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Personal Loan eligibility for Students:
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More about Personal Loan for Education
The following are the essential aspects of Personal Loans for Students:
There are no end-use restrictions:
Personal Loans for Students offers flexibility in how you utilise the funds. Whether it's financing your stay abroad during higher education or covering tuition fees, the choice is yours.
Flexible tenure and affordable EMIs:
Affordable EMIs are crucial for students managing their finances. HDFC Bank's Quick Personal Loans for Students offers adjustable terms ranging from 12 to 60 months, easing the burden of EMI repayment.
Simple application with little documentation:
Applying for a Personal Loans for Students from HDFC Bank in India is a straightforward process. You can apply online, through an ATM, the Loan Assist App, or in-person at a bank location. The process requires minimal paperwork, especially if you are an HDFC Bank customer and pre-approved.
Claim tax benefits on interest payments:
You may be eligible for tax benefits on a Personal Loan used for higher education expenses.
Student instant personal loan:
Loan approval can be almost immediate, taking as little as 10 seconds for pre-approved individuals and less than 4 hours for non-HDFC Bank customers. Click here
Personal Loan eligibility for Students:
For Salaried Individuals:
Nationality: Indian
Age: 21- 60 years
Income: ≥₹25,000
Employment: 2 years (1 year with current employer)
Note: Salaried employees at select private limited companies and public sector undertakings (including central, state and local bodies)
Note: *Government taxes and other levies as applicable will be charged over and above the Fee and Charges. Loan disbursal is at the sole discretion of HDFC Bank Ltd.
- Interest Rates and Charges for applying for Personal Loans for Students:
| Rate of Interest | 10.90% - 24.00% |
|---|---|
| Processing Fees | Up to ₹ 6,500/- + GST |
| Tenure | 03 months to 72 months |
| Documents Required | No Documents for Pre-approved Personal Loan |
| For Non-Pre-approved - Last 3 Months Bank statements, 2 Latest Salary Slip and KYC |
Updated on 23rd October 2024
- *The (Most Important Terms and Conditions) for each of our banking offerings features all the specific terms and conditions that govern their use. You must go through it thoroughly to fully understand the terms and conditions applicable to any banking product you choose.
Frequently Asked Questions
Interest rates on Personal Loans for Students vary based on the lender and applicant's financial situation. Generally, income level, credit score and ability to repay debt affect interest rates. It is best to inquire about current rates from individual banks or financial organisations. The interest rate charged is usually between 10.90% and 24.00%.
Students can apply for Personal Loans through several convenient methods. Here are the different ways:
- Online Application: Go to the bank's official website and complete the application for online Personal Loans for Students.
- Loan Assist App: Use the bank's loan application-specific mobile app.
- In-person: Apply in person at the closest bank location. The application procedure is intended to be simple and requires little paperwork, particularly if you are a bank customer who has already been pre-approved.
HDFC Bank Personal Loans for Students offers quick approval, competitive interest rates, and flexible repayment options. It requires minimal documentation and no collateral, making it ideal for students. Funds can be used for various education-related expenses, providing financial flexibility.
Personal Loan for Students is a loan offered by banks to help them meet their financial needs for educational purposes. Customers can take the loan to fund their education or that of a family member.
You can Apply online for a Personal Loans for Students . In addition to this, you can also use the bank's NetBanking facility or mobile app to apply for Personal Loans for Students.
Applicants can get a Personal Loan for Students with 12–60-month tenures.
A Personal Loan for Students can be used for various purposes to meet travel expenses, tuition fees and the cost of study material, any special coaching one may need, and the cost of lodging and boarding.
You can get a Personal Loan approved in under 4 hours (almost instantly if you are an existing HDFC Bank customer).
HDFC Bank offers up to ₹40 lakh under its Personal Loan offering.
Fast, easy, secure—start your personal loan application right now