Product Details
Bank Name
HDFC Credilia
Maximum Loan Tenure
12 Years
Maximum Loan Amount
No upper cap
Interest Rate
13.30% per annum + Spread. Spread is determined on the risk profile of the case which vary on account of a number of factors such as student's academic background, employability of the selected course from a selected college and country of study, financial strength of the co‐borrower, loan repayment capability, credit history, collateral offered or not, serviceability of the loan through HDFC Credila's branch network, cost/s associated with underwriting and servicing the loan, etc.
Purpose/Field of Education Loan
Courses covered are MBA, Engineering, MD, MBBS, Executive Management Courses, Engineerin, other courses
HDFC Credilia Education Loan For Study Abroad
Repayment Cycle
Tenure of an education loan consists of Duration of Study + Grace Period after the Study + Repayment Period
Grace Period
Upto 12 months
Minimum CIBIL Score
Not Required
Co-Borrower Required
Yes, for loan above INR 20 Lakhs.
Co‐Borrower(s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse.
Collaterals Required
Yes, for higher amount education loans.
Fees & Charges
Pre-payment Charges: Nil
Penal Interest in case of delayed payment: 2% + interest rate.
Bounce Charges: INR 400
Processing Fee: Upto 1.5% of the loan amount.
Legal and stamp duty charges: Differs from state to state.
Fees and Charges
Special Features
HDFC Credilia issues letter of approval even before you secure admission, many colleges require student to secure this letter before granting them admission.
Eligibility Criteria
Borrower must be an Indian citizen
Co-applicants must be an Indian citizen
Co-borrower(s) must have a bank account in any bank in India with cheque writing facilities
Confirmed admission in the colleges before disbursement
Borrower and Co‐applicant(s) to meet HDFC Credila's credit and underwriting norms as applicable from time to time.
Special Concession
None
Features, Eligibility and Concession
Pros
HDFC Credilia has one of the highest loan sanction amount.
Loan approval letter is issed prior to securing admission.
HDFC Credilia charges simple interest unlike other banks and financial institituions which charge compound interest.
Loan is available upto 100% of tution, boarding, travelling and living expenses are covered.
HDFC Credilia issues letter of approval even before you secure admission, many colleges require student to secure this letter before granting them admission.
Cons
High interest rate.
Inrerest EMI's start immediately, they need to be paid during the study period.
Pros & Cons
HDFC Credilia USA Education Loan
HDFC Credila USA Education Loan can be a consideration, especially if you can qualify for an unsecured loan and get a competitive interest rate. However, the limited unsecured loan amount, potentially higher interest rates for secured loans, mixed reviews, and lack of advertised interest rates require careful exploration.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Recommended Education Loans
How to Apply?
You can apply by filling out the online application form available on the HDFC Credila website.
Documents Required
General Documents:
Fully filled and signed application form: You can download the form from the HDFC Credilia website [HDFC Credila education loan ON hdfccredila.com]
Two passport-sized photographs: One for the application form and another attached separately
Know Your Customer (KYC) Documents:
Photo ID: Passport, PAN Card, Driving License, Aadhaar Card, or Voter ID Card (for both applicant and co-applicant)
Residence Proof: Passport, Driving License, Aadhaar Card, Voter ID Card, or utility bills (electricity, water, gas) or rental agreement (for both applicant and co-applicant)
Academic Documents:
Mark sheets and certificates of qualifying examinations (10th, 12th, and any other relevant degrees)
Admission letter from the university (if available)
Scorecards of standardized tests like SAT, ACT, GRE, GMAT, or language proficiency tests like IELTS, TOEFL etc. (if applicable)
Financial Documents:
Last 6 months' bank statements of the co-applicant's salary account
Income Proof of Co-Applicant (if applicable):
Last 2 years' Income Tax Returns
Last 2 years' certified financial statements or provisional financial statements duly certified by a Chartered Accountant (CA)
Proof of business ownership (Lease Deed, Utility Bill, Title Deed, etc.)
Any other income proof not reflected in the above documents
Collateral Documents (if applicable):
If you are offering collateral security for a higher loan amount, documents related to the property will be required.