HDFC Credila Education Loan

✓ Get a loan of up to 1 Crore

✓ At a starting interest rate of 9.75% 

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Table of content

  1. Eligibility Criteria of HDFC Credila Education Loan scheme
  2. HDFC Credila Education Loan for Abroad Studies
  3. HDFC Credila Secured Education Loan
  4. HDFC Credila Unsecured Education Loan for USA
  5. HDFC Credila Unsecured Education Loan for Non-US Countries
  6. HDFC Credila Education Loans for Other Countries
  7. Documents Required for HDFC Credila Abroad Education Loan
  8. Is HDFC Credila good for Education Loans?
  9. HDFC Credila Education loan interest rate
  10. HDFC Credila Education Loan Repayment
  11. HDFC Credila Education Loan Calculator
  12. How To Apply For HDFC Credila Abroad Education Loan Through WeMakeScholars?
  13. FAQ's
  14. Need Help? Ask Here!

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- Instant Education Loan-pre approval with the lowest interest rate in India


HDFC Credila is an NBFC that offers a wide range of education loan options with Interest rates starting at 9.75% and an unsecured loan amount of 80 Lakhs. These loans are granted based on the student's academic background, chosen course, and the institution they plan to attend. HDFC Credila provides funding for various fields of study, including engineering, medicine, business, hospitality, law, and many others. 

One of the key benefits of HDFC Credila's education loans is the ability for students to secure loan approval before the admission process.

HDFC Credila’s Interest rate and loan amount vary depending on factors like the applicant's creditworthiness, chosen course, and institution's reputation. You can comment down your queries at  WeMakeScholars for Smooth Loan Processing.

Eligibility Criteria of HDFC Credila Education Loan scheme

  • Age: The candidate must hold Indian citizenship and be at least 18 years old.
  • Academic performance: The candidates must meet some prerequisites such as having good academics and qualifying exams and English proficiency tests such as GRE, IELTS, GMAT, or TOEFL.
  • Co-applicant: A Co-applicant can be the candidate's parents, spouse, parents-in-law, or  Guardian.
  • Courses accepted: PG and PG diplomas are the courses accepted. To get a loan for UG/UG Diploma/Certificate programs - The Co-applicant’s income should be more than 12 LPA.

 

Education is the passport to the future, for tomorrow belongs to those who prepare for it today.

HDFC Credila Education Loan for Abroad Studies

 

  • Schemes of HDFC Credila: Let's first understand that HDFC Credila is a Non-Banking Financial Company and not a bank. There are three education loan Schemes offered by HDFC Credila:

    • Secured education loan: For secured loans the official limit is 1 Crore, but we need to understand that the loan amount in Secured loans depends on the value of collateral provided. If you're looking for a loan amount of up to 1 Crore, the value of the collateral provided must be in the range of 75-80 Lakhs. If it's a liquid security, then the proportion can be slightly lesser. 
    • In general cases, if you want a loan of 1 Crore, you'll be asked to provide a collateral worth 75 to 80 Lakhs to facilitate the loan approval process but at WeMakeScholars, we provide secured education loan where a collateral valued at 50 Lakhs secures a 1 Crore education loan.
    •  
    • Unsecured education loan for the US: For Unsecured loans for the US the official limit is 50 Lakhs without collateral but when you apply through WeMakeScholars you can get a loan sanction of up to 70 Lakh rupees. Many students have also got up to 80 Lakh rupees based on the university's ranking 
  •  
    • Unsecured education loan for non-US: For major non-US study abroad destinations the loan limit is up to 30 Lakh rupees but when you apply through WeMakeScholars you can get a loan sanction of up to 50 Lakh rupees. For top-ranked institutes, we can get 60 Lakhs as well.
  • Rate of interest:
    • For a secured education loan the rate of interest is 10% but when you apply through WeMakeScholars, we can get your loan sanctioned at an interest rate of 9.75% at HDFC Credila.
    • For a Unsecured education loan for non-US countries the rate of interest is 12% but when you apply through WeMakeScholars, we can get your loan sanctioned at an interest rate of 11.6% at HDFC Credila. We have done a few files at as low as 11.25%.
  • Processing fee:
    • Processing fee is generally 1%-1.25% of the loan amount but at WeMakeScholars we can get it down to flat 1% of the loan amount. For good cases, we can even further negotiate and bring it down to 0.75% of the loan amount.
  • Acceptable programs and Countries:
    • Unsecured education loan is given for Post-Graduation and Masters, for the undergraduate level programs you must opt for Secured loan education. 
  • Repayment tenure:
    • Moratorium period of Course duration + 1 year, but for Germany, it is Moratorium period of Course duration + 2 years.

For a detailed understanding of HDFC Credila’s Education Loan for Abroad Studies for various schemes, Rate of interest, processing fee, Acceptable programs and Countries, Financial Co-applicant Requirements, Repayment terms, process, and the process timeline watch this video:

HDFC Credila Secured Education Loan

A secured loan is a type of borrowing where you provide an asset, as security for the lender. If you can't repay the loan, the lender can take possession of the asset. This reduces the lender's risk, usually resulting in lower interest rates compared to unsecured loans.

Parameter Details
Loan Amount  1 Crore
Interest Rate  Starting from 9.75%
Repayment Period  12 years
Moratorium Period 

6 Months or 1 Year + Course Duration

For Germany Course Duration+ 2 years

Acceptable Programs  Post-Graduation, Masters and Undergraduate level programs 
Processing Fee

1%-1.25% on loan amount

 

Those who trust in the transformative force of education are destined to shape the future. Seize your opportunity now!

HDFC Credila Unsecured Education Loan for USA

An unsecured loan is a type of borrowing where you don't need to provide any collateral. Instead, the lender assesses your creditworthiness based on factors like your credit score and income. Since there's no collateral, unsecured loans typically have higher interest rates to compensate for the increased risk to the lender.

HDFC Credila education loan without collateral:

Parameter Details
Loan Amount  Up to 80 Lakhs
Interest Rate  Starting from 10.75%
Repayment Period  12 years
Moratorium Period 

6 Months or 1 Year + Course Duration

Acceptable Programs  Post-Graduation, Masters
Processing Fee 1%-1.25% on loan amount

 

HDFC Credila Unsecured Education Loan for Non-US Countries

Parameter Details
Loan Amount  60 Lakhs 
Interest Rate  Starting from 11% 
Repayment Period  12 years
Moratorium Period 

6 Months or 1 Year + Course Duration

For Germany Course Duration+ 2 years

Acceptable Programs  Post-Graduation, Masters
Processing Fee 1%-1.25% on loan amount 

On Applying through WeMakeScholars, you have a possibility of getting up to 60 Lakhs for top-tier universities.

HDFC Credila Education Loans for Other Countries

HDFC Credila Education Loan for USA

  • HDFC Credila Offers specific loans to students pursuing STEM (Science, Technology, Engineering, and Mathematics) courses in the United States.
  • HDFC Credila offers unsecured education loans without any maximum limit on the loan amount.

HDFC Credila Education Loan for Canada

  • HDFC Credila offers education loan products to Indian students who want to study at Canadian universities. 
  • A special Guaranteed Investment Certificate (GIC) of $20,635 CAD per year is required to cover living expenses for the first year in Canada. 

HDFC Credila Education Loan for France

  • HDFC Credila offers specialized unsecured education loan products designed for Indian students aspiring to pursue their studies in France.
  • The cost of obtaining a French degree is relatively low compared to other European countries.

HDFC Credila Education Loan for Ireland

  • HDFC Credila's education loan covers tuition fees and living expenses needed to sustain in Ireland.

HDFC Credila Education Loan for Germany

  • Eligibility criteria vary depending on the courses available in the university, English-taught courses require TOEFL/IELTS scores, and German-taught courses need TestDaF/DSH certificates.
  • Graduates completing their studies in Germany can extend their visa for a period of up to 18 months to facilitate their job search.

HDFC Credila Education Loan for Singapore

  • HDFC Credila provides the convenience of pre-admission loan approvals, and they also offer unsecured loans for specific courses in Singapore.

HDFC Credila Education Loan for New Zealand

  • HDFC Credila offers education loans for New Zealand education, including undergraduate and graduate courses.
  • Post-study work visas are available for international students.

HDFC Credila Education Loan for Australia.

  • The minimum required score for the International Language Testing System (IELTS) is 5.5. However, a score of 5 is acceptable when combined with at least 10 weeks of ELICOS (English Language Intensive Courses for Overseas Students), and a score of 4.5 is acceptable when combined with at least 20 weeks of ELICOS.

HDFC Credila Education Loan for Dubai

  • Dubai has a visa-on-arrival system
  • HDFC Credila funds 100% cost of living. 

Documents Required for HDFC Credila Abroad Education Loan

There’s a list of documents required for student loans in HDFC Credila to process the loan, you can check out this blog “Documents Required for an Education Loan”, Here’s the list of some of the mandatory documents required for processing your education loan. In this section, we will provide you with a list of some of the mandatory documents needed by HDFC Credila :

  1. Form filling: Complete the Application Form provided by the bank or you can ask our financial officer by requesting a callback.
  2. Admission Confirmation: Proof of admission from your chosen university.
  3. Identification Copies: Provide copies of your Passport, Voter ID, Driving Licence, or PAN Card.
  4. Passport Photos: Two recent passport-size photographs of the applicant, co-applicant, and guarantor.
  5. Educational Records: Submit the mark sheet of your latest qualified examination and the result of the entrance exam through which admission is being taken (e.g. CAT, GRE, GMAT, TOEFL, IELTS, etc.)
  6. Financial Records:
    1. Income Proof: Furnish the income proof of parents/guardians, supported by the last 2 years' income tax statements.
    2. Financial Statements: Provide six months' bank statements or recent salary slips.
  7. Course Expenses Plan: Detailed breakdown outlining your anticipated course expenses.
  8. Current Financial Obligations: Disclose details regarding existing loans and any scholarships received.
  9. Institute Prospectus: Include a copy of the institute's prospectus to estimate costs effectively.

Documents Needed for Immovable Properties:

  • Property Title Deed and Registered Sale Agreement:

An original registration receipt for the above agreement is necessary.

  • Allotment Letter from Municipal Corporation or Authorized Govt. Authority:

Required for properties allotted by authorities like MHADA, CIDCO, HUDA, etc.

  • Chain Deed or Link Document or Encumbrance Certificate (EC):

This document is crucial and should cover a 30-year period. It displays property transaction history within this timeframe. If the property ownership exceeds 30 years, the sale deed of the previous transaction suffices.

  • Latest Property Tax Copy or Electricity Bill:

Proof of property tax payment or recent electricity bill.

  • Municipality Approved Building Plan or Plot Layout:

Copy of the approved building plan or plot layout by the municipality.

  • Completion and Occupancy Certificates (For Constructed Properties):

Required for flats or constructed properties. Banks might accept under-constructed properties without these certificates, although it's uncommon. In such cases, a commencement certificate is necessary.

Documents Needed for Liquid Securities:

  • Fixed Deposit (FD) as Security:

An FD in the same bank where the loan is applied. No additional documents are required.

  • Insurance Policy as Security (Maturing Policy):

Documents needed are the policy paper and surrender value certificate.

  • Gold as Security:

The gold needs to be deposited in the bank along with purchase proofs.

  • Government Bonds:

Only the bond certificate is required.
Pledging liquid securities accelerates the education loan processing time as legal and valuation reports are unnecessary.

You can contact our Financial officer for queries related to Documents

Is HDFC Credila good for Education Loans?

Here are some key reasons why students consider opting for an education loan from HDFC Credila:

  • Customization Options: HDFC Credila education loan provides students with customized loan amounts, depending on their financial requirements. The loan amount covers all the expenses of studying abroad, including tuition fees, accommodation, travel, and other expenses. Students can take a loan up to INR 1.5 Crores, depending on their eligibility and requirements.
  • Different  Repayment Options: HDFC Credila education loan offers various repayment options, such as prepayment, partial prepayment, and flexible EMI options. This allows students to choose a repayment plan that suits their financial situation and helps them repay the loan comfortably.
  • Flexibility For Co-Borrower: HDFC Credila Education Loan allows parents, relatives, or other individuals to co-borrowers or guarantors for the loan. The co-borrower can be anyone who meets the eligibility criteria specified by the bank, including a parent, spouse, sibling, or any other relative. 
  • Income Tax Benefits: If you take an HDFC Credila Education Loan to finance your higher education, you can avail of income tax benefits under section 80-E of the Income Tax Act. This section allows for a deduction of the entire amount of interest paid on an education loan, reducing your taxable income and ultimately lowering the amount of tax you need to pay.

HDFC Credila Education loan interest rate

  • HDFC Credila Education loan interest rate offered will be a floating rate linked to HDFC Credila's Benchmark Lending Rate (CBLR). The floating rate of interest will be calculated as HDFC Credila's CBLR plus a spread, expressed as a percentage per annum.
  • As of now, HDFC Credila's current CBLR stands at 13.80% per annum, which is subject to change periodically. The spread applied to this base rate is determined based on various factors, including the student's academic profile, the employability prospects of the selected course from a particular college, and the country of choice.
  • Overall, the final HDFC Credila Education loan interest rate offered by CBLR plus (Benchmark Lending Rate)the applicable spread, is adjusted according to the risk profile of the individual case.

Understand the HDFC Credila interest rate for your profile in detail.

Contact our financial officer to know the interest rate for your profile

HDFC Credila Education Loan Repayment

  • The repayment of loan interest starts immediately after the disbursement of the loan. The total tenure of the education loan comprises the Duration of study, the Grace Period after completion of the study, and the Repayment Period.
  • HDFC Credila offers a maximum tenure of 12 years for loan repayment
  • HDFC Credila advises having a buffer of at least three months before loan payments begin. Options for paying off the loan include:
    1. Making extra payments
    2. Paying while in school
    3. Making partial payments

HDFC Credila Education Loan Calculator

A loan calculator is a tool used to estimate the monthly payments, total interest, and total repayment amount for a loan. Users input details such as the loan amount, interest rate, and loan term, and the calculator computes the monthly payments based on this information. It helps borrowers understand the financial implications of taking out a loan and allows them to compare different loan options.

Understand how HDFC Credila loan EMI is calculated

How To Apply For HDFC Credila Abroad Education Loan Through WeMakeScholars?

The online application process with WeMakeScholars involves the following steps:

  • Step 1: To initiate the process, provide your details on our website. Our financial officer will contact you within 2 days. 
  • Step 2: Once connected with a financial officer, discuss all the details of your education loan over a call.
  • Step 3: After evaluating your loan profile, your financial officer will recommend the best lenders for your education loan based on your eligibility. You can then select your preferred lender and communicate your choice to your financial officer. Let's say HDFC Credila is the best match for your profile. Then,  through WeMakeScholars, your HDFC Credila login will be created. Once the login is created, the HDFC Credila loan application status can be tracked.
  • Step 4: Next, upload your documents securely on WeMakeScholars' online portal.
  • Step 5: Your financial officer will regularly communicate with the lender's team to facilitate the processing of your education loan. Your HDFC Credila application status will be discussed with you.
  • Step 6: If you opt for a loan from HDFC Credila, expect to receive your loan sanction letter from the bank within one week of submitting the required documents, you can always contact your financial officer to get your HDFC Credila education loan status.

The traditional loan application process can be a little complicated due to issues like complex documentation work, multiple visits to the bank, lack of clarity on eligibility, and poor customer service. We have significantly improved the efficiency of this process for you.

We provide :

Expert Advice: Receive expert guidance on selecting suitable lenders and navigating through the loan sanctioning process effectively.

  • End-to-End Support: You’ll receive comprehensive assistance even after receiving the HDFC Credila loan sanction letter, we ensure smooth disbursement and repayment procedures.
  • Minimal Processing Time: Education loans without collateral are typically sanctioned within 7 days and those with collateral within 15-20 days.
  • Negotiation Support: We assist in negotiating favorable interest rates to meet your financial needs effectively. Students often receive an additional discount of 0.5-2% on HDFC Credila education loan interest rate.
  • Digitized Process: You’ll enjoy the convenience of a digitized application process, without making multiple visits to the banks.

Education Loan FAQs

  • What is the interest rate for HDFC Credila education loan?

    The interest rate for HDFC Credila education loans varies depending on the borrower's profile and the loan product chosen. The HDFC Credila Education Loan Interest Rate starts from 9.75%

  • Can I get an education loan without collateral from HDFC Credila?

    Yes, HDFC Credila offers education loans with and without collateral. Collateral is not mandatory for all education loan products, but it may be required in some cases depending on the borrower's profile and loan amount.

  • What is the difference between HDFC and HDFC Credila?

    HDFC and HDFC Credila are different entities. HDFC Bank is a leading private sector bank in India, while HDFC Credila is a subsidiary of HDFC Ltd. that specializes in providing education loans.

  • What is the processing time for HDFC Credila education loan?

    The processing time for HDFC Credila education loan is typically between 7 to 15 working days, depending on the loan product and borrower's profile.

  • Is HDFC Credila approved by RBI?

    Yes, HDFC Credila is approved by the Reserve Bank of India (RBI) and is registered as a Non-Banking Financial Company (NBFC).

Our Education Loan team will help you with any questions

Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: