Credila Education Loan
Transform your study abroad dreams into reality with tailored financing from Credila Financial Services.
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: starting at 9.5%.
- ✔ 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 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.