HDFC Foreign Education Loan

04 Aug, 2016



HDFC Foreign Education Loan – Post-graduate candidates from India are progressively selecting to study abroad. India’s most widespread destination to study abroad (apart from USA) is countries such as U.K, Canada, Germany, & Australia. France, Singapore, Dubai, NZ are also keen-sighted significant proliferations from India.

While several institutions in India are universally competitive by most procedures, but the statistics of candidates who can be served by these institutes is quite limited. Hence increasing number of bright Indian is indicating to study overseas for higher education.


The cost to education in these countries fluctuates, depending on the Campuses, course, period and the cost of living of the country. Credila appreciates the complications of financing higher education and hence has customized loan explanations for each county to help brilliant minds follow their higher education in the University of their High-quality.

HDFC Foreign Education Loan Eligibility

  • You must to be an Indian denizen.
  • You must be elderly between 16 – 35 years.
  • Guarantee security may be obligatory
  • Co-Applicant: Co-Applicant is compulsory for all full time courses
  • Co-Applicant: Parents, spouse and siblings, father in-law, mother in-law, brother in-law, paternal/maternal uncle/aunt

Here is a comprehensive list of the pamphlets that you will need for the Education Loan:

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/TOFEL/IELTS
KYC (Know Your Customer) Age Proof
  Signature Proof
  Identity Proof
  Residence Proof
  Signature verification-Student/Co-Applicant like: PAN Card, Passport, Credila’s completed signature Authentication form Authenticate by Bank or 10th/12th or equivalent mark sheet with signature for student below 21 years
Income Documents Salaried
  Latest 3 salaries slip carrying date of joining details
  Latest 6 months Bank Statement of the Salary Account
  Latest 1 Year’s form 16 from employer along with 1 year income tax return
  Self Employed
  Last 2 Year ITR with Computation of Income
  Last 2 Years Audited Balance Sheet
  Last 8 Months Bank Statement
  Proof of Turnover (Latest Sales / Service Tax Return)
  Self Employed – Professional
  Last 2 Year ITR with Computation of Income
  Last 2 Years Audited Balance Sheet / P& L
  Last 8 Months Bank Statement
  Proof of Qualification
Others Completed Application Form
  Latest Photograph (Signed Across Any document for establishing relationship between student and the co-applicant viz. ration card, marriage certificate, birth certificate etc.
  • The report of audit, accordingly signed and confirmed by the chartered accountant is obligatory to be given in such form and setting forth such particulars as recommended 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 appropriate and the statement of particulars should be given inform No.3CD.

Documentation for HDFC Foreign Education Loan

Documentation (Post Sanction)
Is there any documentation required post the sanction of the loan?
Category Applicant (Student)
Loan Agreement Completed Loan Agreement to be signed by Applicant and Co-applicant *
Repayment Instructions
7 Security PDCs in case of ECS
* Stamp duty to be paid by the customer as per the relevant state laws.

Here are the brochures you need to submit for following expenditures:

  • Subsequent Expenditure Appeal letter from the candidate and Co-Applicant
  • Campus fee demand letter
  • Candidate’s academic progress report
  • Revised reimbursement instructions for ECS mode with 8 security Cheques

HDFC Foreign Education Loan Features and benefits

  • Massive tax advantage under Sec 80 E of Income Tax Act of India.
  • Chance for candidates to take up responsibility and pay for their edification on their own.
  • Reservation family savings (don’t breakdown FDs, MFs etc. and preserve assets for family contingency/emergencies)
  • EMI starts post course accomplishment whereas through private finance fee needs to be compensated at the start of the course
  • Plan your finances in advance: Apply for a loan even before admission approval to evade last minute running around for funds. Also, use the loan permission letter as a proof of funds.
  • An education loan from Credila can also cover tuition fee, living expense, books, travel, laptop etc.

Build a good credit history (helps in taking loans etc in the future also)

Quick and convenient loan processing with door step service

HDFC Foreign Education Loan interest rates and charges

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
Charges for late payment of EMI* @ 2 % per month of installment ( MI/PMII)+ applicable taxes thereon
Credit assessment charges Not applicable
Nonstandard repayment charges Not applicable
Cheques or ECS mandate or Direct Debit swapping charges* Up to Rs.500/- per swap instance plus applicable taxes thereon
Cheques/ECS/Direct Debit Bouncing Charges* Rs. 400/- per dishonor of Cheques or ECS 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 thereonFor Collateral: Rs. 4,000/- plus applicable any taxes thereon

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

*Responsibilities which are in nature of fees are EXCLUSIVE of service tax. Service tax and other government taxes, as appropriate, would be charged moreover.




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