HDFC Education Loan for Abroad is a financing option which provides students with the freedom and autonomy to pursue education at the elite international institutions. Education loan for foreign education by HDFC bank provides funds applicable for over 950+ courses and 2100+ institutes across the globe. Students with the options of ‘HDFC Education Loan Insurance’ and ‘multi-city borrowing’ can smoothen the process of their foreign education without any hassle.
HDFC Student Loan for Study Abroad also provides students with options of no margin payment and no pre-payment charges based on the institution and academic record of the applicant. Moreover, students who wish to study in USA, UK, Netherlands, Canada, Singapore and other academically renowned locations, can manage all their expenses with HDFC Education Loan.
HDFC Education Loan for Study Abroad is applicable for all aspiring applicants to any academic course in any academic country. The HDFC bank’s tie up with institutions across 36 countries does not limit its abilities to serve Indian students in any other country. Education loans for foreign education generally cover a limited range of academic expenses, but HDFC Bank covers this concern of international Indian students with ease.
With the opportunity of getting a student loan sanctioned from HDFC Bank before admission, students can declare their ‘Assured funds to universities’. This helps them declare financial viability for student visa without any financial or other hurdles. The complete details of HDFC student loan for abroad are:
Definition of Co-applicant: Financial guarantor or EMI remitting authority for the applicant. Types of allowed co-applicants are:-
|Loan Amount Limits||HDFC Education Loan Interest Rate Ranges|
|Education Loan up to ₹4,00,000 (4 Lakhs)||Min: 10.25% to Max: 12.25%|
|Education Loan above ₹4,00,000 (4 Lakhs)||Min: 10.25% to Max: 15.00%|
|HDFC Education Loan Interest Rate (average)||11.88%|
Every now and then students are meant to comply by the documentation requirements of the bank for education loans. International students of India already bear the brunt of Student VISA and other compliances, thus, HDFC resolves the conditions of documentation for them. The document requirements of HDFC Education Loan for Abroad are:
KYC (Identity) documents
HDFC Bank Education Loan for Abroad is provided with the consideration of least financial burden on the applicants. Thus, many common education loan charges (like credit assessment charges, pre-payment charges, NOC charges etc.) which apply to other common bank schemes are waived off in HDFC Education Loan for Abroad. The details of standard charges which HDFC Student Loan for Abroad are:
|HDFC student loan for abroad charges||Charge quantum and timeline|
|Education loan processing charges||Up to 1.5% of sanctioned loan amount|
|EMI payment default||2% per month + taxes (on outstanding amount)|
|Cheque/ACH swapping charges||₹500/- (every time)|
|Cheque/NACH/Direct Debit bouncing charges||₹400/- (per instance)|
|Loan cancellation charges||1% of non-disbursed education loan amount + taxes|
|Manual collection charges||₹200/- (per instance)|
|Loan account update charges||₹1500/- + taxes (as per customer request)|
|Document handling charges||Without Collateral: ₹2000/- + taxes |
With Collateral: ₹4000/- + taxes
HDFC Education Loans can be adjusted with scholarships and the loan amount can be prepaid without any fees if the meritorious applicant manages to secure an academic scholarship. In this way, Scholarships and Fellowships being the primary sources of academic funding for international students can act as propellants for students’ academics and career.
Equipped with all this information, applicants should also know about education loans to fund education abroad. Buddy4Study Eduloans also empower international students from India with tailor-made education loan schemes to pursue higher education abroad. Visit Buddy4Study EduLoans to know more. Happy Learning!
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