education loan transfer to hdfc

HDFC Bank Education Loan Disbursement: Process, Stages, Eligibility

Shekhar Suman

Updated on: February 24, 2024

HDFC Bank is a top choice for education loans, especially for those looking to study abroad. They offer quick and hassle-free education loans with a simple documentation process and speedy transfers. The HDFC Bank education loan disbursement process is completely online, where the required funds for covering tuition fees, accommodation costs, and other expenses are directly transferred to the university.

For the transfer of funds to the university, HDFC Bank follows a semester-wise approach. This means that the funds are transferred in alignment with the completion of each semester, easing the financial burden on students. Let’s understand the process of HDFC Bank Education Loan Disbursement process in detail.

Table of contents

Loan application submission, verification process, loan sanction letter, agreement and disbursement, documents required for education loan disbursement, hdfc bank education loan disbursement example, faqs on hdfc bank education loan disbursement.

Also Read: Education Loan rejected despite having good credit score? Check this blog and understand why your education loan got rejected even if your credit score is good

What is the HDFC Bank Education Loan Disbursement Process

The HDFC Bank education loan disbursement process involves various stages, like the submission of loan applications, verification, and documentation processes. Once these stages are successfully completed, the bank proceeds to disburse the educational loan amount. The disbursement process will be the same for the HDFC Education loan or HDFC Personal Loan for Education . Here’s a detailed breakdown of the process:

Submit your loan application along with supporting documents online or by visiting the nearest branch. You can also use the HDFC Bank Vidya Lakshmi Portal for education loan applications. Fill in all the details carefully and check properly so that there should not be any discrepancies.

After the submission of the education loan application form, the bank initiates the verification process. During this period, the bank assesses your eligibility based on factors such as income, credit history, university, and course details. Also, if you are taking a secured loan, the bank will check the details of the collateral.

Upon successful verification, the bank provides you with an education loan sanction letter . This document outlines crucial details such as the total loan amount, interest rate, repayment period, and other terms and conditions. You can submit the same letter to your university as proof of financial evidence.

If you agree to the terms and conditions of the education loan outlined in the sanction letter, the bank proceeds to initiate the education loan disbursement process. The amount for the tuition fee and accommodation cost will be transferred to the university account within 72 hours. Please note that the tuition fee will be transferred only for the first semester. The remaining disbursement will be done gradually as per the upcoming semesters.

Also Read: You must stay informed about the regulations set by RBI. Check this blog and know the latest RBI regulations on Credit Reports to Credit Information Companies.

After the education loan sanction, certain documents must be submitted in order to initiate the disbursement process. Failure to submit these documents properly may result in the cancellation of the loan disbursement. The required documents include:

• University acceptance letter or admission letter
• Copy of the Visa approval letter of the primary applicant
• Copy of the air ticket of the primary applicant
• Details of Accommodation
• Documents containing details of the health and travel insurance of the student

An illustrative example of the education loan disbursement process can be understood by the below-mentioned story. Raman is a student admitted to Oxford University, UK. With a course fee of INR 20 lakh for 2 years, Manish secured an education loan of INR 16 lakh. At the time of loan disbursement, the bank transferred INR 4 lakh towards the first semester’s tuition fees, with the remaining instalments ready for disbursement after the completion of each semester.

HDFC Bank ensures the completion of the loan disbursement process in less than 48 hours after the verification process.

The bank transfers the loan amount directly to the university account, and the students do not receive any amount in their savings accounts.

If a student discontinues studies before completing the course duration, they must inform the bank to halt further disbursements. However, the student remains liable to repay the loan as per the agreed terms.

HDFC Bank offers education loans with an interest rate ranging from 9-13% per annum. The students can get education loans from HDFC Bank at a fixed rate of interest.

HDFC Bank education loan covers various expenses such as tuition fees, accommodation fees, laptop fees, two-wheeler expenses, and other study-related costs.

Understanding the HDFC Bank education loan disbursement process and other related terms and conditions is very important. Always read the complete terms and conditions before applying for an education loan.

To know more about the education loan application process, the best bank accounts for students , forex and banking experience for global students or international money transfers , reach out to our experts at 1800572126 to help ease your study abroad experience. 

Follow Us on Social Media

About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

Leave a Comment Cancel reply

Save my name, email, and website in this browser for the next time I comment.

Latest Blogs

Education Loan

What is a Credit Union: Features, Benefits, Working

Forex Cards , International Money Transfer

ICICI Student Forex Card: Features, Benefits, Rates & Apply

Student Budget

How to Spot a Fake 5 Dollar Bill: Know the Major Features

Kuhoo Education Loan to Study Abroad: Check Out All the Details

International Money Transfer

Bank Muscat International Transfer: Process, Fees, Benefits

PNB Education Loan Processing Time: Stages, Documents

Canara Bank Education Loan: Interest Rates, Eligibilty, Documents & How to Apply

Canara Bank Education Loan Processing Time

ANZ International Transfer: Time, Rates, Limit, Details, Process

News Updates

HDFC Bank and TD Bank Announce Partnership to Expedite Canada Study Visa for Indian Students

All About International Transfers through Emirates NBD

Central Bank Education Loan Documents Required

Central Bank Education Loan Processing Time: Know the Steps Involved

Yes Bank Forex Card: Benefits, Documents, Eligibility & More

Union Kisan Shiksha Suvidha Education Loan: Features, Benefits, Terms

PH 1800-572-126

2nd & 3rd floor, Windsor Grand, Sector 126, Noida - 201313

© LEVERAGE ED-TECH PVT LTD

Send Money Abroad in

Request a callback, get an education loan at the lowest interest rate, thank you your call request has been submitted.

Our team will connect with your shortly

Education Loan » HDFC Education Loan – Interest Rates, Benefits and features

HDFC Education Loan – Interest Rates, Benefits and features

The HDFC Bank is a renowned name in the field of home loans and personal loans. HDFC Education Loan programs, in a similar way have been helping Indian parents and students achieve their academic targets. HDFC Bank provides educations loans for both Indian and Foreign Education along with other vivid features to help students.

The HDFC Bank Education Loan Interest Rates are very competitive compared to other private bank education loans available in India. The features of ‘HDFC Doorstep Servicing’ and ‘HDFC Life Education Loan Insurance’ make it easier for students to disburse and repay their loans. HDFC Banks also provide the unique feature of loan amount withdrawal from ‘local HDFC asset centers’ which makes getting an education loan like taking out cash from any ATM.

Benefits and features of HDFC Education Loan

• High Loan tenure : Upto 15 years and above
• Easy loan disbursal : online/offline/HDFC asset centers
• Education loan insurance cover by HDFC Life
• No hidden costs , 100% transparency
• Tax rebates and loan subsidies
• High education loan amount : ₹2,000,000 (20 Lakhs) and more
• Wide range of accepted collaterals : even LICs, FD/RDs

HDFC Education Loan: Need to plan

Education Loan application for any student needs to be planned based on their accurate requirements. HDFC student loan eligibility details, loan tenure, courses and expenses covered; all depend on the student’s education location and level of education. Among other banks HDFC Bank Education Loan schemes are more centralized and do not differentiate on the basis of student’s educational institution and that provides a uniform level of service to all applicants.

HDFC Student Loan: Details of Loan Services: Eligibility, Tenure, Margin, and others

Knowing the maximum details about eligibility, loan duration, repayment guidelines, collateral options etc, helps students to make an informed decision. HDFC Bank maintains a transparent model of information to help the applicants (students) and co-applicants (parents) in the best possible manner. Even the education loan norms for HDFC Education Loan for Abroad and HDFC Bank Education Loan (Domestic) as same, so that students do not suffer any confusion. Such details based on different HDFC Bank Education Loan schemes are:

HDFC Bank Education Loan Scheme Details

Hdfc bank education loan interest rates.

Information of interest rates is most crucial in planning for education loans. Students who’re well informed about the education loan interest rates are able to know in time if they might need to refinance education loan or for that matter foreclose it. HDFC Education Loan Interest Rate for each loan scheme is based on the MCLR rates as declared by the RBI every month for all Indian Banks providing Education Loans. The details of HDFC Bank Education Loan Interest Rate (MCLR Rates) are:

Source: RBI.org and HDFC credit reports 2018

Based on the MCLR rates students can themselves draw up the calculation of HDFC Education Loan Interest Rates. They generally lie between a ranges of 2% to 8% addition over the basic MCLR rates. The interest rates are also dependent on the level of education, academic background of applicant (student), credit score of co-applicant/guarantor (parents). The one benefit with HDFC student loan schemes is that the rates of interests are relatively uniform for both domestic and international education .

The details of HDFC Bank Education Loan Interest Rates are:

HDFC Education Loan for Abroad

The HDFC has financial ties with many foreign universities and has a vast list of educational institutions for International Education Loans. HDFC Bank Education Loans for abroad help students in covering your exam expenses, commute and accommodation expenses, project and research expenses, including obviously your education tuition fees.

Features of HDFC Education Loan for Abroad

• Education Loan networks across 36 nations
• No partial loan, 100% finance available
• Expenses for library fees, equipment expenses and student insurance included
• Education Loan Security with Credit Secure insurance from HDFC
• Education loan available for exchange programs or cross border programs
• Service of Loan Sanction before admission as well

Education Loan for Abroad eligibility

HDFC Education Loan for Abroad is in collaboration with thousands of international institutions with combinations of over 900 different courses. Having such diversity in the eligibility criteria, allows students to try their options for foreign education. Students can also avail international scholarships to settle the repayment of their education loan with HDFC. The margin payment of HDFC student loans is scholarship adjustable. With all these benefits the eligibility criteria for HDFC Bank Education Loan for abroad is laid as follows.

The applicants for HDFC Foreign Education Loan

• Should be in the age limits of, Min: 16 years and Max: 35 years
• Be an Indian Citizen
• Should have cleared the qualifying examination for their proposed education
• Should have their parent/immediate guardian/in-laws co-apply for the education loan
• Management Courses (Full-Time)
• Engineering Courses
• Medicine – Graduation + Post Graduation
• Masters in Computer Application ( MCA / MCM )
• Architecture
• Hotel and Hospitality
• Agriculture
• Pure Science

Students can chose to apply for sub-divisions/minors of these major courses across the globe at recognized universities/colleges/institutions

HDFC Education Loan Interest Rate subsidy

Every student and parent wish to get over with their education loan as soon as possible. Education Loan Interest Subsidies provided by banks to meritorious students is one way to go about it. HDFC Education Loans also provide the government enabled subsidy schemes so that students can pay off the maximum principle amount in least time. HDFC bank aslo supports section 80/E tax exemptions for benefits to education loan applicants. CSIS (Central Sector Interest Subsidy) is supported by HDFC Bank Education Loans to provide direct benefit of interest exemption/compensation to the education loan applicants. The interest subsidy applies to both Indian and overseas education. The details of this subsidy scheme as provided by HDFC for their education loans are:

• Central Sector Interest Subsidy is applicable to economically weaker sections of the society
• CSIS is for education loan applicants with annual family income below ₹450,000 (4.5 Lakhs)
• Collateral free education loan upto ₹750,000 (7.5 Lakhs)
• Total Interest Subsidy for the moratorium period
• Moratorium period refers to the time during which the loan applicant is still pursuing the education loan and regular EMI payments are being done.

All HDFC Education Loan Schemes are covered by these CSIS Education Loan Subsidy Scheme. Applicants (students) are automatically considered for these services one they fill their complete education loan application form.

HDFC Education Loan Payments and Charges

In order to provide students and parents with complete information about the education loan processing HDFC has provided complete details of the pre-processing and post-processing charges of the education loans. Students can plan their education loan expenses along with their EMIs as well. In absence of clear information for education loan , applicants sometimes fall prey to hidden charges. But with HDFC Bank’s transparent Education Loan services students don’t need to worry about this. Details of HDFC Education Loan charges are:

HDFC Bank Education Loan Special Features

All education loans have a distinctive feature which makes them better than the rest. With HDFC Education Loan as well these features come in the form of Education Loan insurance and Education Loan Repayment at regional HDFC Asset Centers. Students can virtually avail the services of HDFC anywhere with the Asset Center option. Students can cover their education loan with security of Education Loan insurance for emergency situations.

HDFC Education Loan Insurance

• Covers the complete EMI payments of Education Loan in case of emergency foreclosure
• Allows students to discontinue education loan if they quit their education course
• Education Loan Amount includes the insurance premium of Credit Protect Insurance Scheme
• Students have to commit their post education salary towards the repayment of education loan if the loan is not able to cover the entire loan EMIs
• HDFC Bank Education Loan is covered by HDFC’s Credit Protect Insurance which makes the transition easier
• Benefits of very less underwriting and legal charges

HDFC Education Loan Asset Centers

CSC Service centers run by Government of India can also act as your local loan disbursement centers for HDFC Education Loan. In addition to this HDFC also has its own Retail Loan service centers which can provide you a front for all the education loan services as the bank provides.

The retail loan service centers of HDFC can provide following Education Loan Services:

• Education Loan Disbursement for Academic Installments
• HDFC Student Loan Document Submission
• Education Loan Application submission
• Grievance or complaint submission
• Other related requests and processes

How to Apply for HDFC Student Loan?

HDFC Education Loan Application process is comparatively easier process than most banks’. There are no divided online portals for application so students don’t have to split between application portals. HDFC Loan application procedure can either go the standard offline process at the bank branches and students can also visit the website of HDFC Bank to make education loan requests.

The process of online application for the HDFC Bank Education Loan is:

• Visit the official website of HDFC bank
• Scroll down the option of ‘Products’ on the top window pane of the website
• Click on the option ‘Educational Loans’
• On the landing page, there are options for ‘Education Loan for Indian Education’ and ‘Education Loan for Foreign Education’
• Under each of these option there are links to apply from Vidyalakshmi Portal
• Click on the ‘Apply Now’ link for the education loan scheme of your choice
• On the leading Vidyalakshmi Education Loan portal register with email address and mobile number
• Apply for Education Loan of HDFC Bank after filling up the ‘CELAF (Common Education Loan Application Form)’
• The bank officials will make contact with you for education loan sanction
• Status of application can be checked with ‘Application Status’ icon on Vidyalakshmi Portal.

For more details on how to use the Vidyalakshmi Portal to apply for HDFC student loan and other banks’ education loan schemes, you can read ‘ Vidyalakshmi Portal: Education Loan and Scholarships for Indian Students ’ at Buddy4Study.

HDFC Education Loans and Buddy4Study Scholarships

Education Loans by HDFC Bank provide a process of easy application and unique benefits. HDFC Bank Education Loan schemes provide a viable solution to the limited reach of education loans. Students can apply online and disburse the loan amounts from local centers. Apart from this loan provides low interest rates and high repayment tenure. Students seldom know that education loans can be combined with scholarships and fellowships to cover educational expenses.

With the help of scholarships students can adjust their margin payments and repayment EMIs as well. HDFC bank allows such adjustments to education loans. Students should try to find more information about scholarship adjustable education loans before they apply for one. With all the key points in consideration one should be able to apply for an HDFC Education loan with relative ease. For any more queries or assistance you may contact Buddy4Study. Happy Learning!

• Source of Information: Buddy4Study app compiles details on scholarships/fellowships from government websites and private scholarship sources. Links to the official sources accompany each listing detail pages.
• Non-affiliation : The Buddy4Study app is not associated with any government entity in India or elsewhere. When featuring government scholarships, we rely on publicly accessible information from central and state government websites in India.

Scholarships For

Scholarship by state, scholarships a to z.

Join Telegram

Join WhatsApp

• Scholarships
• Edu loans Education loans Study Abroad Education Loan
• University listing
• More Courier transcripts Articles Events
• Education Loan

HDFC Bank Education Loan

https://www.wemakescholars.com/education-loan/hdfc-bank

✓ Get a loan of up to 1 Crore 

✓ Interest rate starting from 9.75%

Speak with a Financial officer

Due to high number of loan requests from your region, we are not accepting any new applications at the moment. We believe in offering quality service to our customers.

Sorry for the inconvenience caused.

Please confirm

Are you an Indian national?

Please confirm below details

Contact Number:

Email Address:

OTP verification

Please enter the OTP sent to

Table of content

Hdfc bank education loan, hdfc bank education loan schemes, hdfc education loan scheme for study in india, eligibility criteria of hdfc bank loan, hdfc bank education loan processing fee, documents required for education loan in hdfc bank, hdfc bank education loan insurance, hdfc bank loan margin calculation, hdfc credila education loan repayment policies, how to apply for hdfc bank education loan, hdfc bank loan emi calculator, interest subsidy schemes in hdfc bank.

• Need Help? Ask Here!

HDFC Bank, one of the leading private sector banks in India, offers education loans to support students' aspirations for higher education both in India and Abroad with interest rates starting from 9.75% and loan amounts extending up to 1 Crore with collateral and up to 80 Lakhs without collateral. HDFC Bank doesn't directly offer education loans, They do it through their NBFC arm called HDFC Credila . 

Section 80E of the Income Tax Act in India allows for the deduction of interest paid on an education loan from taxable income. This deduction is available for individuals who have taken an education loan for higher studies for themselves, their spouse, or their children. The deduction is available for a maximum of eight assessment years or until the interest is fully repaid, whichever is earlier. There is no limit on the amount that can be claimed as a deduction under Section 80E.

As mentioned in section 80E, an education loan can be given for an effective rate of interest of up to 8.64% in HDFC Bank.

The Student Loan Schemes Offered by HDFC are

• HDFC education loan scheme for study abroad

HDFC  Education Loan Scheme For Study Abroad

HDFC Bank has a special loan program for students who dream of studying abroad. This program provides financial support for tuition fees, living costs, and other expenses while studying in a foreign country.

HDFC Abroad Education Loan with Collateral

Hdfc education loan for abroad without collateral.

HDFC Bank offers education loans to help students study in Indian colleges and universities. These loans are meant to support students who want to pursue higher education and need financial support to study in India.

HDFC Education Loan With Collateral To Study In India

Hdfc bank education loan without collateral to study in india:.

The eligibility criteria for education Loans in HDFC Bank may vary depending on the type of education loan. Here are some common eligibility criteria typically required by HDFC Bank for education loans:

• Indian Citizenship: The applicant should be an Indian citizen. Non-resident Indians (NRIs) may have different eligibility criteria depending on factors such as age, course, and institution and in such cases, power of attorney must be given to parents/parents-in-law/spouse/sibling/children residing in India
• Age Criteria: The age of the applicant should be between 16 to 35 years. However, this can vary based on the course and the bank's policies.
• Academic Qualifications: The applicant should have secured admission to a recognized course or institution. This could be for undergraduate, postgraduate, or diploma courses in India or abroad through Entrance Test/ Merit Based Selection process
• Course and Institution: HDFC Bank usually provides education loans for the institutions recognized by UGC/ Government/ AICTE/ AIBMS/ ICMR etc.
• Course Eligibility: Courses like MS, MBA, MBBS/ MD, and Executive Management Courses (Working Executives) are eligible for HDFC loans. Other passion-based courses depend on cases like the co-applicants income and collateral provided.

Note: For passion-based courses minimum income of the Co-applicant must be 12 Lakhs per annum and there’s a possibility of direct EMI payment during the moratorium period. 

Apart from this HDFC charges the following fees from the students

The documents required to process a student loan in HDFC may vary depending on the applicant’s profile. We have provided a list of mandatory documents required to apply for a student loan:

Section 1: Application form 

Education loan application form with 2 passport-size photographs

Section 2: Basic documents for student and co-applicant or Guarantor

• Proof of Residence
• Electricity Bill
• Telephone Bill
• Voter ID Card
• Ration card
• Bank account statement

(2 different proofs if current and permanent residence are different)

• Identity Proof
• Passport (if going abroad)
• Last 6 months’ personal and salary bank account statements.
• For co-applicants, it should show the salary credited or 1-year business transactions if self-employed.
• Asset & liability statement of the applicant  (assessed by the branch professional) Only self-attested documents will be acceptable.

For a Collateral loan, the following documents are required:

• Original Registration receipt for the above agreement
• Encumbrance certificates as on date etc
• Previous Chain of Sale Deed establishing title
• Registered Sale Agreement Along With Society Share Certificate
• Latest Property tax bill along with receipts
• Approved building plan
• Allotment Letter By Authorized Govt. Authorities like MHADA, CIDCO/ Municipal Corporation, etc
• Property Title Deed
• NOC for a mortgage from society/builder
• Latest Maintenance bill along with Receipts issued by the builder/ society

Section 3: Academic documents of the applicant

• Academic mark sheets and certificates
• Fee structure as given by the college or university
• Entrance exam scorecard - TOEFL, IELTS, GRE, etc
• Admission proof for the course 

Section 4: Co-applicant Income documents

• If Salaried: Employers ID card ITR of last 2 yrs Recent salary slips (for the last 3 months) Form 16 of the last 2 years.
• If Self-employed: The last 3 years balance sheet and Profit and loss account ITR of last 3 yrs Address proof of business

Section 5: Documents Needed for Immovable Properties:

• Property Title Deed and Registered Sale Agreement:

An original registration receipt for the above agreement is necessary.

• Allotment Letter from Municipal Corporation or Authorized Govt. Authority:

Required for properties allotted by authorities like MHADA, CIDCO, HUDA, etc.

• Chain Deed or Link Document or Encumbrance Certificate (EC):

This document is crucial and should cover a 30-year period. It displays property transaction history within this timeframe. If the property ownership exceeds 30 years, the sale deed of the previous transaction suffices.

• Latest Property Tax Copy or Electricity Bill:

Proof of property tax payment or recent electricity bill.

• Municipality Approved Building Plan or Plot Layout:

Copy of the approved building plan or plot layout by the municipality.

• Completion and Occupancy Certificates (For Constructed Properties):

Required for flats or constructed properties. Banks might accept under-constructed properties without these certificates, although it's uncommon. In such cases, a commencement certificate is necessary.

Documents Needed for Liquid Securities:

• Fixed Deposit (FD) as Security:

An FD in the same bank where the loan is applied. No additional documents are required.

• Insurance Policy as Security (Maturing Policy):

Documents needed are the policy paper and surrender value certificate.

• Gold as Security:

The gold needs to be deposited in the bank along with purchase proofs.

• Government Bonds:

Only the bond certificate is required. Pledging liquid securities accelerates the education loan processing time as legal and valuation reports are unnecessary.

HDFC Bank offers education loan insurance to help students and their families manage the financial risks associated with the loan. The student has to purchase the loan insurance separately.

Here's an overview of HDFC education loan insurance:

Coverage: HDFC education loan insurance provides coverage for the outstanding loan amount in case of unforeseen events such as the borrower's death, disability, critical illness, or job loss.

Types of Coverage:

• Term Insurance: This type of insurance provides coverage for the loan amount for a specified term. If the insured borrower passes away during the policy term, the insurance company pays off the remaining loan amount to HDFC Bank, ensuring that the borrower's family is not burdened with the loan liability.
• Credit Shield Insurance: Credit Shield insurance offers coverage against critical illnesses, accidental disability, and death.
• Premium Payment: Borrowers typically pay a premium for education loan insurance coverage, which may be added to the loan amount or paid separately as per the policy terms.

The loan margin is a percentage of the loan amount the student has to pay by himself. It is generally within 0-15% of the loan amount in most of the cases. Banks introduced this concept of loan margin to estimate your repaying capacity. 

Let’s say you are planning to go abroad for your higher studies and want to take an education loan of 50 lakh rupees, then you will have to pay 7.5 lakh rupees from your pocket.

HDFC Bank's Education Loan repayment policies typically involve the following:

• Moratorium Period: Repayment usually begins after a specified moratorium period, which covers the course duration and possibly an additional grace period post-completion, during which only simple interest is payable.
• Flexible EMIs: Borrowers can repay the loan through Equated Monthly Installments (EMIs), which can be customized based on the borrower's financial circumstances and repayment capacity.
• Repayment Tenure: The repayment tenure can extend up to 15 years, allowing borrowers ample time to repay the loan comfortably.
• Repayment Methods: HDFC Bank offers various repayment methods, including online payments, auto-debit instructions, post-dated cheques, and Electronic Clearing Service (ECS), to ensure convenient and timely repayment.
• Prepayment Option: Borrowers may have the option to prepay the loan partially or in full, subject to applicable terms and conditions.
• Late Payment Charges: HDFC Bank may levy late payment charges for overdue EMIs, so it's essential for borrowers to adhere to the repayment schedule to avoid additional costs.

You can take an education loan from HDFC bank in two ways.There's an online and offline process. The offline process requires you to visit the nearest branch and get the paperwork done whereas, in the online process, you have to upload your docūments on our portal and we will negotiate with the lenders and get your loan sanctioned.

Offline Application Process:

• Visit the nearest HDFC branch
• Ask the loan officer about the student loan products offered by the bank
• Check your education loan eligibility as per the information provided
• Fill out the education loan application form
• Ask for the documents checklist to be submitted to the bank
• Visit the bank again to submit the documents and start the loan application process.

Online Application Process with WeMakeScholars:

Step 1: Reach out to WeMakeScholars by requesting a callback or filling out a common application form

Step 2: Give all your education loan details to your assigned financial officer over a call

After analyzing your loan profile, your financial officer will suggest the best lenders for your education loan .

Step 3: As per your eligibility, choose your lender and inform your Financial officer.

Step 4: Submit your documents either in the bank or upload them on the secure documents portal of WeMakeScholars online

Step 5: Your financial officer will be in constant touch with the lender's team to process your student loan and, if required, take follow-ups from them.

Step 6: Take your loan sanction letter from the bank within 7 days of submitting the document, if taking a loan from a private bank or NBFC 

Why and How to transfer your education loan to HDFC Bank?

HDFC allows students to transfer their current student loans to HDFC, offering benefits like -

• Easy loan conditions
• Student-friendly policies
• Lower interest rates
• Better repayment plans
• Broader coverage.

To transfer , students need to collect proof of the pending loan, contact WeMakeScholars for assistance, and submit documents to HDFC. Upon approval, HDFC pays off the previous lender, and the same amount is sanctioned as a new education loan with revised terms as per HDFC's student loan policy.

A loan calculator is a tool used to estimate the monthly payments, total interest, and total repayment amount for a loan. Users input details such as the loan amount, interest rate, and loan term, and the calculator computes the monthly payments based on this information. It helps borrowers understand the financial implications of taking out a loan and allows them to compare different loan options.  To understand how HDFC bank loan EMI is calculated :

Here is an example of how to calculate the EMI for an HDFC education loan:

Let’s consider that you have taken a loan of Rs. 15 lakhs for a course period of 24 months. The interest rate is 10.5% per annum and the moratorium period is 12 months . You will be paying SI during the moratorium period within a repayment period of 10 years 

Here’s the calculation for it:

Total amount payable = Loan amount + (Loan amount * Interest rate * Moratorium period / 12)

Total amount payable = 15,00,000 + (15,00,000 * 10.5 * 12 / 100)

Total amount payable = Rs. 18,90,000

Calculate the EMI using the following formula:

EMI = [P x R x (1+R)N]/[(1+R)N-1]

• P = Principal amount (loan amount)
• R = Rate of interest (monthly)
• N = Tenure (in months)

Monthly interest rate = Annual interest rate / 12

Monthly interest rate = 10.5 / 100/ 12 = 0.00875%

Tenure = Number of years given to you for repayment (in months)

Tenure = 120 months (10 years)

EMI = [15,00,000 x 0.00875% x (1+0.00875%)132]/[(1+0.00875%)132-1]

EMI = Rs. 24,099

So, the EMI for your HDFC education loan would be Rs. 24,099

The education loan repayment period in HDFC is 15 years, which starts immediately after the moratorium period ends. 

You have 15 years to pay back your education loan with HDFC, and this starts right after the moratorium period. 

They give students a letter that says how much interest they're paying, the repayment terms, The EMI, the Total amount payable, and other important stuff about repaying the loan.

You can pay every month until the loan is fully paid, but there are also ways to finish paying earlier:

• Pick a shorter tenure to repay.
• Pay extra money or make partial payments.
• Check if you can move your loan to another place

The Indian government has three interest subsidy schemes that modify the rate of interest for education loans in HDFC banks to help students pursuing higher education:

• Central Government Interest Subsidy Scheme (CSIS): It provides interest subsidies on educational loans for economically weaker students in India. The subsidy is for loans without collateral, capped at Rs. 7.50 lakhs, and the family income limit is Rs. 4.50 lakhs.
• Padho Pardesh Scheme: Under the Ministry of Minority Affairs, it gives interest subsidies during the moratorium period for economically weaker students from minority communities pursuing their higher studies. The family income limit for this scheme is Rs. 6 lakhs.

Note: The scheme has been discontinued by the authorities from 1st April 2022, but the beneficiaries who have applied to take benefit under the scheme till 31st March 2022 will continue to benefit from the interest subsidy.

• Dr. Ambedkar Interest Subsidy Scheme for OBC and EWS Students: Launched by the Ministry of Social Justice, it offers interest rate subsidies to eligible OBC and economically weaker students studying abroad. The family income limit is Rs. 8 lakhs, and OBC category proof is required.

Education Loan FAQs

Is there any product for HDFC education loans for abroad?

Yes HDFC bank has separate education loan products under which it offers both, education loan with collateral and even without collateral to study abroad aspirants. The rate of interest starts from 8.64%.

What is HDFC education loan interest rate?

The rate of interest charged by HDFC bank for education loans starts from 8.64% for both collateralized and non-collateralized education loans to study abroad. The rate of interest charged on an education loan to study in India depends upon the student's loan profile.

Can I get a non-collateralized education loan from hdfc bank?

Yes, you can get an education loan of upto Rs 45 lacs to study abroad and upto Rs 50 lacs without collateral, you only need to contact with our financial officers

HDFC Ltd, a prominent financial institution, has recently finalized a significant deal to sell 90% of its ownership in HDFC Credila, its education loan subsidiary. The agreement involves BPEA EQT and CrysCapital Group, who will acquire the majority stake for a substantial amount of Rs 9,060 crore. This development was confirmed by HDFC through an official filing with the exchange.

As a result, HDFC Credila will no longer operate as a subsidiary of HDFC,  its shareholding will drop below 10% of the total issued and paid-up share capital of HDFC Credila.

This deal marks a significant step in HDFC's strategic direction and paves the way for potential growth opportunities for HDFC Credila under the new majority ownership.

Last Updated - 20/06/2023

HDFC Bank, a prominent financial institution in India, has recently announced an upward adjustment in its benchmark MCLR, leading to potential effects on loan interest rates. The revised rates, which came into effect on June 7, 2023, have been raised by up to 15 basis points, as confirmed by the HDFC Bank website.

The overnight MCLR, an essential rate for short-term loans, has experienced a 15 basis point increase, reaching 8.10 percent. Additionally, the one-month MCLR has risen by 10 basis points, resulting in a new rate of 8.20 percent. Similarly, the three-month MCLR has witnessed a 10 basis point hike, settling at 8.50 percent.

It is important to note that the impact of these revised rates will not be applicable to HDFC home loan borrowers, as most mortgages are obtained through HDFC Ltd., the parent company of HDFC Bank. 

Borrowers affected by this revision will likely experience an increase in their Equated Monthly Installments (EMIs) as a result of the higher interest rates. The adjustment reflects the bank's response to prevailing market conditions and the need to manage its lending portfolio effectively.

Last updated on - 10/07/2023

HDFC Bank, India's largest private lender, has become the first commercial bank to connect the United Payment Interface (UPI) with the Central Bank Digital Currency (CBDC). This achievement follows the recent announcement by the Reserve Bank of India (RBI) and marks a major step in financial innovation.

By launching a UPI QR code that integrates seamlessly with India's CBDC, HDFC Bank simplifies digital transactions. Customers can now use their CBDC wallet with a single QR code, eliminating the need for multiple scans. Merchants benefit too, as they only need to display one QR code without changing their existing codes.

This move aims to boost the usage of the Digital Rupee currency, with HDFC Bank facilitating Digital Rupee payments in key cities like Mumbai, Delhi, and Bengaluru. As India already records 310 million daily UPI transactions, the QR code interoperability between CBDC and UPI holds immense potential for revolutionizing digital payments.

HDFC Bank's pioneering efforts demonstrate its commitment to driving financial innovation and creating a user-friendly financial landscape. The seamless integration of CBDC and UPI sets the stage for a future where customers and merchants can harness the transformative power of digital currencies.

Last Updated - 13/07/2023

Our Education Loan team will help you with any questions

Kindly login to comment and ask your questions about HDFC Bank Education Loan

Paravesh Saireddy

Client's Login

Are you a new user? SIGN UP HERE

Forgot Password

Modal header.

Moratorium on Loan Repayment in wake of COVID-19 Click to read FAQs

Dear Customer,

In view of health advisories regarding COVID-19, we at HDFC Credila are taking preventive measures to ensure the well-being of our customers and employees.

We would be operating with considerably reduced employee strength. We are therefore requesting you to use our digital platforms https://www.hdfccredila.com

We request you to logon to the HDFC Credila App for service related queries like:

• Disbursement Request
• Schedule House Visit
• Repayment Information (Repayment Scheduled & Payment Details)
• Interest Certificate

App Links: Android: https://play.google.com/store/apps/details?id=com.credila.app001&hl=en_IN iPhone: https://apps.apple.com/in/app/hdfc-credila-education-loans/id1347088738

For any other queries or service related requests, please email us at [email protected] or write to us at https://www.hdfccredila.com/customer-service/write-to-credila.html

You may contact your Relationship Officer for further loan application processing.

We look forward for your support during these unprecedented times which call for such unprecedented measures. We are certain that we will collectively see through this period successfully.

HDFC Credila

• About HDFC Credila
• Education Loan Details

India's 1st Dedicated Education Loan Specialist

Education Loan

Income Tax Benefits

Save big under Section 80E*

has made cumulative disbursements of over

USD 1 Billion

(Over 1 Billion US Dollars)

Moratorium on Loan Repayment in wake of COVID-19 Click to read FAQs    HDFC Credila's COVID-19 Moratorium Policy

NEWS FLASH The U.S. Consulate General in Mumbai has cancelled all visa appointments for July 3, 2019. For those with appointments on July 5, 2019, check our website at www.ustraveldocs.com/in for the most recent updates before coming to the Consulate. Affected individuals will receive updates on how to rebook their appointments.

• Ease of application: online & doorstep service
• Competitive rate of interest
• Attractive tax benefits
• Up to 100% finance covering tuition fee & living costs
• Unsecured loan up to INR 75 lakhs
• Easy EMIs with repayment tenure up to 15 years
• No margin money
• Loan sanction even before admission confirmation
• Co-borrower flexibility
• No hidden charges
• Quick and hassle-free process
•   Be Independent: Help your parents by funding your education with Education Loan
•   Approval Before Admission: Get Education Loan approval letter before admission from HDFC Credila so you do not have to Downsize Your Dreams!
•   Sources of Funds for USA I-20: HDFC Credila's Education Loan approval letter demonstrates assured sources of funds for getting I-20 from USA Universities or Visa for many countries.
•   Funding Total Cost of Education: HDFC Credila funds total cost of your education, including living expenses & all other expenses reducing your financial worries.
•   Deal with an Expert: HDFC Credila is dedicated in providing only education loans. We understand your world & your unique and complex requirements.
•   Easy to Apply: It doesn't cost you anything to apply online to Credila. It just takes 5 minutes of your time! HDFC Credila's person can visit you at your convenience to complete all the required loan related formalities.
•   Tax Benefits: Education Loan from HDFC Credila provides income tax benefits under Section 80E of Income Tax Act of India ( Click Here for Education Loan Tax Benefit Calculator)
•   Trustworthy Company: HDFC Credila is a subsidiary of HDFC Limited, one of the most trusted names in financial services industry.
•   Responsible Option: Education Loan makes students financially responsible. Parents can keep family savings for retirement & other emergencies.
•   Loan up to 100% of Educational Expenses: No margin money is required. You don't have to compromise on quality of education of your child because of higher fees.
•   Convenience: Education Loan at your door-step, no visiting bank branches multiple times. HDFC Credila's person can visit you at your convenience.
•   Flexibility: Flexibility on collateral security. Longer & flexible repayment options available.
•   HDFC Credila is India's First Dedicated Education Loan Lender
•   HDFC Credila is a subsidiary company of HDFC Ltd.
•   Education loan from HDFC Credila provides you income tax benefits under Section 80(E) of Income Tax Act of India
•   HDFC Credila has already funded Indian students going to: 38+ Countries, 2500+ Institutes & studying 1500+ Courses
•   HDFC Credila has already funded students studying at:

•   Get income tax benefits under Section 80(E) of Income Tax Act of India
•   Education Loan Home Delivered!
•   Loan up to 100% of educational expenses. No margin money required.
•   Multi city co-borrowers accepted Flexible choices of repayment terms
•   Flexibility on collateral security
•   Loan approval before admission
•   Web enabled servicing.

Education loan for students going to:

• Funding Solutions for Studies in the USA
• Education Loan Product Details
• My Experiences in the USA - Booklet
• FAQs on education loan
• Help in Planning Education in the USA

Funding Solutions for Studies in:

• Help in Planning Education Abroad
• Company Background
• HDFC Credila in News
• Investor Relations
• Corporate Governance
• Fair Practices Code
• 80E Income Tax Benefit Gazette Notification
• Customer Testimonials

Education Loan Product Details for Studying:

• Benefits of HDFC Credila's Education Loan
• HDFC Credila Vs. Banks
• Income Tax Benefits Under Section 80E
• Tax Benefit Calculator
• Education Loan Vs. Self Finance
• Why Take Education Loan?
• Partner With HDFC Credila
• Send Invite to Partner With HDFC Credila
• Partner Speaks - Testimonials
• Who can Partner With HDFC Credila
• Access My Loan Account
• Write to HDFC Credila
• Pay & Manage Your Loan
• Benefits for Students
• Benefits for Parents
• Education Loan Application Process
• Supporting Documents Required
• Education Loan Disbursement Process
• Refinance Your Education
• Apply During The Course
• Goodie Bag Offer !!!
• Refer a Friend
• Newsletters
• Get Webinar Invite
• FAQs About Education Loan
• University Search
• Profile Evaluation
• Campus View
• Estimating College Expenses
• Study Guides