HDFC Credila

HDFC Credila Education Loan for Study Abroad

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Interest Rate
10.5% onwards
UnSecured Loan
₹75 Lakhs
Secured Loan
₹150 Lakhs
Processing Time
3 working days
Margin
100% Funding
Loan Tenure
up to 14 years
Type
NBFC
Tax Benefits
Yes
Processing Fees
starts 1%
100+ Cr
Disbursed
10+
Banks & NBFC
15+
Countries
3 days
Average Time

How it works!

1
Check Eligibility

Get your Education Loan Eligibility checked within 5 minutes

2
Document Submission

Sorting, Verifying and Submitting Documents as per Checklist

3
Application Process

Submission of application to top lenders from a pool of 12+ options

4
Sanction & Disbursal

Get Sanction Letter in record time and proceed for Disbursement

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What's Next!
  1. Eligibility Check
  2. Documentation
  3. Application Login
  4. Deal Negotiation
  5. Loan Approval
  6. Disbursement
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Features of HDFC Credila Education Loan

Interest Rate Starts at 10.5%
Loan Amount (Collateral) Upto ₹75 Lac
Loan Amount (Without Collateral) Upto ₹150 Lac
Processing Fees starts 1%
Processing Time 3 working days
Loan Tenure up to 14 years
Margin 100% Funding
Prepayment Charges Zero
Moratorium Period Course + 1 year
Admit Letter Not Required
Tax Benefits Yes
Type NBFC
Life Insurance Required

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. 

Maximum Amount Rs 75 Lacs
Interest Rate 11.25%
Processing Fees starting 1%
Admit Letter Not Required
Co-Applicant Parents, Siblings, Uncle-Aunties, Cousins

 

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

Description Charges & Fees
Processing Fees 1%
Life Insurance Varies
Travel Insurance Varies
Collateral Valuation (if applicable) Free

 

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.

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Benefits of getting HDFC Credila Education Loan through Abroad Cube

Higher Chances of Approval

When 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.

Low Processing Time

Using the latest technology and years of experience, we expedite the application process by 65%, reducing overall processing time. Applying using the exact required documents with the eligible lender is the key to getting an application processed in record processing time.

Personalized Document Checklist

Our Education Loan Expert will send you a Personalized Document Checklist, removing all unnecessary documents, easing the process and giving you peace of mind.

Negotiation on Interest Rate & Processing Fees

We will help you get Comparable, Negotiated and best-suited Education Loan deals, saving you up to Rs 3 Lakhs. The major negotiable components are Interest Rate and Processing Fees.

Free Education Loan Assistance

We are not charging any service fees for helping with the Study Abroad Education Loan. Also, there are no hidden fees involved, which is guaranteed. For each approval, we get paid a referral fee by HDFC Credila without any additional charge to students.

Documents required for HDFC Credila Education Loan

Here is the standard document checklist for getting an education loan from HDFC Credila or other lenders. The bank or NBFC might ask for additional documents or information based on the application to ease the process.

Applicant
  • Aadhar Card, PAN Card & Passport
  • Class 10th Marksheet, Class 12th Marksheet
  • Bachelors Marksheets & Degree (if applicable)
  • Masters Marksheets & Degree (if applicable)
  • IELTS / TOEFL / PTE / Duolingo (if applicable)
  • GRE / GMAT / SAT / ACT (if applicable)
  • Resume & Work Experience (if working)
  • University Offer Letter (if optional)
Co-Applicant
  • Aadhar Card, & PAN Card
  • Address Proof (Electricity Bill, Water Bill, etc)
  • Bank Statement (Last 6 months)
Income documents of Salaried Co-Applicant
  • Salary Slips of Last 3 months / Salary Certificate
  • Form-16 of Last 2 years (optional)
  • Salary Account Statement (if different)
Income documents of Self-Employed Co-Applicant
  • Income Tax Returns of Last 2 years
  • Business Proof (MSME, GST Certificate, Labour Certificate, Shop Act Certificate)
  • Current Account Statement (if different)
Income documents of Farmer Co-Applicant
  • Income Tax Returns of Last 2 years
  • Income Certificate issued by State Government (if applicable)
  • Patta-book (if applicable)
  • J-Forms of Last 2 years (Punjab, Haryana, Rajasthan)
  • Jamabandi / Fard (Punjab, Haryana, Rajasthan)

The Education Loan documents may vary based on individual applications. If you are missing any required documents, please contact our Loan Expert for help!

How to apply for HDFC Credila Education Loan via Abroad Cube

Check Eligibility

Start by checking your eligibility on Abroad Cube's website or reach out to us via WhatsApp or phone. The Eligibility criteria include Country acceptance, University and course ranking, Academics, Credit Score and history, co-applicant and Collateral requirements, etc.

Document Submission

Once you pass the basic Eligibility Criteria, the next step will be Documentation. Our Education Loan Expert will send you a personalized Document Checklist of HDFC Credila and help you arrange, sort and suggest alternatives, if any. Before sending documents to the HDFC Credila, we ensure that all documents are in order according to the required Checklist to expedite the application login process.

Application Processing

Our Education Loan Expert will choose the best lenders from the pool of 12+ options to get you the best-suited deal. They will follow up with concerned Lender Relationship Managers for Application Login and further processing. The lender process will include getting consent, address verification, and a small telephonic interview with the Credit Manager before the final decision.

Loan Sanction & Disbursal

The sanction letter will be released within 24 hours once you pay the processing fee to the Bank via acceptable payment methods. Afterwards, you may proceed with the Study Visa process or request Pre-Visa disbursement. You can also ask for reimbursement if you have already paid the Tuition Fees or Living Expenses via other means. Once you complete the banking formalities, the loan amount will be disbursed into the Bank Account

Apply for HDFC Credila Edu-Loan

You may apply for HDFC Credila Education Loan by visiting their local bank branch or contacting their customer support team. But Abroad Cube will help you get a hassle-free Education Loan from your comfort at the best Interest Rate and record processing time at Zero Service Charges.

Abroad Cube is an Online Study Abroad Marketplace that has onboarded 12+ Banks and NBFCs to ease the process of getting the best deal for an Education Loan in minimal processing time. To get started, Check your Eligibility and share your Documents by Email or WhatsApp to expedite your application process.

Education Loan Eligibility

Are you worried about your Eligibility for Study Abroad Consultancy? Enter your basic details and check your eligibility within minutes in more than 10 Banks and NBFCs.

EMI Calculation

Get Education Loan EMI Repayment analysis, monthly EMI and Amortization Schedule in a single click without worrying about complex formulas and calculations.

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Frequently Asked Questions

The interest rate of HDFC Credila starts at 10% for Secured Loans and 11.5% for Unsecured Loans.

HDFC Credila provides up to Rs 75 Lakhs for Un-Secured Loan and Rs 1.5 Cr for Secured Loan based on application.

Yes, the HDFC Credila is the only NBFC that provides Tax benefits under Section 80E.

HDFC Credila takes just 3 working days if applied via Abroad Cube.

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Disclaimer: Any Bank/NBFC/Financial Institution does not endorse, promote, review or warrant the accuracy of the product or services offered by Abroad Cube. This platform is independently run by a team of experts.
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