HDFC

Get Free Education Loan Assistance From GyanDhan

HDFC Credila Education Loan

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Interest Rate

Starting from 10.25%
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Processing Fees

0.5% to 1% + GST
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Margin Money

Nil
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How it Works

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Simple FIVE step digital process to get a education loan

Check Your Loan Eligibility

Use our free tool to verify your eligibility and receive conditional loan offers.

1

Talk To Our Loan Experts

Connect with our dedicated loan counselor for a better understanding of the process.

2

Upload Documents and Fill Out the Form

Submit your documents or complete the necessary forms for bank verification and evaluation.

3

Negotiate For Your Best Loan Offer

GyanDhan expert's negotiate to secure the most competitive interest rates and the highest possible loan amount for you.

4

Get Loan Approval and Disbursement

Recieve your final approval and sanction letter, ensuring prompt fund disbursement from the lender

5
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HDFC Credila Bank Education Loan for Abroad Studies

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All you need to know about HDFC Credila bank education loan for studying abroad

Anam Shams
Anam Shams

Reviewed By:   Aman

Overview

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.

Overview of HDFC Credila Loan Without Collateral

Feature Description

Loan amount

Up to INR 75 1.5 Cr (Secured loan)
Up to INR 70 Lakh (Unsecured loan)

Rate of interest

10.50% - 12.25%

Processing fees

0.75%-1.25% of the sanctioned amount

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

  • list items 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.
  • list items 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.
  • list items 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.
  • list items 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, France, Canada, Australia, New Zealand, Germany, and Ireland, among others.

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 installments 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 installments 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

  1. list items Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
  2. list items Education loan application form.
  3. list items Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
  4. list items Passport
  5. list items Past academic record 10th standard mark sheet 12th standard mark sheet Under graduate result (semester-wise)
  6. list items 10th standard mark sheet
  7. list items 12th standard mark sheet
  8. list items Under graduate result (semester-wise)
  9. list items Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
  10. list items Proof of admission: admission letter (A conditional admission letter is also applicable).
  11. list items Statement of expenses.

Co-Applicant's Documents

  1. list items Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
  2. list items Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
  3. list items 2 passport-size photographs.
  4. list items Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).
  5. list items 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.
  6. list items Salary slips for the last 3 months.
  7. list items Copy of Form 16 of the last 2 years or copy.
  8. list items Bank account statement for the last 6 months (Salary account).
  9. list items Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.
  10. list items 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.
  11. list items Business address proof.
  12. list items Last 2 years IT returns ( If IT Payee).
  13. list items TDS certificate (Form 16A, if applicable).
  14. list items Certificate of qualification (for C.A./ doctor and other professionals).
  15. list items Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
  16. list items 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
Apply Online For Your Education Loan

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.

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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GyanDhan's Impact Stories

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Empowering students to overcome education loan obstacles

Overcoming Financial Roadblocks: Empowering MBA Dreams at Deakin University

The individual in question was striving to secure financing for their MBA pursuit at Deakin University in Australia but had faced multiple loan rejections due to concerns over the co-applicant's income sufficiency and absence of collateral. The co-applicant's father, who had a monthly income of 15k, had been the primary hurdle in the loan applications. Despite these challenges, we were able to assist the customer in obtaining a favorable outcome. We managed to secure an unsecured education loan totaling 40L from Credila. Later the customer was thankful to us and gave a video review. The customer is pursuing an MBA and has completed her 1st year with a >60% score.

Securing Education Funding Amidst Marital and Parental Responsibilities

The individual in question, a 32-year-old Ph.D. candidate, embarked on a mission to secure an education loan while juggling marital responsibilities and caring for two children. Despite their impressive academic background, the conventional banking institutions had regrettably declined their loan applications, likely due to the complexities of their life situation. Despite the challenges, we managed to secure an unsecured education loan totaling 40L from Credila.

STEM Aspirations: Triumph Over Collateral Hurdles with HDFC Credila

In the pursuit of a Master's degree in Computer Science at the renowned University of British Columbia, a determined student faced a daunting challenge – securing a substantial education loan without collateral. Traditional lenders were apprehensive, creating a roadblock to the student's academic ambitions. GyanDhan intervened to navigate this complex financial landscape. Teaming up with HDFC Credila, we devised a tailored solution that addressed the absence of collateral. The result was a specialized education loan of 30L, allowing the student to enroll seamlessly at the University of British Columbia.

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Frequently Asked Questions

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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 10.25% - 12.75% 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.

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Our Customers. Our Asset

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testimonials

Vaibhav Desai

Stevens Institute of Technology, USA

An alumnus of Stevens Institute of Technology, Vaibhav Desai was working as Data Engineer- SQL at Datavail Infotech. He later decided to pursue MS in US to open up many career opportunities. While articulating how he planned his MS in U...

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Ashish Acharya

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Ashish's life story includes working for multiple companies when he decided to pursue masters from abroad after realizing the boom in the analytics sector. He did his masters from National College of Ireland. In his story, Ashish also s...

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Yugali Gullapalli

University of Wisconsin-Madison , USA

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Ganga Barani

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Abhishek Kumar

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Pradeep Shekhar

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Hemalatha Jayakrishnan

Rochester Institute of Technology, USA

To steer up the career opportunities while working at Hindustan Aeronautics Limited (HAL), Hemalatha Jayakrishnan decided to pursue abroad education. She went on to do MBA from Rochester Institute of Technology, United States. Hemalatha...

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Ashutosh Sharma

The University of Utah, USA

Discontented by his career growth, Ashutosh Sharma decided to give his career a major boost and went on to pursue MS in Business Analytics from The University of Utah. Ashustosh describes his study abroad journey and also recollects how...

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Deepa Krishnakumar

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Deepa was in the academic world working as an assistant professor when het peer group and seniors suggested her about the quality education and career opportunities of abroad education. In her story to the University of Auckland, New Ze...

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Akash Kashyap

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Akash has a deep interest in analytics and was working in Deloitte as a consultant when he decided to study abroad to beef up the career opportunities. He did MS in Business Analytics & Information Management from Purdue University. In h...

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