Credila Education Loan for Study Abroad: Interest Rates, Fees, Processing Time
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Under the Credila Financial Services education loan students can borrow money to study 3300+ courses offered by 4600+ universities and colleges located in 63+ countries. Credila Financial Services offers student loans, which is the most preferred way to finance your study abroad dream.
Going to study in a foreign country? It is a big dream for lots of students in India. But finding all the money you need for fees, travel, and living there can feel like a tough mission. Luckily, special companies like Credila Financial Services are here to help you solve this money problem. In this guide, we have gathered all the important details you need to know about the HDFC Credila Education Loan. It is basically a special study loan for students who want to study abroad.
It is one of the most preferred options among students to offer a study loan. All you need to do is choose the universities and courses mentioned on their official website. It offers a minimum 20 lakhs loan amount. If you are eligible, then HDFC Credila education loan can offer up to 100% of tuition fee.
Whether you need information on eligibility criteria or anything else, this guide has you covered. Discover how the HDFC Credila Education Loan can help you bridge the gap between your aspirations and reality.
- Features of Credila Financial Services Education Loan
- Credila Financial Services Loan Eligibility Criteria
- Documents Required for Credila Financial Services Loan
- Credila Financial Services Interest Rates and Fees
Features of Credila Financial Services Education Loan
- Offers education loans up to 100% of the total educational expenses
- Loan amount of more than Rs. 20 lakhs are available
- Repay loans via EMIs
- Competitive rates for students getting into top universities across the world.
- Doorstep service ensures loans are disbursed as quickly as possible
- Web billing and servicing
- Benefits under section 80(E) of the Income Tax Act 1961.
- The loan can be sanctioned before the admission is confirmed.
Credila Financial Services Loan Eligibility Criteria
Here is the point-wise eligibility for HDFC Credila education loan. To get the loan amount, you need to fulfill requirement mentioned here.
- The student should be a resident Indian.
- Applicants should be older than 35 years.
- The co-applicant could be a parent, spouse, sibling, in-laws, or uncle/aunt.
Related links:
- Eligibility Criteria for Education Loan
- The A to Z of Study Abroad Loans: All Terms and Their Definitions
- Everything You Need to Know About Education Loan
Documents Required for Credila Financial Services Loan
Check out the list of documents required for education loan offered under Credila Financial Services
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List of Documents Required for Credila Financial Services
Here is the checklist of all the documents that you need to have at the time of the education loan application:
| Documents Required for Education Loan | |
|---|---|
| PAN Card | PAN or Form No. 60 (Mandatory if PAN is provided) |
| Application Form | Completed Original or Digital Application Form |
| Academic Documents | |
| Address Proof of Applicant | Any one of the following valid ID/address proofs:
|
| Financial Documents | Co-Applicant: Salaried
Co-Applicant: Self Employed
Co-Applicant: No Income 6 Months Savings Account bank statements |
Credila Financial Services Interest Rates and Fees
It is important to know the ROI of Credila Financial Services education loan before applying for this. Below, we have mentioned detailed information about ROI and fees related to this study loan.
| Description of Charges |
Education Loan |
|---|---|
| Loan processing charges |
Up to 1.5% of the sanctioned amount |
| Pre-payment charges |
None |
| No objection certificate (NOC) |
None |
| Duplicate of no dues certificate |
None |
| Solvency certificate |
Not applicable |
| Charges for late payment of EMI |
2% per month of instalment (MI/PMII) + applicable taxes |
| Credit assessment charges |
None |
| Non-standard repayment charges |
None |
| Cheque or ACH mandate or direct debit swapping charges |
Up to INR 500 per swap instance plus applicable taxes |
| Cheque/ACH/Direct debit bouncing charges |
Rs. 400 per dishonour of cheque/ACH/Direct Debit return per presentation + any applicable taxes |
| Stamp duty and other statutory charges |
As applicable by the laws of the state |
| Loan cancellation charges |
1% of the unveiled sanctioned loan amount + any applicable taxes |
| Manual collection charges |
Rs. 200 per visit plus any applicable taxes |
| Charges for updating and handling loan account as per customer request |
Rs. 1,500 plus applicable any taxes |
| Document storage and retrieval charges |
|
Learn More About Education Loans:
- Indian Banks offering Education Loans for Studying Abroad
- How to Choose Your Bank for Education Loan
Note: Students who wish to study abroad may get in touch with India’s top-rated loan providers and apply for an education loan through Shiksha Study Abroad.
Applicant's age should be between 18 to 35 years. Nationality should be Indian only. If applying with co-applicant then it should be a blood relation. Mother, father, brother, and sister anyone can be a co-applicant.
Here is the list of required documents for the education loan application. It can vary slightly depending on the bank or lender you choose:
- Filled application form
- KYC Documents (Know Your Customer) such as ID proof, residence proof, and more
- Academic Transcripts and Mark Sheets
- Co-applicant/Guarantor Documents such as ID proof, income proof and bank statement.
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Comments
(4)
4 years ago
P
4 years ago
B
6 years ago
P
4 years ago
Hi Brijesh, banks offer a loan of up to Rs 7.5 lakhs without collateral. Fore more information on collateral, please check the below guide: https://studyabroad.shiksha.com/education-loan-applycontent61319
6 years ago
Hi Sapna, majority of Indian banks provides upto Rs. 20 lacs for studying abroad. Please read the article above to know about Credila loan. You may also check this guide https://studyabroad.shiksha.com/education-loan-applycontent61319
Here are some popular government education loan schemes in India, to fund your higher studies: