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HDFC Credila Education Loan

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HDFC Credila Education Loan

Want to study further but need relatively low cost loans to help fund your studies? When looking at education loan offers of lenders, you are certain to come across HDFC Credila. HDFC Credila is a subsidiary of HDFC Bank and is a dedicated Education Loan Company. HDFC Credila offers customized loans to students to address the growing needs in the education loan sector. Today, with the growing costs of education, the expenditure on children's education often forms one of the highest components of outflow by the average household in India. Keeping this in mind, HDFC Credila funds students for higher education in both India as well as overseas.

HDFC Credila has a range of education loan offers depending on the country, institute, co-borrower details, collateral security offered and the academic background of the student. Read on to know more about HDFC Credila Education Loan offers!

HDFC Credila Education Loan Features:

Following are some of the unique features of an education loan from HDFC Credila:

  • No margin money required
  • Tax benefit under Section 80-E of Income Tax Act
  • No upper limit on loan amount
  • Long tenure loans resulting in easy EMIs
  • Flexibility in collateral security requirements
  • Loan against property mortgaged with HDFC
  • Students can get their education loan pre-approved even before they start applying to Universities.

If the lender finds you creditworthy and you have a clean credit history, then you might be approved for an education loan without the need for collateral/security.

HDFC Credila Education Loan—Benefits for Students

With an education loan from HDFC Credila, you enjoy certain benefits:

  • Approval before Admission: Students can get their education loan pre-approved even before they start applying to Universities. This is a major win, since you can show the potential university that you have got funding. You get the Education Loan approval letter before admission from HDFC Credila
  • Sources of Funds for USA I-20 & Visa: HDFC Credila’s Education Loan approval letter demonstrates assured sources of funds for getting I-20 from USA Universities or Visa for many countries
  • Reduce your financial worry: HDFC Credila funds the total cost of your education, including living expenses & all other expenses, saving you the problem of looking for other sources of funding
  • Focuses on education loan solutions: HDFC Credila deals in only education loans, making it the preferred choice for student looking to avail such a product.
  • Easy to apply: It doesn’t cost anything to apply online. It is safe, secure and can be done in a couple of minutes!

HDFC Credila Education Loan—Benefits for Parents

  • Tax Benefits: Education Loan from HDFC Credila provides income tax rebates under Section 80E of Income Tax Act of India
  • Loan up to 100% of Educational Expenses: No margin money is required.
  • Convenience: Get Education Loan at your door-step, no visiting bank branches multiple times. The HDFC Credila representative can visit you any time as per your convenience.
  • Flexibility on collateral requirements: depending on the credit history, there are flexible options, sometimes no collateral is required.
  • Longer tenures & flexible repayment options to reduce the EMI burden.

HDFC Credila Education Loan Eligibility

You must be an Indian student looking to pursue higher studies, either in India or abroad, must have successfully passed higher secondary school with satisfactory grades.

HDFC Credila Education Loan Interest Rate

HDFC Credila offers attractive interest rates on its Education loans. It depends on a host of eligibility criteria which might include but is not limited to – your credit worthiness, borrowing history and other factors that reflect your financial capability and behavior. It is best to contact HDFC Credila directly for the most up to date interest rates.

HDFC Credila Education Loan Documents Required

For the complete list of documents required, it is advisable to contact HDFC Credila directly. Following are some of the documents that are mandatory:

  • Completed application form with photographs and signature
  • ID Proof
  • Proof of Address
  • Academic Documents: Marksheet/Certificate of 12th Exam Marksheet/Certificate of Subsequent Years of Education e.g. BE, B. Com, BSc, etc. Marksheet of Any Entrance Exam Taken e.g. CAT, CET, etc. (If applicable) GRE/GMAT/TOFEL/IELTS, etc. Marksheets (If applicable) Scholarship Documents (if applicable)
  • Proof of Admission
  • Bank Statements
  • Income proof of co applicant
  • Collateral security proof / documents

HDFC Credila Education Loan FAQs

Do I need a co borrower in order to apply for an education loan from HDFC Credila?

Yes, having a co-borrower is mandatory. The Co-borrower should be an Indian citizen who would be able service the interest in the moratorium period comprising of the study period and grace period. In the event of the student’s inability to repay the loan, the co-borrower would repay the entire loan in installments or provide the collateral security. Ideally, he / she should be a family member.

When is the right time to apply for an education loan - before admission confirmation or after?

Students are encouraged to apply earlier on, as this would give them added advantage of having approved education loan (in case it is approved) at the time their admission application is considered by the university. Having funding can increase the chances of getting admission.

Can I apply for a loan before admission is guaranteed in my dream university abroad?

Yes, HDFC Credila offers loan sanction even before admissions.

HDFC Credila Education Loan Review

The loan is approved as soon as you are found to be creditworthy, even before you are granted admission in a university. HDFC Credila simplifies quick completion of the formalities once the loan is approved. You can avail an Education loan from HDFC Credila and realize your dream of studying abroad or in a premier institution in India.

How to Get Education Loan from HDFC Credila

There are several ways to apply for an Education Loan from HDFC Credila:

  • Online: You can fill the online application form, upload your documents, check your eligibility, and if everything is found in order, the money will be disbursed. Everything is done online!
  • Via Customer Care: You can call the customer care at 1800 209 3636 for enquiries regarding Education Loan
  • Send an SMS: You can SMS HDFC Credila to 53636 and a representative will get in touch with you.
  • In person: You can visit your nearest branch and apply along with the required documentation. A list of the address is available on the HDFC Credila website.

Need help? If you think you need help with your HDFC Credila Education Loan Application and advice on loan eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.

Customer Reviews

4 / 5 (109 Reviews)
16 May 2018

Very good

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