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Old 8th April 2016, 05:15 PM
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Join Date: May 2012
Posts: 26,232
Default Re: HDFC Bank Education Loan for Abroad

Hello, here I am providing you the details of the HDFC Bank Education Loan for Abroad education as under:

Features and benefits of taking an education loan:

Huge tax benefit under Sec 80 E of Income Tax Act of India
Opportunity for students to take up responsibility and pay for their education on their own
Preserve family savings (don’t break FDs, MFs etc and preserve funds for family contingency/emergencies)
EMI starts post course completion whereas through personal finance fee needs to be paid at the beginning of the course
Plan your finances in advance: Apply for a loan even before admission confirmation to avoid last minute running around for funds. Also, use the loan sanction letter as a proof of funds.
An education loan from Credila can also cover tuition fee, living expense, books, travel, laptop etc.
Build a good credit history (helps in taking loans etc in the future also)
Quick and convenient loan processing with door step service

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

Interest and other charges:
Loan Processing Charges
Up to 1.5% of the sanctioned amount plus applicable any taxes thereon.

Pre-payment charges

No Due Certificate / No Objection Certificate (NOC)

Duplicate of No Dues Certificate/NOC

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

Cheque/ECS/Direct Debit Bouncing Charges
Rs. 400/- per dishonor of cheque or ECS 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 Account
As Per Customer Request
Rs. 1,500/- plus applicable any taxes thereon

Document Storage & Retrieval Charges
For No Collateral: Rs. 2,000/- plus applicable any taxes thereon

For Collateral:
Rs. 4,000/- plus applicable any taxes thereon
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