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Know About HDFC Credila Education Loan Without Collateral – A Guide

HDFC Credila Education Loan Without Collateral

Written by Srishti Jhawar

On a journey to explore everything that can express itself in words or silence. More inclined toward writing articles which can create an impact on the reader. Over here, writing on abroad education topics and information that can be useful to students planning to go overseas.

October 31, 2022

The First Dedicated Education Loan Company in India is HDFC Credila, a subsidiary of HDFC Ltd. By developing the idea of a specialised education loan lender, HDFC Credila Financial Services established itself as India’s First Dedicated Education Loan Company. The home-delivered customised education loans that HDFC Credila provides are based on a thorough understanding of the needs of students who want to pursue their higher education overseas. This blog will address your inquiries about the HDFC Credila Education Loan without collateral and much more!

All of your inquiries concerning the HDFC Credila education loan without collateral eligibility, interest rate, expenditures covered, paperwork needed, repayment term, moratorium term, etc. will be answered in the section below. 

When To Apply For HDFC Credila Education Loan Without Collateral?

With an HDFC Credila education loan for abroad, you can apply for the loan as soon as your GRE results are in, even if you haven’t been accepted. Once you have begun applying to colleges, you can apply to other countries other than the US. It should be highlighted that HDFC Credila is super selective about the applications. In order to find out if you qualify for the HDFC Credila loan, you must apply earlier.

How Much Money Does HDFC Credila Fund In Loans?

The loan amount varies based on your course, school, and financial situation. HDFC Credila education loan can fund up to INR 45 lacs if it is an unsecured loan (without collateral loan), and it can be extended further if it is a secured (loan with collateral) loan.

The Interest Rate On HDFC Credila

Various profiles have different interest rates for HDFC Credila education loans. The interest rate for an HDFC Credila education loan without collateral ranges from as little as 10.5% to as much as 14%. Once you submit all of your paperwork and apply for the loan, you will find out the interest rate for your HDFC education loan without collateral. After that, the credit team will choose the interest rate for HDFC Credila. A secured loan from HDFC Credila may have an interest rate that is 0.5–1% cheaper than an unsecured loan. The actual interest rate on your HDFC Credila education loan will depend on a number of variables, including your academic performance, financial situation, the universities you choose for the shortlist, your ability to repay the loan, and the credit histories of both you and your co-borrower.

Period Of Repayment

If you apply for an HDFC Credila education loan without collateral, you have up to 12 years to pay it off. The faster you pay, the less interest you’ll pay on your loan. If you start working post-graduation you will be able to repay your loan within 5-6 years. 

 Moratorium Period

The principal amount is adjusted to reflect the moratorium period offered by the HDFC Credila education loan without collateral. Six months after finishing your study or as soon as you land a job, you can begin paying your EMIs (principal plus interest, whichever happens earlier). Simple Interest is due each month and can be serviced by your parents, but you are obliged to pay it. Let’s say you borrowed Rs 10,00,000 at 12% interest. It has a monthly simple interest of Rs 10,000. You must pay this each month until your EMIs begin. After that, you must settle the EMIs.

Documents Needed For The HDFC Credila Education Loan Abroad

The following documents are necessary if you want to apply for an HDFC Credila education loan without collateral:

  • Fully filled out the loan application form
  • Photographs
  • A photo identity card
  • Residence Evidence
  • Academic Papers
  • Evidence of Admission
  • Banking Records
  • Proof of Co-Income Applicant’s
  • Permanent Property Document

Eligibility For An HDFC Credila Loan

The HDFC Credila places a lot of emphasis on the student’s academic standing and potential for employment in the future. When granting your loan, they will also take into account the co-financial borrower’s situation. Your credit history is very important to HDFC Credila. Your loan application may be denied if your credit history is poor. Loans frequently receive easy approval when they are related to US STEM-based programs. Additionally, a strong GRE score will give you an edge.

Things To Know To Apply For HDFC Credila Education Loan Without Collateral

  • The minimum processing fee charged by HDFC Credila is 1%.
  • After you submit all of your paperwork, your loan can be sanctioned in just 4 working days thanks to its entirely online process. In the event of a prior default, your loan is not immediately denied; instead, the problem is reviewed with you and your co-borrower. You have a very high probability of being accepted if you have a strong academic background and are attending a reputable university.
  • There are no prepayment penalties under HDFC Credila, therefore if the student can pay off the loan before the payback period has ended, there won’t be any charges. The majority of students repay their loans before their tenure is through.

Thank you for reading this blog on ‘Know About HDFC Credila Education Loan Without Collateral – A Guide!’ If you’d like to read more, here are some blogs that may be of interest to you –  

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