HDFC Credila Abroad Education Loan

Name: HDFC Credila Education Loan
Brand: GyanDhan

Get Free Education Loan Assistance From GyanDhan

Rate of Interest

12.5%

Processing Fees

0.5-1%

Margin Money

nil

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As one of the country's leading NBFC, HDFC Credila has helped thousands of students achieve their academic dreams.India’s first specialist education loan lender, HDFC Credila Financial Services provides education loans to study abroad aspirants for more than 1000 universities across at least 35 countries. What sets HDFC Credila apart is its customized education loan solutions taking into account the course and country preferences of the applicant.

Check HDFC Credila Education Loan Eligibility

Feature	Description
Loan amount	Up to INR 65 Lakh
Rate of interest	12.5 - 13.5%
Processing fees	0.5 - 1%
Processing time	7-10 days
Margin money*	nil
Moratorium period*	Course duration + 1-year
Repayment tenure	15 years

*Moratorium period is the time duration during which you are not required to make payments toward your education loan.

*Margin money refers to the amount of money that a borrower is required to contribute towards the loan, while the remaining amount is paid by the lender.

Tax benefits by HDFC Credila

HDFC Credila is the only NBFC in India that offers tax benefits under Section 80E on education loans. Section 80E of the Income Tax Act allows individuals to claim a deduction for the interest paid on an education loan for a maximum period of eight years, starting from the year in which the repayment of the loan begins. The deduction can be claimed for the interest paid on the loan. It is important to note that the tax benefit under Section 80E is only available for the interest paid on the education loan and not for the principal amount.

Eligibility criteria of HDFC Credila education loan scheme

Age: The applicant must be an Indian citizen and at least 18 years of age or older at the time of application. The student should have secured admission to a recognized university.

Academic performance: The applicant should have a strong academic record. The applicant must meet the minimum academic criteria set by the lending institution and fulfil prerequisite tests such as GRE, IELTS, or TOEFL.

Co-applicant: To be eligible for the loan, the borrower is required to have a co-applicant who can be their mother, father, sister, brother, spouse, relative from their paternal or maternal side, or a legal guardian. The co-applicant should have a steady source of income and a positive credit history.

Course and country of study: The scheme covers a wide range of courses including regular graduate degrees, post-graduate degrees, diploma, certificate, and doctorate courses offered by foreign institutes and universities in countries such as the USA, UK, Canada, Australia, New Zealand, France, Germany, and Ireland, among others.

Education Loan EMI Calculator

I want to borrow at a rate of % over year(s) My course is month(s) long

Need to repay while studying? Yes No

Total Interest to be paid

Total Payment Principal + Interest

Your EMI per month will be

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HDFC Credila Education loan for US

Feature	GRE > = 310	GRE 300 = < 310	GRE 285 = < 299
Rate of interest	11.25 - 11.75%	11.75% - 12.5%	12.5 - 13%
Loan amount	Up to INR 65 Lakh	Up to INR 50 Lakh	Up to INR 40 Lakh
Co-applicant minimum income	INR 30K	INR 35K	INR 35K
Monthly instalments during the course	Partial simple interest	Partial simple interest	Simple interest
Processing fee	0.5 - 1%	0.7 - 1%	1%

HDFC Credila education loans for other countries

Feature	Australia / New Zealand	Canada	UK	Germany/ Ireland/France/ Italy
Rate of interest	12 - 13%	11.75 - 12.5%	12 - 13%	12 - 12.75%
Loan amount	INR 25 Lakh	INR 40 Lakh	INR 40 Lakh	INR 25 Lakh
Co-applicant minimum income	INR 60K	INR 35K	INR 40K	INR 40K
Monthly instalments during the course	Simple interest / EMI	Partial simple interest	Simple interest / Partial simple interest	Simple interest / Partial interest
Processing fee	1%	0.75 - 1%	1 - 2%	1 - 1.5%

Documents required for education loan by HDFC Credila

GyanDhan provides a customized documents list for HDFC Credila education loans, which depends on your profile, your co-applicant profile, and any property/asset, you may offer as collateral.

Applicant's Documents
Co-Applicant's Documents

Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
Education loan application form.
Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
Passport
Past academic record.

10th standard mark sheet
12th standard mark sheet
Under graduate result (semester-wise)

Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
Proof of admission: admission letter (A conditional admission letter is also applicable).
Statement of expenses.

Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
2 passport-size photographs.
Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).

Income proof for salaried co-applicant/guarantor

Salary slips for the last 3 months.
Copy of Form 16 of the last 2 years or copy.
Bank account statement for the last 6 months (Salary account).
Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.

Income proof for self-employed co-applicant/guarantor

Business address proof.
Last 2 years IT returns ( If IT Payee).
TDS certificate (Form 16A, if applicable).
Certificate of qualification (for C.A./ doctor and other professionals).
Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
Bank account statement for the last 6 months.

How to apply for an education loan at HDFC Credila via GyanDhan

If you are looking to secure an abroad education loan from HDFC Credila, you can apply online at their website. However, for a hassle-free application process, you can choose to apply for your education loan through GyanDhan.
GyanDhan is an online platform designed to assist Indian students in financing their education abroad. To start your process with us all you need to do is check your loan eligibility and leave the rest to us!

Apply Online

Online document submission

Processing and Approval

Loan Sanction and Disbursal

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Benefits

Getting your HDFC Credila Education Loan Through GyanDhan

Guaranteed best loan

At GyanDhan, we are committed to providing you with the most competitive education loan available in the market. We strive to bring you the best deal possible. If you happen to come across a better offer, we guarantee to cover the difference in interest rates for the ENTIRE duration of your education loan.

Hassle-free process

If you directly apply for an education loan you might face several challenges but with GyanDhan all you need to do is check your eligibility and if you are eligible then all you need to do is relax because you will be assigned a dedicated education loan counsellor.

100% free of cost services

GyanDhan’s services for candidates are completely free of cost. We do not levy any processing fees or commissions from the applicants whatsoever.

Higher chances of approval

In case of any obstacles regarding documentation or application, GyanDhan intervenes and resolves the problem by coordinating with the officials at HDFC Credila.

Low turnaround time

Team GyanDhan effectively coordinates with various departments within HDFC Credila to secure a loan approval in just 5-7 days. As a result, thousands of students trust us with their education loans every year. If a student were to apply for a loan directly with the NBFC, the loan processing time would typically take around 12 - 15 days.

The GyanDhan effect in HDFC Credila

Feature	With GyanDhan	Without GyanDhan
Personalized document checklist according to profile & area	Yes	No
Branch visits	1-2	7-8
Pre-visa disbursements	Easy	Difficult

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Frequently Asked Questions

Does HDFC Credila education loan cover 100% cost of education?

Yes, the HDFC Credila education loan covers a 100% cost of your education abroad.

What is the interest rate of the HDFC Credila education loan?

The interest rate varies from 11% to 12.5% depending on various factors.

What is the processing fee of the HDFC Credila education loan?

The processing fee of the HDFC Credila education loan is around 1 % to 1.25% of the loan amount.

How many days does it take to get the HDFC Credila loan approved?

The approval takes around 3-4 working days after documentation.

Is there any tax benefit on the interest paid on the HDFC Credila education loan?

Yes, one can avail tax benefits on interest paid on education loan under Sec 80-E of the Income Tax Act.

In the HDFC Credila education loan, do we have to pay during studies?

Yes, you will have to pay simple interest. For selected good profiles, a partial interest repayment option is available.

Written by Anam Shams

Anam Shams is a seasoned professional in the study abroad field with deep knowledge of admissions and loans. With a passion for helping aspiring students fulfill their academic dreams, Anam combines extensive experience with a commitment to simplifying the complex processes of studying overseas. A trusted advisor, Anam empowers students to navigate admissions seamlessly and secure financial support, making international education more accessible and attainable

Specializes in:
Education loan , Study Abroad Admissions

Reviewed by Aman Jain

Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh students in his 8-year-long journey.