Loan Products by HDFC Credila
Education Loan for USA
- Up to 80 lacs without collateral (unsecured loan)
- Up to 2 cr. with collateral (secured loan)
- 100% of total expenses covered
Education Loan for Abroad
- Up to 50 lacs without collateral (unsecured loan)
- Up to 1 cr. with collateral (secured loan)
- 100% of total expenses covered
Education Loan for India
- Up to 40 lacs without collateral (unsecured loan)
- Up to 60 with collateral (secured loan)
- 100% of total expenses covered
HDFC Credila Abroad Education Loan Details
Overview
HDFC Credila is a specialized lender for Education Loans. HDFC Credila has invested time and resources to set up appropriate systems, processes and know-how related to the education industry. HDFC Credila has numerous databases on education sector. HDFC Credila's credit scoring model for the approvals of loans is designed specifically for education loans.
- HDFC Credila has funded thousands of students to pursue MS and MBA in various Abroad Universities
- HDFC Credila's customized products help you to avail loan approval even before your confirmed admission. This helps you to show proof of funds to Universities
- No upper limit on approved loan amount
- HDFC Credila provides unsecured (collateral free) educational loans to selected courses
- HDFC Credila helps you to transfer your money to your college/University account in dollars.
Why take an Education Loan from HDFC Credila?
HDFC Credila understands students needs & provides 'tailor-made' solutions as:
- HDFC Credila is India's First Dedicated Education Loan Lender
- HDFC Credila is a subsidiary company of HDFC Ltd.
- Education loan from HDFC Credila provides you income tax benefits under Section 80(E) of Income Tax Act of India
- HDFC Credila has already funded Indian students going to: 50+ Countries, 3,400+ Institutes & studying 1,800+ different Courses
Eligibility Criteria
- Borrower must be an Indian citizen
- Co-applicants(s) must be an Indian citizen
- Co-borrower(s) must have a bank account in any bank in India with cheque writing facilities
- Confirmed admission in the colleges before disbursement
Co-applicant Requirements
- It is mandatory to bring in an earning co-applicant(s) based in India to support the Education Loan application
- Co-applicant(s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse, where such co-applicant(s) income would be considered in determining the loan eligibility per HDFC Credila's credit and underwriting norms
- Co-applicant(s) liability is co extensive with the Student
- Co-applicant(s) to provide documentary proof to establish their relationship with the student, to the satisfaction of HDFC 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-applicant(s) viz: Father-in-law; Mother-in-law; Sister-in-law; Brother-in-law; Maternal or Paternal Uncle or Aunt, Grandparents & First Cousins.
Loan Amount
- Minimum Loan Amount Indian Rupees 1,00,000
- Lifetime Maximum Loan Amount: HDFC Credila does not have an upper limit on the loan. They process loans exceeding Indian Rupees 25,00,000 also, subject to the case meeting HDFC Credila's credit and underwriting norms as applicable from time to time.
- Without collateral (unsecured loan) up to 80 lacs for USA, up to 50 lacs for other abroad countries and up to 40 lacs for India
- With collateral (secured loan) up to 2cr. for USA, up to 1 cr. lacs for other abroad countries and up to 60 lacs for India
Documents Required
- Fully Completed and Signed Application Form
- Two Passport Size Photos - Applicant and Co-Applicant
- Photo ID - Applicant and Co-Applicant (Any one of the following)
- Permanent Account Number (PAN) Card
- Aadhaar Card
- Passport
- Voter's ID Card
- Driving License
- Residence Proof - Applicant and Co-Applicant
- Academic Documents of Student
- Marksheet/Certificate of 12th Exam
- Marksheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.
- GRE/GMAT/TOEFL/IELTS, etc. Marksheets (If applicable)
- Scholarship Documents (if applicable)
- Proof Of Admission (If available)
- Last 8 Months Bank Statements of Co-Applicant
- Income Proof of Co-Applicant
- If Collateral - Immovable Property (Flat, House, Non-Agriculture Land) Proofs
Loan Disbursement
- The loan amount will be disbursed in Indian Rupees
- HDFC 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 HDFC Credila's underwriting norms as applicable from time to time
Loan Repayment 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
- HDFC Credila offers maximum tenure of 12 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 HDFC Credila's credit and underwriting norms as applicable from time to time. However, HDFC Credila would endeavour 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)
Frequently Asked Question's
Any Indian planning for higher education in any of the Abroad country.
HDFC Credila offers loans up to ₹80 lacs (unsecured) and even higher amounts for secured loans. The exact amount depends on your academic credentials, co-applicant's profile (if applicable), and the chosen university/course.
The documents typically required include admission letter, fee structure of the university, academic transcripts, co-applicant's income proof (if applicable), KYC documents, and property documents (for secured loans). You can confirm the exact document list on HDFC Credila's website or by contacting us directly.
Generally, you should be an Indian citizen, have a confirmed admission offer (not necessary) from a recognized university abroad, and meet HDFC Credila's credit score requirements. A co-applicant (parent/guardian) with a good financial profile may be required.
Interest rates for HDFC Credila Abroad Education Loans can range from 10.5% (secured) to 14% (unsecured) or even higher depending on your profile.
HDFC Credila offers flexible repayment options with a maximum tenure of up to 15 years. You might also be eligible for a repayment moratorium during the study period for specific courses.
Yes, you can claim tax benefits on the interest paid on the HDFC Credila Abroad Education Loan under Section 80E of the Income Tax Act, 1961
All of the tuition fees as determined by the college/University and up to 100% of other expenses like living and hostel expenses, travelling expenses, examination fees, library/laboratory fees; purchase of books etc. are covered.