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 In India
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
Co-Borrower Required
Yes, for loan above INR 20 Lakhs
Collaterals Required
Yes, for higher amounts of 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(s) 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.
HDFC Credilia also looks at Students past academic track record
Quality of institute/college and course the student wish to pursue
Student's ability to get an appropriate job after the course that he/she is seeking education loan for.
Also, the potential salary is also estimated to calculate eligibility of loan amount.
Also, credit histories of the applicant and co-applicants play an important role in approval.
Lastly, the value and type of property being offered as collateral security for higher value loans also play an important role in decision"
Special Concession
No
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 through HDFC Credilia's website.
Documents Required
General Documents:
Fully Completed Application Form: Download the form from the HDFC Credila website and fill it out completely.
Two Passport-Sized Photographs: One for yourself (applicant) and one for your co-applicant.
Know Your Customer (KYC) Documents:
Photo ID: This can be your Aadhaar Card, PAN Card, Voter ID Card, Driver's License, or Passport (for both applicant and co-applicant).
Residence Proof: Provide a document like a utility bill (electricity, water, gas) or a rental agreement (for both applicant and co-applicant).
Applicant Documents:
Academic Documents: Submit mark sheets and certificates of your qualifying examinations (usually 10th, 12th and any relevant degrees).
Loan Disbursement Documents (Submitted later):
Proof of Admission: An official letter from the university you'll be attending (if available at the time of application).
Co-Applicant Documents:
Income Proof: The co-applicant will need to submit documents like the last 2 years' Income Tax Returns (ITR) or last 2 years' certified financial statements (if self-employed).
Bank Statements: Last 8 months' bank statements for the co-applicant.
Collateral Documents (if applicable):
If you're offering collateral to secure the loan, you'll need to submit relevant documents related to the immovable property (flat, house, non-agricultural land).