Educational loans

Credila Financial Services, Pvt. Ltd.

Bank Type : Private Bank
No. Of Branches : 9

About Bank

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

Loan Procedures

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

Co-borrower Requirements:

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


Loan Amount:


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.

Loan Disbursement:

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

Residential Flat

Residential House

Non-Agricultural Land

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

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