Education Loans from HDFC Bank
A brief summary of different education loans for students who want to pursue higher education in India and abroad
HDFC Bank, also known as HDFC Bank Limited, is a subsidiary of the Housing Development Finance Corporation. Incorporated in 1994 in Mumbai, the bank has spread across the country with 5500+ branches.
The bank offers a range of financial services to different segments of its customer base including retail banking, corporate banking, private banking, finance and insurance, private equity and wealth management. It offers education loans to its retail customers.
From the bank website as of October 2020, we can see that it offers 2 types of student loans. Let’s take a look at them.
HDFC Bank Education Loan for Higher Studies in India
This study loan is meant to help provide financial assistance to students who have secured admission into a higher education course in a recognised institution in India through an entrance test or merit-based selection process. Parents or guardians can also apply for this loan. The bank offers collateral-free loans up to Rs. 7.5 lakh, and upto a Rs. 20 lakh upper limit. This loan must be repaid within 15 years.
HDFC Bank Education Loan for Higher Studies Abroad
This education loan is meant to help students who have secured admission into a higher education course in a recognised institution abroad through an entrance test or merit-based selection process to bear their course-related expenses. Parents or guardians can also apply for this loan like the domestic education loan. The banks offers collateral-free loans up to Rs. 35 lakh, and covers the full cost of the programme without any upper limit. The repayment period for this loan is 15 years.
The interest rate for these loans can be anywhere from 9.45% to 13.33%. Eligible students can reduce their interest loan bill by applying for the Central Scheme of Interest Subsidy on Education Loans.
A Final Word
Now that you know about the education loans and interest subsidies offered by HDFC Bank, you may want to know which education loan option would be best suited for you. Please check our Education Loans page for details, if you are interested.