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Education Bank Loan
Posted Date: 23 Jul 2008 Resource Type: Articles/Knowledge Sharing Category: Educational Loans
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Posted By: Miloni Modi Member Level: Gold
Rating:  Points: 3
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HDFC bank provides Education loan. The follwing are the thing which one know in Details.
Features & Benefits:-
Loans upto Rs.10 Lakhs for Education in India and upto Rs.20 Lakhs for Education abroad#
Attractive interest rates.
Repayment to start 1 year after course completion / 6 months after obtaining employment (whichever is earlier)
Loan available upto tenure of 7 years including moratorium period.
Tax Benefits availaible under Section 80E of the IT Act *
Hassle free loans and speedy approvals.
Convenience of service at your doorstep.
Loans available for other course related expenses also!
Special privileges:-
Loans disbursed directly to the educational institution.
Loan to be released as per fee schedules of institutes.
Exclusive Telegraphic Transfer facility availaible for courses abroad.
Loans available for short duration/ job oriented courses also.
*Conditions Apply
*Premium will be charged for this product.A transaction fee of Rs.350 will also be deducted at the time of disbursal.Pls note that service tax @ 12.36% will also be charged on both the premium and the transaction fee.
Eligibility :-
You need to be an Indian National.
You should be aged between 16 - 35 yrs.
Collateral is required for all loans greater than Rs. 7.5 Lakhs.
All Loans require a co-applicant
Co-Applicant's Eligibility & Documentation:-
Salaried Individuals include Salaried Doctors, CAs, employees of select Public and Private limited companies, Government Sector employees including public sector undertakings and central, state and local bodies:
Eligibility Criteria:-
Minimum age of Co-applicant : 21 years
Maximum age of Co-applicant at loan maturity: 60 years
Minimum employment: Minimum 2 years in employment and minimum 1 year in the current organization
Minimum Net Monthly Income : Rs. 10,000 p.m. for Tier 1 & Tier 2 cities ( Rs. 8,000 in select cities )
Documents required:-
Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence)
Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
Bank Statements (latest 3 months bank statement / 6 months bank passbook)
Latest salary slip or current dated salary certificate with latest Form 16
Self employed (Professionals) include self - employed Doctors, Chartered Accountants, Engineers, MBA Consultants, Architects, Company Secretaries.
Eligibility Criteria:-
Minimum age of Co-applicant : 25 years
Maximum age of Co-applicant at loan maturity: 65 years
Years in business: Minimum 3 years in current business and 5 years total business experience
Minimum Annual Income:
Rs. 1 Lakh for Doctors , CA s , CS , Architects
Documents required:-
Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence).
Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate).
Bank Statements(latest 6 months bank statement /passbook)
Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
Qualification proof of the highest professional degree
Self Employed (Individuals) include self-employed - Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services.
Eligibility Criteria:-
Minimum age of Co-applicant : 21 years
Maximum age of Co-applicant at loan maturity: 65 years
Years in business: 5 yrs continuous business experience
Minimum Annual Income: Rs. 1,50,000 p.a.. for Tier 1 & Tier 2 cities.
Available in select cities
Documents required:-
Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence)
Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
Bank Statements(latest 6 months bank statement /passbook)
Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
Proof of continuation (Trade licence /Establishment /Sales Tax certificate)
Other Mandatory Documents(Sole Prop. Decl. Or Cert. Copy of Partnership Deed,Cert. Copy of MOA, AOA & Board resolution.)
Self Employed (Pvt Cos and Partnership Firms) include Private Companies and Partnership firms in the Business of Manufacturing, Trading or Services
Eligibility Criteria:-
Years in business: Minimum of 3 years in current business and 5 years total business experience
Business must be profit making for the last 2 years
Minimum Annual Income: Rs 1,50,000 p.a.. for Tier 1 & Tier 2 cities
Available in select cities
Documents required:-
Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
Bank Statements(latest 6 months bank statement /passbook)
Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
Proof of continuation (Trade licence /Establishment /Sales Tax certificate)
Other Mandatory Documents (Sole Prop. Decl. Or Cert. Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original).)
Documents to be furnished to avail the Loan:-
Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution
Completely filled Application Form with Photographs.
Letter of admission from the Institute
Letter from the Institute stating cost break up of the program (term-wise, year-wise)
Marksheets from SSC onwards till the latest examination passed
KYC Documents for the Applicant & Co-applicant (Residence Proof , ID Proof , Signature Verfication Proof , Age proof )
Income Documents of the Co-applicant ( Pay Slips / ITR copy etc )
Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution
For studies abroad - In addition to the above list of documents – Pls Provide :
Letter from the Head Of Department ( University)
Visa approval papers
Travel papers
GMAT/GRE/SAT score
I-20 in case of applicant going to the USA
Fees & Charges for Educational Loan:-
Description of Charges Personal Loan
Loan Processing Charges Upto a maximum 2% of the loan amount
Pre-payment charges Upto 4% of the Principal Outstanding
No Due Certificate / No Objection Certificate (NOC) Nil
Solvency Certificate Not applicable
Charges for late payment of EMI @ 24 % p.a. on amount outstanding from date of default
Credit assessment charges Not applicable
Non standard repayment charges Not applicable
Cheque swapping charges Upto Rs. 500/- per event
Loan cancellation / re-booking charges / Re-scheduling Upto Rs. 1000/-
Bounce Cheque Charges Upto Rs. 450/- per Bouncing
Statement Charges (per statement) / Repayment Schedule Upto Rs. 500/-
Legal / incidental charges At actual
To Collect more Detail please visit the brach manager for Educational Loans.
or visit www.hdfcbank.com
For more details, visit http://www.hdfcbank.com
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