HDFC provides loan for study abroad to students through its NBFC arm, HDFC Credila. Over the time, Credila education loan has come to be known for its own set of credibility and repute. It is one of the most favoured non-banking financial company with great features and benefits. What is Credila education loan? How can you have it? This blog answers all your questions in a nutshell.
Features and Details of HDFC Credila loan for study abroad
The table below gives you all features and details about HDFC Credila education loan.
|
Features |
Credila education loan details |
|
Education Loan Amount |
Minimum Loan Amount - INR 1 Lakh Maximum Loan Amount- INR 40 lakhs (can go up to Rs. 1 crore in certain cases) |
|
Interest Rate |
11% to 12.5% |
|
Processing Fee |
1 % to 1.25% of study loan for abroad amount |
|
Margin Money |
Nil |
|
Loan Tenure |
Up to 10 years |
|
Prepayment Charges |
Nil |
|
Repayment Holiday |
Only interest amount to be paid during moratorium period; EMI begins after course completion+6 months |
|
Processing Time |
Within a week after documentation completion |
|
Payments During Study Period |
Simple Interest |
|
Countries Covered |
UK, US, Australia, Singapore, Canada, Dubai, Ireland, Germany, France and more. |
HDFC Credila is one of those NBFCs which offers 100% finance with all kinds of expenses. Whatever you need for your study abroad plan, is most likely to be covered and included in the Credila education loan. Credila education loan was the pioneer in the industry looking at the student profile as the main benchmark for providing a loan. They were the first one to provide loan for study abroad based on GPA, Test Scores, Course, University and Country.
The best part about this overseas education loan from HDFC Credila is that it sanctions and clears your amount before the admission letter. Pre-sanctioning of loan amount allows students to go through faster, smoother and easier visa processing too. They are very strong for a STEM focused US bound student. They are the only NBFC to get the 80E tax certificate where parents can claim tax rebate on the interest paid for the year for availing HDFC credila study abroad loan.
Credila education loan disbursement process
In following steps, HDFC Credila clears your loan for study abroad-
· Paying origination fee
· Date of disbursement
· Disbursement amount
· Disbursement details
· Final loan agreement documentation
· ECS from bank
· Amount transferred to bank account
Rate of Interest for Credila education loan
Among the most important factors to be considered before finalizing the bank or NBFC from which you intend to claim loan amount, is the interest rate. This is the single most important factors among others.
Here is the detailed interest rate for Credila education loan.
|
Features |
Credila education
loan by HDFC |
|
|
Max Loan Amount |
Rs. 40 lakhs (can go up to Rs. 1 crore in certain cases) |
|
|
Interest Rates |
11% to 12.5% |
|
|
Margin requirement (by student/family) |
Nil |
|
|
Max Tenure Post Moratorium |
- |
|
|
Co-Applicant required (Y/N) |
Yes |
|
|
Collateral Security (Fixed deposit/ Property, LIC) |
Options available for collateral and non-collateral loan requirements |
|
|
Prepayment Charges |
Nil |
|
|
Moratorium Period |
Only interest amount to be paid during moratorium period; EMI begins after course completion+6 months |
|
