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Things to Remember When Applying Loans for Students Studying Abroad

HDFC Credila Education Loan: Things You Need to Know

Seeking a study abroad education loan can be a big and challenging task as it requires endless paperwork and visits to financial institutes. Therefore, EduLoans help you get the best loan within a week and realize your educational dreams easily. To help you get a seamless and hassle-free study abroad education loan process experience, we are partnered with India’s first Non-banking Finance Company (NBFC)- HDFC Credila which is a subsidiary of HDFC and offers Credila education loan.HDFC Credila provides you dedicated RM who visit the house as per your convenience. This is very beneficial for parents who are working or have time only on weekends to help Complete the formalities of education loan. The company aims at working closely with both parents and students to help choose an education loan that benefits them the most

Criteria for applying for HDFC Credila Education Loan

 

Nationality

Both Borrower & Co-borrower should be Indian
Age No defined age limit
Loan Amount INR 1 Lakh - Minimum loan amount,  INR 40 lakhs - Maximum loan amount (without collateral), No Limit for Secured Cases
Margin Money Not required as HDFC Credila funds 100% of the expenses
Loan Without Collateral or With Collateral They have both secured and Unsecured loan options to study abroad loans.
  HDFC Credila Education Loan Interest Rate  11% - 12.5%
Prepayment After 6 months from the effective date of disbursement. 
Education Loan Repayment Period Up to 10 years
Repayment Holiday 6 months to 1 year on EMI
Payment During Study Period Only simple interest (PEMI) on interest. They have flexibility on partial interest.
Processing Fee 1%- 1.25%
Processing Time 7-8 working days

 

before any admit from the University. They mainly George a student based on academic profile and the GRE score. Fork regular GRE score is very important to understand the educational loan requirement for studies abroad. In countries which do not require GRE for admission HDFC Credila Is more risk averse than other NBFCs.

Documentation Required for HDFC Credila Education Loan

  • A photo ID like Passport, PAN Card, Aadhaar Card, Driving License, or Voter's ID Card
  • Address Proof like Passport, Aadhaar Card, Driving License, or Voter's ID Card
  • Proof of Admission
  • Academic Documents like Certificate/Marksheet of 12th exam, Marksheet/Certificate of subsequent years of education, GRE or GMAT, TOFEL or IELTS scorecard, Marksheet of any entrance exam taken, and Scholarship documents
  • Bank Statement of the previous eight months of the Co-applicant of All Bank Accounts.
  • Income proof of Co-applicant like last two year's income tax returns or last two year's Form 16 from the employer, latest three salary slips, and any other income proof that is not reflected in the above documents.
  • If the HDFC Credila education loan is against an immovable property like a flat or a non-agricultural land, then you need to submit 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, and  Latest maintenance bill along with receipts issued by builder/ society.

How can Eduloans help you get Overseas Education Loan from HDFC Credila?

Eduloans makes sure that it does not allow the complex and strenuous loan application process to override the advantages you may get from the loan. We, for several years, have laid emphasis on the difficulties that students go through while applying for an education loan. Therefore, we reduce the hassles of the processing stage and ensure that your minimum efforts are invested to get your loan sanctioned. So, if you are looking to get an HDFC Credila education loan for your higher education, look no more than Eduloans and we will make sure that we give you the best loan processing experience.