HDFC Credila Education Loan for Study Abroad

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. 

HDFC Credila Education Loan without Collateral

HDFC Credila provides an Unsecured Education Loan for up to Rs 75 Lacs for Study Abroad. The key features are Pre-Visa Disbursement and the wide acceptance of Co-Applicant incomes and serviceable areas. They charge a competitive processing fee of 1% with discounts on most occasions. 

Eligibility criteria for HDFC Credila Education Loan

Here is the basic Eligiblity Criteria for Study Abroad Education Loan by HDFC Credila. 

Student

• must be an Indian Citizen
• must be a minimum of 18 years of age
• must have a good CIBIL history

University

• must be approved by the concerned regularities
• can be a Graduate/Post-Graduate/technical course
• must have a good world and national ranking
• must be SDS & PGWP approved (for Canada only)

Academics

• must have a minimum of 50% in Class 10th, Class 12th, Bachelors and Masters
• must have a sufficient language proficiency exam scores

Co-Applicant / Co-Borrower

• must be an Indian citizen
• should be a father, mother, brother, sister, grandparent or any other blood relative.
• must be a financial earner (Salaried, Self-Employed, Farmer, or Pensioner)
• must have a savings bank account in India that allows them to sign cheques
• must be the primary debtor
• must have a good CIBIL history

Collateral

• must be a fixed deposit or property such as a house, or shop
• property must be approved by the concerned authorities
• property must be located in an Urban or City area

Expenses Covered by HDFC Credila Education Loan

The HDFC Credila covers almost all expenses that are expected to be incurred during the proposed study

1. University/College Tuition Fees, including Tuition Deposit
2. Living Expenses
3. GIC Account for Canada and Blocked Account for Germany
4. Traveling Expenses, including Flight Tickets, Pre and Post arrival costs

The Cost of necessary Insurance is covered in a Sanctioned Amount and is deducted from the Disbursed Loan amount itself. 

Charges of HDFC Credila Education Loan

Here is the list of basic charges involved in HDFC Credila Study Abroad Education Loan

*Charges may vary

HDFC Credila Education Loan Processing Fees

Credila charges a default processing fee of 1% plus GST, which amounts to an effective rate of 1.18% of the sanctioned loan amount. If you apply for a Study Abroad Education Loan through Abroad Cube, our expert can assist you in negotiating a discounted processing fee as low as 0.75% plus GST, depending on your application. This way, you can save significantly without any extra effort.

HDFC Credila Education Loan Repayment Methods

Credila provides two repayment options for its Unsecured and Secured Education Loans for Master’s programs: Partial EMI and Full EMI. The Partial EMI typically ranges from Rs 2,000 to Rs 10,000, with an average monthly installment of Rs 5,000. The Full EMI payments begin after a moratorium period, which covers the duration of the study plus an additional grace period of one year. Applicants have the option to switch from Partial EMI to Full EMI if they choose. The repayment amount will be automatically debited from the co-applicant’s bank account around the 10th day of each month.

For Credila's Bachelor's Education Loan, only Full EMI is available. This means that the installment payments start in the first month following disbursement, with no moratorium period offered.

HDFC Credila Education Loan Disbursement Process

During the Agreement process, the HDFC Credila team will assist you with a Savings Account Opening at HSBC Bank to disburse the Sanctioned amount. Based on the Student's request and requirement, the Credila team will transfer the amount to the University, College, or any other institution. The Living Expenses will be provided as a Forex Card or remitted to a Foreign Account. The HDFC Credila offers complete flexibility in disbursing the amount before Visa Approval.

If you have already paid the Tuition Fees or a Tuition Deposit from your savings and need a reimbursement, you must go to your Banking Representative and submit the required documents. At the lender's discretion, the amount will be released into the savings account or transferred to the Student's foreign account. 

HDFC Credila EMI Calculator

Our Education Loan EMI Calculator is designed to assist you with Easy Calculations and quick HDFC Credila Education Loan analysis. You can set the Loan amount, course duration, grace period, interest rate, loan tenure, and repayment method in the EMI Calculator. It will show you the Total Interest, Total Payment, EMI during the Study, EMI after the Study, and Repayment / Amortization Schedule. Planning out your repayment before taking the Education Loan for a smoother process is highly recommended.

How to contact HDFC Credila

You have the following options to contact the HDFC Credila Education Loan Representatives or resolve your doubts.

1. You can visit one of the HDFC Credila's Branch offices near you: Mumbai, Ahmedabad, Bangalore, Bhopal, Chandigarh, Chennai, Coimbatore, Delhi, Gurgaon, Hyderabad, Indore, Kolkata, Lucknow, Nagpur, Nasik, Pune, Surat, Vadodara, Bhubaneswar, Kochi, Jaipur, Tiruchirapalli, Visakhapatnam, Trivandrum and Vijayawada.
2. Email your query to HDFC Credila at support@hdfccredila.com and await their reply.
3. Fill in the Contact Form on the HDFC Credila website and wait for the concerned person to contact you by phone or email.  

However, applying for an HDFC Credila Education Loan through Abroad Cube is the easiest way. We will help you with faster processing, interest rate negotiations, and processing fee discounts.