HDFC Education Loan Calculator – Calculate EMI for HDFC Student Loans
HDFC bank is one of the largest private sector bank in India and offers a wide range of loans and advances to individuals as well as corporates. HDFC is one of the most reputed banking service brand trusted by millions in India.
HDFC Education Loan Calculator – Know Your EMI
If you are searching for an online HDFC education loan calculator, then let me tell you that HDFC provides a very basic and general purpose online calculator on the website, which calculates the EMI in the form of monthly payment required we made by you. You have to enter the values of the loan amount, the number of years for which the loan is taken out and the ROI (the interest rate applicable on your educational loan).
Online HDFC Student Loan EMI Calculator
In case you want to know the details of the EMI components of your HDFC student loan then this EMI calculator on their website is of no use. You will have to rely on any of the online loan calculator available freely on many websites and create an amortization schedule for your educational loan. This amortization should use will make a table, which will clearly display all the monthly payments and their due dates and quiet to be made by you.
Here we present you one such online version of HDFC student loan calculator, which will not only calculate the educational loan EMI, but will also tell you that two main components of the EMI mainly; the loan repayment component – which is the part of your EMI used to repay the outstanding loan balance and the interest component – which is used to pay your bank for the amount given to you as educational loan.
Some of the banks providing educational loans, allow the borrowers to make payments in addition to your monthly EMI payments. These additional payments can be in the form of lump-sum payment as and when some surplus money is available with you or they can also be in the form of regular monthly payments made along with the scheduled EMI payment. Understanding the effects of these extra payments for the reduction of your loan term and ultimately reduce your overall interest burden, can go a long way to plan your finances well.
Download Excel HDFC Student Loan Calculator
We encourage you to download the basic Excel template used to create this online HDFC education loan calculator. This way you will be able to do the calculations on your computer even if you are off-line and the compare HDFC student loan offering with other loan offers.
Salient Features of HDFC Student Loan Scheme
HDFC provides comprehensive student loan for Indian education for a studying in approved courses offered by recognised institutions in India. Following are the salient features of HDFC education loan scheme.
- No collateral security required for education loans upto Rs. 7.5 lakhs.
- Maximum limit is Rs. 15 lakhs, which can be availed against collateral securities like residential property, HDFC bank fixed deposits, LIC policy, NSC or KVP.
- Loan periods available for as long as seven years.
- A repayment moratarium off course period plus one year allowed before the start of the repayment.
- Tax rebate for the interest paid on an education loan under section 80E of income tax act.
Eligibility Conditions for HDFC Student Loans
HDFC is quite liberal in enforcing the eligibility conditions for the disbursement of student loans. Following are the primary eligibility conditions.
- You must be an Indian resident
- The age should be between 16 to 35 years
- Co-applicant is required for all full-time courses. Primary co-applicant can be parents, spouses or siblings. Secondary co-applicant can be father-in-law, mother-in-law, brother in law, paternal maternal uncles and aunts.
Documentation Required for the Disbursement of HDFC Education Loan
Following is the list of the documents you need to submit for the disbursement of the installments of your HDFC education loan.
- Disbursement request letter from applicant or co-applicant.
- The demand letter from the educational Institute.
- The progress report of applicant
- Revised the repayment instructions