 550/- per cheque bounce
Legal/incidental charges At actual
CIBIL Report Copy Charges Rs.50 per copy

Rates offered to customer during the period of July 2016 to September 2016.

IRR Q II (2016-17)
Min IRR 11.00%
Max IRR 19.89%
Avg IRR 13.65%

Annual Percentage Rate offered to customer during the period of July 2016 to September 2016.

APR Q II (2016-17)
Min APR 11.00%
Max APR 23.31%
Avg APR 13.81%

*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges

HOW TO APPLY FOR HDFC BANK PERSONAL LOAN

 

You can avail the Personal Loan facility of HDFC Bank by following few steps mentioned below :-

 

Step 1:  Log on to the official site of HDFC Bank.

Step 2 : Go to  the Loan Section and Click on Apply Online Button.

Step 3 : Fill up the loan eligibility form with correct personal and financial details. The tool checks for your personal loan eligibility instantly as per HDFC’s norms and offers customized loan options available for you.

Step 4: You need to choose a loan option as per your need and repayment capacity. At this stage, you can compare various loan options and choose the most appropriate one.

Step 5: After choosing the plan, click submit.

Step 6 : You will receive a confirmation message from the Bank for further procedure.

 

Note  :   We make no claims on accuracy and reliability of information provided above.  For exact details visit the official site of HDFC Bank.

 

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