HDFC Credila Education Loan – Know the Interest Rates and Eligibility
Overseas education loan come into picture when students desire to cherish their dream of studying abroad and making a career. Undoubtedly, it could be one of the key decisions of your life, which can completely help you make your life better. While there are many options to consider for overseas education loan, HDFC Credila education loan is a desired choice among NBFCs as it was the first NBFC to pioneer in unsecured loans for students looking to go to USA. EduLoans provides overseas education loan for Credila through its dedicated loan guidance counsellors which caters to each student with dedicated attention to get him the best deal from HDFC Credila. If you are here for knowing about the HDFC Credila education loan, the table below will assist you in learning about each detail.
| Parameters | HDFC Credila Education Loan |
| Loan Amount | Secured : Any amount Unsecured : Upto 35-40 Lakhs |
| %age of Loan Against Collateral Provided | 100 % of Property Value (Exception for higher amount possible) 200 % of FD Value (Case to Case basis) |
| Collateral Property (Details) | Chain Agreemnet, Registered Sale Agreement, Occupancy Certificate / Completion Certificate or Approved Building Plan (Naksha), Share Certificate (Front & Back Side) Flexibility on any of the missing docs (Case To Case) Once reviews by Legal Team |
| Consideration On The Basis Of | Secured :Property (Non Agricultural Land) Multi City Collateral Acceptable FD’s (Only HDFC Ltd.) Unsecured : Academics of the student Competitive Exams Performance (GRE / TOEFL / IELTS etc.) |
| Student Profile | Flexibility (Case to Case) |
| Incidental Cost | NA |
| Interest Rate (ROI) | Secured :11.25 % to 11.75 % (Negotiable)
Unsecured :11.75 % to 12.75 % (Negotiable) |
| Interest Paying During Moratorium Period | (Flexibility Available) Partial Interest amount payable as per Amount Disbursed in Tranches |
| Moratorium Period | EMI’s start after 1 Year post the completion of course (Can choose to pay earlier to save Interest) |
| Income Tax Benefit Under Section 80E | Yes (Benefit to Co-Signor)
(I.T. to be paid only on Overall Income (Less) Interest Amount) |
| Processing Fees | 1.00 % + GST (Non Refundable) |
| Turn Around Time (TAT) | Secured : Approx. 8-10 Working Days
Unsecured : Approx. 4-6 Working Days |
| Margin Money | Secured & Unsecured : 0 % i.e. 100 % Funding of Sanction |
| Co-Signor’s Profile Requirement | I.T. Returns (Last 2 Yrs. – Mandatory) &Cibil Report |
| Maximum Repayment Tenure | Upto 14 Years (From date of 1st Disbursement) |
| Additional Charges | No |
| Countries They Do Funding For | All Countries MBBS Courses abroad & Pilot Courses not funded |
HDFC Credila education loan through EduLoans
EduLoans recommends HDFC Credila education loan to students who are considering NBFC options to fund their education. Some of the key benefits offered ae-
- No margin money
- Tax benefit under Section 80-E of Income Tax Act
- Zero upper limits the loan amount
- Flexibility with the requirements of collateral security
- Pre-approved loan even before applying to Universities
Eduloans works very closely with HDFC Credila education loan department and gets the best deal available for your overseas education option. We have done over 1000+ cases with HDFC Credila with an overall rating of 4.9 on google. Please reach us through our website. – www.eduloans.org to get the best deal for Overseas education loan.
FAQ’s HDFC Credila Education Loan
HDFC Credila offers competitive interest rates ranging from 11.25% to 11.75% for secured loans and 11.75% to 12.75% for unsecured loans. The rates are negotiable based on individual profiles.
Secured loans have no upper limit, while unsecured loans offer funding up to 35-40 Lakhs, providing flexibility for various educational expenses.
Collateral options include property (non-agricultural land), multi-city collateral, and fixed deposits (only HDFC Ltd.), with flexibility in case of missing documents.
HDFC Credila considers academics, competitive exam performance (GRE/TOEFL/IELTS), chosen country, university, course, and co-signor’s financials (IT returns & CIBIL report) for unsecured loans.
Repayment begins one year post the course completion. There’s flexibility to start earlier to save on interest. Multiple repayment options are available, and HDFC Credila offers up to 14 years for repayment.
Yes, there is an income tax benefit under Section 80E, benefiting the co-signor. Income tax is paid on the overall income less the interest amount.
The processing fee is 1.00% + GST, and it is non-refundable.
For secured loans, the processing time is approximately 8-10 working days, and for unsecured loans, it is around 4-6 working days, post submission of all documents.
No, there are no additional charges beyond the processing fee.
HDFC Credila funds education for all countries, excluding MBBS courses abroad and pilot courses. EduLoans recommends HDFC Credila for its numerous benefits, including zero margin money, tax benefits, and pre-approved loans.