HDFC Credila Education Loan - Features, Benefits, Eligibility & How To Apply

Q: What is the HDFC Education Loan interest rate?

Various factors influence the HDFC Education Loan interest rate, the HDFC Education loan interest rate ranges from 11% to 12.5%.

Q: How long does it take for the HDFC Education Loan to get approved?

Following the documentation, approval takes about 3-4 working days.

Q: Is the interest paid on the HDFC Education Loan tax deductible?

Yes, under Section 80-E of the Income Tax Act, one can deduct interest paid on an education loan.

Q: What is the time frame for the Disbursement?

The loan application will be processed in two phases: One is for in-principle sanction & other is for disbursement of funds. The in-principle sanction letter would be issued within 7 to 10 days after the customer's receipt of the completed Application Form and supporting documentation. Similarly, the distribution would be completed within 7 days after receipt of all post-sanction documents from the customer and completion of the underlying post-sanction process.

Q: How do you decide on the repayment period?

The duration of the payback periods is often determined by the bank's assessment of the student's projected earning capacity and the risks associated with extending a certain loan. HDFC Credila Education loan repayment starts as soon as they land a job. At the beginning of their professions, however, they can find higher EMIs (caused by shorter repayment periods), particularly difficult. In order to assist with a seamless transfer for students from the campus to the workplace, HDFC Credila provides extended tenure. By doing this, individuals can begin their working careers with good credit histories that will enable them to obtain additional loans in the future.

Home> Abroad Education Loan> HDFC Credila Education Loan

HDFC Credila is India’s first-ever dedicated education loan company. Over the years, HDFC Credila has invested time and resources to set up appropriate systems, processes and know-how related to the education industry and has numerous databases on the education sector. Get an HDFC Credila education loan for abroad that’s tailored to your requirements today!

Loan Margin: NIL

Processing Fees: 1.0% to 1.2% of Loan Amount

HDFC Credila Financial Services, India's first specialist education loan lender, offers education loans under the name HDFC Credila Education loan for students wishing to study abroad at over 1000 universities in at least 35 countries. What distinguishes HDFC Credila is its personalised education loan options that take into account the applicant's course and country preferences. Students who want to study in the country or abroad can get an education loan from HDFC Credila, a subsidy firm of HDFC Limited. HDFC Credila, the country's first dedicated education loan lender, offers income tax advantages under Section 80E of the Income Tax Act. You can borrow up to 100% of your educational expenditures.

HDFC Credila acknowledges that the work we do at UniCreds is consistent with the company's mission and objectives. The collaboration between HDFC Credila and UniCreds is a new ray of hope for students looking for low-cost education loans to study abroad as soon as possible and in the most convenient way imaginable.

Features Of HDFC Credila Abroad Education Loan

Sr. No	Features	Education Loan Details
1	Loan amount	Upto ₹50Lac (Without Collateral) Exceptional cases - up to 1 Crore.
2	Margin money	Nil
3	Interest rate	The HFC Credila education loan interest rates and charges are mentioned below: Rate of Interest - The interest rate is a floating rate related to HDFC Credila's Benchmark Lending Rate (CBLR). CBLR is currently 12.55% per annum. Processing Fee - 1.0% to 1.2% of Loan Amount Pre-payment charges - Every fiscal year, the borrower has the option to pay up to 25% of the starting principal due without incurring any fees.
4	Processing fee	1.0% to 1.2%
5	Processing time	12 Working Days
6	Loan tenure	14 Years
7	Prepayment charges	Nil
8	Repayment holiday	Interest to be paid during the moratorium period. EMI starts after the completion of course + 6 months.
9	Countries covered	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
10	Payment study period	Yes, simple interest. For selected good profile, partial interest repayment available.

Benefits of HDFC Credila Abroad Education Loan

No Margin Money

You would not have to fund any part of the entire cost of your study overseas since HDFC education loan have no margin money. Credila education loans cover all of the costs of studying abroad, including tuition and living fees, as well as a caution deposit/building fund/refundable deposit.

Customization Options

HDFC Credila Education Loan are distinguished by the fact that they provide students with tailored loan options based on their selected course or country. These adjustments also allow for flexible repayment choices, allowing students to pay off their EMIs whenever and wherever they choose. You can get in touch with UniCreds to learn more about the customising options available. We will make every effort to fulfil all your demands and inform you whether or not they will be approved by HDFC Credila.

Expedited Approval In Emergency Cases

In the event of an emergency, our express approval service can enable you to get your loan approved in as little as 1-2 working days. If you have a tight deadline and need to fulfil formalities like VISA or fee payment, our experts can help you get your loan processed as quickly as possible.

Assistance During Loan Disbursements

Applying for an education loan with UniCreds ensures assistance at every stage. We will support you till the complete loan amount is released and ensure that all disbursements are made on schedule.

Pre-Visa Loan Disbursement

In some countries, loan disbursement must occur prior to the issuance of a visa. UniCreds will make certain that students receive their funds in a timely manner. We will obtain all essential clearances ahead of time so that you do not need to be concerned about your funds or visa.

Flexibility For Co-Borrower

In comparison to other education loans, the HDFC Credila Education Loan offers personalised repayment alternatives for the co-borrower and places fewer limits on who the co-borrower might be. If your parent or a relative works overseas, for example, he or she might be a co-borrower/guarantor. He or she must have an NRI account and, most significantly, the collateral must be in India for him or her to be the co-borrower/guarantor. In both circumstances, you'll need an extra co-borrower.

Income Tax Benefits

If you take up an HDFC Credila Education Loan, you will be eligible for tax benefits under section 80-E of the Income Tax Act on the interest you pay for the loan.

Pre-admission Education Loan Sanction

The HDFC Credila Education Loan has a unique characteristic in that it can be sanctioned even before you receive your acceptance letter! Credila takes your GRE score into consideration in order to do so. If you apply for an HDFC Credila Education Loan with UniCreds, you can be certain that we will manage the whole procedure for you. You will be able to devote all of your attention to writing your college application and preparing for entrance interviews in this manner.

HDFC Education Loan benefits are profitable not only for students but also for their parents. Let us see some of the prime benefits of the HDFC Education Loan.

Benefits for Students

Approval Prior to Admission: Get an HDFC Education Loan approval letter from HDFC Credila prior to admission so you don't have to downsize your dreams!
Funding Sources for USA I-20: HDFC Credila's Education Loan acceptance letter demonstrates reliable sources of cash for obtaining I-20s from US universities or visas for a variety of nations.
Complete Cost Coverage: HDFC Credila supports the complete cost of your education, including living expenses and all other charges, easing your financial problems.

Benefits for Parents

Tax Benefits: HDFC Education Loans provide income tax benefits under Section 80E of the Income Tax Act of India.
HDFC is a reliable company: Credila is a subsidiary of HDFC Limited, a well-known company in the financial services business. HDFC bank education loan is reliable & recognized.
Loans of up to 100% of educational expenses are available: There is no need for margin money. You do not have to sacrifice your child's education quality because of increased payments.
Convenience: Education Loans are delivered to your door, eliminating the need to visit bank locations many times.
Flexibility: Flexibility in terms of collateral security. There are longer and more flexible repayment alternatives available.

Benefits Of Getting Your HDFC Credila Abroad Education Loan Through UniCreds

Higher Chance Of Approval

By applying for your education loan through UniCreds, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With UniCreds, we will immediately reach out to HDFC Credila officials and find the best solution.

Online Submission Of Documents

With UniCreds, you can submit all the required documents from home! There won’t be any need to visit the branch. Simply head over to our website and submit all the documents there. There won’t be a possibility of not submitting an essential document, as our system is designed to ensure all essential documents are submitted.

No Cost To You

All our education loan services are completely free of cost.

Quicker Sanctions

Our strategic partnerships ensure low turnaround time. Expect to have your education loan processed and sanctioned within 3-4 working days.

Calculate EMI for Education Loan

Loan Amount

Interest (p.a)

Loan Duration

Course Duration

Grace Period

Monthly EMI

Principal Amount

Total Interest

Total Amount

Loan Amortization Schedule

Following table show the year wise payment schedule.

Month	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)
Month 1	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)
Month 2	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)
Month 3	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)
Month 4	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)
Month 5	Opening Balance (₹)	Interest Paid (₹)	Principal Repaid (₹)	Closing Balance (₹)

Eligibility Criteria For HDFC Credila Abroad Education Loan

You are eligible to apply for the HDFC student loan only if you’ve met the following requirements:

Sr. No	Type	Requirement
1	Eligibility Criteria For HDFC Credila Education Loan	You are eligible to apply for the HDFC student loan only if you’ve met the following requirements: 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-applicant 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.
2	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.
3	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.

Documents Required for HDFC Credila Abroad Education Loan

Once you meet the HDFC Credila Education loan eligibility; below are the documents required for HDFC Education Loan

Sr. No	Type	Documents Required
1	Identity Details	1. Permanent Account Number (PAN) Card 2. Voter’s ID Card 3. Passport 4. Driving License 5. Aadhaar Card
2	Academic Documents	1. Marksheet/Certificate of 12th Exam 2. Marksheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc. 3. Marksheet of Any Entrance Exam Taken e.g. CAT, CET, GRE, GMAT, IELTS, TOEFL, etc. (If applicable) 4. Scholarship Documents (if applicable)
3	Financial Documents	1. (If more than one bank account, provide copies of all) 2. Make sure to include the bank statements of the Bank Account where Salary or Business professional receipts are credited every month
4	Income Proof of Co-Applicant	A) For Salaried Employees (All the following) 1. The most recent three salary slips or salary certificate on employer letterhead 2. Employer Form 16 from the last two years or Income Tax Returns from the previous two years 3. Any Other Income Proof Not Included in the Above Documents B) If you are self-employed or a professional (All the following) 1. Income Tax Returns for the Previous Two Years 2. CA-Certified Financial Statements or Provisional Financial Statements for the Previous Two Years (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.) 3. Any Other Income Proof Not Included in the Above Documents

Loan Repayment For HDFC Credila

Loan interest repayment will begin immediately upon the disbursement of the HDFC Education Loans’ first instalment.
The duration of an education loan is made up of the duration of the study + the grace period after the study + the repayment period.
The highest tenure offered by HDFC Credila is 12 years.
The loan tenure, however, is subject to considerations such as the customer's repayment capacity, the course's future prospects, the age of the co-applicant, and so on, as well as HDFC Credila's credit and underwriting norms as they apply from time to time. However, HDFC Credila would make every effort to tailor the payback time to your needs.
The monthly repayment amount will be debited from the borrower's/co-bank borrower's account via the Electronic Clearing System (ECS)

How To Apply For HDFC Credila Abroad Education Loan?

Once you've established your HDFC Credila education loan eligibility, you can submit an online application or get in touch with one of our expert education loan counsellors to schedule a callback. Our counsellors can assist you in obtaining an HDFC Credila Education loan without collateral, depending on your needs.
After you've submitted your profile information, our specialists will carefully review it and, based on your eligibility, recommend the following course of action to you.
UniCreds enables students to upload documents digitally, sparing you the trouble of having to present your documents at the bank and allowing you to do it from the convenience of your home.
In addition, UniCreds gives you a customised set of documents to submit based on your profile and the loan you've applied for to speed up the process.