Credila Financial Services is a Subsidiary of Housing Development Finance Corporation Limited (HDFC) .
Credila offers education loans to:
Indian students already in the USA,
Indian students going overseas and
Indian students attending colleges in India
Credila Financial Services Education Loans:
This is an Indian Rupee denominated student loan for following students:
Indian students attending overseas colleges and
Indian students attending colleges in India
The loan will be disbursed in India in Indian Rupees which can be converted in foreign currency by the student wherever required.
Repayments of the loan to be made by the borrower in Indian Rupees only.
Borrower must be an Indian citizen
Co-borrower(s) must be an Indian citizen
Borrower must be 18 years of age or older
Co-borrower(s) must have a bank account in any bank in India with cheque writing facilities
Confirmed admission in the colleges before disbursement
Borrower and Co-borrower(s) to meet Credila's credit and underwriting norms as applicable from time to time
It is mandatory to bring in an earning co-borrower(s) based in India to support the Education Loan application.
Co-borrower(s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse, where such co-borrower's income would be considered in determining the loan eligibility per Credila's credit and underwriting norms;
Co-borrower's liability is co extensive with the Student;
Co-borrower(s) to provide documentary proof to establish their relationship with the student, to the satisfaction of Credila;
In case the collateral to be provided is not provided by one of the above relatives, then the collateral could be provided by one of the following relatives provided they are brought into the arrangement as Co-borrower(s) viz: Father-in-law; Mother-in-law; Sister-in-law; Brother-in-law; Maternal or Paternal Uncle or Aunt, Grandparents & First Cousins.
What Costs Are Covered?
All of the tuition fees as determined by the college/University
Up to 100% of other expenses including living and hostel expenses, examination fees, library/laboratory fees; purchase of books / equipments/instruments/uniforms; passage money for studies abroad; purchase of computers / laptops considered necessary for completion of the course as decided by Credila
Travel fare restricted to one economy class return ticket between India and the country of study, if applicable
Minimum Loan Amount
Indian Rupees 1,00,000
Lifetime Maximum Loan Amount
Credila processes loans exceeding Indian Rupees 20,00,000 subject to the case meeting Credila's credit and underwriting norms as applicable from time to time
Rate Of Interest:
Rate of interest will be floating rate of interest linked to Credila's Benchmark Lending Rate (CBLR)
The interest will be calculated using Simple Interest Rate
Floating rate of interest to be (Credila's CBLR + Spread)% per annum
Credila's Current CBLR is 12.35% per annum (subject to change from time to time)
A Spread is determined on the risk profile of the case which vary on account of a number of factors such as student's academic background, employability of the selected course from a selected college and country of study, financial strength of the co-borrower, loan repayment capability, credit history, collateral offered or not, serviceability of the loan through Credila's branch network, cost/s associated with underwriting and servicing the loan, etc.
The loan amount will be disbursed in Indian Rupees
Credila will disburse the tuition fee to the educational institute either directly or through an authorized servicer
The tuition fee will be disbursed in installment as per the requirement of the specific educational institute
The loan amount related to other expenses will be disbursed in installments spread over the duration of the study as per Credila's underwriting norms as applicable from time to time
Loan Re-payment Terms:
Loan interest re-payment will start immediately after disbursement of the first installment of the loan
Tenure of an education loan consists of Duration of Study + Grace Period after the Study + Repayment Period
Credila offers up to a maximum tenure of 10 years
The loan tenure is however, subject to the factors such as the repayment capacity of the customer/s, future prospects of the course, age of the co-applicant, etc. and further subject to Credila's credit and underwriting norms as applicable from time to time. However, Credila would endeavor to determine the repayment period to suit your convenience.
Monthly repayment amount will be deducted from the bank account of the borrower/co-borrower using Electronic Clearing System (ECS)
The following types of collateral are accepted
A Fixed Deposit, assigned in favor of Credila
To Apply for Education Loan Click Here
Credila Financial Services, Pvt. Ltd. Registered Office: B 301, Citi Point, Next to Kohinoor Continental, Andheri-Kurla Road, Andheri (East), Mumbai - 400 059, India+91-22-2471 2448