Credila Education Loan

Credila, formerly known as HDFC Credila, is an education loan company that offers secured and unsecured education loans. It helps Indian students fund tuition, accommodation, travel, and insurance costs for studying abroad, with loans of up to ₹2 crore.

As of 2026, the interest rate for a secured loan starts at 9.95% p.a., while for an unsecured loan it can vary depending on eligibility and the relevant loan scheme. Credila offers a shorter processing time (7 to 15 working days) provided all documents are submitted by the student.

Credila is India's first dedicated education loan provider, now part of the HDFC Group. The eligibility criteria are relatively flexible compared to conventional bank loans, with low processing fees of 1.25% of the loan amount + GST.

Below, we have covered the eligibility, borrowing limits, required documents, processing time, interest rates, fees, the application process, and repayment.

Here is a quick overview of the major Credila education loan details.

*The prices and interest rates mentioned are indicative and subject to change. Total cost also depends on individual preferences and choices.

The maximum loan amount Credila can disburse is ₹1.5 crore. However, if a student processes their loan with WeMakeScholars, they can obtain a loan up to ₹2 crore.

Other Features:

1. Pre-admission Evaluation: Your loan eligibility can be evaluated even before you receive admission, making it easier for you to plan your finances.

2. Flexible Terms: You may not need to pay margin money, which is generally a percentage of the loan amount that applicants pay upfront before the remaining loan amount is funded by the bank.

3. Customisation Options: Loan amounts are tailored to your financial requirements, and they cover tuition fees, accommodation, travel, and other study-abroad expenses.

4. Flexible Repayment Options: Prepayment, partial prepayment, and flexible EMI options can help you choose a repayment plan that fits your situation.

Eligible Courses:

1. MBA/PGDBM Courses: Fully cover tuition fees and have no limit for living expenses. Offers non-collateral loans to some of the selected institutes at reasonable interest rates.

2. Executive Management Courses: Provides up to 100% of the course cost and can be offered in residential and non-residential formats.

3. MBBS/MD Courses: Covers high-cost and long-duration medicine courses without a maximum limit on the loan amount.

4. Engineering Courses: Credila education loan covers both living expenses and academic expenses.

The Credila Secured Education Loan provides 100% financing with interest rates starting at 9.95% and a repayment period of up to 15-20 years. The moratorium period is typically equal to the course length plus 6 months or 1 year, with longer terms available in some countries, such as Germany (course duration + 2 years).

HDFC Credila education loans cover various courses, including post-graduation, Master's, and undergraduate programs. The Credila education loan processing fee for secured loans ranges from 1% to 1.25% of the loan amount + GST. 

The following are the important Credila education loan details for the secured loans scheme.

Note: The interest rates mentioned are indicative and subject to change. Total cost also depends on individual preferences and choices.

Credila non-collateral education loans do not require any property or security, so they are available to a wider range of students with a more flexible loan process. But due to the absence of collateral, the risk to lenders is higher. Hence, they generally charge a higher interest rate than on secured loans. Unsecured loans start from 11.25% with a repayment period of up to 15-20 years and the same moratorium structure as secured loans.

The Credila unsecured education loan is offered for various courses, including post-graduation and Master's degree programs, with a processing charge of 1%-1.25%. The loan amount goes up to ₹80 lakh for the USA and up to ₹60 lakh -₹80 lakh for non-USA countries.

Credila categorises its student loan schemes into three types for students who want to pursue their education abroad:

1. Secured Credila Education Loans for Abroad

2. Unsecured Credila Education Loan for the USA

3. Unsecured Credila Education Loan for non-US Countries

Note: The interest rates mentioned are indicative and subject to change. Total cost also depends on individual preferences and choices.

For a detailed explanation 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: 

Students who want to understand the complete education loan process can read our step-by-step guide for studying abroad.

Credila's secured loan interest starts at 9.95% p.a., and for unsecured loans, Credila does not publish a fixed figure. It publishes unsecured loan interest rates as “based on eligibility”. Overall, based on loan sanction cases reviewed by WeMakeScholars and publicly reported industry rates, interest rates can range from 9.95% to 11.75% p.a. 

The simplified table below explains the Credila student loan interest rate:

Check This Out: Your Guide to Credila Education Loan Interest Rates!

Note: The interest rates mentioned are indicative and subject to change. The final Credila education loan interest rate also depends on individual profiles and the lender's discretion.

Credila charges a processing fee for education loans that typically ranges from 1% to 1.25% of the total loan amount + GST across both secured and unsecured loans. The exact Credila education loan processing fee varies based on the student's profile and loan type.

Students who apply through WeMakeScholars can receive a discount on their processing fees. We can negotiate the fee down to 1% of the loan amount, and sometimes as low as 0.75% for applicants with strong profiles. 

The processing fee varies depending on the loan scheme and type of course, including postgraduate, master's, undergraduate, and study-abroad programmes.

The eligibility criteria for an education loan in Credila vary depending on 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.

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

3. Academic Performance: Applicants must meet certain prerequisites, such as having a strong academic record, meeting the requirements of relevant tests such as the GRE or GMAT, and meeting English language proficiency requirements through tests such as IELTS or TOEFL, where applicable.

4. Co-applicant: An eligible co-applicant is required to get a student loan from Credila. A co-applicant can be the candidate's parents, spouse, parents-in-law, or guardian. Co-applicants should have a stable income and a good credit history.

5. Courses and Country: Credila education loan schemes cover a wide range of courses, including UG, PG, Master's, and PG diploma courses in recognized universities in countries such as the USA, UK, Canada, Australia, Germany, New Zealand, France, and many more. 

The Credila education loan documents required can vary depending on the student, co-applicant, income source, loan amount, and whether collateral is being offered.

Credila Education Loan Documents Checklist

The exact documents checklist can vary from one application to another. Credila may also ask for additional documents during the credit, legal, or technical verification process.

You can start your Credila education loan application form online. Here's a simple step-by-step guide to help you through the process.

Step 1: Check your Eligibility

• Get your admission confirmed.

• Check that your co-applicant meets the eligibility criteria.

• Estimate the total cost of your education.

Step 2: Complete the Online Application Form

• Fill in personal, academic, and financial details.

• Choose the destination country and the required loan amount.

• Submit your initial application.

Step 3: Submit Documents

• Academic credentials

• Admission offer

• Income proof of the co-applicant

• KYC documents

Step 4: Loan Assessment and Approval

• The applicant's academic background.

• University’s profile/rank.

• The co-applicant's financial strength.

After approval, you will get a sanction letter.

Step 5: Loan Agreement Signing & Disbursement

Once you decide to proceed with the loan:

• Sign the loan agreement.

• Funds are disbursed directly to the university or as required.

Once your application is submitted, you can log in to your dashboard for real-time updates on your Credila education loan status. 

Once your application is submitted, you can track its progress in real time from document verification to sanction and disbursement.

What can you check after logging in?

• Credila Education Loan Status: you can check whether your loan is under review, approved, or awaiting documents.

• Credila Education Loan Sanction Letter: you can confirm the sanctioned amount, EMI, interest rate, repayment tenure, moratorium period, and terms.

• Disbursement status: once the agreement is signed, you can track when the funds are released to your university.

For any unresolved issues, you can reach out to the Credila education loan contact number on the official website. It currently lists its customer contact number as 1800-209-3636.

However, if you have applied through WeMakeScholars, you don't need to contact the lender directly. A dedicated financial officer tracks your application status for the Credila education loan login on your behalf and updates you at each stage, from document submission to sanction and disbursement.

Credila is an RBI-registered NBFC that focused solely on education loans from 2006 to 2007 and now sits under the HDFC group. Its track record and backing are the main reason why it's one of the most trusted names for study-abroad financing in India.

Are you still wondering whether a Credila education loan is safe? Then compare its interest rate policies, loan terms, and repayment provisions with those offered by other lenders.

Note: The interest rates mentioned are indicative and subject to change. Total cost also depends on individual preferences and choices

Credila education loan review: If you need a higher loan amount or flexible collateral options, Credila can be worth considering, especially for high-cost courses like MBBS, MD, or MBA. However, it is advisable to compare the rate offered to you before choosing.

Once the loan is disbursed, repayment becomes an important part of your financial planning.

The total loan tenure has three parts: your course duration, the moratorium period after you finish your course, and the repayment period.

Loan Repayment

• Credila offers a maximum tenure of 15-20 years for loan repayment

• Credila advises having a buffer of at least three months before EMI payments begin. 

Ways to repay the loan faster:

1. Making extra payments

2. Paying while in school

3. Making partial payments

Moratorium Period

• Credila offers a moratorium period of the course duration plus 6 to 12 months for education loans.

• It is a repayment holiday during which the Credila education loan repayments, i.e., the EMI payments, do not begin.

• Although EMIs do not start, students must pay either partial or full simple interest during the moratorium period.

Students can use the education loan EMI calculator to estimate the monthly repayment of their education loan once the rate and tenure are confirmed by the lender.

Prepayment

Prepayment is when you repay the loan before the tenure mentioned in the sanction letter. The prepayment charges depend on your loan's interest-rate type:

• Adjustable/floating rate loans: no prepayment charges, on either partial or full prepayment.

• Fixed-rate loans: you can repay up to 25% of the year's opening principal without charge; any amount above this will attract a 2% charge on the amount prepaid.

Missed a payment?

A delayed payment penalty charge of 2% per month applies to the overdue installment plus applicable taxes. So it's advised to stay ahead of your EMI schedule.

An abroad education loan application through WeMakeScholars provides a faster and simpler loan process where the entire process is done without visiting banks. Our expert support team is available at every step, helping you navigate the process with greater clarity and transparency.

• A dedicated financial officer manages your eligibility checks, documentation, loan approval, and disbursement from start to finish.

• Your case is assigned to a financial officer who will be with you at every step and offer personalised guidance throughout the process.

• The WeMakeScholars support team sends your application to the lender's head office directly, which can help reduce errors and improve the application process. 

• Normally, loan approval and disbursement take place within 5-7 working days, which is, in many cases, even faster when compared to applying through a bank branch.

• Continued post-sanction support for disbursement, forex, and repayment-related queries.

Case study 1:

• Student Profile: Garima Singh is admitted to a Master's program in the US.

• Challenge: Tight visa timeline; banks taking too long to process the loan.

• WMS intervention: We helped prepare all the documents accurately and submitted them to Credila with the application form. Consistent follow-up helped with faster loan approval.

• Result: Loan sanctioned by Credila in 12 days, allowing the student to secure a timely visa.

Case study 2:

• Student Profile: Shivani K, a middle-class Indian student, secured admission in a Canadian university.

• Challenge: Co-applicant (father’s) CIBIL score is low, leading to multiple rejections from the lenders.

• WMS intervention: Recommended an additional co-applicant and applied via Credila, which evaluates applications flexibly. 

• Result: The loan was approved through Credila smoothly, and the student joined the university without any delay.

A Credila Education Loan is one of the most reliable financing options for students aspiring to study in India or abroad. With loan amounts up to ₹1.5 crore, interest rates starting from 9.95%, and options for secured and unsecured (without collateral) loans, Credila can help make higher education more accessible. Students can benefit from flexible repayment policies, simple documentation, and competitive processing fees. Applying through WeMakeScholars ensures personalized guidance, faster approval, and better negotiation on loan terms. Plan your education financing in confidence with a Credila Education Loan today.