HDFC Credila Education Loan for Abroad Studies (With & Without Collateral)
HDFC Credila education loans help Indian students fund their abroad studies with flexible options – including loans without collateral for eligible profiles.
Overview
HDFC Credila (now Credila Financial Services) is one of India’s first dedicated education loan NBFCs, specialising in student loans for higher education in India and abroad. For Indian students who want to study in countries like the USA, UK, Canada, Germany, Ireland, France and more, Credila offers customised education loan solutions – including non-collateral options for strong profiles.
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: starting at 9.5%.
- ✔ Tax Benefits: Interest deductible under Section 80E for 8 years.
- ✔ Pre-approval: Loan sanction before admission for planning ease.
For many students, the biggest advantage of a Credila education loan is the possibility of getting funding without pledging property. Non-collateral loans are usually based on the student's admission, academic record and the co-applicant's income profile. StudySahara helps you understand whether you qualify for a Credila loan without collateral and suggests alternatives if you don't.
Eligibility Criteria
Student:
- Indian citizen, minimum 18 years old or turning 18 soon.
- Applying to, or admitted at, recognized universities in India/abroad.
Co-applicant:
- Indian citizen : parent, sibling, spouse, or extended family.
- Stable income source (salaried/pensioner, self-employed, rental, agricultural, etc.)
Documents Required
Student:
- KYC (PAN, Passport, Aadhaar)
- Academic records (10th, 12th, graduation, test scores)
- Admission letter (optional)
- Passport-size photographs
Co-applicant:
- KYC (PAN, Aadhaar)
- Income proof documents
- Address proof (utility bill/rent agreement)
Other:
- Loan application form
- Course expense breakdown
- Collateral documents (if applicable)
Interest Rates & Charges
Credila offers floating interest rates linked to its benchmark, with flexibility based on student and co-applicant profiles.
| Loan Type | Interest Rate (p.a.)* | Processing Fee | Collateral |
|---|---|---|---|
| Unsecured (up to ₹1 crore) | Starting ~10.75% | ~1% of loan (often negotiable via StudySahara) | Not required |
| Secured (above ₹1 crore) | Starting ~9.5% | ~1% of loan (often negotiable via StudySahara) | Required |
*Indicative; varies by profile. Contact Credila for exact rates.
Application Process
- Submit Inquiry: Fill out our quick online form.
- Expert Guidance: Connect with our loan advisor for Credila options.
- Document Prep: We’ll help collect required documents.
- Application: Submit with our assistance to Credila.
- Disbursal: Funds released post-approval per course schedule.