Overview : HDFC Credila Education Loan Online
- Starts @ 11.0%
- 1% to 1.25% of Loan Amount
GyanDhan has partnered up with HDFC Credila and has helped students get the best and low-cost HDFC Credila education loans for studying abroad in the easiest way possible.
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.
HDFC Credila Education Loan Features
|S.No.||Features||Credila Education Loan Details|
|1.||Education Loan Amount||Minimum Loan Amount - INR 1 Lakh
Maximum Loan Amount- INR 40 lakhs (without collateral)
Exceptional cases - Upto 1 Crore
|2.||Interest Rate (ROI)||11% to 12.5%|
|3.||Processing Fee||1 % to 1.25% of the loan amount|
|4.||Margin Money||NIL; Finance up to 100% of the expenses|
|5.||Loan Tenure||Up to 10 years|
|7.||Repayment Holiday||Interest to be paid during the moratorium period; EMI starts after the completion of course + 6 months|
|8.||Processing Time||3-4 working days after documentation|
|9.||Payments During Study Period||Yes, simple interest;
For selected good profile, partial interest repayment available
|10.||Countries Covered||More than 35 countries including US, Canada, France, Ireland, Dubai, Germany, Australia, Singapore|
What are HDFC Credila Education Loan Benefits?
- No margin money; all expenses covered - Since HDFC Credila education loans have zero margin money, you will not have to finance any part of the total expense involved in your education abroad. Credila education loans cover all the expenses incurred while studying abroad like tuition & living costs and caution deposit/building fund/refundable deposit.
- Customized options and malleable repayment provisions - One of the USPs of Credila Education Loans is that it provides customized loan solutions to students as per the country or course they have chosen. These customizations also allow for flexible repayment options thus helping the students to pay off their EMIs as per their convenience and comfort. You can contact GyanDhan to know the extent of customization. We will evaluate your requests and tell you if they will be accepted by HDFC Credila or not.
- Expedited approval in urgent cases - Our express approval facility helps you get your loan sanctioned within 1-2 working days in case of urgent circumstances. If you have to meet a deadline and complete formalities like VISA or fee payment at the earliest, you can reach us with your specific requirements and we will get your loan sanctioned immediately.
- Assistance during disbursements - If you apply for an HDFC Credila Education Loan through GyanDhan, we will be assisting you till the entire loan amount is disbursed and ensure that all the disbursements are made timely.
- Pre-visa Loan Disbursement - For the counties where the loan disbursement needs to be done before VISA, GyanDhan will ensure that the customer gets the money as per the requirement. We will take all the necessary approvals beforehand so that you don't have to worry about your finances and VISA.
- Flexible options for the co-borrower - HDFC Credila Education Loan has customized repayment solutions for the co-borrower. There are also very few restrictions on who the co-borrower can be. For example, if your father or relative works abroad, he/she can be a co-borrower/guarantor. For him/her to be the co-borrower/guarantor, he/she should have an NRI account, and most importantly, the collateral should be in India. You will require an additional co-borrower in both the cases.
- Tax benefit under the 80 e section - With an HDFC Credila Education Loan, you become entitled to tax benefits on the interest paid on education loan as per the section 80-E of the Income Tax Act.
- Pre-admission loan sanction - The best part of applying for a Credila education loan is that it sanctions the loan even before you receive your admission letter. For this, Credila takes into account your GRE score. If you apply for a loan via GyanDhan, you can be assured that the whole financing process will be taken care of by us. In this way, you will be able to direct your focus entirely to writing your college application and preparing for admission interviews.
Higher Chances of Approval
Increase chances of loan approval significantly. If the bank finds any missing documents, property issues, or any other problem, our team will immediately approach HDFC Credila officials to find best solutions.
Online Submission of Documents
Enjoy the provision of submitting your documents online with GyanDhan. No branch visit, just go to our online portal and submit all the required documents.
No Cost to You
Our assistance services are provided absolutely free of cost.
Low Turnaround Time
Get your loan processed and sanctioned within 3-4 working days.
- Borrowers and co-applicants should be Indian citizens. Co-borrowers are required to have a bank account in India. Co-applicants(s) must be an Indian citizen.
- Disbursement of loan will require confirmed admission.
- Co-applicant needs to show proof of earning based in India. A co-applicant can be any of the following relatives - Father / Mother / Brother / Sister (married) /Spouse/ Father-in-law/ Mother-in-law/ Sister-in-law/ Brother-in-law/ Maternal or Paternal Uncle or Aunt/ Grandparents & First Cousins
Check Loan Eligibility
Processing and Approval
Loan Sanction and Disbursal
- Check your loan eligibility or request a call back from GyanDhan.
- An education loan counsellor from GyanDhan will contact you and make a note of all your requirements. After analyzing your profile, we will check if you are eligible for an education loan from HDFC Credila and will connect you with the lender.
- Upload all the required documents online. At this stage, we intervene and ease the process for you by generating a list of the documents you will be needing to submit along with your application. This way, you will not miss out on any documents, which will help your applications to get processed faster.
- Once the application is submitted along with all the documents, the application will be processed by the lender.
GyanDhan provides a customized documents list for HDFC Credila Education loans, which depends on your profile, your co-applicant’s profile and any property/asset, which you may offer as collateral. At a high level, the following documents are needed.
Applicant’s Documents Pertaining to:
- Identity Proof
- Past Academic Record
Co-Applicant’s Documents Pertaining to:
- Identity Proof
After evaluating your profile, GyanDhan will present you with a customized documents’ list and then initiate the loan process with HDFC Credila. If some documents are missing, then we will suggest alternatives to get your loan sanctioned on time.
What is HDFC Credila Education Loan Disbursement Process?
- After the loan is sanctioned and the agreement letter is signed by the applicant and co-applicant, HDFC Credila disburses the loan amount in INR.
- The tuition fee will be disbursed to the institution either directly or through an authorized servicer.
- The disbursals will be made as per the instalment requirements of the university.
- The loan amount for expenses other than the tuition fee will be disbursed over the year in instalments as per the HFDC Credila underwriting norms.
As mentioned above, throughout the disbursal process, you will get assistance from the GyanDhan team. We will ensure that all the disbursements are made timely, and in case of delay or no disbursement, we will get in touch with the management and see to it that the problem is rectified. All our assistance is free of cost.