Education and Career Forum

Sir, I want to do MBA course with an education loan. I would like to know what is the interest rates scheme for this course in HDFC Bank? I don’t want to prefer Financial Institutes so I need to know the interest rates of HDFC Bank for MBA course. I also want to know how will they recover the amount given in education loan?

Eligibility criteria to get Educational Loan of HDFC Bank :

<> You should be a citizen of India

<> Minimum Age is 16 years and Maximum Age is 35 years.

<> For Loan Amount less than 7.5 lac there is No need of collateral security.

<> If more than 7.5 lac there is a need of Collateral security.

Interest Rate :

<> Minimum Interest Rate is 9.30%

<> Maximum Interest Rate is 13.44%

Recovery Procedure :

Of course, any kind of financial Institute will go for recovery after overdue of the loan. There will be a specific procedure followed for Educational Loan. Like SARFASCI Act, DRT etc.,

The interest rate is usually between 12% to 15% and it varies according to the RBI base rate. There is a concession on the interest rate for some category of students. You can avail such concession which is usually about half a per cent.

You need to pay the education loan in the form of EMI in 15 years time which is the maximum tenure for repayment.