Are you a brilliant student wishing to pursue higher studies but do not have enough resources? Well, there is nothing to worry about. A good number of nationalized banks in India have come up with diverse schemes for providing financial assistance to young scholars, to enable them to fulfill their dreams. According to a circular recently released by the RBI, for studies within the country the ceiling of the loans provided is approximately Rs.7.5 lakhs, while it is Rs15 lakhs for higher studies abroad.
HDFC bank loan For Education
Purpose: HDFC gives loans to students to partly meet their educational expenses / costs for pursuing specific higher educational courses at institutes approved by HDFC. Loans are given to students who are citizens of India. The student should have a consistently good academic record, and admission to an approved Educational Institute for pursuing a recognized course.
Eligibility: Students enrolled with an approved Educational Institute and desirous of availing the education loan can make an application, with the earning parent / guardian being the co-applicant to the loan. Currently, new entrants and existing students of only select leading national educational institutions are eligible to apply for education loans. Please check with your nearest HDFC Office for the list of approved institutions.
Amount of loan: Loans can be availed upto a maximum of 90% of the total cost as determined by HDFC. The costs would generally cover expenses incurred towards the course fee, library charges, hostel and mess charges, cost of books and equipment. HDFC lends upto a maximum of Rs. 2,00,000 on an Education Loan.
The period of the loan is determined on the merits of each case but would not exceed 5 years. The repayment can be accelerated on completion of the course, considering the earning capacity of the student. HDFC's main concern is to help individuals comfortably repay the borrowed amount.
Details of Indian Banks offering Educational Loan in India
Andhra Bank HDFC State Bank of Mysore
Allahabad Bank Indian Overseas Bank Syndicate Bank
Bank of Baroda Indian Bank
Bank of Maharastra IDBI Money Scholar State Bank Of Saurashtra
Bank of India Karnataka Bank United Bank Of India
Bank of Rajasthan Mysore Bank UCO Bank
Canara Bank Oriental Bank of Commerce United Western Bank
Central Bank Punjab & Sind Bank Vijaya Bank
Catholic Syrian Bank Punjab National Bank Vysya Bank
Development Credit Bank Limited State Bank of Hyderabad
Dena Bank State Bank of India
Federal Bank Ltd. State Bank of Indore
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