HDFC Loan Transfer: Interest Rates Process, Eligibility

HDFC Loan Transfer Interest Rates
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HDFC Loan Transfer Interest Rates: Refinancing your loan helps to manage the financial burden of existing loan repayment, especially if you have taken an education loan. It lowers the interest rates, optimises monthly instalments, and provides flexibility with repayment tenure. HDFC Bank is a great option to consider when refinancing your education loans given the number of benefits one can avail of.

However, knowing about HDFC refinance interest rates and the process is important. Continue reading this blog to find out more in detail.

What is HDFC Loan Refinancing?

Loan refinancing means paying off the existing loan and proceeding with a new loan with better terms and conditions. In such a scenario, the borrower transfers their currency education loan to a new lender and gets benefits and customised loan solutions like lower interest rates, longer repayment periods, and other benefits to reduce the burden of paying back the loan.

HDFC Bank is one of the best banks for student loan refinance. Applicants who transfer their existing loan to HDFC Bank can avail of many benefits and apply for an HDFC education loan to study abroad or in India.

Also Read: Check out the details related to education loan cancellation due to unforeseen circumstances. Learn about the process and implications.

HDFC Loan Transfer Interest Rates

Loan transfer interest rates depend on factors like credit history, income and employment history of the co-applicant, course and university chosen. HDFC refinance interest rates start from 9.50% p.a. The minimum interest rates on study abroad education loans range between 10.25% p.a. to 15.00 % p.a. 

Education Loan AmountLoan Transfer Interest Rates
Up to INR 4 lakhs10.25% p.a to 12.25% p.a
Above INR 4 lakhs10.25% p.a to 15.00% p.a

Process of HDFC Education Loan Refinance

A common question that arises before an education loan transfer is how to apply for an education loan refinance. Well, to answer the same, the process is quite simple. All you need to do is find a new lender with the best terms and conditions offering lower interest rates and more flexible options. Once you are done, follow these steps to transfer the education loan to HDFC Bank-

  • Submit the foreclosure education loan application with the existing lender.
  • Fill out the education loan application and attach the required documents. Submit this to the HDFC Bank representative.
  • Wait for the bank to assess your loan application, creditworthiness, income, and other financial factors.
  • On approval, HDFC Bank will offer new loan terms, including lower HDFC loan transfer interest rates, flexible repayment periods, and optimised EMIs.
  • On acceptance of new loan terms by the borrower, HDFC will pay off your existing education loan.
  • The borrower can now start with new repayments according to the new terms and conditions.

Also Read: Get answers to all your queries related to HDFC Forex Card and how to check HDFC Forex Card balance for simplified international travel and financial transactions.

Important Guidelines for Education Loan Refinancing

It is important to keep in mind that one must fulfil the eligibility criteria when planning to refinance your existing student loans. It is ideal to compare different lenders, education loan interest rates offered, and terms and conditions. This helps you make the best decision and ease the financial burden.

  • Choose the lender that offers lower interest rates than the existing one. This reduces your monthly instalments.
  • Choose a repayment tenure that fits your needs. Decide whether you want a longer duration to manage EMIs wisely or a shorter repayment tenure to save on interest payments. You can predict EMIs using an EMI Calculator.
  • Make sure to maintain an excellent credit score before applying for refinancing. Lenders prefer applicants with a good score as this reduces the risk and allows you to get better refinancing terms.
  • Fulfil all the foreclosure formalities with the existing lender before transferring your education loan.
  • Many factors like interest rate trends, graduation and employment status, etc. determine the best time to apply for education loan refinance. It is always ideal to consider that.

This was all about HDFC Bank loan transfer, refinancing interest rates, processes, and important guidelines. Always research well and compare the lenders. Choose the one that fits your needs and allows you to repay your education loan flexibly.

FAQs

What is education loan refinancing?

Loan refinancing means paying off the existing loan and proceeding with a new loan with better terms and conditions and getting benefits like lower interest rates, longer repayment periods, and other benefits to reduce the burden of paying back the loan.

Can I refinance my student loan with the HDFC Bank?

Yes, borrowers with existing education loans can refinance their loans with the HDFC Bank. HDFC allows the takeover of loan facilities from other banks to offer lower interest rates, flexible repayment options, and optimised monthly instalments.

What are HDFC Bank refinancing interest rates on education loans?

HDFC refinance interest rates start from 9.50% p.a. The minimum interest rates on study abroad education loans range between 10.25% p.a. to 15.00 % p.a. 

How can I apply for HDFC Bank education loan refinancing?

You need to submit the foreclosure education loan application with the existing lender. Fill out the HDFC Bank education loan application and attach the required documents. Wait for the bank to assess your loan application, creditworthiness, income, and other financial factors. If you fulfil the eligibility criteria, HDFC will approve your loan application.

Is HDFC Bank a good option for education loan refinancing?

Absolutely. Refinancing your education loan with the HDFC Bank is a smarter move. You get the new loan at lower interest rates and affordable EMIs. Besides, there is zero processing fee, 100% transparency and no hidden charges.

To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.

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About Shubhika Garg

Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.

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