HDFC Bank Education Loan

✓ Up to 1.5 Cr Education Loan

✓ Interest rates start from 8.64%

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HDFC offers education loans under different categories to help students raise funds for their higher education in India and abroad. Its accessibility and affordability are the key points that attract most of the students to take Student loans from the bank.

Education loan Products of HDFC Bank

The student loan schemes offered by HDFC are as follows:

  • HDFC education loan scheme for study abroad
  • HDFC education loan scheme for study in India

Therefore, it launched Credila HDFC student loan, one of the subsidiaries of this Bank that has specialized to become India's first dedicated education loan lender company.

Get an education loan from HDFC Credila through WeMakeScholars

HDFC Bank Education Loan Schemes for Abroad studies

HDFC offers abroad education loans for over 2100 universities in 950 courses across 35+ countries including the USA, the UK, Australia, etc. Amidst the consistently rising cost of education, student loans have simplified it for students to raise funds for their higher education. Details are given below:

HDFC Abroad Education Loan with Collateral:



Loan Limit

No upper limit

Expenses covered

  • Tuition fees
  • Traveling cost
  • One way airfare
  • Accommodation expenses
  • Purchase of books, instruments, uniforms

Accepted co-applicant

Parents, Parents in law, Siblings, Spouse

 Interest rate

Starts from 8.64%

Moratorium Period

Course duration + 12 months

Repayment Duration

Upto 14 years including the moratorium period

Repayment policies

Interest during the moratorium period will be added to the outstanding loan amount and paid with EMI

Eligibility Criteria

  • Borrower and co-applicant must be an Indian citizen
  • Borrower and Co‐applicant(s) should meet HDFC Credila's credit and underwriting norms
  • Co-borroweAcceptable collaterals(s) must have a bank account in any bank in India with chequewriting facilities
  • Confirmed admission to the colleges before disbursement

Acceptable Collaterals

  • Liquid Securities – Fixed Deposit or HL with HDFC Ltd
  • Immovable Collateral – Flat, House, Bungalow, Land (Non-Agricultural), Shop, etc.

Courses Eligible

  • MS
  • MBA
  • MBBS/MD – Only India Colleges
  • Executive Management Courses (Working Executives)
  • All Other Courses – Cases to Case Basis

If Collateral is immovable then the following documents are required:

  • Original Registration receipt for the above agreement
  • Encumbrance certificates as on date etc
  • Previous Chain of Sale Deed establishing title
  • Registered Sale Agreement Along With Society Share Certificate
  • Latest Property tax bill along with receipts,
  • Approved building plan
  • Allotment Letter By Authorized Govt. Authorities like MHADA, CIDCO/ Municipal Corporation, etc.
  • Property Title Deed
  • NOC for a mortgage from society/builder
  • Latest Maintenance bill along with Receipts issued by the builder/ society


HDFC Education Loan for Abroad without Collateral:



Loan Limit

Upto 45 lacs

Expenses covered

  • Tuition fees
  • Traveling cost
  • Laptop cost
  • Accommodation expenses
  • Purchase of books, instruments, uniforms

Accepted co-applicant

Parents, Parents in law, Siblings, Spouse

Interest rate

Starts from 8.64%

Moratorium Period

Course duration + 12 months

Repayment Duration

Upto 14 years including the moratorium period

Repayment Policies 

  • The total funding amount has to be repaid within the repayment duration itself.
  • Interest during the repayment amount will be added to the outstanding funding amount and paid with EMI

Eligibility Criteria

  • Applicant and co-applicant must be an Indian citizen
  • Students should have secured admission to the colleges before disbursement
  • Students should be able to offer collateral if required in certain cases
  • Co-borrower(s) must have a bank account in any bank in India with chequewriting facilities
  • Borrower and Co‐applicant(s) should meet HDFC Credila's credit and underwriting norms
Get Education Loan for abroad with or without collateral through WeMakeScholars

HDFC education loan scheme for study in India

Students can get up to Rs 1.5 Cr as student loans with collateral, and Rs 50 lacs as HDFC education loans without collateral to study in India, as per the scheme. Students avail education loans for Mumbai, Delhi, Hyderabad, and other cities of India.

Further details about both the loan products are available below:

HDFC Education Loan with Collateral To Study In India:



Loan Limit

Upto 1.5 Cr

Expenses covered

  • Tuition fees
  • Traveling cost
  • Accommodation expenses
  • Purchase of books, instruments, uniforms

Accepted co-applicant

Parents, Parents in law, Siblings, and Spouse

Interest rate

In between 9-11%

Moratorium Period

Course duration + 1 year or 6 months after getting a job (whichever is earlier)

Repayment Duration

Up to 15 years

Eligibility Criteria

  • Applicant and Co‐applicant(s) should meet HDFC Credila's underwriting and credit norms
  • Indian residents between 16 and 35 years of age
  • Students should secure admission into higher education institutes in India through merit-based tests.

Acceptable collaterals

  • Immovable Property - Residential Property, house, flat, non-agricultural land
  • Liquid securities - Fixed Deposit, Debt Mutual Funds, Insurance Policies, NSC / KVP


HDFC Bank education loan without collateral to study in India:



Loan Limit

Upto 50 lacs

Expenses covered

  • Tuition fees
  • Traveling cost
  • Accommodation expenses
  • Purchase of books, instruments, uniforms

Accepted co-applicant

Parents, Parents in law, Siblings, and Spouse

Interest rate

In between 11-13%

Moratorium Period

Course duration + 1 year or 6 months after getting a job (whichever is earlier)

Repayment Duration

Up to 15 years

Eligibility Criteria

  • Indian residents, between 16 and 35 years of age
  • Co‐applicant(s) and applicant should meet the bank’s underwriting norms and HDFC Credila's credit norms.
  • Students should have secured admission to a higher education course in recognized institutions in India through the Entrance Test/ Merit Based Selection process

HDFC Bank Education Loan Processing fee

Find below the processing fee percentage charged by HDFC:

Type of Education Loan

Processing Fee

For Study in India


For study abroad, Special Initiative cases, Part-Time cases

Upto 1% or minimum Rs. 1,000 (whichever is higher)

Apart from this HDFC charges the following fees from the students:

Type of service

Amount charged

Charges for delay in payment

@ 2 % per month of installment ( MI/PMII)+ applicable taxes thereon

Direct Debit or ACH mandate or Cheque swapping charges

Up to Rs.500/- per swap instance plus applicable taxes thereon

Direct Debit/ ACH/ Cheque Bouncing Charges

Rs. 400/- per dishonor of cheque or ACH or Direct Debit return per presentation plus applicable any taxes thereon

Collection charges (manually)

Rs. 200/- per visit plus applicable any taxes thereon

Handling and updating loan accounts as per customer request

Rs. 1,500/- plus applicable any taxes thereon

The processing fee and other above-mentioned charges are as per the bank policies, WeMakeScholars is a government-funded organization, a leading student loan partner, supported by the Ministry of Electronics and Information Technology, under the Digital India Campaign. 

If you are looking forward to applying for an education loan or want to check your education loan eligibility, request a callback or fill out the eligibility form at WeMakeScholars.

Documents Required for HDFC Bank Education Loan

The documents required for each scheme might be different. Here we have provided you with a list of general documents required to apply for a student loan:

Section 1: Application form 

Education loan application form with 2 passport-size photographs (an online copy generated by WeMakeScholars is also acceptable)

Section 2: Basic documents for student and co-applicant or Guarantor

  • Proof of Residence – Electricity Bill/ Telephone Bill/ Voter ID Card/  Passport/ Ration card/ Bank account statement/ Aadhar. (2 different proofs if current and permanent residence are different)
  • Identity Proof – PAN Card and Passport of the student if going abroad
  • Last 6 months’ personal and salary bank account statements. For co-applicants, it should show the salary credited or 1-year business transactions if self-employed.
  • Asset & liability statement of the applicant (assessed by the branch professional)

Only self-attested documents will be acceptable.

Section 3: Academic documents of the applicant

  • Academic mark sheets and certificates- 10th, 12th, Degree
  • Fee structure as given by the college or university
  • Entrance exam scorecard - TOEFL, IELTS, GRE etc (whichever applicable)
  • Admission proof for the course (mentioning the total duration of the course)

Section 4: Co-applicant Income documents

  • If Salaried:
  1. Employers ID card
  2. ITR of last 2 yrs
  3. Recent salary slips (for the last 3 months)
  4. Form 16 of the last 2 years.
  • If Self-employed
  1. Last 3 yrs' balance sheet and Profit & Loss account (only if self-employed)
  2. ITR of last 3 yrs
  3. Address proof of business

Section 5: Other Documents

  • Legal document with the student and co-applicant in the Bank’s standard format provided by the WeMakeScholars Financial officer
  • A letter stating that leftover other expenses apart from l amount will be paid by the co-applicant in the format provided by WeMakeScholars financial officer

Section 6: Additional docs (if applicable)

  • Receipts of payments made previously if any.
  • All loan account statements (1 year) if any pending loans.
  • Gap certificate if the students had a break or failure in studies on Rs. 100 stamp paper. (Format to be provided by WeMakeScholars Financial officer)

Section 7: Collateral documents (Optional)

It is only applicable to students applying for education loans with collateral. The list of documents required in such a case is different for each state. Ask your financial officer to provide you with a collateral documents list according to your state.

This is a pretty generalized document checklist containing only ‘must required’ documents. However, the documents required to process a student loan in HDFC may vary depending on the applicant’s profile. To get the detailed document checklist, request a callback from your financial officer or fill out the common application form to start your education loan sanctioning process with WeMakeScholars.

Have you downloaded the list of documents that you will require for an abroad education loan?

HDFC Bank Education Loan Insurance

HDFC provides education loan insurance to its loan borrowers through which they can opt for Credit Protect from HDFC Life, by paying 1-2% of the loan amount. The insurance amount will be added to the loan amount, to relieve the student’s burden.

Education loan insurance is a type of safety feature of student loans, which protects the parents/co-applicant of the loan from the burden of paying the entire outstanding student loan, in case of any mishappening with the applicant. It also prevents the banks from turning their profitable asset (granted education loan) into a non-performing asset.

To get more information about education loan insurance, ask your financial officer while processing your student loan with WeMakeScholars.

HDFC Bank Loan Margin Calculation

HDFC charges the education loan margin as per the following table:

Loan Amount

Loan Margin

Upto 4 lacs


Above 4 lacs

  • Study in India 5%
  • Study Abroad 15%

Loan margin is an amount by percentage of the total loan amount, which a borrower of the student loan needs to pay to the banks in order to get the funding disbursed. Banks usually charge this loan margin to be assured of the following two things:

  • The paying capability of the applicant
  • Seriousness of the applicant to take the education loan

For example: If you are planning to go abroad for your higher studies and want to take an education loan of, say suppose, 50 lacs, then according to the loan margin criteria, you will have to pay Rs 7.5 lacs to the bank in order to get the rest of the loan amount disbursed. Sometimes, this 5% or 15% amount of the entire funding is beyond the paying capacity of the students.

Do not have the Loan margin amount for your education loan?

How to apply for an education loan from HDFC Bank?

The application process to take a student loan:

Offline Application Process:

  • Visit the nearest HDFC branch
  • Ask the loan officer about the student loan products offered by the bank
  • Check your education loan eligibility as per the information provided
  • Fill out the education loan application form, if eligible
  • Ask for the documents checklist to be submitted to the bank
  • Visit the bank again to submit the documents and start the loan application process.

Online Application Process with WeMakeScholars:

Step 1: Reach out to WeMakeScholars by Requesting a callback or filling out a common application form

Step 2: Give all your education loan details to your assigned  financial officer over a call

After analysis of your loan profile, your financial officer will suggest you the best lenders for your education loan.

Step 3: As per your eligibility, choose your lender and inform your financial officer

Step 4: Submit your documents either in the bank or upload them on the secure documents portal of WeMakeScholars, online

Step 5: Your financial officer will be in constant touch with the lender's team to process your student loan and, if required take follow-ups from them.

Step 6: Take your loan sanction letter from the bank within 7 days of submitting the document, if taking a loan from a private bank or NBFC

The loan application process will not be the same if you approach the banks directly to get your education loan sanctioned, because of the following issues:

  • Lots and lots of documentation
  • Multiple visits to the banks, delay the process
  • No particular list of required documents
  • Insufficient knowledge about eligibility for student loan
  • Issues in legal and valuation reports
  • Unavailability of correct information
  • Improper customer services

With years of experience and after processing thousands of loan files we proudly call ourselves, education loan experts, and here are the reasons why :

  • Expert advice - According to your loan profile analysis your financial officer will connect you to the best lenders and guide you to navigate through the loan sanctioning process.
  • End-to-end support - After your loan is sanctioned, we will still be there with you to help with the disbursement of the loan and also at the time of repayment, even when you are on the other side of the earth.
  • Minimal Processing time - With us, your student loan without collateral will be sanctioned within 7 days from the date of document submission, and your education loan with collateral within 15-20 days. This is half of the time that banks usually take to process.
  • Negotiation support - We go a little extra mile, to negotiate with the lenders in terms of rate of interest and loan conditions, wherever possible, on your behalf
  • Lower Interest rates - Students get an additional 0.5-2% discount on effective interest rates, under any student loan product if they process their education loan with WeMakeScholars. 
  • Digitized application process - The WeMakeScholars documents portal reduces the stress of going multiple times to the bank just to submit the documents, making the process hassle-free.
  • Cashback offer - You can get a cashback of up to Rs 3,000 from us, at the time of your disbursement 
  • Free of cost services - All our student-friendly education loan sanctioning services are free of cost for students, as we are funded and supported by the IT Ministry, we do not charge anything from students.
  • Tax benefits - Under sections 80-E and 80-C of the Income Tax Act of 1961, both of the Bank's aforementioned loan programs are eligible for tax exemption advantages and we make sure that you save and take the maximum tax benefits.

To fast-track your student loan process, visit WeMakeScholars and apply online for an education loan. Request a callback, or fill out a common application form, to speak to your financial officer, who will connect you to 14+ public and private banks in India, so that you can compare and get the best student loan deal for yourself.

Why and How to transfer your education loan to HDFC Bank?

HDFC provides the option of loan transfer to students which enables them to transfer their current student loans from their present lender bank to HDFC to get

  • Easy loan conditions
  • Student-friendly bank policies
  • Lesser interest rate
  • Better study loan payback plans
  • Broader coverage of loan scheme

Here are the steps to transfer your education loan to HDFC:

  • Collect proof of the pending loan amount from your current lender.
  • Contact WeMakeScholars by requesting a callback, stating that you wish to transfer your loan.
  • Submit your documents to the Bank as instructed by your Financial Officer.

On approval of your loan transfer, the Bank will pay your outstanding loan amount to your previous lender bank, and the same amount will be sanctioned by the Bank as your new education loan. The revised loan terms will go into effect following the loan transfer in accordance with the Bank's student loan policy.

HDFC bank Education loan EMI calculation as per interest rate

HDFC has its own education loan EMI calculator available on their website to help students get an idea if their EMI amount will be within their repayment budget or not. But we suggest students use the WeMakeScholars student loan EMI calculator, due to its following advantages:

  • 100% accuracy - This specially designed calculator is created after deep research and study by considering all factors that alter the EMI calculation, making it the most accurate EMI calculator.
  • Strategic advantage - Students after getting an idea from the repayment statistics, you can plan and organize your EMI repayment strategy accordingly.
  • No cost - Just like all other services of WeMakeScholars, the student loan EMI calculator is  free of cost
  • Detailed Explanation - You get a deeper understanding of the results of the calculator, as it provides a detailed explanation of the repayment process.

Additionally, when you process your student loan with WeMakeScholars, we provide you complete support during the sanctioning process till the repayment. Request a callback or fill out the common application form to start your education loan process with WeMakeScholars

HDFC Bank Education Loan Repayment process

In HDFC the maximum repayment period can be up to 15 years. Students will have to pay their monthly EMIs on time in order to repay their education loans.

If suppose a student has taken a student loan of Rs 75 lacs, at 11% for a duration of 15 years, then the student will have to repay their loan as per the following repayment schedule:

Repayment Cycle


Interest Portion

Principal Portion

Loan Outstanding

Start of loan EMI





End of year 1





End of year 2





End of year 3





End of year 4





End of year 5





End of year 6





End of year 7





End of year 8





End of year 9





End of year 10





End of year 11





End of year 12





End of year 13





End of year 14





End of year 15





Students may, however, choose to repay their student loan even early by implying the following strategies:

  • Prepayment or Part Payment
  • Opting for shorter repayment periods
  • Considering transferring your education loan

There are many more such ins and outs in the process of getting an education loan sanctioned and we are experts in dealing with all of them. Therefore, we advise you to process your education loan through WeMakeScholars. Your financial officer will be available to you throughout the sanctioning, disbursement, and repayment processes of your student loan.

Request a callback or fill out the common application form to reach out to your financial officer at WeMakeScholars, and get ready to crack the best deal for your higher student loan.

Interest Subsidy Schemes in HDFC Bank

Central Government Interest Subsidy Scheme (CSIS) 

The Ministry of HRD, GOI has launched this scheme of Interest Subsidy on educational loans for students belonging to economically weaker sections of the society to pursue their higher education in India. Under this scheme:

  • Only those education loans are eligible which are sanctioned without any collateral security or third-party guarantee
  • Interest subsidy is available up to a maximum amount of Rs. 7.50 lacs irrespective of the sanction amount
  • Annual gross parental/ family income from all sources should not exceed Rs. 4.50 lacs.

To avail of the benefit of the Central Government Interest Subsidy Scheme (CSIS) a student should:

  • Secure admission after class 12, in professional/technical courses approved by NAAC-accredited Institutions, NBA, or CFTs.
  • Furnish the income certificate issued by competent authority appointed by the respective State Governments

Padho Pardesh Scheme

Launched by the Ministry of Minority Affairs, under this scheme, the interest subsidy is provided within the moratorium period, to students belonging to EWS of notified minority communities.

Eligibility criteria for Padho Pardesh Scheme

  • Students should pursue courses at Ph.D. levels, M.Phil, and Masters.
  • The student’s family income should not be more than Rs 6 LPA.
  • An income certificate approved by the government is mandatory
  • Students should have taken the loan as per the Indian Banks Association guidelines

Dr. Ambedkar Interest subsidy scheme for OBC and EWS students

Launched by the Ministry of Social Justice and Empowerment, to offer interest rate subsidies to eligible students hailing from OBC and EWS of society. 

Eligibility criteria for Dr. Ambedkar Interest Subsidy Scheme for OBC and EWS students

  • Students should be admission only in the approved courses at M.Phil, Masters or Phd levels, abroad
  • Loans taken as per the Indian Banking Association guidelines are acceptable
  • Student’s family income should not be more than Rs 8 lacs per annum for EBC category and OBC category
  • Student should mandatorily provide proof of belonging to OBC category
Are you eligible for interest subsidies under different government schemes?

Education Loan FAQs

  • Is there any product for HDFC education loans for abroad?

    Yes HDFC bank has separate education loan products under which it offers both, education loan with collateral and even without collateral to study abroad aspirants. The rate of interest starts from 8.64%.

  • What is HDFC education loan interest rate?

    The rate of interest charged by HDFC bank for education loans starts from 8.64% for both collateralized and non-collateralized education loans to study abroad. The rate of interest charged on an education loan to study in India depends upon the student's loan profile.

  • Can I get a non-collateralized education loan from hdfc bank?

    Yes, you can get an education loan of upto Rs 45 lacs to study abroad and upto Rs 50 lacs without collateral, you only need to contact with our financial officers


HDFC intends to sell 90% of its ownership in HDFC Credila for a significant amount of Rs 9,000 crore

HDFC Ltd, a prominent financial institution, has recently finalized a significant deal to sell 90% of its ownership in HDFC Credila, its education loan subsidiary. The agreement involves BPEA EQT and CrysCapital Group, who will acquire the majority stake for a substantial amount of Rs 9,060 crore. This development was confirmed by HDFC through an official filing with the exchange.

As a result, HDFC Credila will no longer operate as a subsidiary of HDFC,  its shareholding will drop below 10% of the total issued and paid-up share capital of HDFC Credila.

This deal marks a significant step in HDFC's strategic direction and paves the way for potential growth opportunities for HDFC Credila under the new majority ownership.

Last Updated - 20/06/2023

HDFC Bank Raises Loan Interest Rates by Up to 15 bps, Leading to Increased EMIs for Education Loans

HDFC Bank, a prominent financial institution in India, has recently announced an upward adjustment in its benchmark MCLR, leading to potential effects on loan interest rates. The revised rates, which came into effect on June 7, 2023, have been raised by up to 15 basis points, as confirmed by the HDFC Bank website.

The overnight MCLR, an essential rate for short-term loans, has experienced a 15 basis point increase, reaching 8.10 percent. Additionally, the one-month MCLR has risen by 10 basis points, resulting in a new rate of 8.20 percent. Similarly, the three-month MCLR has witnessed a 10 basis point hike, settling at 8.50 percent.

It is important to note that the impact of these revised rates will not be applicable to HDFC home loan borrowers, as most mortgages are obtained through HDFC Ltd., the parent company of HDFC Bank. 

Borrowers affected by this revision will likely experience an increase in their Equated Monthly Installments (EMIs) as a result of the higher interest rates. The adjustment reflects the bank's response to prevailing market conditions and the need to manage its lending portfolio effectively.

Last updated on - 10/07/2023

HDFC Bank Paves the Way for Digital Rupee Adoption with Interoperable UPI QR Code Integration

HDFC Bank, India's largest private lender, has become the first commercial bank to connect the United Payment Interface (UPI) with the Central Bank Digital Currency (CBDC). This achievement follows the recent announcement by the Reserve Bank of India (RBI) and marks a major step in financial innovation.

By launching a UPI QR code that integrates seamlessly with India's CBDC, HDFC Bank simplifies digital transactions. Customers can now use their CBDC wallet with a single QR code, eliminating the need for multiple scans. Merchants benefit too, as they only need to display one QR code without changing their existing codes.

This move aims to boost the usage of the Digital Rupee currency, with HDFC Bank facilitating Digital Rupee payments in key cities like Mumbai, Delhi, and Bengaluru. As India already records 310 million daily UPI transactions, the QR code interoperability between CBDC and UPI holds immense potential for revolutionizing digital payments.

HDFC Bank's pioneering efforts demonstrate its commitment to driving financial innovation and creating a user-friendly financial landscape. The seamless integration of CBDC and UPI sets the stage for a future where customers and merchants can harness the transformative power of digital currencies.

Last Updated - 13/07/2023