HDFC Credila Education Loan

HDFC Credila is a specialized education loan provider in India that offers loans to students who want to pursue higher education in India or abroad. HDFC Credila offers a range of education loan products to students based on their academic profile, course, and institution. HDFC Credila offers loans for a variety of courses such as engineering, medicine, management, hospitality, law, and many others. HDFC Credila also offers loans for vocational courses and skill development programs. Keep reading to learn more about the interest rates and loan amounts offered by HDFC Credila.

This video contains comprehensive information about the HDFC Credila Education Loan, covering various aspects such as loan schemes, borrowing limits, interest rates, and processing charges. Additionally, it includes exclusive details from their official circulars that are not accessible anywhere else online, even on HDFC Credila's official website.

* On going through with WeMakeScholars 

The Loan amount offered for an education loan is directly dependent on the value of the collateral. For example, if you required a loan amount of 1 Crore, you would need to provide collateral with a value of around 75 - 80 Lakhs to get the loan processed. 

Here at WeMakeScholars we have managed to process a secured education loan with collateral value only being 50% of the required loan amount value. That is a 50 Lakh collateral for 1 Cr Education Loan 

*On going through WeMakeScholars 

* Upto 60 Lakhs can be tried for Top Universities 

Here we are going to further read about Country Specific Education Loan Schemes offered by HDFC Credila.

HDFC Credila Education Loan USA

• HDFC Credila has offered education loans for students pursuing STEM courses in the USA 
• HDFC Credila also provides unsecured education loans with no upper limit on the loan amount
• They transfer the amount to the college/ universities bank account in American dollars 

HDFC Credila Education Loan Canada

• HDFC Credila offers customized education loan products to Indian students who want to study in Canadian universities. 
• A special Guaranteed Investment Certificate (GIC) of $10,000 CAD per year is required to cover living expenses for the first year in Canada. 
• The Canadian High Commission recommends submitting proof of purchase of the GIC along with payment for the first year's tuition as the preferred option for proof of funds. 
• An alternate option is to submit a copy of the receipt for the first year's tuition fee and documentation of an educational loan from an Indian lender equivalent to $10,000 CAD to fulfill the financial requirement.

HDFC Credila Education Loan France

• HDFC Credila offers education loan products for Indian students who want to study in France.
• The cost of obtaining a French degree is relatively low compared to other European countries. 
• HDFC Credila provides unsecured educational loans for selected courses and can approve loans even before the student is admitted. 

HDFC Credila Education Loan Ireland

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

HDFC Credila Education Loan Germany

• HDFC Credila offers customized education loan products to help Indian students fund their studies in Germany. 
• Eligibility criteria vary depending on the university, and TOEFL/IELTS scores may be required for English-taught courses, while TestDaF/DSH certificates may be required for courses taught in German.
• Students who complete their studies in Germany can extend their visa for up to 18 months to search for employment.

HDFC Credila Education Loan Singapore

• HDFC Credila has studied Singapore's higher education system and offers customized education loans for Indian students pursuing undergraduate courses in three major universities in Singapore. 
• Their loan products can be approved before admission, and they offer unsecured loans for selected courses in singapore.

HDFC Credila Education Loan New Zealand

• HDFC Credila offers education loans for New Zealand education, including undergraduate and graduate courses
• The National Certificate of Educational Achievement is the main qualification for secondary school students in New Zealand and is widely recognized in India and some European countries..
• Additionally, post-study work visas are available for international students who complete certain qualifications.

HDFC Credila Education Loan Australia

• HDFC Credila offers customized education loan products for Australian education and they provide unsecured loans for selected courses. 
• Australia has introduced a Simplified Student Visa Framework (SSVF) to simplify the student visa process
• The SSVF includes a single immigration risk framework for all international students and a reduction in the number of student visa subclasses from eight to two. 
• Australian universities will screen students under the AL (Assessment Level) regime to decide whether they need to furnish financial eligibility documents, and the DIBP (Department of Immigration and Border Protection) will only intervene in exceptional cases.
• The minimum score for the International Language Testing System is 5.5, 5 when combined with 10 weeks or more ELICOS, and 4.5 when combined with 20 weeks or more ELICOS.

HDFC Credila Education Loan Dubai

• HDFC Credila offers customized education loan products for Indian students pursuing higher education in Dubai. 
• Dubai has a visa-on-arrival system 
• HDFC Credila funds 100% of the cost of living. 
• The loan approval process can be completed even before receiving a confirmed admission letter, which helps students plan their finances better and avoid last-minute stress.

HDFC Credila is a step ahead of its competitors because of the following features.

No Margin Money

One of the key advantages of an HDFC Credila education loan is that it doesn't require any margin money. This means that students don't have to fund any part of the total cost of their study abroad. The education loan covers all the costs of studying overseas, including tuition fees, living expenses, and even a caution deposit, building fund, or refundable deposit.

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 related expenses. Students can borrow 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 act as 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.

The HDFC Credila Education Loan Interest Rate starts from 10%

• The interest rate for HDFC Credila Education Loan is a floating rate that is linked to HDFC Credila's Benchmark Lending Rate (CBLR). 
• The interest will be calculated using a Simple Interest Rate, and the floating rate of interest will be the CBLR plus a spread, which is determined based on various factors such as the student's academic background, employability of the selected course, the financial strength of the co-borrower, and so on. 
• The spread varies according to the risk profile of the case.

Flexibility plays a significant role in any education loan scheme, and the interest rates offered by the lender greatly influence this aspect. When considering an HDFC Credila student loan, it's advisable to familiarize yourself with the bank's guidelines and stay updated on any changes in the interest rate. 

While exploring the loan repayment terms, it's important to note that HDFC Credila offers the convenience of charging simple interest during the moratorium period. 

This feature ensures that you can manage your finances efficiently without the burden of compound interest. HDFC Credila's approach of allowing partial interest payments during the moratorium period is an added advantage. 

This option provides flexibility for students who are still pursuing their higher education, enabling them to manage their financial obligations more comfortably.

It's crucial, however, to be aware that the remaining interest amount will be compounded and added to the principal at the end of the year. 

If you encounter any challenges while processing your education loan, You can reach out to us as our partnership with well-reputed financial institutions like HDFC and other prominent banks and NBFCs provides you with a trustworthy platform to process your education loan. 

With our expertise and dedicated support, you can have peace of mind knowing that your loan needs will be handled efficiently and effectively, ensuring a smooth journey towards achieving your educational aspirations.

1. Application Form that is fully completed and signed
2. Two passport-sized photos of the applicant and co-applicant, with one set to be pasted on the Application Form and the second set to be affixed (stapled) to the Application Form
3. Photo ID for both the applicant and co-applicant, which can be any of the following:
   a. Voter's ID Card
   b. Permanent Account Number (PAN) Card
   c. Aadhaar Card
   d. Passport, Driving License
4. Residence Proof for both the applicant and co-applicant, which can be any of the following: 
   a. Driving License
   b. Voter's ID Card
   c. Passport
   d. Aadhaar Card
5. Academic Documents of the Student including
   a. Marksheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.
   b. Marksheet/Certificate of 12th Exam
   c. GRE/GMAT/TOFEL/IELTS, etc. Marksheets (If applicable)
   d. Marksheet of Any Entrance Exam Taken e.g. CAT, CET, etc. (If applicable)
   e. Documents of scholarship if have got any scholarship
6. Admission Proof (If available)
7. Last 6 Months' Bank Statements of Co-Applicant, including copies of all bank accounts where salary or business/professional receipts are credited every month
8. Income Proof of Co-Applicant, which varies based on whether they are a salaried employee or self-employed/professional:
   1. Salaried Employee: 
      a. Salary slips of the last three months
      b. Form 16 of last 1 year from Employer or Income Tax Returns Last 1 Year's
      c. Income Proof that is Not given in the Above Documents
   2. Self-Employed or Professional:
      a. Last 2 Year's IT Returns
      b. Last 2 Year's Provisional Financial Statements Duly Certified by CA
      c. Office address or proof (any one of the following, Utility Bill, Lease Deed, Title Deed, etc.), or if any other document to verify your office address
9. Collateral (Flat, House, Non-Agriculture Land), the below documents will be required
   a. 7/12 extracts in case of land
   b. Property Title Deed
   c. Original Registration receipt for the above agreement, Allotment Letter By Municipal Corporation / Authorized Govt. Authorities like MHADA, CIDCO, etc., 
   d. Latest Property tax bill along with receipts
   e. Registered Sale Agreement Along With Society Share Certificate
   f. Previous Chain of Sale Deed establishing title
   g. Latest Maintenance bill along with Receipts issued by builder/ society
   h. Approved building plan
   i. NOC for the mortgage from society/builder
   j. Encumbrance certificates as on date etc.

The repayment period for HDFC Credila is 12 years, which means that the borrower has a total of 12 years to repay the entire loan amount.

On the other hand, the moratorium period is the time during which the borrower is not required to make any loan payments. This period is typically offered to students who have taken an education loan to pursue higher studies, allowing them to focus on their studies without worrying about loan repayments.

In the case of HDFC Credila, the moratorium period is either 6 months or 1 year plus the duration of the course, depending on the specific loan product. During this period, the borrower is not required to make any loan payments, and interest is not charged on the loan amount in public banks. However, in private banks and NBFCs, applicants are required to pay atleast some amount during the moratorium period.

This amount can either be your partial simple interest or full simple interest as per the terms of your loan. HDFC credila has also asked the students to pay full simple interest in some cases depending on the applicant's profile.

HDFC Credila advises having a buffer of at least three months before loan payments begin. Options for paying off the loan include,

• Making extra payments
• Paying while in school 
• Making partial payments

The online application process with WeMakeScholars involves the following steps:

Step 1: To begin the process, you can either request a callback or fill a common application form to reach out to WeMakeScholars.

Step 2: Once you are connected to a financial officer, you can provide all the details of your education loan over a call.

Step 3: After analyzing your loan profile, your financial officer will suggest the best lenders for your education loan, based on your eligibility. You can then choose your preferred lender and inform your financial officer about it.

Step 4: Next, you can submit your documents either by visiting the bank or by uploading them on the secure documents portal of WeMakeScholars online.

Step 5: Your financial officer will be in constant touch with the lender's team to process your education loan and will take follow-ups if required.

Step 6: If you are taking a loan from a HDFC Credila you can receive your loan sanction letter from the bank within 2 to 3 weeks of submitting the documents as HDFC Credila has been the slowest compared to the remaining private banks and NBFCs. You can always let your FO about your timeline so that they can connect you accordingly. 

The traditional loan application process can be cumbersome due to issues such as excessive documentation, multiple visits to the bank, lack of clarity on eligibility, and poor customer service. WeMakeScholars, with years of experience and expertise, offers several advantages to students seeking education loans

Expert Advice: Expert advice on choosing the best lenders and navigating through the loan sanctioning process.

End-to-end support: End-to-end support even after the loan is sanctioned, for disbursement and repayment.

Minimal processing time:  with education loans without collateral sanctioned within 7 days and those with collateral within 15-20 days.

Negotiation support: Negotiation support to secure favorable rates and loan conditions.

Lower interest rates:  with students getting an additional 0.5-2% discount on effective interest rates.

Digitized process: A digitized application process that eliminates the need for multiple visits to the bank.