HDFC Bank provides students loan for education in India and abroad. There are certain features, eligibility criteria and benefits which are provided by the HDFC Student Loan. They are all discussed below.
Benefits and features:
- Study in India: Loan amount can be up to 15 lakhs.
- Study abroad: Loan amount can be up to 20 lakhs.
- Repayment begins after 1 year of course completion or 6 months after acquiring job (whichever is earlier).
- HDFC students loan is associated with the tax benefits under section 80E of the income tax act.
Certain under the hood conditions:
* Bank disburses the loan directly to the educational institutes.
* Loan is released according to the fee schedules of the institutes.
* Short duration loans are also given for vocational courses.
Eligibility for HDFC Student Loan:
- Applicant must be an Indian resident.
- He or she must have secured admission in any of the bank approved courses and universities.
- The applicant must belong to the age group of 16-35 years.
- PostGraduation Management Courses (part and full time)
- Graduation Engineering Courses (Private and Government)
- Graduation and PostGraduation Medical courses
- Online or distance learning courses
- Graduation and PostGraduation in Fine Arts and Designing
- Graduation in Architecture
- Graduation and PostGraduation in Hotel and Hospitality
- PostGraduation in Agriculture
- Courses like SAP , ERP , GNIIT , Air Hostess Training etc
- Affidavit/Declaration to confirm that no loan has been taken from other banks.
- Complete application with photographs.
- Admission letter from the institute.
- Mark sheets from SSC to the last passed examination.
- Residence Proof.
- ID Proof.
- Signature Verfication Proof.
- Age proof.
- Income documents of the applicants.
- Letter from Head of Department.
- Papers for VISA approval.
- Travel papers.
- GMAT/GRE/SAT score.
- I-20 in case the applicant is moving to USA.