Loan for MBA Abroad - 2018-2019 StudyChaCha

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Old March 14th, 2017, 04:38 PM
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Default Loan for MBA Abroad

I want to do MBA from abroad but I donít have money to pay fee of MBA Program. So I want to apply for Education Loan at HDFC Bank. So someone is here who will give information about Education Loan for Study in Abroad from HDFC Bank?
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Old March 14th, 2017, 05:05 PM
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Join Date: Apr 2013
Posts: 28,573
Default Re: Loan for MBA Abroad

As you are looking for information about Education Loan for study in abroad from HDFC Bank, so here I am providing following information:

The HDFC Bank offers Education Loan for Foreign Education.

Features of Education Loan
Get tax benefits under Section 80(E) of Income Tax Act of India
Flexible choices of repayment terms
Multi city co-borrowers accepted
Web enabled billing and servicing
Preferential rates for top ranked universities/institutes
Get Education Loan home delivered
Loan sanction before admission
Doorstep service
Flexibility on collateral security
Loan up to 100% of educational expenses. No margin money required

Credila makes getting a loan simpler, faster and more convenient with its unmatched features and services like:
Doorstep service
Easy EMIs
Up to 100% finance
Huge tax benefit under Sec 80-E of income Tax Act
Flexible Loan Terms
Attractive rate of interest
Loan over 20 lakh also available

Eligibility for Education Loan for Foreign Education

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 to apply for Education Loan:
Institute Admission Letter with fee break-up: USA Applicant: I-20 Form and UK Applicant: CAS Letter
SSC, HSC, Graduation mark sheets and also mark sheet of any entrance exam like GRE/GMAT/TOFEL/IELTS

KYC(Know Your Customer)
Age Proof
Signature Proof
Identity Proof
Residence Proof

Signature verification-Student/Co-Applicant like: PAN Card, Passport, Credilaís completed signature Authentication form Authenticate by Bank or 10th/12th or equivalent mark sheet with signature for student below 21 years

Income Documents
Latest 3 salary slips carrying date of joining details
Latest 6 months Bank Statement of the Salary Account
Latest 1 Yearís form 16 from employer along with 1 year income tax return

Self Employed
Last 2 Years Audited Balance Sheet
Proof of Turnover (Latest Sales / Service Tax Return)
Last 2 Year ITR with Computation of Income
Last 8 Months Bank Statement

Self Employed - Professional
Last 2 Year ITR with Computation of Income
Proof of Qualification
Last 2 Years Audited Balance Sheet / P& L
Last 8 Months Bank Statement

Completed Application Form
Latest Photograph (Signed Across Any document for establishing relationship between student and the co-applicant viz. ration card, marriage certificate, birth certificate etc.

Education Loan for Abroad Education Interest Rates and charges:

Description of Charges Education Loan
Loan Processing Charges* Up to 1.5% of the sanctioned amount
plus applicable any taxes thereon.

Pre-payment charges Nil

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* @ 2 % per month of instalment (
MI/PMII)+ applicable taxes thereon

Credit assessment charges Not applicable

Non standard repayment charges Not applicable

Cheque or ACH mandate or Direct Debit swapping charges* Up to Rs.500/- per swap
instance plus applicable taxes thereon

Cheque/ACH/Direct Debit Bouncing Charges* Rs. 400/- per dishonor of cheque or ACH
or Direct Debit return per presentation plus applicable any taxes thereon

Legal / incidental charges At actual

Stamp Duty and other statutory charges As per applicable laws of the state

Loan cancellation charges* 1% of the unveiled sanctioned loan
amount + applicable any taxes thereon

Manual Collection Charges* Rs. 200/- per visit plus applicable any
taxes thereon

Charges for Updating & Handling Loan Rs. 1,500/- plus applicable any
Account As Per Customer Request* taxes thereon
Answered By StudyChaCha Member
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