HDFC Credila Education Loan Disbursement Process

hdfc credila education loan

Written by Pareeshti Rao

It all started with an impulsive urge to befriend Enid Blyton and be a part of the famous five! Writing since then has been my magic wand and I've used it to sprinkle words like fairy dust and express myself thereat.

February 3, 2022

As a student who’s considering your funding options to study abroad, you’re bound to come across an HDFC Credila education loan. HDFC Credila is India’s premier specialised education loan company, offering rapid, no-collateral loans to both domestic and foreign students. HDFC Credila Financial Services provides education loans to students who want to study at over 1000 universities in over 35 countries.

It provides students with personalised loans in order to meet the rising demand for education loans. With the rising expenses of education, spending on children’s education is now one of the most significant components of the ordinary Indian household’s outflow. HDFC Credila offers a variety of education loans, based on the nation, institute, co-borrower information, collateral security provided, and the student’s academic record.

Features & Benefits Of HDFC Credila Education Loan

The following are some of the distinctive aspects of an HDFC Credila education loan:

  • No margin money is required
  • Tax Benefits under Section 80-E of Income Tax Act
  • Loans with a long term leading to low EMIs
  • Flexibility in collateral security requirements
  • Even before they begin applying to institutions, students may have their education loan pre-approved

If the lender thinks you’re creditworthy and you have a good credit history, you might be able to get an education loan without having to put up any collateral.

Steps To Consider Before HDFC Credila Loan Disbursement 

You are eligible to apply for the HDFC student loan only if you’ve met the below-specified requirements. On that note, we’ve shared some steps to consider before the disbursement of your education loan

For the borrower – 

  • The student applying for the Education Loan should be an Indian citizen, 18 years old or above.
  • The student should be enrolled in a recognised institution as a full-time student. 
  • An earning co-borrower in India should co-sign the Education Loan.

For the co-borrower – 

  • Co-borrowers are required to have a bank account in India. Co-applicant(s) must be Indian citizens.
  • Co-applicants need to show proof of earning based in India. A co-applicant can be any of the following relatives – Father / Mother / Brother / Sister (married) /Spouse/ Father-in-law/ Mother-in-law/ Sister-in-law/ Brother-in-law/ Maternal or Paternal Uncle or Aunt/ Grandparents & First Cousins.

Eligible Courses – 

All full-time courses from recognized colleges and universities in all major countries like the USA, the UK, Canada, Singapore, Australia, Germany, France, etc.

Eligible Countries –

HDFC Credila offers abroad education loans to study in over 35+ different countries across the world including the USA, Canada, the UK, Germany, Australia, Singapore, France, etc.

You may also like to know about How To Open A Student Bank Account In Canada

Important Documents For HDFC Credila Education Loan

It is best to contact HDFC Credila directly for a comprehensive list of necessary documents. However, the following are some of the required documents:

  • Photographs and signatures on a completed application form
  • Proof of Identity
  • Address Verification
  • Academic Documents: 12th Exam Marksheet/Certificate, Subsequent years of Education Marksheet/Certificate, Marksheet for any entrance exam taken, such as the CAT, CET, GRE, GMAT, TOEFL, IELTS, and other test scores 
  • Documents for Scholarships (if applicable)
  • Bank Statements as proof of admission
  • Income proof of co-applicant
  • Proof of collateral security/documentation

Also Read: 14 Ways To Pay Off Your Student Loan Quickly

HDFC Credila Education Loan Disbursement Process

  • After you’ve checked your eligibility with UniCreds, you can apply online or request a callback from one of the expert education loan counsellors at UniCreds.
  • The education loan consultant will call you and note down all of your requirements. We will verify if you are qualified for an education loan from HDFC Credila after assessing your profile and will connect you with the lender.
  • All essential documents must be uploaded digitally. At this point, we step in to help you through the process by providing a list of the documents you’ll need to submit with your application. This way, you won’t overlook any paperwork, which will speed up the processing of your applications.
  • The lender will process the application once it has been submitted with all of the required papers.

Is It Necessary To Have A Co-Borrower?

It is necessary to have a co-borrower. The co-borrower must be an Indian citizen who will be able to pay the interest during the moratorium period, which includes both the study and grace periods. The co-borrower would repay the whole amount in installments or provide collateral security if the student was unable to repay the debt. He or she must ideally be a family member.

Students are urged to apply early, as this will provide them with the extra benefit of having an approved education loan when their admission application is reviewed by the institution. Having an HDFC loan might improve your chances of being accepted.

Thank you for reading this blog on HDC Credila Education Loan. If you’d like to know more, here are some blogs that may be of interest to you –

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