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HDFC Credila Education Loan: Check Interest Rates, Eligibility & Application Process

Two people exchanging dollar notes indicating unsecured loan exchange

As a student who’s considering funding options to study abroad, you’re bound to come across the HDFC Credila education loan. HDFC Credila is India’s premier specialised education loan company, offering rapid, non-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. In this blog, understand the interest rates, eligibility and application process of this NBFC in detail. 

Key Takeaways: 

  • HDFC Credila Education Loan funds the education of Indian students studying in India and abroad. 
  • HDFC Credila has no upper limit on loan amounts and funds 100% of your education. 
  • There are different interest rates Credila charges depending on the country you are planning to study in, however, the interest rates range between 10-14%. 
  • You can borrow up to 7.5 lakhs for non-collateral education loans and any amount above 7.5 lakhs needs collateral. 
  • HDFC Credila’s processing fees range from 1-2% and vary according to the country. 

HDFC Credila Education Loan: Overview  

HDFC Credila is India’s first dedicated education loan company, part of HDFC Ltd. Focused on supporting education dreams; they offer custom loans delivered to your doorstep. With over seven years of expertise, HDFC Credila ensures hassle-free education financing, even pre-approving loans before university applications. In the table below, let’s look at some of the key features of HDFC Credila Education Loan. 

Key featuresDescription
Loan amountRs. 1 lakh and above, no upper limit
Rate of InterestFloating rate of interest according to Credila’s Benchmark Lending Rate
Repayment TenureMax 12 years
HDFC Credila Moratorium PeriodEducation course duration + 1 year grace period 
Collateral OptionResidential Flat, Residential House, Non-Agricultural Land, A Fixed Deposit, assigned in favour of Credila
Processing Fees 0.5 – 1% of the loan amount
Co-borrower optionYes
Tax benefitsSection 80E
Courses coveredHigher education in India, USA, and abroad

HDFC Credila Education Loan Interest Rates 

A floating interest rate tied to HDFC Credila’s Benchmark Lending Rate (CBLR) will apply, with the interest rate being (HDFC Credila’s CBLR + Spread) % per annum. The interest will be computed using the Simple Interest Rate formula.

  • ROI = HDFC Credila’s CBLR+Spread% per annum

Refer to the table below for a visual representation of the Rate of Interest (ROI) calculation:

Education Loan Amount (Rs.)ROIInterest Amount (Rs.)Yearly Tax Savings (Rs.)Effective Interest paid (Rs.)Effective Rate of Interest
750,00011.00%82,50025,49357,0077.60%
1,000,00011.00%110,00033,99076,0107.60%
1,500,00011.00%165,00050,985114,0157.60%
2,000,00011.00%220,00067,980152,0207.60%
*Note: Interest will be determined using the Simple Interest Rate formula.

HDFC Credila Education Loan Eligibility Criteria 

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: 

Particulars Description
For the borrowerThe 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-borrowerCo-borrowers are required to have a bank account in India. Co-applicant(s) must be Indian citizens.Co-applicants need to show proof of earnings 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 CoursesAll full-time courses from recognised colleges and universities in all major countries like the USA, the UK, Canada, Singapore, Australia, Germany, France, etc.
Eligible CountriesHDFC 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.

HDFC Credila Loan Application Process & Documents Required 

Credila has a pretty straightforward application process for its education loans. Given below is a step-by-step approach to apply: 

  • Step 1: Fill up the Online Application Form.
  • Step 2: Visit HDFC Credila and Submit Documents.
  • Step 3: Final Review, Approval, and Money Transferred to Your Bank.

Documents Required For HDFC Credila Education Loan Application

  • Fully Completed Loan Application Form
  • Photo &Photo ID
  • Residence Proof
  • Academic Documents
  • Proof of Admission
  • Bank Statements
  • Income proof of co-applicant 
  • Immovable Property Document 

Types of HDFC Credila Education Loans: With Collateral Vs. Without Collateral 

HDFC Credila offers both – secured and unsecured education loans. Given below is the table stating HDFC Credlilla Collateralised Vs. Non-collateralised education loan amount and security needed. 

ParametersHDFC Credila Loans With Collateral HDFC Credila Loans Without Collateral
Loan AmountAbove 7.5 lakhs Upto 7.5 Lakhs
SecurityImmovable property, Fixed Deposits, Bonds, etc. None
Co-applicant Required Required
Interest ratesUpto 13.30%10.5%-14%

HDFC Credila Education For Different Countries

HDFC Credila charges a different rate of interest and has set loan amounts for students aspiring to learn in the US. Let’s deeply dive into this through the following table- 

FeatureGRE > = 310GRE 300 = < 310GRE 285 = < 299
Rate of interest11.25 – 11.75%11.75% – 12.5%12.5 – 13%
Loan amountUp to INR 65 LakhUp to INR 50 LakhUp to INR 40 Lakh
Co-applicant minimum incomeINR 30KINR 35KINR 35K
Monthly instalments during the coursePartial simple interestPartial simple interestSimple interest
Processing fee0.5 – 1%0.7 – 1%1%

Hope this table gave you an overview of Credila’s education loan features for US. As mentioned above, HDFC Credila gives education loans to students aspiring to study in Canada, Germany, Australia, France, Singapore, Dubai (UAE), the United Kingdom, Ireland, New Zealand. In the following table let’s look at the key features of these countries- 

FeatureAustralia / New ZealandCanadaUKGermany/
Ireland/France/Italy
Rate of interest12 – 13%11.75 – 12.5%12 – 13%12 – 12.75%
Loan amountINR 25 LakhINR 40 LakhINR 40 LakhINR 25 Lakh
Co-applicant minimum incomeINR 60KINR 35KINR 40KINR 40K
Monthly instalments during the courseSimple interest / EMIPartial simple interestSimple interest / Partial simple interestSimple interest / Partial interest
Processing fee1%0.75 – 1%1 – 2%1 – 1.5%
hdfc credila education loan

HDFC Credila Education Loan Disbursement Process Through UniCreds

  • 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. After assessing your profile, we will verify if you are qualified for an education loan from HDFC Credila 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. 

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 the 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 give any collateral. 

Why Choose UniCreds To Apply For an HDFC Credila Education Loan? 

When applying for your education loan through UniCreds, you’re enhancing your approval prospects. Our direct collaboration with HDFC Credila officials swiftly addresses traditional hurdles like missing documents or property issues.

  • Higher Approval Odds: When you choose UniCreds for your education loan application, you significantly boost your chances of approval. Usually, banks might reject applications due to missing documents, property issues, or other concerns. With UniCreds, we promptly liaise with HDFC Credila officials to find the best solution.
  • Submit Documents Online: UniCreds makes it convenient for you to submit all the necessary documents from the comfort of your home! No need to make trips to the branch. Simply visit our website and upload all required documents. Our system ensures that you don’t miss submitting any essential documents.
  • Zero Cost to You: All our education loan services come at no cost to you. It’s completely free!
  • Faster Approvals: Thanks to our strategic partnerships, you can expect a swift turnaround. Your education loan is likely to be processed and sanctioned within 3-4 working days.

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

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.

FAQs

1. How many days will it take to sanction a loan from HDFC Credila?

The disbursement process for HDFC Credila loans typically takes 7-14 working days. During this time, the necessary verification and approval procedures are completed to ensure a smooth and efficient disbursement of the loan amount.

2. Can I get an education loan without collateral from HDFC Credila?

HDFC Credila provides education loans of up to Rs. 7.5 Lakhs without requiring collateral security for both studies in India and abroad. However, for exceptionally talented and deserving applicants, HDFC Credila has the capability to offer loans of up to Rs. 20 Lakhs without the need for a surety.

3. Is Credila education loan good?

A notable benefit of an HDFC Credila education loan is its exclusion of margin money. Unlike other loans, students are not required to contribute any portion of the total cost of their study abroad. This relieves the financial burden on students, allowing them to cover the entire cost of their education through the loan without the need for additional personal funding.

4. How can I repay my education loan in HDFC Credila?

HDFC Credila provides diverse repayment options for Pre-Monthly Installment Interest (PMII) or Monthly Installment (MI).

5. What is the interest rate for HDFC Credila 2023?

As of 2023, the HDFC Credila Education loan interest rate stands at 11.5% or the HDFC Credila CBLR (Credila Base Lending Rate) is 12.80% per annum. It’s important to note that these rates are subject to change periodically.

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Two people exchanging dollar notes indicating unsecured loan exchange

HDFC Credila Education Loan: Check Interest Rates, Eligibility & Application Process

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