HDFC Credila, a subsidiary of HDFC Ltd. Company, is India's first lender which is fully dedicated to offering education loan for higher studies in India and abroad. HDFC Credila is a pioneering specialist of Education Loan lender offering help to most of the aspiring students to achieve their dreams of higher education in India or abroad. 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 fulfillment of their dreams.

Keeping this in mind, many banks in India have started lending education loans with attractive schemes and services to students planning to pursue their studies further. One such popular scheme is HDFC Credila Education Loan which is offered by HDFC bank. HDFC Credila offers customized education loan and interest rate to the borrower depending on the institution, details of the co-borrower, and the student's academic background.

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Features & Benefits of HDFC Credila Education Loan

  • Flexibility: HDFC provides longer and flexible repayment options to the borrower
  • Loan upto 100% educational expenses: HDFC Credila finances the total cost of your education including your living and other related expenses
  • Easy to apply: It doesn't take much time to apply online to Credila. 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: Education Loan from HDFC Credila comes with Income tax benefits under the Section 80E of the Income Tax Act 1961
  • Quick sanction of Loan: Your education loan is approved even before you complete your admission process
  • 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 mainly offers education loans to meritorious and deserving students who require funds to seek higher education. However, 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 education loan from HDFC Credila:

  • Courses eligible for an education loan from HDFC bank: Any graduation and post-graduation course in the following disciplin:-
    • 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:

  • 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 a 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 upto 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

  • Tenure of an education loan from HDFC Credila depends on:
    • Study duration
    • Grace period after the completion of education
    • Repayment period
  • The maximum tenure offered by the HDFC bank 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.
  • The repayment interest will start accruing immediately after the disbursement of the first loan instalment
  • The monthly loan repayment amount will be deducted from the candidate's/co-applicant’s bank account using ECS (Electronic Clearing System), after completion of study & Grace period.

Documents Required of HDFC Credila Education Loan

HDFC Credila Education Loan Documents Required

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

Address Proof: Candidate and co-applicant (any one of the following)

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

ID Proof : Candidate and Co-applicant (Any one of the following)

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

Academic Documents :

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

Admission Proof (If available) :

  • Proof of confirmed admission letter from university or institute

Co-Applicant's Bank Statement :

  • 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 :

  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 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 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

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

    • Title Deed of the property
    • Current maintenance bill along with receipts as provided by the society or builder
    • 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 interest rate

HDFC Credila offers attractive interest on its education loans. It provides 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 11.85% per annum
  • Note: Rate of interest 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


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

Reply: Unlike other education loan lenders, 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 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 also offers education loans of upto Rs. 1 crore with security for students planning to do the undergraduate programme in the USA.

Query: Do I have to submit original documents while applying for an education loan from HDFC Credila?

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 upto Rs. 1 lakh to a maximum amount of Rs. 40 lakhs.

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: Isthe 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: How much interest do I have to pay for an education loan from HDFC Credila if I take a loan of Rs. 3 lakhs?

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

Query: What is the loan from HDFC Credila for - Stay/just study/travel?

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

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