Study Abroad with HDFC Credila Education Loan

Updated on: 11 Sep 2023

You have heard of banking companies offering education loans but have you ever heard of an education loan specialist lender? HDFC Credila Financial Services is India’s first Non-banking Finance Company (NBFC) dedicated solely to education loans. And they have great education loan deals to offer.

This NBFC is a subsidiary of HDFC and offers student loans for both studies abroad and in India. The specialized lender has one core objective - to work closely with parents and students to help choose an education loan that befits them.

What’s HDFC Credila Education Loan for Foreign Education?

HDFC Credila has provided education loans to thousands of Indian students pursuing higher education in more than 35 countries in over 1000 colleges and universities. Because Credila understands the many hurdles, problems, and complexities students face while applying for an educational loan, they provide customized solutions that suit the country and college of your choice.

Here’s what you need to know before applying for a study loan from HDFC Credila:

How to Apply for HDFC Credila Education Loan?

• First, check your loan eligibility here.
• Our team will immediately give you a call. After analyzing your profile and checking your eligibility criteria, we will guide you through the next steps to be taken to apply for a Credila education loan.
• As a part of the next steps, you will have to fill the HDFC Credila education loan application form and provide complete, valid, and correct details.
• Now comes the documentation step. The best part about applying for a Credila Education Loan through GyanDhan is that you can submit the documents online. Through our online upload facility available on the GyanDhan portal, you can carry out the entire documentation process from your home.
• Your application is reviewed. If you fulfil all the HDFC Credila education loan requirements, the loan is approved. You sign the agreement, and the money is transferred to your account electronically.

What are the HDFC Credila Education Loan Documents Requirements?

When submitting your fully completed HDFC Credila education loan form and two photos, you have to provide self-attested copies of the following documents:

1. A Photo ID. Any of the following:
   • Passport
   • PAN Card
   • Aadhaar Card
   • Driving License
   • Voter's ID Card
2. Address Proof. Any of the following:
   • Passport
   • Aadhaar Card
   • Driving License
   • Voter's ID Card
3. Proof Of Admission
4. Academic Documents. All of the following, where applicable:
   • Certificate/Marksheet of 12th exam
   • Marksheet/Certificate of subsequent years of education, e.g. B. Tech
   • GRE or GMAT, TOFEL or IELTS scorecard
   • Marksheet of any entrance exam taken, e.g. CAT
   • Scholarship documents
5. Bank Statement. Previous 8-month Statements of the Co-applicant of All Bank Accounts.
6. Income Proof of Co-applicant.
   • For Salaried Employee, All of the following:
     1. Last 2 year's income tax returns or last 2 year's Form 16 from the employer.
     2. Latest 3 salary slips or salary certificate on employer's letterhead.
     3. Any other income proof that is not reflected in the above documents.
   • For Self-employed Co-applicant, all of the following:
     1. Last 2 years’ income tax returns.
     2. Last 2 years’ certified financial statements or provisional financial statements duly certified by CA.
     3. Proof of office (any of the following - lease deed, utility bill or title deed).
     4. Any other income proof that is not reflected in the above documents.

If you’ve taken an HDFC Credila secured education loan against an immovable property like a flat or house or a non-agricultural land, then all these will be further required:

• Property title deed.
• Approved building plan.
• 7/12 extracts in case of land.
• Encumbrance certificates as on date.
• NOC for a mortgage from society/builder.
• Previous chain of sale deed establishing title.
• Registered sale agreement along with society share certificate.
• Original registration receipt for the above agreement.
• Allotment letter by the municipal corporation or authorized govt.
• Latest property tax bill along with receipts.
• Latest maintenance bill along with receipts issued by builder/ society.

*Source: HDFC Credila

What are the Benefits of Taking an Education Loan from HDFC Credila?

You don’t need a letter of admission to get a student loan from HDFC Credila. This is the biggest advantage of taking a student loan from the NBFC. You get the loan sanctioned even before you get an admission confirmation. Moreover, being the only dedicated platform for education loans in India, they are adept at offering customised loans that fit your profile. Some other benefits you gain with Credila are:

• They accept multi-city co-applicants.
• There is flexibility on collateral security.
• You get longer repayment options with flexible terms.
• There is no margin money, meaning you get the funds to bear all the expenses that come with studying abroad.
• The interest paid on the education gets tax benefits under Section 80(E) of the Income Tax Act of India.

How Can GyanDhan Help You Get an Education Loan from HDFC Credila?

Loan application is hands down one of the most complex and strenuous tasks, so much so that the hectic processing stage is enough to override the several advantages that the loan may have to offer.

This is why GyanDhan recommends its services to you. We understand the difficulties that students and parents go through while applying for an education loan. Hence, we provide assistance services which ease the processing stage for you, and ensure that you have to invest minimal effort and cost to get your loan sanctioned. A glimpse of the benefits you enjoy with a loan through GyanDhan:

• GyanDhan takes care of every roadblock starting from the day you begin searching for a loan (our loan eligibility tool is great for it) till the day you repay the full loan. Additionally, in case of any missing or faulty documents, we help students to get them fixed at the earliest and ensure that none of these minor glitches hinder your loan approval.
• We even track your HDFC Credila education loan status on a daily basis. If there is a hurdle, we expedite the process by contacting the concerned person and smoothening over any wrinkle quickly.
• Moreover, you can use our EMI calculator to find out the exact amount of loan you can take and still comfortably shell out a monthly installment.

And in case you were wondering if our services will burn a hole in our pocket, then put all your worries to rest. We do not charge a single penny from our customers.

• Education loan 
• Credila HDFC 

First published date: 15 May 2020