✓ Cover all your Education Loan Expenses
✓ At a Lower rate of Interest with HDFC Credila through WeMakeScholars
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.
Parameters | Details |
Loan Amount |
1 Crore (No upper limit on going through WMS) |
Interest Rate | 10%/ 9.75%* |
Repayment Period | 12 years |
Moratorium Period | 6 Months or 1 Year + Course Duration / 2 years for germany |
Acceptable Programs | Post-Graduation, Masters and Undergraduate level programs |
Processing Fee | 1-1.25% / Flat 1%* |
* 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
Parameters | Details |
Loan Amount |
50 Lakhs/ 70 Lakhs on going through with WMS (Can go upto 80 Lakhs depending on your unviersity) |
Interest Rate | 11.5% / 10.75% to 11.25%* |
Repayment Period | 12 years |
Moratorium Period | 6 Months or 1 Year + Course Duration / 2 years for germany |
Acceptable Programs | Post-Graduation, Masters |
Processing Fee | 1-1.25% / Flat 1%* |
*On going through WeMakeScholars
Parameters | Details |
Loan Amount | 30 Lakhs/ 50 Lakhs on going through WMS* |
Interest Rate | 11% to 11.25% |
Repayment Period | 12 years |
Moratorium Period | 6 Months or 1 Year + Course Duration / 2 years for germany |
Accpetable Programs | Post-Graduation, Masters |
Processing Fee | 1-1.25% / Flat 1%* |
* 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 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%
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.
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,
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.
What is the interest rate for HDFC Credila education loan?
The interest rate for HDFC Credila education loan varies depending on the borrower's profile and the loan product chosen. The HDFC Credila Education Loan Interest Rate starts from 13.30% + spread.
Can I get an education loan without collateral from HDFC Credila?
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?
HDFC Credila is approved by the Reserve Bank of India (RBI) and is registered as a Non-Banking Financial Company (NBFC).