{"id":30119,"date":"2024-02-28T12:12:45","date_gmt":"2024-02-28T06:42:45","guid":{"rendered":"https:\/\/test-blog.unicreds.com\/blog\/?p=30119"},"modified":"2025-09-29T19:44:47","modified_gmt":"2025-09-29T14:14:47","slug":"credila-education-loan-interest-rates-eligibility-application","status":"publish","type":"post","link":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/","title":{"rendered":"Credila Education Loan: Eligibility &amp; Application"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#Overview\" >Overview&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#Interest_Rates\" >Interest Rates&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#Eligibility_Criteria\" >Eligibility Criteria&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#Application_Process_Documents_Required\" >Application Process &amp; Documents Required&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#Types_of_Credilla_Education_Loans_With_Collateral_Vs_Without_Collateral\" >Types of Credilla Education Loans: With Collateral Vs. Without Collateral<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#Credila_Education_For_Different_Countries\" >Credila Education For Different Countries<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#Credila_Education_Loan_Disbursement_Process_Through_UniCreds\" >Credila Education Loan Disbursement Process Through UniCreds<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#Features_Benefits_Of_Credila_Education_Loan\" >Features &amp; Benefits Of Credila Education Loan<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#Why_Choose_UniCreds_To_Apply_For_an_Credila_Education_Loan\" >Why Choose UniCreds To Apply For an Credila Education Loan?\u00a0<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"bsf_rt_marker\"><\/div>\n<p><\/p>\n\n\n\n<p>As a student who\u2019s considering funding options to study abroad, you\u2019re bound to come across the Credila education loan. Credila is India\u2019s premier specialised education loan company, offering rapid, non-collateral loans to both domestic and foreign students. They 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.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Key Takeaways:&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Credila Education Loan funds the education of Indian students studying in India and abroad.\u00a0<\/em><\/li>\n\n\n\n<li><em>It has no upper limit on loan amounts and funds 100% of your education.&nbsp;<\/em><\/li>\n\n\n\n<li><em>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%.&nbsp;<\/em><\/li>\n\n\n\n<li><em>You can borrow up to 7.5 lakhs for non-collateral education loans and any amount above 7.5 lakhs needs collateral.&nbsp;<\/em><\/li>\n\n\n\n<li><em>It\u2019s processing fees range from 1-2% and vary according to the country.&nbsp;<\/em><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Overview\"><\/span><strong>Overview&nbsp;&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p><a href=\"https:\/\/unicreds.com\/partners\/credila-education-loan\" target=\"_blank\" rel=\"noreferrer noopener\">Credila<\/a> is India&#8217;s first dedicated education loan company. Focused on supporting education dreams; they offer custom loans delivered to your doorstep. With over seven years of expertise, they ensures hassle-free education financing, even pre-approving loans before university applications.<\/p>\n\n\n\n<p>In the table below, let\u2019s look at some of the key features:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Key features<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Loan amount<\/td><td>Rs. 1 lakh and above, no upper limit<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Rate of Interest<\/td><td>Floating rate of interest according to Credila\u2019s Benchmark Lending Rate<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Repayment Tenure<\/td><td>Max 12 years<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Moratorium Period<\/td><td>Education course duration + 1 year grace period&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Collateral Option<\/td><td>Residential Flat, Residential House, Non-Agricultural Land, A Fixed Deposit, assigned in favour of Credila<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Processing Fees&nbsp;<\/td><td>1-1.25% of the loan amount<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Co-borrower option<\/td><td>Yes<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Tax benefits<\/td><td>Section 80E<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Courses covered<\/td><td>Higher education in India, USA, and abroad<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Interest_Rates\"><\/span><strong>Interest Rates&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>A floating interest rate tied to Credila&#8217;s Benchmark Lending Rate (CBLR) will apply, with the interest rate being (Credila&#8217;s CBLR + Spread) % per annum. The interest will be computed using the Simple Interest Rate formula.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ROI = Credila\u2019s CBLR+Spread% per annum<\/li>\n<\/ul>\n\n\n\n<p>Refer to the table below for a visual representation of the Rate of Interest (ROI) calculation:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Education Loan Amount (Rs.)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>ROI<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Interest Amount (Rs.)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Yearly Tax Savings (Rs.)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Effective Interest paid (Rs.)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Effective Rate of Interest<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">750,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.00%<\/td><td class=\"has-text-align-center\" data-align=\"center\">82,500<\/td><td class=\"has-text-align-center\" data-align=\"center\">25,493<\/td><td class=\"has-text-align-center\" data-align=\"center\">57,007<\/td><td class=\"has-text-align-center\" data-align=\"center\">7.60%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">1,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.00%<\/td><td class=\"has-text-align-center\" data-align=\"center\">110,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">33,990<\/td><td class=\"has-text-align-center\" data-align=\"center\">76,010<\/td><td class=\"has-text-align-center\" data-align=\"center\">7.60%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">1,500,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.00%<\/td><td class=\"has-text-align-center\" data-align=\"center\">165,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">50,985<\/td><td class=\"has-text-align-center\" data-align=\"center\">114,015<\/td><td class=\"has-text-align-center\" data-align=\"center\">7.60%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.00%<\/td><td class=\"has-text-align-center\" data-align=\"center\">220,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">67,980<\/td><td class=\"has-text-align-center\" data-align=\"center\">152,020<\/td><td class=\"has-text-align-center\" data-align=\"center\">7.60%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><em>*<\/em><strong><em>Note:<\/em><\/strong><em> Interest will be determined using the Simple Interest Rate formula.<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_Criteria\"><\/span><strong>Eligibility Criteria&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>You are eligible to apply for the Credila student loan only if you\u2019ve met the below-specified requirements.<\/p>\n\n\n\n<p>On that note, we\u2019ve shared some steps to consider before the disbursement of your education loan:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Particulars<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>For the borrower<\/strong><\/td><td>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.&nbsp;An earning co-borrower in India should co-sign the Education Loan.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>For the co-borrower<\/strong><\/td><td>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 earnings based in India. A co-applicant can be any of the following relatives \u2013 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 &amp; First Cousins.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Eligible Courses<\/strong><\/td><td>All full-time courses from recognized colleges and universities in all major countries like the USA, the UK, Canada, Singapore, Australia, Germany, France, etc.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Eligible Countries<\/strong><\/td><td>Credila offers <a href=\"https:\/\/unicreds.com\/abroad-education-loan\" target=\"_blank\" rel=\"noopener\">abroad education loan<\/a> to study in over 35+ different countries across the world including the USA, Canada, the UK, Germany, Australia, Singapore, France, etc.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Application_Process_Documents_Required\"><\/span><strong>Application Process &amp; Documents Required&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Credila has a pretty straightforward application process for its education loans. Given below is a step-by-step approach to apply:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Step 1:<\/strong> Fill up the Online Application Form.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Step 2:<\/strong> Visit Credila and Submit Documents.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Step 3:<\/strong> Final Review, Approval, and Money Transferred to Your Bank.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Documents Required For Education Loan Application<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fully Completed Loan Application Form<\/li>\n\n\n\n<li>Photo &amp; Photo ID<\/li>\n\n\n\n<li>Residence Proof<\/li>\n\n\n\n<li>Academic Documents<\/li>\n\n\n\n<li>Proof of Admission<\/li>\n\n\n\n<li>Bank Statements<\/li>\n\n\n\n<li>Income proof of co-applicant&nbsp;<\/li>\n\n\n\n<li>Immovable Property Document&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_Credilla_Education_Loans_With_Collateral_Vs_Without_Collateral\"><\/span><strong>Types of Credilla Education Loans: With Collateral Vs. Without Collateral<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Credilla offers both &#8211; secured and unsecured education loans. Given below is the table stating Credlilla Collateralised Vs. Non-collateralised education loan amount and security needed.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Parameters<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Loans With Collateral<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Loans Without Collateral<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Loan Amount<\/td><td class=\"has-text-align-center\" data-align=\"center\">Above 7.5 lakhs&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">Upto 7.5 Lakhs<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Security<\/td><td class=\"has-text-align-center\" data-align=\"center\">Immovable property, Fixed Deposits, Bonds, etc.&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">None<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Co-applicant&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">Required&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">Required<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Interest rates<\/td><td class=\"has-text-align-center\" data-align=\"center\">Upto 13.30%<\/td><td class=\"has-text-align-center\" data-align=\"center\">10.5%-14%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credila_Education_For_Different_Countries\"><\/span><strong>Credila Education For Different Countries<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Credila charges a different rate of interest and has set loan amounts for students aspiring to learn in the US.<\/p>\n\n\n\n<p>Let\u2019s deeply dive into this through the following table-&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Feature<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>GRE &gt; = 310<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>GRE 300 = &lt; 310<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>GRE 285 = &lt; 299<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Rate of interest<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.25 &#8211; 11.75%<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.75% &#8211; 12.5%<\/td><td class=\"has-text-align-center\" data-align=\"center\">12.5 &#8211; 13%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Loan amount<\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 65 Lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 50 Lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 40 Lakh<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Co-applicant minimum income<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 30K<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 35K<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 35K<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Monthly instalments during the course<\/td><td class=\"has-text-align-center\" data-align=\"center\">Partial simple interest<\/td><td class=\"has-text-align-center\" data-align=\"center\">Partial simple interest<\/td><td class=\"has-text-align-center\" data-align=\"center\">Simple interest<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Processing fee<\/td><td class=\"has-text-align-center\" data-align=\"center\">0.5 &#8211; 1%<\/td><td class=\"has-text-align-center\" data-align=\"center\">0.7 &#8211; 1%<\/td><td class=\"has-text-align-center\" data-align=\"center\">1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>Hope this table gave you an overview of Credila\u2019s education loan features for US. As mentioned above, Credila gives education loans to students aspiring to study in Canada, Germany, Australia, France, Singapore, Dubai (UAE), the United Kingdom, Ireland, New Zealand.\u00a0<\/p>\n\n\n\n<p>In the following table, let\u2019s look at the key features of these countries-&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Feature<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Australia \/ New Zealand<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Canada<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>UK<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Germany\/<\/strong><strong><br><\/strong><strong>Ireland\/France\/<\/strong><strong>Italy<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Rate of interest<\/td><td class=\"has-text-align-center\" data-align=\"center\">12 &#8211; 13%<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.75 &#8211; 12.5%<\/td><td class=\"has-text-align-center\" data-align=\"center\">12 &#8211; 13%<\/td><td class=\"has-text-align-center\" data-align=\"center\">12 &#8211; 12.75%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Loan amount<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 25 Lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 40 Lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 40 Lakh<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 25 Lakh<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Co-applicant minimum income<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 60K<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 35K<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 40K<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 40K<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Monthly instalments during the course<\/td><td class=\"has-text-align-center\" data-align=\"center\">Simple interest \/&nbsp;EMI<\/td><td class=\"has-text-align-center\" data-align=\"center\">Partial simple interest<\/td><td class=\"has-text-align-center\" data-align=\"center\">Simple interest \/ Partial simple interest<\/td><td class=\"has-text-align-center\" data-align=\"center\">Simple interest \/ Partial interest<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Processing fee<\/td><td class=\"has-text-align-center\" data-align=\"center\">1%<\/td><td class=\"has-text-align-center\" data-align=\"center\">0.75 &#8211; 1%<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 &#8211; 2%<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 &#8211; 1.5%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credila_Education_Loan_Disbursement_Process_Through_UniCreds\"><\/span><strong>Credila Education Loan Disbursement Process Through UniCreds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>After you\u2019ve checked your eligibility with UniCreds, you can apply online or request a callback from one of the expert education loan counsellors at UniCreds.<\/li>\n\n\n\n<li>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 Credila and will connect you with the lender.<\/li>\n\n\n\n<li>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\u2019ll need to submit with your application. This way, you won\u2019t overlook any paperwork, which will speed up the processing of your applications.<\/li>\n\n\n\n<li>The lender will process the application once it has been submitted with all of the required papers.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Features_Benefits_Of_Credila_Education_Loan\"><\/span><strong>Features &amp; Benefits Of Credila Education Loan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>The following are some of the distinctive aspects of an Credila education loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No margin money is required<\/li>\n\n\n\n<li>Tax Benefits under Section 80-E of the Income Tax Act<\/li>\n\n\n\n<li>Loans with a long term leading to low EMIs<\/li>\n\n\n\n<li>Flexibility in collateral security requirements<\/li>\n\n\n\n<li>Even before they begin applying to institutions, students may have their education loan pre-approved<\/li>\n\n\n\n<li>If the lender thinks you\u2019re creditworthy and you have a good credit history, you might be able to get an education loan without having to give any collateral.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Well, that\u2019s a wrap! Hope this blog helped you understand the Credila Education Loan in depth.\u00a0<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Choose_UniCreds_To_Apply_For_an_Credila_Education_Loan\"><\/span><strong>Why Choose UniCreds To Apply For an Credila Education Loan?\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>When applying for your education loan through UniCreds, you&#8217;re enhancing your approval prospects. Our direct collaboration with Credila officials swiftly addresses traditional hurdles like missing documents or property issues.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Higher Approval Odds:<\/strong> 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 Credila officials to find the best solution.<\/li>\n\n\n\n<li><strong>Submit Documents Online:<\/strong> 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&#8217;t miss submitting any essential documents.<\/li>\n\n\n\n<li><strong>Zero Cost to You:<\/strong> All our education loan services come at no cost to you. It&#8217;s completely free!<\/li>\n\n\n\n<li><strong>Faster Approvals: <\/strong>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.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1. Is there any tax benefit on the interest paid on the Credila education loan?<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Yes, you can avail of tax benefits on Credila interest rates under Section 80E.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q.2 How many days will it take to sanction a loan from Credila?<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>The disbursement process for 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.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q.3 Is the Credila education loan good?<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>A notable benefit of an 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.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Q.4 How can I repay my education loan in Credila?<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Credila provides diverse repayment options for Pre-Monthly Installment Interest (PMII) or Monthly Installment (MI).<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>5. What is the interest rate for Credila?<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>As of 2024, the Credila Education loan interest rate stands at 11.5% or the Credila CBLR (Credila Base Lending Rate) is 12.80% per annum. It\u2019s important to note that these rates are subject to change periodically.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a student who\u2019s considering funding options to study abroad, you\u2019re bound to come across the Credila education loan. Credila is India\u2019s premier specialised education loan company, offering rapid, non-collateral loans to both domestic and foreign students. They provides education loans to students who want to study at over 1000 universities in over 35 countries. [&hellip;]<\/p>\n","protected":false},"author":103,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[2578],"tags":[],"class_list":["post-30119","post","type-post","status-publish","format-standard","hentry","category-student-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Credila Education Loan: Eligibility &amp; Application - UniCreds Blog<\/title>\n<meta name=\"description\" content=\"Know the eligibility, interest rates, and application process for the Credila Education loan and get the insider&#039;s knowledge here!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credila Education Loan: Eligibility &amp; Application - UniCreds Blog\" \/>\n<meta property=\"og:description\" content=\"Know the eligibility, interest rates, and application process for the Credila Education loan and get the insider&#039;s knowledge here!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/\" \/>\n<meta property=\"og:site_name\" content=\"UniCreds Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-28T06:42:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-29T14:14:47+00:00\" \/>\n<meta name=\"author\" content=\"Aparajita\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aparajita\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/\",\"name\":\"Credila Education Loan: Eligibility &amp; Application - UniCreds Blog\",\"isPartOf\":{\"@id\":\"https:\/\/unicreds.com\/blog\/#website\"},\"datePublished\":\"2024-02-28T06:42:45+00:00\",\"dateModified\":\"2025-09-29T14:14:47+00:00\",\"author\":{\"@id\":\"https:\/\/unicreds.com\/blog\/#\/schema\/person\/b2e985c67953e49f014c80f6be04bfbe\"},\"description\":\"Know the eligibility, interest rates, and application process for the Credila Education loan and get the insider's knowledge here!\",\"breadcrumb\":{\"@id\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/\"]}],\"hasPart\":[{\"@type\":\"SiteNavigationElement\",\"name\":\"Table of Contents\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#ez-toc\",\"position\":1,\"hasPart\":[{\"@type\":\"SiteNavigationElement\",\"name\":\"Overview&nbsp;&nbsp;\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#overview\",\"position\":2},{\"@type\":\"SiteNavigationElement\",\"name\":\"Interest Rates&nbsp;\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#interest-rates\",\"position\":3},{\"@type\":\"SiteNavigationElement\",\"name\":\"Eligibility Criteria&nbsp;\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#eligibility-criteria\",\"position\":4},{\"@type\":\"SiteNavigationElement\",\"name\":\"Application Process &amp; Documents Required&nbsp;\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#application-process-documents-required\",\"position\":5},{\"@type\":\"SiteNavigationElement\",\"name\":\"Types of Credilla Education Loans: With Collateral Vs. Without Collateral\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#types-of-credilla-education-loans-with-collateral-vs-without-collateral\",\"position\":6},{\"@type\":\"SiteNavigationElement\",\"name\":\"Credila Education For Different Countries\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#credila-education-for-different-countries\",\"position\":7},{\"@type\":\"SiteNavigationElement\",\"name\":\"Credila Education Loan Disbursement Process Through UniCreds\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#credila-education-loan-disbursement-process-through-unicreds\",\"position\":8},{\"@type\":\"SiteNavigationElement\",\"name\":\"Features &amp; Benefits Of Credila Education Loan\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#features-benefits-of-credila-education-loan\",\"position\":9},{\"@type\":\"SiteNavigationElement\",\"name\":\"Why Choose UniCreds To Apply For an Credila Education Loan?\u00a0\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#why-choose-unicreds-to-apply-for-an-credila-education-loan\",\"position\":10},{\"@type\":\"SiteNavigationElement\",\"name\":\"FAQs\",\"url\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#faqs\",\"position\":11}]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Blog\",\"item\":\"https:\/\/unicreds.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Student Loan\",\"item\":\"https:\/\/unicreds.com\/blog\/category\/student-loan\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Credila Education Loan: Eligibility &amp; Application\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/unicreds.com\/blog\/#website\",\"url\":\"https:\/\/unicreds.com\/blog\/\",\"name\":\"UniCreds Blog\",\"description\":\"Your Guide To Abroad Education Loan\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/unicreds.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/unicreds.com\/blog\/#\/schema\/person\/b2e985c67953e49f014c80f6be04bfbe\",\"name\":\"Aparajita\",\"description\":\"With a background in academic research and storytelling, Aparajita writes comprehensive blogs for UniScholars that support students through university applications, scholarships, and visa processes. Her goal is to make study abroad planning more accessible and stress-free.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/aparajitasen1412\/\"],\"url\":\"https:\/\/unicreds.com\/blog\/author\/aparajita\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Credila Education Loan: Eligibility &amp; Application - UniCreds Blog","description":"Know the eligibility, interest rates, and application process for the Credila Education loan and get the insider's knowledge here!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/","og_locale":"en_US","og_type":"article","og_title":"Credila Education Loan: Eligibility &amp; Application - UniCreds Blog","og_description":"Know the eligibility, interest rates, and application process for the Credila Education loan and get the insider's knowledge here!","og_url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/","og_site_name":"UniCreds Blog","article_published_time":"2024-02-28T06:42:45+00:00","article_modified_time":"2025-09-29T14:14:47+00:00","author":"Aparajita","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Aparajita","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/","name":"Credila Education Loan: Eligibility &amp; Application - UniCreds Blog","isPartOf":{"@id":"https:\/\/unicreds.com\/blog\/#website"},"datePublished":"2024-02-28T06:42:45+00:00","dateModified":"2025-09-29T14:14:47+00:00","author":{"@id":"https:\/\/unicreds.com\/blog\/#\/schema\/person\/b2e985c67953e49f014c80f6be04bfbe"},"description":"Know the eligibility, interest rates, and application process for the Credila Education loan and get the insider's knowledge here!","breadcrumb":{"@id":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/"]}],"hasPart":[{"@type":"SiteNavigationElement","name":"Table of Contents","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#ez-toc","position":1,"hasPart":[{"@type":"SiteNavigationElement","name":"Overview&nbsp;&nbsp;","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#overview","position":2},{"@type":"SiteNavigationElement","name":"Interest Rates&nbsp;","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#interest-rates","position":3},{"@type":"SiteNavigationElement","name":"Eligibility Criteria&nbsp;","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#eligibility-criteria","position":4},{"@type":"SiteNavigationElement","name":"Application Process &amp; Documents Required&nbsp;","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#application-process-documents-required","position":5},{"@type":"SiteNavigationElement","name":"Types of Credilla Education Loans: With Collateral Vs. Without Collateral","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#types-of-credilla-education-loans-with-collateral-vs-without-collateral","position":6},{"@type":"SiteNavigationElement","name":"Credila Education For Different Countries","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#credila-education-for-different-countries","position":7},{"@type":"SiteNavigationElement","name":"Credila Education Loan Disbursement Process Through UniCreds","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#credila-education-loan-disbursement-process-through-unicreds","position":8},{"@type":"SiteNavigationElement","name":"Features &amp; Benefits Of Credila Education Loan","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#features-benefits-of-credila-education-loan","position":9},{"@type":"SiteNavigationElement","name":"Why Choose UniCreds To Apply For an Credila Education Loan?\u00a0","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#why-choose-unicreds-to-apply-for-an-credila-education-loan","position":10},{"@type":"SiteNavigationElement","name":"FAQs","url":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#faqs","position":11}]}]},{"@type":"BreadcrumbList","@id":"https:\/\/unicreds.com\/blog\/credila-education-loan-interest-rates-eligibility-application\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/unicreds.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Student Loan","item":"https:\/\/unicreds.com\/blog\/category\/student-loan\/"},{"@type":"ListItem","position":3,"name":"Credila Education Loan: Eligibility &amp; Application"}]},{"@type":"WebSite","@id":"https:\/\/unicreds.com\/blog\/#website","url":"https:\/\/unicreds.com\/blog\/","name":"UniCreds Blog","description":"Your Guide To Abroad Education Loan","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/unicreds.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/unicreds.com\/blog\/#\/schema\/person\/b2e985c67953e49f014c80f6be04bfbe","name":"Aparajita","description":"With a background in academic research and storytelling, Aparajita writes comprehensive blogs for UniScholars that support students through university applications, scholarships, and visa processes. Her goal is to make study abroad planning more accessible and stress-free.","sameAs":["https:\/\/www.linkedin.com\/in\/aparajitasen1412\/"],"url":"https:\/\/unicreds.com\/blog\/author\/aparajita\/"}]}},"_links":{"self":[{"href":"https:\/\/unicreds.com\/blog\/wp-json\/wp\/v2\/posts\/30119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/unicreds.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unicreds.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unicreds.com\/blog\/wp-json\/wp\/v2\/users\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/unicreds.com\/blog\/wp-json\/wp\/v2\/comments?post=30119"}],"version-history":[{"count":5,"href":"https:\/\/unicreds.com\/blog\/wp-json\/wp\/v2\/posts\/30119\/revisions"}],"predecessor-version":[{"id":36121,"href":"https:\/\/unicreds.com\/blog\/wp-json\/wp\/v2\/posts\/30119\/revisions\/36121"}],"wp:attachment":[{"href":"https:\/\/unicreds.com\/blog\/wp-json\/wp\/v2\/media?parent=30119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unicreds.com\/blog\/wp-json\/wp\/v2\/categories?post=30119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unicreds.com\/blog\/wp-json\/wp\/v2\/tags?post=30119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}