Ways to Negotiate a Better Credila Loan Interest Rate

An education loan interest rate is an important factor to understand while opting for an education loan. Even a small percentage difference in your interest rates on your education loan can save lakhs of your hard-earned money.

Students who are planning to take out an education loan from Credila might be wondering if there are any ways to lower their Credila education loan interest rate. Well, the answer is yes, with the right strategies, you can actually lower your Credila education loan interest rates.

In this blog, let's explore how you can negotiate and ask the lender to reduce your Credila education loan interest rates.

Strengthen Your Profile Before Negotiation

• Credila generally assesses various factors of the student to determine the eligible loan amount and interest rates based on various factors A student's academic profile is one of the key factors that Credila assesses to check the loan eligibility of the student. 

• Strong academics, with admission to a reputable university or college, can significantly strengthen a student's profile. Students opting for a highly demanded course like STEM can help them get a lower interest rate.

• Good scores in standardised tests like the GRE, GMAT, IELTS, etc, can add an extra mile to your profile. Highlight your scores while negotiating. These test scores help build confidence in the lender, Credila, that the student is potential enough to secure a job and repay the education loan. This indeed may lead to a reduced interest rate.

 Highlight a Strong Co-applicant Profile

• A strong co-applicant is always one of the key factors that the lender assesses to check the loan eligibility of the applicant. This is to assess the risk associated with lending loans. A co-applicant shares equal responsibility for repaying the education loan. 

• Choosing a strong co-applicant could be a game-changer in many education loans. A co-applicant with good credit history and a consistent income can always be used while negotiating on the interest rates. 

• A co-applicant with a CIBIL score of 700 and above is considered lower lending risk. Showcase multiple income sources if you have to negotiate on interest rates. Therefore, it is recommended that students choose a strong co-applicant to get a lower Credila education loan rate.

Compare and Use Competitive Offers

• You can use loan offers from other lenders, such as NBFCs or private banks, that provide lower interest rates to your advantage. By presenting these offers, students can negotiate with Credila for better interest rates.

• Often, lenders would match or even undercut a competitor’s rate to retain the borrower and secure the loan. Students can discuss openly about the offer, negotiate, and ask to reduce the interest rates.

• For instance, if any other NBFC is offering an education loan at 0.5% lower interest, you can show this offer to Credila and request an interest rate reduction.

Improve Your CIBIL Score and Repayment Record

• The CIBIL score is one of the primary factors that any lender evaluates to assess the eligibility for an education loan. A CIBIL score above 700 means financial stability and a good credit history.

• Generally, students do not have any credit history, so it's the co-applicant's CIBIL score that plays a pivotal role. If the co-applicant's score has improved after they took the first loan, students can ask Credila and request a rate review. 

• Showcasing consistent repayment behaviour and no missed or delayed EMIs can make your profile strong. Therefore, students must make sure that the Co-applicant CIBIL score and repayment history are good enough to request for Credila education loan rate reduction. 

Use WeMakeScholars to Lower Your Credila Education Loan Rate

• WeMakeScholars is associated with 14 plus lenders across India, an organisation funded and supported by the Ministry of IT, Government of India. Many lenders, including Credila, provide them with special rate concessions or faster approval privileges that aren’t available through direct applications.

• 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.

How to Apply for the Credila Education Loan

• To apply for the Credila Education Loan, students can directly visit the official website of Credila, fill out the education loan application form, and submit it.

• 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.

• Lower processing fee compared to applying through Credila directly.

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

Conclusion

Even a small percentage reduction in the education loan interest rate can make a huge difference in education loan repayment. In this blog, we have covered how you can negotiate with Credila and what factors you can consider and improve to reduce your education loan interest rates.

Applying through WeMakeScholars can help you get the best deal. 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.