HDFC Credila Study Abroad Education Loan

The HDFC Credila provides education loans to students intending to study in India and abroad. They have a high bar of ₹1.5 Crore on the loan amount if a Collateral is backed and ₹75 Lakh for non-collateral cases. They have a Zero margin policy for Collateral and Non-collateral cases, so they finance up to 100% of your expenses. HDFC Credila is the only NBFC eligible for providing Tax Benefits to applicants or co-application on the education loan. Being a digital company, you can expect faster processing of your application and sometimes less than a week. 

Features

Benefits

No Margin

HDFC Credila has a Zero margin policy that covers college-related and additional expenses. 

High Limit on Loan Amount

HDFC Credila has a higher limit of ₹1.5 Cr on Collateral based loans and ₹75 Lac on Non-Collateral. The loan amount depends on the applicant's profile and choice of institution. 

Competitve Interest Rates

The rate of interest charged by HDFC Credila is CBLR + Spread rate. The current CBLR of HDFC Credila is 12.30% (w.e.f Nov 2022), and the spread rate depends on the applicant's profile and the value of the collateral. 

RBI Approved

The HDFC Credila Financial Services is RBI-approved NBFC authorized to provide education loans to India- and abroad-based students. 

Moratorium Period

HDFC Credila provides a grace period of 12 months after the completion of the study for the initialization of Loan repayment. 

Loan Repayment

HDFC Credila grants education loans for a period of up to 15 years, and it includes the duration of the course, a grace period after study, and a Repayment period. You can repay earlier and save on interest charges with Zero pre-closure charges.

Tax Benefits

HDFC Credila is the only NBFC eligible for tax benefits on an education loan. You or your co-applicant can avail of the Tax Exemption under 80E on the interest paid upon an education loan. 

Benefits of applying an HDFC Credila Education Loan through Abroad Cube

1. Higher Chances of Approval - On applying for an Education Loan through Abroad Cube, you can expect higher chances of approval as our expert will verify the documents before submission and suggest better alternatives for higher approval.
2. Zero Charges - We help you apply for an Education Loan at Zero costs
3. Online Process - With Abroad Cube, applying for an Education Loan is entirely Online. You must submit all the required documents online, and we will send them to the concerned Bank of NBFC. Our system is designed to handle your education loan application online with timely updates.
4. Quicker Sanctions - Our education loan partners have lower processing times. Our expert will verify the documents before submission to avoid processing delays. 
5. Cashbacks and Offers - You will get up to Rs 10,000 cashback when you apply for an Education Loan through Abroad Cube

Charges of HDFC Credila Education Loan

The description of charges of HDFC Credila Education Loan

Eligibility criteria for HDFC Credila Education Loan

1. An Applicant
   • must be an Indian citizen who is 18 or older
   • must have a confirmed admission letter before the final disbursal (an applicant can apply for an Education loan before their admission based on their academic history)
   • must have a co-borrower who earns in India
2. A Co-Applicants
   • must be an Indian citizen and should be a parent, legal guardian, sibling, or other blood relative.
   • must have a bank account in India that allows them to sign cheques.
   • must be the primary debtor.
3. The Institution/University/College
   • It can be a Graduate course
   • It can be a Post-Graduate Course
   • It can be a job-oriented professional course
   • It can be a technical course
   • It must be approved by the regularities. 

Documents required for HDFC Credila Education Loan

Here are the documents required for Education Loan by HDFC Credila for Applicants and Co-Applicants

How to apply for HDFC Credila Education Loan

1. Apply on our website, and submit your basic profile for eligibility checks. 
2. Once eligible, get quotes from multiple banks and NBFCs for your education.
3. Choose the best offer and start with the application. 
4. Submit the documents as per Abroad Cube's curated Checklist to avoid processing delays. 
5. Our expert will verify the documents and send them to the concerned education loan provider.
6. The Education loan provider will process your file and revert. 

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