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HDFC Student Loan: HDFC Student Loan is offered by the HDFC Bank Ltd, an Indian banking and financial services company headquartered in Mumbai, Maharashtra. The loan is primarily aimed at students seeking admission into UG or PG courses in India or abroad.
HDFC Student Loan offers financial assistance up to INR 20 lakhs. Students can also avail up to INR 7.5 Lakhs without any collateral. The interest rates for the loan vary across colleges and institutions. Moreover, the loan repayment tenure is up to 15 years. HDFC claims that there are no hidden charges for processing and approval. HDFC also claims that the application process is seamless and very transparent.
HDFC Student Loan Eligibility Criteria
- Candidates must be an Indian resident.
- Candidates must be between the ages of 16 and 35.
- Co-applicant is mandatory – It could be the candidate’s parent/ guardian/ parent-in-law/ spouse.
- Candidates should also have secured admission into a UG or PG course in any recognized institution in India/ Abroad through the merit-based process or an entrance test.
- The courses must be recognized or fall under the purview of the UGC/ AICTE/ AIBMS/ ICMR or Government.
HDFC Student Loan Amount
- Educational loans up to INR 20 lakh will be provided.
- An educational loan above INR 7.5 lakh will require collateral.
HDFC Student Loan Application Process
- Visit HDFC Bank’s official website and navigate to “educational loans”.
- Click the “Apply Online” button.
- You will be presented with another page titled “Vidhya Lakshmi”
- Click on apply and fill in the relevant details.
List of Documents Required for HDFC Student Loan
Documents required for Pre-sanction:
- Institute admission letter with fee breakup
- Marks cards of SSC, HSC, graduation
- Age proof
- Signature proof
- Residence proof
- Latest salary slips showing the date of joining (for salaried individuals)
- Latest 6 months bank statement of the salary account (for salaried individuals)
- Last 2 years ITR with computation of income (for self-employed)
- Last 2 years audited bank statement (for self-employed)
- Proof of turnover (for self-employed)
- Latest photograph with signature across.
Documents Required for Post-sanction:
- The completed loan agreement to be signed by the applicant and co-applicant.
- ACH/ PDC or SI mandate (3 security PDCs in case of ACH and SI mode of repayment).
Documents subsequent disbursements at your nearest Retail Assets Customer Service Center (CSC)
- Disbursement Request Letter for tranche disbursement duly signed by the 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.
FAQ’s On HDFC Student Loan
What is the loan amount provided under the HDFC Student Loan?
HDFC Student Loan offers financial assistance up to INR 20 lakhs. Applicants can also avail up to INR 7.5 Lakhs without any collateral.
Question 2.
What is the application process for availing the student loan?
Answer:
The application process is online. Interested candidates are required to visit and click on the “Apply Online” button at the bottom of the page.
We hope this article will help you to get more information about HDFC Student Loan. If you have queries related to HDFC Student Loan, then leave it in the comment box.
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