MBA Education Loan

I want to apply for MBA program and looking for the education loan facility started by HDFC Bank for students for that will you please help me here?

Don’t worry buddy I will help you here to get the information about education loan of HDFC Bank so that you can check it easily.

Features and benefits of the loan

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

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

Tax Rebate: Did you know that you are eligible for a tax rebate for the interest you pay on an education loan under Section 80-E of the Income Tax Act 1961*? See the Income Tax Circular for more details here.

Here is the eligibility criteria
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).

Document required
Academic
Institute Admission Letter with Fee break-up
SSC,HSC,Graduation Marksheets
KYC(Know Your Customer)

Age Proof
Signature Proof
Identity Proof
Residence Proof

Income Documents
Salaried
Latest 2 Salary Slips carrying date of joining details
Latest 6 Months Bank Statement of the Salary Account.
Self Employed
Last 2 Year ITR with Computation of Income
Last 2 Years Audited Balance Sheet
Last 6 Months Bank Statement
Proof of Turnover (Latest Sales / Service Tax Return)
Self Employed - Professional
Last 2 Year ITR with Computation of Income
Last 2 Years Audited Balance Sheet / P& L
Last 6 Months Bank Statement
Proof of Qualification

Others
Completed Application Form
Latest Photograph (Signed Across)

Documentation ( Post Sanction )
Is there any documentation required post the sanction of the loan?

Category
Applicant ( Student )

Loan Agreement
Completed Loan Agreement to be Signed by Applicant and Co-applicant *

Repayment Instructions
PDCs / ECS or SI Mandate
3 Security PDCs in case of ECS and SI mode of repayment

Rates offered to customer during the period of Oct'15 to Dec'15
Min IRR Max IRR Avg IRR
10.10% 15.50% 12.64%

Annual Percentage Rate offered to customer during the period of Oct'15 to Dec'15
Min APR Max APR Avg APR
10.10% 15.94% 12.70%

Address:-
HDFC Bank
HDFC Bank House, Senapati Bapat Marg Lower Parel (W), Mumbai - 400 013

Phone:-
91 - 22 - 6652 1000

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Answered By StudyChaCha Member