Interested in Studying abroad but a bit worried about the finances? Escalate your career to the next level with HDFC Bank personal loans for education. HDFC Bank is offering personal loans at your convenience for your sudden education plans. The best part about HDFC Bank’s personal loan for education is that you don’t have to worry about having assets to mortgage it. The amount of the loan will be according to your monthly income. So, Without further ado, let’s check out all the details of HDFC Bank personal loans for education.
Table of contents
Features of HDFC Bank Personal Loan For Education
HDFC Bank personal loan is specifically designed to provide financial assistance to students aspiring for higher studies. Moreover, you can also use that fund to consolidate your existing education loans. There will be no need to take personal loans for debt consolidation separately. It is also helping students to live the dream of overseas education overcoming financial issues. Check out the features below.
- There is no restriction on using the amount of the loan for any specific reason.
- The amount of the loan will be disbursed to you and you can use it as per your wish.
- Pocket-friendly EMIs are offered to the students for their convenience.
- The tenure of HDFC bank personal loan is quite flexible and varies between 12 to 60 months.
- The application process is hassle-free and you have the option to choose between online and offline mode of application.
- If you are an existing customer of HDFC Bank, minimal documentation is required.
- You can also claim tax benefits on the interest payment.
- The approval time of the loan is quite short.
- For HDFC customers, it can take as little as 10 seconds to get approval for a loan.
- For nonbank customers, it can be approved in less than 4 hours.
Also Read: Don’t miss our blog on Personal Loan Vs. Education Loan: Which One Should You Choose?
Eligibility Criteria for Personal Loan for Education
Check out the eligibility criteria to apply for the HDFC bank personal loan for education.
- The applicant should be a minimum of 21 years of age.
- The age limit of the applicant should not exceed 60 years of age.
- The applicant must have worked with the current employer for at least one year.
- The applicant should be salaried carrying at least 2 years of experience.
- Financial documents are required for income proof.
- Self-employed people should produce an income stability certificate.
- INR 25,000 only is the minimum salary required for HDFC existing customers.
- INR 50,000 is the minimum requirement for a non-HDFC bank salary account holder.
Documents Required for HDFC Personal Loan
If you are planning to apply for a personal loan for education from HDFC Bank, check out the list of documents you should be ready with before applying.
- Aadhar card for identity verification.
- Residential proof for address verification.
- Income declaration certificate for income verification.
- Salary declaration certificate.
- Latest form 16 for salary verification.
- Passbook details and Xerox for Bank statement.
Also Read: If you don’t have any source of income but looking for a personal loan, Read our blog on All About Personal Loans For Students With No Income, No Credit Or Cosigner.
Interest Rates and Charges Associated
The rate of interest is quite nominal and the tenure provided varies between 3 months to 72 months.
| Interest Rate | 10.50 % to 25.00% |
| Processing Fees | Upto 4999 + GST |
| Tenure | 3 Months to 72 Months |
| Amount of Loan | Upto INR 40 lakhs |
| Insurance Cover | Personal Accident cover of up to ₹ 8 Lakhs, and Critical Illness cover of up to ₹ 1 Lakh. Accidental Hospitalisation cover of up to ₹ 8 Lakhs. Accidental Death/Permanent Disablement cover of up to ₹ 1 Lakh |
How to Apply for HDFC Bank Personal Loan?
The application procedure for HDFC Bank personal loans is very simple and requires very little documentation procedure. You have the choice to choose between online mode or offline application mode. If you want to go offline mode, you just need to gather the documents and report at the nearest branch of the bank. Apart from this, you can apply online with the help of a net banking facility or mobile application. Again, you should have all the scanned documents in your system before proceeding with the application. Fill up all the details and submit the application.
Also Read: Check out the Detailed Guide On Top-Up Education Loans: What Indian Students Need To Know
FAQs
The tenure of the personal loan for students provided by HDFC is 12 to 60 months.
The advantage of a personal loan for education is you can use the amount of the loan as per your choice and interest.
For HDFC customers, loan approval is done within minutes, while for non-HDFC customers, it takes almost four hours for the approval.
The maximum amount of loan offered is INR 40 lakhs.
The documentation required is very minimum which includes identification proof, residential proof, and income proof.
Hope you find our blog informative where we have covered all the details about the HDFC Bank personal loan for education. To know more about the loan application process, the best bank accounts for students, forex and banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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