Vidya Lakshmi Portal HDFC Bank: Check All the Details Here

Vidya Lakshmi Portal HDFC Bank

The Vidya Lakshmi portal was launched on 15 August 2015. The main objective of introducing the portal is to provide a one-stop solution for students to avail education loans for higher studies. The government of India in collaboration with the Indian Banks Association is providing financial assistance to students with 44 registered banks. HDFC Bank is one of the registered banks providing financial assistance to students who want to pursue higher education either in India or abroad.  In this blog, we will talk about the detailed procedure to apply for a loan on Vidya Lakshmi Portal HDFC bank loan.

Also Read: Education Loans for Abroad Studies in 2023

HDFC Education Loan from Vidya Lakshmi Portal

HDFC is the first dedicated education loan company. It provides financial assistance to aspiring students for overseas education. Check out the highlights of the HDFC bank education loan

Loan ProgramHDFC Education Loan
Student’s Age16 years to 35 years (as per the data provided by Vidya Lakshmi Portal)
Co-applicants Age (as per the data provided by Vidya Lakshmi Portal)Salaried – 21-60 years
Self-Employed – 21-65 years
Self-Employed Professional – 25-65 years
Quantum of LoanFor India:
Category A / B – 15 lakhs
Category C -7.50 lakhs
For Abroad:
Category A / B – 20 lakhs
Category C – 15 lakhs
Repayment PeriodUp to INR 4 lakhs – 120 MonthsINR 4 lakhs to 7.5 lakhs – 120 MonthsAbove INR 7.5 lakhs – 180 Months
Moratorium PeriodCourse period plus one year or 6 months.
The maximum moratorium Period is 12 months.
Processing FeesNo processing charges
Interest RateUpto INR 4 lakhs – Minimum 10.25%, Maximum – 12.25%
Above INR 4 lakhs – Minimum – 10.25%, Maximum – 15.00%
Margin Money15% margin for overseas education in all categories of institution

Also Read: Canara Bank Vidya Lakshmi Education Loan

Vidya Lakshmi Portal HDFC Bank Education Loan Eligibility

There is a criteria set by all the banks to grant financial aid to the students for higher education in India and abroad. The eligibility criteria of HDFC Bank is

  • The applicant should be a resident of India.
  • The age of the student should be between 16 years and 35 years.
  • Co-applicant is mandatory to avail educational loan.
  • Students should be eligible for Loan amounts.
  • Students should have secured admission to a higher education course in a recognized institution.
  • Approved courses leading to degree and PG diplomas in recognized colleges.
  • A third-party guarantee with adequate net worth is mandatory for loan amounts between 4 lakhs and 7.50 lakhs.
  • Tangible security is to be provided for the loan amount above 7.50 lakhs.

Vidya Lakshmi Portal HDFC Bank Education Loan Terms and Conditions

The terms and conditions to avail HDFC bank education loan are as follows

  • The applicant and co-applicant must have a savings account with HDFC Bank.
  • The minimum balance should be INR 5000 in a savings account.
  • A joint account is mandatory for minor students.
  • Interest Servicing through this account (where applicable)

Disbursement of the Loan Amount

The Tuition and Hostel fees are disbursed directly in favour of the educational institute as per the schedule of fees given by the institute/college. The amount of loan to be disbursed is as per requirement/ demand directly to vendors of books/equipment/instruments to the extent possible.

Expenses Covered Under Education Loan

The list of expenses covered under an education loan is 

  • Tuition fees as determined by the college/University.
  • Up to 100% of other expenses
    • Living and hostel expenses
    • Travelling expenses
    • Examination fees
    • Library/laboratory fees
    • Purchase of books/equipment/instruments/uniforms
    • Passage money for studies in India
    • Purchase of computers/laptops considered necessary for completion of the course as decided by HDFC Credila. 
    • Travel fare is restricted to one economy class return ticket between India and the country of study.

FAQs

Can my spouse be a co-applicant of the loan?

Yes, your spouse can be a co-applicant.

Can I apply for tax benefits on availing an Education Loan?

Indeed, Under Section 80-E of the Income Tax Act 1961 you can apply for tax exemption on an education loan. 

Can I apply for a 100% education loan?

Yes, An education loan covers up to 100% of expenses.

Vidya Lakshmi Portal HDFC bank is providing a one-stop solution to avail HDFC bank in an easy and friendly manner. Kindly check all the details, eligibility criteria, and interest rates before applying for an education loan. Also, compare the schemes and loan programs provided by the banks. Choose an appropriate program as per your course and university.

To know more about the loan application process, 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. Follow our social media handles on Twitter, LinkedIn and Instagram

About Farina Khan

Farina Khan is a journalist by profession and a writer by passion. She carries over a decade of experience in Journalism and Mass Communication and worked with some renowned media organisations like Doordarshan and Zee Media. She performed numerous roles during her work tenure including reporting, anchoring, and heading output as well. Her passion for writing, combined with dedication in delivering high-quality content, drives her to excel in the dynamic field of content writing. From thought-provoking articles to SEO-friendly blog posts, or engaging website content, She is here to bring the ideas to life through words.

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