Overview
HDFC Credila, a subsidiary of HDFC Bank and is a well-known and dedicated Education Loan organization that offers customized HDFC Credila education loans to students and help them address their growing financial needs in their academic career. HDFC Credila education loan is customized in such a way that it can help families cope up with the growing costs of education which is one of the highest components of outflow of any middle-class Indian household. The company also makes sure that it not only caters to the academic-related financial needs of students studying in India but also provide financial assistance to Indian students abroad through HDFC Credila overseas education loans.
HDFC Credila a wide range of DFC Credila overseas education loans and HDFC Credila education loans depending on the institute, country, institute, co-borrower, academic background of the student, and collateral security.
HDFC Credila Education Loan Key Features and Benefits
Some of the unique features of HDFC Credila education loan are:
- No requirement of margin money
- Tax benefit under Section 80-E of Income Tax Act
- Zero upper limits on the amount of the HDFC Credila education loan
- Long tenure HDFC Credila overseas education loans resulting in easy EMIs
- Flexibility with the requirements of collateral security
- Easy HDFC Credila Education loan against property mortgaged with HDFC Bank
- Applicants or students can get their HDFC Credila education loan pre-approved even before applying to Universities.
If HDFC Credila finds the applicant creditworthy with a clean credit history, then they might be approved for an HDFC Credila education loan without collateral/security.
HDFC Credila Education Loan—Benefits for Students
Some of the key benefits of the HDFC Credila education loan are:
- Approval before Admission: HDFC Credila allows the students to get HDFC Credila overseas education loans or loans for Indian institutes pre-approved even before applying to Universities. This factor helps students know about the potential universities that they have got funding for.
- Sources of Funds for USA Visa and I-20: HDFC Credila Education Loan approval letter showcase assured fund sources for getting I-20 from universities in the USA.
- Reduce your financial worry: HDFC Credila education loan covers the total cost of the student education along with their living expenses, preventing them from seeking other sources of funding
- Focuses on education loan solutions: HDFC Credila focuses only on HDFC Credila education loan and HDFC Credila overseas education loan, making it the first choice of students who are looking to avail financial help.
- Easy to apply: Students need to apply for HDFC Credila education loan online without any cost. This makes the process safe, secure, and easy to prosecute.
HDFC Credila Education Loan—Benefits for Parents
- Tax Benefits: HDFC Credila education loan provides income tax rebates under Section 80E of Income Tax Act of India
- 100% of Educational Expenses Covered with HDFC Credila education loan: No margin money is required.
- Convenience: Applicants can avail HDFC Credila education loan and HDFC Credila overseas education loan at their door-step and do not require to visit bank branches multiple times as the company offers an advantage of calling an HDFC Credila representative any time as per your convenience.
- Flexibility on collateral requirements: HDFC Credila education loan features flexible options in some scenarios like no collateral requirement depending on the credit history of the applicant.
Documentation Required for HDFC Credila Education Loan
Eduloans would be providing the complete list of HDFC Credila overseas education loans. Some of the documents mandatory for applying for HDFC Credila education loan are:
- Completely filled application form along with photographs and signature
- ID Proof
- Proof of Address
- Academic documents such as mark sheet, certificates of 12th exam, certificate of Subsequent Years of Education e.g. BE, B. Com, and BSc. Marksheet of any entrance exam taken like CAT and CET, GRE, GMAT, TOFEL, and IELTS.Proof of Admission
- Bank Statements
- Income proof of co-applicant
- Collateral security proof/documents
HDFC Credila Education Loan Eligibility
It is important for the applicant to be an Indian student to pursue higher studies either in India or abroad. They must also have successfully passed higher secondary school with satisfactory grades to avail HDFC Credila education loan . HDFC credila education loan looks at scores in Competitive exams like GRE/GMAT before ascertaining the eligibility of the student.
HDFC Credila education loan as well looks at Co-signor profile where the basic interest coverage is checked by the loan provider. In case the parent is about to retire they ask for a second guarantor.
They also look at Collateral property as an additional measure of security from the guarantor.
HDFC Credila Education Loan Interest Rate
HDFC Credila education loan comes with attractive interest rates. They also depend on a host of eligibility criteria which might include but are not limited to the applicant’s borrowing history, credit worthiness, and other factors that reflect their financial capability.
HDFC Credila Overseas Education Loan FAQs:
- Does an applicant need a co-borrower to apply for an HDFC Credila education loan?
It is important to have a co-borrower for both HDFC Credila overseas education loan and HDFC Credila education loan in India. It is also important that Co-borrower is an Indian citizen who would be able to pay interest in the moratorium period. If the student is unable to repay the loan, it becomes the responsibility of the co-borrower to repay the entire loan in installments or provide the collateral security.
- When is the right time to apply for an education loan – before admission confirmation or after?
Generally, students are encouraged to apply for the HDFC Credila education loan earlier so that they can get the added advantage of having an approved education loan at the time of consideration of their admission application as it can improve the chances of getting the admission.
- Can the students apply for an HDFC Credila education loan before admission is guaranteed?
HDFC Credila offers loan sanction even before admissions.
