HDFC Bank Ltd has decreased its education loan interest rates by 0.20%, or 20 basis points with effect from Tuesday, July 07, 2020. This interest rate cut will reduce the cost of funds for those people who want to avail education loans for their higher studies.
New Delhi (Delhi, India), July 23, 2020
The HDFC Bank Limited has decreased its education loan interest rates by 0.20 percent, or 20 basis points with effect from Tuesday, July 07, 2020.
HDFC Bank Ltd has revised its minimum education loan interest rate from 9.85 percent to 9.65 percent per annum for female students for the education loan amount up to ₹750,000 and from 9.90 percent to 9.70 percent per annum for female students for the education loan amount above ₹750,000.
HDFC Bank Ltd has revised its minimum education loan interest rate from 9.85 percent to 9.65 percent per annum for male students for the education loan amount up to ₹750,000 and from 9.90 percent to 9.70 percent per annum for male students for the education loan amount above ₹750,000.
HDFC Bank Limited’s current interest rate cut will reduce the cost of funds for those people who want to avail HDFC Bank education loans for their higher studies.
HDFC Bank Student Loan Scheme Interest Rate for Female Students:
9.65% Per Annum for HDFC Bank Education Loan Amount up to ₹400,000
9.65% Per Annum for HDFC Bank Education Loan Amount ₹400,001 to ₹750,000
9.70% Per Annum for HDFC Bank Education Loan Amount above ₹750,000
HDFC Bank Student Loan Scheme Interest Rate for Male Students:
9.65% Per Annum for HDFC Bank Education Loan Amount up to ₹400,000
9.65% Per Annum for HDFC Bank Education Loan Amount ₹400,001 to ₹750,000
9.70% Per Annum for HDFC Bank Education Loan Amount above ₹750,000
HDFC Bank Student Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
HDFC Bank Education Loans Minimum Borrowing Amount: Minimum Education Loan Amount is ₹100,000
HDFC Bank Education Loans Maximum Borrowing Amount: Maximum Education Loan Amount is ₹1,000,000 for studies in India and ₹3,000,000 for studies abroad.
HDFC Bank Education Loan Margin Amount:
Minimum 0% Margin of the Education Expenses for Loan up to ₹400,000
Minimum 5% Margin of the Education Expenses for Loan above ₹400,000 for Studies within India
Minimum 15% Margin of the Education Expenses for Loan above ₹400,000 for Higher Studies Overseas.
HDFC Bank Education Loan Mode of Loan Amount Disbursal: Direct Credit to the Student’s Educational Institute
HDFC Bank Student Education Loan Processing Fee and Documentation Charges: 1.50% of the Education Loan Amount (Minimum ₹1,000 plus GST)
Minimum Age Limit of Applicants for Getting the HDFC Bank Education Loan Sanctioned: Minimum Age 16 Years at the Time of Education Loan Commencement
Maximum Age Limit of Applicants for Getting the HDFC Bank Education Loan Sanctioned: Maximum Age 35 Years for Non-Employed Personnels and 45 Years for Working Employees or Executives at the Time of Education Loan Commencement
Maximum Tenure for the HDFC Bank Student Education Loan:
Maximum Education Loan Tenure is 10 Years for Education Loan up to ₹750,000
Maximum Education Loan Tenure is 15 Years for Education Loan above ₹750,000
HDFC Bank Student Education Loan Pre Closure Charges or Prepayment Penalty: 4% of the Principal Outstanding plus GST if the education loan is foreclosed or part-prepaid during moratorium
HDFC Bank Education Loan EMI Cheque, SI, or ECS Bounce Charges: ₹500 plus GST
Charges for HDFC Bank Education Loan EMI Late Payment: Minimum 2% Per Month of the HDFC Bank Education Loan EMI Outstanding Amount (Minimum ₹500 plus GST)
Guarantor Requirement for the HDFC Bank Education Loan: Guarantor is Required – The parent(s) or guardian of the student needs to be co-applicant(s) of the student loan
Eligible Courses for the HDFC Bank Student Education Loan: For studies in India, graduation and post-graduation technical courses (degree and diploma) conducted by the colleges approved by the UGC, AICTE, IMC and the Government of India are covered. For studies abroad, job-oriented professional graduate and post-graduate courses like MCA, MBA, MS, courses conducted by CIMA London, CPA USA are approved for the HDFC Bank education loan.