How To Take a Student Loan?

You have worked for a few years in your profession and gained some experience. You decide you want special training and higher academic knowledge in your chosen field. You apply for a course at a foreign university and get accepted to the college, only to realize that your expenses will exceed your current savings. 

Or you may want to send your children or spouse for an education program abroad. For some reason, you are not eligible for an education loan. A Personal Loan for education is the solution to your financial worries. 

A  Personal Loan is different from an education loan. You can use the Personal Loan for various purposes, including your own or a family member's education. A Personal Loan without security is ideal as it is less stressful to repay, especially when pursuing your studies.  On the other hand, you can use a student loan only for the purpose for which it is taken.  Besides, a student loan has specific eligibility criteria, and you must fund 15% of the expenses. A Personal Loan for education is easy and quick to get, and you can fund up to 100% of your expenses.

Here’s a step-by-step guide on obtaining a Personal Loan for students in India:

Step 1: Estimate your expenses

Education can be expensive, especially studying abroad. Calculate expenses, including travel, tuition fees, study materials, coaching fees, and living costs not covered by education loans. Consult friends or family in your destination country for accurate living cost estimates. This helps in determining the Personal Loan amount needed.

Step 2: Check your eligibility

Use the Personal Loan Eligibility Calculator to see if you qualify for the desired amount. HDFC Bank offers Personal Loans up to Rs 40 lakh.

Step 3: Decide on tenure and repayment

Opt for a bank offering flexible loan tenures. As a student, choose a tenure that fits your budget, ensuring manageable EMIs. HDFC Bank provides tenures from 12 to 60 months with EMIs starting at Rs. 2,149 per lakh.

Step 4: Make your application

Personal Loans require minimal documentation such as ID proof, address proof, or income proof. Existing customers may have streamlined documentation requirements. Apply online via the bank’s website, NetBanking, ATM, or by visiting a branch.

Step 5: Check processing time

Personal Loans are disbursed quickly. HDFC Bank offers Personal Loans in under 10 seconds for pre-approved customers and within 4 hours for others. Confirm processing times with your bank.

Step 6: Get started

Upon receiving your Personal Loan funds, book tickets, pay tuition fees, and embark on your educational journey.

So, what’s stopping you from applying for your Personal Loan? Apply now!

* Terms & conditions apply. Loan disbursal at the sole discretion of HDFC Bank Ltd