Impact of GRE Score and Academic Profile on Credila Rates

What if we say you can get a lower rate of interest on Credila education loans? Yes, you heard that right. Credila offers education loans at slightly lower interest rates if the student has an excellent academic profile and a good GRE score.

These two could be deciding factors in not just your education loan approval, but also in deciding the interest rates for the same. A strong student profile can unlock better loan terms, while a weak academic profile means higher costs. Let us read further to know how these factors can influence your Credila education loan interest rates.

An Overview of Credila Education Loan 

Credila is one of the top NBFCs offering education loans for students seeking higher studies in India and abroad. It provides both secured and unsecured loans for UG and PG courses. 

The best part of Credila education loan is that it tailors education loan services as per the needs and objectives of students. In addition, the Credila education loan requirements are more flexible than those of other NBFCs and public banks.

A detailed overview of the Credila Education Loan is given below for a better understanding of the product.

Does Academic Profile Affect Credila Education Loan Interest Rates?

• Yes, your academic profile can significantly affect Credila Education loan interest rates. Students who showcase excellent academic performance with a consistent score are considered low-risk borrowers for lenders, for obvious reasons.

• Lenders believe that these students can complete their education, secure a job, and get the capability to repay the education loan. For this reason, lenders consider students with good academic records to be low-risk borrowers and offer loans with flexible repayment terms and with slightly lower interest rates.

• On the other hand, with students who are not strong in their academics, banks considered them higher risk, leading to getting loans at a slightly higher interest rate.
  

How GRE Score Impacts Credila Education Loan Eligibility

• For students who are seeking education abroad, the GRE score is one of the important factors that Credila considers to assess the eligibility of the student. A high GRE score indicates strong academic skills and increases a better chances of getting admission into a reputable university.

• A high GRE score demonstrates the students' earning potential after graduation, which reduces the risk to the lender. This helps secure a Credila education loan at a competitive interest rate with flexible repayment options.

• For example, A GRE score of 310 or above can get you a high loan amount at a lower interest rate, with less processing fee and more flexible repayment terms.

• On the other hand, a lower GRE score can reduce the eligible loan amount and can increase the processing fees, making the repayment terms stricter.

Read: Get an Unsecured Education Loan Without GRE

What is the Minimum GRE Score for Credila Education Loan?

• Credila does not specifically mention any fixed Minimum GRE score. However, experts suggest that scoring 300 and above is generally considered a better score. A high score obviously increases the chances of loan approval with better interest rates.

• However, even students with lower scores can still get Credila education loans, provided that the student has a strong co-applicant or can pledge collateral to secure the loan amount.

Loan details of the Credila education loan with the GRE Score

*If the student has no GRE score, then the eligibility is checked based on the academic scores.

Can a Strong Academic Record Lower Credila Student Loan Interest Rates?

• Yes, a strong academic record can directly help you get education loans at a lower interest rate. A consistent academic record with good grades showcases discipline, capability and reduces the chances of dropping out of the institute or university.

• These academics, combined with a good GRE score, can even strengthen your overall profile and enhance the chances of loan approval with reduced interest rates and easier terms.

How to Get the Best Interest Rate on Credila Education Loan

To get the best interest rate, students are required to 

• Maintain strong academics

• Aim for a good GRE score, typically 300 +

• Demonstrates a clear financial and career plan

• Find a co-applicant with good credit history

• Provide complete documents

• Apply early

Credila Education Loan Eligibility Criteria

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.

2. Academic Performance: A strong academic history in previous exams, as well as standardised test scores such as the GRE, IELTS, GMAT, or TOEFL. Can improve the loan approval chances.

3. 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.

4. 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 documents list may be influenced by various factors such as the loan type, student profile, etc. However, the basic documents list is given 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.

Conclusion 

Summing up, your Academic Profile & GRE Score can significantly affect Credila’s Interest. In this blog, we have covered the same. By focusing on building your profile and scoring well in your exams, you can improve your chances of getting a Credila education loan at a favourable interest rate.