Table of Content

  1. Credila Education Loan
  2. Credila Education Loan Interest Rates
  3. Floating vs Fixed Interest Rates
  4. Country-wise Interest Rate Variation
  5. Eligibility for the Credila Education Loan
  6. Documents for the Credila Education Loan
  7. What are the Expenses Covered Under the Credila Education Loan
  8. How to apply for the Credila Education Loan
  9. Conclusion

Planning for abroad education? Well, an education abroad is not just exciting but also financially challenging. But worry not, Education loans provide a big financial support to students with big dreams. Many financial institutions offer education loans in the education loan market.

Credila is one such leading financial institutions that offer education loans to students and encourage them in achieving their academic dreams. Credila offers an education loan to study in India and abroad.

In this blog, we will discuss all the details of the Credila education loan, including the interest rates, the eligibility, and the application process. etc.

Credila Education Loan

Credila is one of the leading Non-Banking Financial Institutions(NBFCs) that offer education loans to students. Credila offers education loans that are tailored to the requirements of the students. Both secured and unsecured education loans are possible with the Credila education loan. 

Key Features: 

  • Loan amount is higher compared to all NBFCs

  • Interest rates start from 9.75%

  • 100% coverage on education expenses

  • Processing fees range from 1% to 2% of the loan amount.

  • Repayment tenure up to 15 years

  • Offers both secured and unsecured education loans

  • No margin money required.

Request a callback from our education loan experts to get personalized assistance with your study abroad loan application.
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Credila Education Loan Interest Rates

Credila offers education Loans at competitive interest rates. The interest rates for secured education loans are lower compared to those for unsecured education loans.

Credila primarily offers education loans at floating interest rates. However, students need to check the fixed rate of interest also, to make an informed decision about the interest rates and the repayment plans.

The interest rates with Credila are given as follows

  • Floating Interest Rates:

    • Secured Loans -starting from 9.75% p.a

    • Unsecured Loans-starting from 10.75% p.a

  • Fixed Interest Rates:
    • For loans with tenure up to 5 years, 1% above the floating rate
    • For loans with a tenure of 5 years or more, 1.5% above the floating rate

Floating vs Fixed Interest Rates

The difference between the two interest rates is given below.

                    Floating Interest Rates                     Fixed Interest Rates

  • The floating interest rate changes based on the market conditions and the lender's benchmark rate.

  • The fixed interest remains the same for the entire loan tenure in fixed interest rates.

  • The interest may decrease if the market falls, which eventually decreases the EMI.

  • No risks if there is a sudden hike in the market.

  • Sometimes the interest may increase if the rate rises in the market, which makes repayment more expensive.

  • EMIs stay constant throughout the repayment period. Market Fluctuation will not affect the fixed interest rates.

Country-wise Interest Rate Variation

The Credila education loans interest rate varies depending on the study destination. Credila determines the interest rate based on the employment potential of the students in that particular country. This reduces the risk associated with lending the loan.

The United States

The US is Credila’s largest market, because of its top universities and other factors, such as the research opportunities, the employability rate, and the future earning potential of the students. Credila offers a higher loan amount for the US countries than for the non-US countries.

Interest details of the Credila education loan for studies in the USA based on the GRE.

Parameter

GRE>= 310

GRE< 310 >=300

GRE >285, <=299

Loan Amount 

Up to 80 Lakhs

Up to 50 Lakhs

Up to 40 Lakhs

Interest Rate 

Starting from 9.75%

Starting from 9.75%

Starting from 9.75%

Repayment Period 

Up to 15 years

Up to 15 years

Up to 15 years

Moratorium Period 

6 Months or 1 Year + Course Duration

6 Months or 1 Year + Course Duration

6 Months or 1 Year + Course Duration

Co-Applicant Income 

INR 15k - 20k

INR 30k

INR 30k-50k

Processing Fee

1%-1.25% on the loan amount + GST

1%-1.25% on the loan amount + GST

1%-1.25% on the loan amount + GST

Non-USA Countries (UK, CANADA, AUSTRALIA, EUROPE, etc.)

Compared to the US, the interest rates for these countries are slightly higher due to various post-study conditions and job market conditions. The loan amount also varies based on various factors.

Eligibility for the Credila Education Loan

The eligibility criteria for Credila education loan vary depending on various factors such as the scheme, country, student's profile, and the co-applicant's financial status. The common Credila education loan requirements are given below.

  1. Citizenship: Both the applicant and the co-applicant should be indian citizens to be eligible for the Credila education loan.

  2. Age: Students aged 16 or older can take an education loan from Credila.

  3. Academic Performance: A strong academic history and passing qualifying exams, as well as English proficiency tests such as the GRE, IELTS, GMAT, or TOEFL. can improve the loan approval chances.

  4. Co-Applicant: A good co-applicant with stable income and a good credit history can strengthen a student's profile to get an education loan.

  5. Courses and Countries: Some courses and countries are loan favoured, such as the USA, UK, Canada, Australia, Germany, New Zealand, France, and many more. STEM courses are usually highly preferred for an education loan. 

Documents for the Credila Education Loan

The list of required documents for an education loan may vary based on factors such as loan type and the student's profile. However, the basic documents needed to apply for an education loan are outlined below.

  • KYC Documents: The applicant and the co-applicant are required to submit the documents proving their identity.

    • PAN card

    • Aadhar card

    • Passport

    • Voter ID 

  • Academic Records: The previous academic records of the student, such as 10th,12th, Graduation (if applicable), etc.
  • Admission Proof: The documents proving the admission status from the respective university.
  • Co-applicant documents: The documents of the co-applicant, such as the financial documents, including salary slips, bank statements.ITR, CIBIL report, etc.
  • Collateral Documents: If the student is applying for a secured education loan, then the documents of the collateral are to be submitted.

What are the Expenses Covered Under the Credila Education Loan

As we previously discussed, all education-related expenses are covered under the Credila education loan. The Credila education loan covers costs such as...

  • Tuition fees,

  • Accommodation, living expenses,

  • Stationery,

  • Lab expenses,

  • Travel expenses, etc.

How to apply for the Credila Education Loan

  • To apply for the Credila Education Loan, students should visit the official Credila website, complete the education loan application form, and submit it online.

  • One of the credila’s executives will reach out to you and walk you through the loan process.

  • An education loan sanction is crucial for funding the education of many students. 

  • However, students often struggle to get their loans sanctioned without the right guidance. WeMakeScholars can help you in such situations.

  • Our team is dedicated to assisting students in receiving education loan approvals on time. We provide complete education loan assistance to students applying through us.

Benefits of applying through WeMakeScholars

  • Expert advice on the type of loan, which can save lakhs of rupees.

  • End-to-End Support. From application to post-sanction, we lend our thorough support.

  • Less processing compared to applying through Credila directly.

  • We help students in negotiations for better interest rates and processing fees.

Success story:

What Our Students Say About Us

At WeMakeScholars, we help students get education loans without any hassle. Here's what one of our students experienced:

"I spent over a month going from bank to bank looking for an education loan for my studies in Germany, but nothing worked out. Then I found WeMakeScholars online and filled out their form. Rahul Kumar got in touch with me right away and made everything so easy. I just shared my course details and documents with him, and within a few days, 4-5 banks contacted me directly.

I chose Credila Financial Services, and Rahul even helped me get a better deal - he got my processing fee reduced from ₹65,000 to ₹40,000 and secured the lowest interest rate possible. The best part? My loan got approved, and the money was in my account within just 2 weeks. I'd definitely recommend WeMakeScholars to any student - and they don't charge you anything for helping!"- Melvin Paul.

Why choose us? We connect you with the right banks, negotiate better deals, and guide you through everything - completely free.

The online application process with WeMakeScholars

  • Step 1: To start the process, fill in your details in the education loan application form provided to you on our website. Our financial officer will contact you within 2 days. 

  • Step 2: Once you get a callback, talk to one of our financial officers and discuss all the details of your education loan.

  • Step 3: After analyzing your loan profile, your financial officer will recommend the best education loan type based on your eligibility. Then, through WeMakeScholars, your Credila login will be created. Once the login is created, the Credila loan application status can be tracked.

  • Step 4: Next, upload your documents securely to WeMakeScholars' online portal.

  • Step 5: Your financial officer will regularly communicate with the lender's team to speed up the processing of your education loan.

  • Step 6: You will get your loan sanction letter from Credila within one week of submitting all the required documents. You can always contact your financial officer to know your Credila education loan status.

Request a callback from our education loan experts to get personalized assistance with your study abroad loan application.
Request a Callback  

Conclusion

Credila is one of the leading NBFCs that offer education loans to students. In this blog, we have covered the details of the Credila education loan interest rates. This can help students make important decisions in repayment terms.

Applying for Education loans through WeMakeScholars can ensure fast loan approvals. We have a team of dedicated financial officers who lend support throughout the loan process. Our financial officers will provide end-to-end support and make your education loan process stress-free.