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