HDFC Bank- Education Loan

HDFC Bank- Foreign Education Loan


  • High Loan Amounts
    Get a loan up to 100% of educational expenses. Loans worth more than Rs. 20 lakhs are also available.
  • Easy Loan Repayment
    With flexible loan terms, competitive interest rates, and the EMI starting post course completion, you can easily repay the loan amount is via EMIs. What's more – we offer preferential rates for certain top ranked universities and institutes.
  • Quick and Easy Disbursals
    Our doorstep service, and quick and easy documentation process ensures that our loans are disbursed as quickly as possible. We have also enabled web billing and servicing, so you can reach us from anywhere in the world.
  • Range of Over 950 Courses
    HDFC Credila, the preferred and trusted choice of thousands of Indian students, is a quick and unique service that offers finance for students for 950 different courses in more than 4,000 educaiton institutions spread across 36 countries. The money from the loan can be used to cover tuition fee, living expenses, books, travel, laptops and more!
  • Tax Rebates
    You get tax benefits under section 80(E) of the Income Tax Act 1961.
  • Loan Sanctioned Before Admission Confirmation
    To avoid any last minute running around, you can plan the finances for your education even before your admission is confirmed. You can use the loan sanction letter as proof of funds, and ensure that your journey to your dream college is a smooth one.
  • Preserve Family Savings
    As students take out educational loans by themselves, it teaches them the value of money, and they have to take on the responsibility of repaying the loan by themselves. Taking out a loan also ensures that family savings such as fixed deposits, or mutual funds, can be saved for a rainy day. Students will also get to build a good credit history by taking out the loan.

Eligibility Criteria

The following people are eligible to apply for an Education Loan for Foreign Education:

  • Resident Indians
  • Individuals between the ages of 16 and 35
  • Those who can offer collateral for certain cases
  • A co-applicant is required for all full-time programmes. The co-applicant can be a parent, spouse, sibling, father-in-law, mother-in-law, brother-in-law, or a paternal/maternal uncle/aunt


The following documents are required along with your Education Loan for Foreign Education application:

Category Applicant (Student)
Academic Institute admission letter with fee break-up : USA Applicant: I-20 Form and UK Applicant: CAS Letter
  SSC, HSC, Graduation mark sheets and also mark sheet of any entrance exam like GRE/GMAT/TOEFL/IELTS
KYC (Know Your Customer) Age proof
  Signature proof
  Identity proof
  Residence proof
  Signature verification for the Student/Co-Applicant like: PAN Card, Passport, Credila’s completed signature authentication form authenticated by Bank or 10th/12th or equivalent mark sheet with signature for students below 21 years
Income Documents Salaried
  Latest 3 salary slips carrying date of joining details
  Previous 6 months bank statement of the salary account
  Previous 1 year's Form 16 from the employer along with 1 year income tax return
Self Employed ITR of previous 2 years along with computation of income
  Audited balance sheet of previous 2 years
  Bank statement of previous 8 months
  Proof of turnover (latest sales/service tax return)
  Self Employed – Professional
  ITR of previous 2 years along with computation of income
  Audited balance sheet/proft and loss statement of previous 2 years
  Bank statement of previous 8 months
  Proof of Qualification
Others Completed application form
  Latest photograph (signed across any document for establishing relationship between student and the c-applicant viz. ration card, marriage certificate, birth certificate, etc.)

The report of audit, duly signed and verified by the chartered accountant is required to be given in such form and setting forth such particulars as prescribed by the Board. Rule 6G of IT Act provides that such audit report and particulars should be given in Forms No. 3CA/3CB as may be applicable and the statement of particulars should be given in Form No.3CD.

Documents – Post Sanction
Category Applicant (Student)
Loan Agreement Completed Loan Agreement to be signed by applicant and co-applicant*
Repayment Instructions ECS
7 Security PDCs in case of ECS
*Stamp duty to be paid by the customer as per the relevant state laws

Here are the documents you need to submit for subsequent disbursements:

  • Subsequent Disbursement Request Letter from the applicant and co-applicant
  • University Fee Demand Letter
  • Applicant's Academic Progress Report
  • Revised repayment instructions for ECS mode with 8 security cheques

Rates & Fees

The HDFC Education Loan for Foreign Education Rates & Fees are as follows:

Description of Charges Education Loan
Loan Processing Charges* Up to 1.5% of the sanctioned amount plus applicable any taxes thereon.
Pre-payment charges Nil
No Due Certificate / No Objection Certificate (NOC) Nil
Duplicate of No Dues Certificate/NOC Nil
Solvency Certificate Not applicable
Overdue EMI Interest* @ 2 % per month of instalment ( MI/PMII)+ applicable taxes thereon
Credit assessment charges Not applicable
Credit assessment charges Not applicable
Cheque or ACH mandate or Direct Debit swapping charges* Up to Rs.500/- per swap instance plus applicable taxes thereon
Cheque/ACH/Direct Debit Bouncing Charges* Rs. 400/- per dishonor of cheque or ACH 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

*Terms & conditions apply and may change conditionally. Credit at the sole discretion of Credila Financial Services Pvt. Ltd.

*Charges which are in nature of fees are EXCLUSIVE of GST. GST and other government levies, as applicable, would be charged additionally.


Apart from the basic course fee payable to the institution where you decide to study, the following expenses will be covered under the loan:

  • Exam/Library/Lab fees
  • Caution deposit / Refundable deposit asked by the institution / Building fund - supported by Institution bills / receipts
  • Purchase of Books / equipments / instrument / uniforms
  • Travel expenses / passage money for studies abroad
  • Purchase of computers - essential for completion of the course
  • Insurance
  • Miscellaneous expenses related to the course - like study tours, project work, thesis, etc.

To study abroad, the maximum loan amount you can get is up to Rs. 20 lakhs.

You can take a Education Loan for foreign education on the following courses:

  • Management Courses (Full-Time)
  • Engineering Courses
  • Medicine - Graduation + Post Graduation
  • Masters in Computer Application ( MCA / MCM )
  • Architecture
  • Hotel and Hospitality
  • Agriculture
  • Pure Science

If you are an Indian resident/citizen, have got admission for a job oriented professional / technical courses offered by reputed universities, MBA, MCA, MS, etc, Degree / diploma courses like aeronautical, shipping, etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India / abroad.

  • Yes, a co-applicant is required for all Full-Time courses .
  • Primary Co-Applicants –Parents, Spouse, Siblings
  • Secondary Co-Applicants- Father-In Law, Mother-In-Law, Brother-In-Law,Paternal/Maternal Uncle/Aunt

HDFC Bank- Educational Loan