Description

With the rise in the cost of higher education, an average middle-class Indian parent has to scrape out the large portion of their savings to their child's education. Due to this reason, most of the children get deprived of the fulfillment of their dreams. Now no more….

Thanks to HDFC! The prestigious company brings forth HDFC Credila Education Loan. With this loan, students can pursue higher quality education in India and abroad.  HDFC Credila Education Loan helps most of the aspiring students to achieve their dreams of higher education in India or abroad. HDFC Credila Education Loan interest rate is competitive and customized on the basis of an institution, details of the co-borrower, and the student's academic background.

What is Afinoz?

Afinoz.com is India's foremost online financial platform for availing loans and investments. You can avail HDFC Credila Education Loan at our platform. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on +0120-411-0376 or Email us at info@afinoz.com.

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 How to get an Education Loan in India?

 Everything You Need to Know about Education Loan

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Features & Benefits of HDFC Credila Education Loan

  • Flexibility: HDFC Credila Education Loan repayment is easy and convenient with flexible tenure.
  • Loan up to 100% educational expenses: HDFC Credila education loan finances the total cost of your education.
  • Easy to apply: It doesn't take much time to apply online to Credila education loan. It just takes 5 minutes of your time! In fact, Afinoz can arrange a visit to you by the executive from HDFC Credila at your convenience to complete all the required loan related formalities
  • Tax Benefits: HDFC Credila Education Loan comes with Income tax benefits under Section 80E of the Income Tax Act 1961
  • Quick sanction of Loan: Your HDFC Credila Education Loan is approved even before you complete your admission process
  • Trustworthy: The product is trustworthy. Credila is a subsidiary of HDFC Ltd. company, one of the most trusted financial service provider in India

Eligibility of HDFC Credila Education Loan

HDFC Credila Education Loan in suitable for meritorious and deserving students who require funds to seek higher education. The loan eligibility varies from student to student based on their academic background and university/institution they have got admission to. The following are the eligibility criteria for HDFC Credila Education Loan

  • Eligible courses. Any graduation and post-graduation course in the following disciplines:-
    • Engineering
    • Medicine
    • Agriculture
    • MCA and MCM
    • Hotel and Hospitality
    • Management
  • The borrower must be an Indian citizen
  • Age: Minimum age of the candidate at the time of loan application should be 18 years
  • Confirmed Admission: The candidate must have confirmed admission from a recognized University
  • A co-applicant(s)
  • Both the applicant and the co-applicant(s) should meet the credit and underwriting guidelines of HDFC Credila.

Co-Applicant’s Eligibility Requirement for HDFC Credila Education Loan:

  • The co-applicant must be an immediate family member of the candidate such as father, mother, sister, brother, spouse (if the candidate is married)
  • In case the family members mentioned above are not able to provide collateral, then the applicant's father-in-law, mother-in-law, first cousin, maternal or paternal uncle/aunt/ grandparents can provide a collateral if needed
  • The co-applicant must provide a valid document to establish their relationship with the applicant
  • Type of collateral that can be submitted :
    • Fixed Deposit
    • Residential House/ Flat
    • Non-agricultural Land

Cost Covered by HDFC Credila Education Loan

HDFC Credila offers education loan of up to Rs. 40 lakhs to the candidates planning to pursue higher studies in India or abroad. The expenses covered in HDFC Credila education loan are:

  • Library/ examination fee
  • The entire tuition fee payable to the college/ university
  • Travel expenses
  • Living expenses which include hostel fees

Loan Re-payment Policy

  • HDFC Credila Education Loan repayment depends on the following conditions:
    • Study duration
    • Grace period after the completion of education
    • Repayment period
  • The maximum tenure offered by the HDFC Credila Education Loan product is 12 years. The loan tenure, however, depends on the factors such as the age of the applicant, repayment capacity, future scope of the course, etc.
  • HDFC Credila Education Loan repayment interest will start accruing immediately after the disbursement of the first loan installment
  • The monthly loan repayment amount will be deducted from the candidate's/co-applicants bank account using ECS (Electronic Clearing System), after completion of the study & Grace period.

Documents Required of HDFC Credila Education Loan

HDFC Credila Education Loan Documents Required

  • HDFC Credila’s completed and signed the application form
  • Two passport size photographs

Address Proof for HDFC Credila Education Loan

  • Passport
  • PAN Card
  • Aadhaar Card
  • Driving License
  • Voter's ID
  • Electricity/Telephone Bill

ID Proof for HDFC Credila Education Loan

  • PAN card
  • Aadhaar Card
  • Passport
  • Voter's ID
  • Driving License
  • Passport

Academic Documents for HDFC Credila Education Loan

  • HSC and SSC Marksheet/Certificate
  • Entrance exam Marksheets of GMAT/GRE/IELTS/TOEFL/CAT/CET (If applicable)
  • Scholarship Documents (If applicable)
  • Mark sheet/Certificate of the last attended highest education

Admission Proof for HDFC Credila Education Loan :

  • Proof of confirmed admission letter from university or institute

Co-Applicant's Bank Statement for HDFC Credila Education Loan :

  • Last 12 months’ bank statement of the salary account or business receipts credited every month (If more than one account, provide the printed statements of all)

Co-Applicant's Income Documents for HDFC Credila Education Loan

For collateral - any one of the following documents of the immovable property

  1. In case of Salaried Employee :
    • Last three months’ salary slips and date of joining letter
    • Form 16 for the last 2 years from the employer or last 2 years’ ITR certificate
    • Last 6 months’ bank statement
  2. In the case of Self-Employed Co-Applicant(s) :
    • Last 2 years' Income Tax Returns/ Balance Sheet audited and certified by a CA
    • Last 8 months’ bank statement
    • Proof of business turnover
  3. In the case of Self-Employed Professional :
    • Last 8 months bank statements
    • Qualification Proof
    • Last 2 years’ ITR statement
    • Last 2 years’ Audited Financial Statements certified by CA
    • Title Deed of the property
    • Current maintenance bill along with receipts as provided by the society or builder
    • The latest property tax receipt
    • Original property registration receipt
    • Allotment letter provided by Municipal Corporation/Government Authorities like MHADA, CIDCO, HUDO, DDA, JDA, etc

Interest Rates of HDFC Credila Education Loan

HDFC Credila Education Loan interest rate 2019

HDFC Credila offers attractive interest on its education loans. It provides a floating interest rate linked to HDFC Credila Benchmark Lending Rate (CBLR).

  • Floating interest rate = (HDFC Credila’s CBLR + Spread)% per annum.
  • HDFC Credila's current CBLR is 12.55% per annum.
  • HDFC Credila Education Loan interest rate is subject to change from time to time.

 

Education Loan Provider in India 

Avanse Education Loan

InCred Education Loan

Bank of Baroda Education Loan

HDFC Credila Education Loan

PNB Education Loan

SBI Education Loan

Allahabad Bank Education Loan

Syndicate Education Loan

Axis Bank Education Loan

FAQs

Query: How is HDFC Credila is different from other education loan provider?

Reply: HDFC Credila approves your education loan even before your admission process is complete so that the candidate can proceed further with his/her studies without any difficulty.

Query: Can I get an education loan of Rs. 40 lakhs to study in the USA from HDFC Credila?

Reply: You can get an HDFC Credila education loan of Rs. 40 lakhs without any security from Credila if you are planning on pursuing MS in the USA and your GRE score is more than 325. HDFC Credila Education Loan is available up to Rs. 1 crore with security for students planning to do the undergraduate program in the USA. ANd, HDFC Credila interest rates are very competitive. 

Query: Do I have to submit original documents while applying for HDFC Credila Education Loan?

Reply: Other than the original completed loan application form, HDFC Credila does not ask for any original documents. Just the self-attested copies of the documents provided with the application form.

Query: How much loan amount does HDFC Credila lend to a candidate?

Reply: Under the HDFC Credila education loan scheme, you can avail a minimum loan amount of up to Rs. 1 lakh to a maximum amount of Rs. 40 lakhs.

HDFC Credila Education Loan up to Rs 20 Lakhs is available without the need of any surety for deserving and talented candidates. For more details, you can register yourself at the HDFC Credila site and do an HDFC Credila login. You can also use the HDFC calculator or HDFC loan calculator to calculate the maximum loan amount you can avail from the HDFC student loan.

Query: Will I get a moratorium period for an education loan from HDFC Credila?

Reply: HDFC offers a moratorium period of 1 year after the completion of education or 6 months after the date of joining whichever is earlier.

Query: Is the moratorium period of HDFC education loan available for all type courses?

Reply: The moratorium period is available only for the selected courses and is wholly at the discretion of the bank.

Query: What would be HDFC Credila Interest rate if I take a loan of Rs. 3 lakhs?

Reply: HDFC Credila floating interest rate is ranging from 11 to 14.5 %. Rate of interest is subject to change from time to time.

Query: What is the HDFC Credila Education Loan for - Stay/just study/travel?

Reply: HDFC Credila education loan can be taken for funding tuition fees, living and periodical traveling and book expenses.

Query: Is there a tax benefit on the interest paid on HDFC Credila Education loan?

Reply: Every HDFC Credila education loan applicant and co-applicant(s) is eligible for a tax benefit on the interest paid under the Section 80E of the Income Tax Act, 1961.

Query: What are the factors considered by HDFC Credila Education Loan while deciding on the eligibility of a student?

Reply: HDFC Credila Education Loan considers the following factors while deciding on the eligibility-

  • Academic background/credentials of the student
  • The type of course and the university for which the HDFC Credila Education Loan is applied for
  • Whether any collateral is being offered or not for the education loan from HDFC and the type of collateral offered.
  • Whether there is any guarantor/co-borrower on the HDFC student loan and the job profile of the co-borrower etc.

Query: How does HDFC Credila Education Loan decide on the repayment period?

Reply: HDFC Credila decides on the repayment period of a student by evaluating his potential earning capacity and the perceived risks associated with extending the HDFC Credila Education Loan to him. HDFC Credila also acknowledges the fact that most of the students would want to start repaying loans as soon as they acquire a job. However, they may find it extremely difficult to pay higher EMIs at the beginning of their career if repayment periods are kept short. Therefore, Credila offers longer repayment tenures while approving HDFC Credila Education Loan to ensure a smooth and hassle-free transition of a student from campus to job life. Thus, HDFC Credila Education Loan allows them to begin the journey of their career paths and start earning with positive credit histories. This HDFC Credila Education Loan will also help them in availing additional loans in the future.

For any query about HDFC Credila Education Loan application, you can log on to Afinoz or give us a call at +91- 0120-411-0376 or Email us at info@afinoz.com.