HDFC Bank Education Loans

The boom in the Indian banking industry has seen many private and nationalized banks offering hundreds of educational loans to needy students. The funding of the education of students does not only help the people being funded, it helps the economy of the country by ensuring that there is a constant supply of professionals in the country. One of the banks that offer educational loans to students in India is the HDFC (Housing Development Finance Corporation Limited) bank, which offers up to Rs.15 Lakhs for those who want to study within India. Banks have outdone themselves by offering to fund the education of Indian nationals who want to study abroad, which is a unique step to take as not many countries are able to do that. HDFC will fund the education of an applicant by offering loans of up to Rs. 20 Lakhs.

Some of the other features of HDFC educational loans include the repayment period which starts one year after one has finished his education and has a maximum repayment period of 7 years. Circumstances beyond your control may force you to take longer in the institution and not finish your education and this has been considered by the bank as well. Given the low interest rate and the 7 year period in which you have to repay it, this is an attractive loan for the investment in your education. The fact that the loan covers your upkeep and other expenses is the icing on the cake. The applications for the loans at HDFC are done conveniently and without hassle.

Applicants for these loans need to be aged between 16 and 35. HDFC is one of the banks that allow minors to apply for these loans, which are then given to the parents or disbursed to the institutions they have applied to. HDFC has made a step further in the financing of higher education by allowing the financing of online and distance learning course. As with any other Indian bank, HDFC will fund those institutions that have been approved by the government most of which offer professional courses. Some of the institutions that have been approved by the Indian government include public and private institutions and even international universities offering study courses in India.

Educational loans from this bank will cover upkeep fees and tuition fees as well as the caution deposit, travel expenses and the purchase of books. Since they will be disbursed directly to the institution one has to prove that he has been admitted to the institution before being granted the loan. One has to provide documents like the educational certificates of the previous exams that have been passed and which have allowed the applicant to get admission to the institution. One has to prove his age, so the necessary documents to prove that will be required. If you are making an application with a co-applicant, his documents will also be needed for authentication. So as to be sure that you do not have a loan from another bank, you need to have an affidavit to that effect. When it comes to applications for loans to study in universities abroad, you have to provide the admission papers, travel papers, scores in the latest exam you did and Visa approval papers.

HDFC has also made sure that any emergency (any that will cause the borrower to be unable to pay his loan) is well taken care of. Incase of death or permanent disability, the bank has provided an insurance cover plan that will cover the outstanding loan amount so that no loan goes unpaid and the bank does not go at a loss. With this opportunity being given to people needing higher education, there is no reason not to take it.