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Credila Education Loan

Transform your study abroad dreams into reality with tailored financing from Credila Financial Services.

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Overview

Credila Financial Services, formerly HDFC Credila, is India’s first dedicated education loan NBFC, offering customized financing for students pursuing higher education in India and abroad. Covering over 4,600 institutions across 64 countries, Credila provides flexible loan options, competitive interest rates, and pre-admission approval to ease financial planning.

Key Features & Benefits

  • ✔Loan Amount: No upper limit; up to ₹1 crore without collateral, higher with collateral.
  • ✔Moratorium: Course duration + 1 year or until employment, whichever is earlier.
  • ✔Repayment Tenure: Up to 12–15 years, flexible options.
  • ✔Collateral: Optional; non-collateral loans available based on profile.
  • ✔Rates: 9.75%–12.5% p.a., lower for secured loans.
  • ✔Tax Benefits: Interest deductible under Section 80E for 8 years.
  • ✔Pre-approval: Loan sanction before admission for planning ease.

Eligibility Criteria

Student:

  • •Indian citizen, minimum 18 years old or turning to be 18 years old
  • •Applying to the Universities or admitted to Universities in India/abroad.

Co-applicant:

  • •Indian citizen (can be NRI) (parent, sibling, spouse, or extended family).
  • •Income source (For Eg. salaried/pensioner or self employed or having rental income or having agricultural income,) .

Documents Required

Student:

  • •KYC (PAN, Passport, Aadhaar).
  • •Academic records (10th, 12th, graduation, entrance exam scores).
  • •Admission letter (optional)
  • •Passport-size photographs.

Co-applicant:

  • •KYC (PAN, Aadhaar).
  • •Income proof (Latest 6 months of bank statement, salaried/pensioner - ITR Returns/Form 16 and salalry/pension slips/certificate. ITR Returns, Self Employed - Busniess address proof such as GST certificate/MSME/Udyog Adhaar. Rental income - rental agreement, Agricultural income - Agricultural income certificate)
  • •Address proof (utility bill/rental agreement).

Other:

  • •Loan application form.
  • •Course expense breakdown.
  • •Collateral documents (if applicable).

Interest Rates & Charges

Credila offers floating interest rates linked to its Benchmark Lending Rate (CBLR), with flexibility based on student and co-applicant profiles.

Loan Type Interest Rate (p.a.)* Processing Fee Collateral
Unsecured (up to ₹1 crore) starting at 10% 1% of loan amount (negotiable with the help of StudySahara) Not required
Secured (above ₹1 crore) Starting at 9.5% 1% of loan amount(negotiable with the help of StudySahara) Required

*Rates are indicative and vary based on profile. Contact Credila for exact rates.

Application Process

  1. Submit Inquiry: Fill out our quick online form.
  2. Expert Guidance: Connect with our loan advisor for Credila options.
  3. Document Prep: We’ll help collect required documents.
  4. Application: Submit with our assistance to Credila.
  5. Disbursal: Funds released post-approval per course schedule.

Frequently Asked Questions