HDFC Credila Education Loan
Making sure you focus on your studies, not finances.
Interest Rate
Starting From 10.50%
Processing Fees
Starting From 0.75%
Margin Money
NIL
HDFC Credila Education Loan Features
HDFC Credila is the perfect solution for all your educational-related financial needs. Below are the key features of the HDFC Credila Education Loan:
- No upper limit on the loan amount.
- Long payment tenure for better financial planning.
- Pre-approved education loan even before admission
- Tax benefit under section 80E of the Income Tax Act
- Covers up to 100% of the cost of education, including tuition fees, hostel fees, and other related expenses
- For certain loan amounts and courses, HDFC Credila may offer unsecured loans without requiring collateral
HDFC Credila Education Loan—Benefits for Students
HDFC Credila provides multiple benefits for students when they take education loans. These include:
- HDFC Credila credit scoring model for the approvals of loans is designed specifically for education loans.
- Before getting admission to US Universities & to get an I-20 for a US visa, it is required to demonstrate the availability of funds. Education loans from HDFC Credila are the perfect solution.
- It covers the total cost of your education, including living expenses & all other expenses.
- HDFC Credila provides education loans at the doorstep saving the hassles of visiting branches multiple times.
- You can apply for an education loan from HDFC Credila even before admission.
HDFC Credila Education Loan Without Collateral
There are many students who wish to study abroad, but due to a lack of available collateral, they are not able to secure an education loan. But, HDFC Credila’s education loan without collateral is an excellent financial solution for students aspiring to pursue higher education without the need to pledge assets.
This loan option allows students to secure funding for their educational pursuits based on their academic achievements and the creditworthiness of their co-borrowers, typically parents or guardians. The flexibility of this loan, with competitive interest rates and a repayment tenure extending up to 12 years, makes it a convenient choice for many families.
HDFC Credila’s unsecured education loan empowers students to achieve their academic goals without the constraint of providing collateral.
Overview of HDFC Credila Loan Without Collateral
HDFC Credila offers unsecured education loans, which do not require collateral or security. Here’s an overview of HDFC Credila’s unsecured education loan features:
Feature | Description |
Loan amount | Up to INR 70 Lakh |
Rate of Interest | 10.50% – 12.25% |
Processing Fees | 0.75%-1.25% |
Processing Time | 7-10 days |
Margin Money | NIL |
Moratorium Period | Course duration + 1 year |
Repayment Tenure | 12 years |
Income Tax Under Section 80E Benefits by HDFC Credila
Under Section 80E of the Income Tax Act, borrowers can avail of tax benefits on the interest paid on HDFC Credila education loans. Note the following points with respect to this benefit:
- The benefit is only available for the interest part and not the principal portion.
- The deduction is available for the entire amount of interest paid during the financial year without any limit.
- The deduction can be claimed for a maximum period of 8 years, starting from the year in which the borrower starts repaying the loan or until the interest is fully repaid, whichever is earlier.
Eligibility Criteria HDFC Credila Unsecured Education Loan
Before applying for an HDFC Credila Unsecured Education Loan, it’s crucial to check the eligibility criteria to ensure a smooth application process and increase the chances of loan approval.
By reviewing these criteria beforehand, applicants can save time and effort, avoid unnecessary rejections, and prepare any necessary documentation to support their loan application.
To be eligible for an HDFC Credila Unsecured Education Loan, applicants generally need to meet the following criteria:
Age | The applicant must be at least 18 years of age or older at the time of application and must be holding Indian nationality. |
Academic Performance | A strong academic record is often required. Admission to a recognized course at a reputed institution, either in India or abroad, is essential. Further, the applicant must fulfill academic criteria set by the lending institution including any tests such as GRE, IELTS, or TOEFL. |
Co-applicant | The income and financial stability of the co-borrower play a crucial role in the loan approval process. The co-borrower should have a stable source of income. Either of the parent, sister, brother, spouse, relative from their paternal or maternal side, or a legal guardian can become a co-applicant. |
Course and country of study | The loan is typically available for students pursuing professional courses, technical courses, or specialized courses at recognized institutions in countries such as the USA, UK, Canada, Australia, New Zealand, France, Germany, Ireland, etc. |
HDFC Credila Education Loan for US
Feature | GRE > = 310 | GRE 300 = < 310 | GRE 285 = < 299 |
Rate of Interest | 11.25 – 11.75% | 11.75% – 12.5% | 12.5 – 13% |
Loan Amount | Up to INR 65 Lakh | Up to INR 50 Lakh | Up to INR 40 Lakh |
Co-Applicant Minimum Income | INR 30K | INR 35K | INR 35K |
Monthly Installments During the Course | Partial simple interest | Partial simple interest | Simple interest |
Processing Fee | 0.5 – 1% | 0.7 – 1% | 1% |
HDFC Credila Education Loans for Other Countries
Feature | Australia/ New Zealand | Canada | UK | Germany/ Ireland/ France/ Italy |
Rate of Interest | 12 – 13% | 11.75 – 12.5% | 12 – 13% | 12 – 12.75% |
Loan Amount | INR 25 Lakh | INR 40 Lakh | INR 40 Lakh | INR 25 Lakh |
Co-applicant minimum income | INR 60K | INR 35K | INR 40K | INR 40K |
Monthly installments during the course | Simple Interest/ EMI | Partial Simple Interest | Simple Interest/ Partial Simple Interest | Simple Interest/ Partial Simple Interest |
Processing Fee | 1% | 0.75 – 1% | 1 – 2% | 1 – 1.5% |
Documents Required for HDFC Credila Education Loan
While applying for an education loan from HDFC Credila, it is advisable to keep these documents ready:
Identity Proof | PAN/ Passport/ Driver’s License/ Voter ID or any other government-issued identification document. |
Education Loan Application Form | Duly filled loan application form with all the required details. |
Address Proof | A recent copy of the telephone bill/ Water bill/ Piped Gas Bill/ Driving Licence/ Aadhar Card |
Academic Documents |
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Entrance Exam Results | GMAT/ GRE/ TOEFL, etc. (whichever is required) |
Proof of Admission |
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HDFC Bank Education Loan EMI Calculator
Getting an education loan comes with financial planning of paying EMIs on time. While planning to finance your education through HDFC Credila, you can use the EMI Calculator from HiWiPay- a simple and efficient tool designed to help students plan their finances and make informed decisions.
With just a few clicks, you can easily estimate your monthly installments based on the loan amount, interest rate, and repayment tenure.
How to Apply for HDFC Credila Education Loans via HiWiPay?
Applying for an education loan from HDFC Credila has never been easier! If you’re looking for a smooth application experience, choose to apply for an education loan through HiWiPay.
HiWiPay is an online platform that is specifically designed to assist Indian students who dream of getting an education abroad.
HiWiPay helps you avail your ideal Education loan from HDFC Credila in minutes. Just fill in your details, check your eligibility, and leave the rest to us! With a completely digital process, you’ll get your loan in no time!
Apply online for an education loan from HDFC Credila.
HiWiPay Effect in HDFC Credila Education Loan
Feature | With HiWiPay | Without HiWiPay |
Paperwork | No hassle of paperwork Completely Digital | A lot of paperwork included |
Pre-Visa Disbursements | Easy | Difficult |
Personalized Loan Offers | Yes | No |
Process of Loan | Saving of time and money | Tiring and time-consuming process |
Customer Reviews
Frequently Asked Questions
Yes! If you avail of an education loan from HDFC Credila, it will cover 100% of the cost of education.
Interest rates depend upon multiple factors, like your credit score, academic report, etc. It varies somewhere between 10.25% to 12.75%.
The processing fee for education loans from HDFC Credila is between 1%-1.25%.
Once documentation is done, it takes around 3-4 working days for the loan to get approved.
Yes. You can claim a deduction for the interest paid on the HDFC Credila education loan under section 80E of the Income Tax Act while filing your income tax return.
Yes, but only the interest amount is required to be paid during studies. HDFC Credila also allows partial interest repayment in some selected cases.
If you avail of an education loan without collateral from HDFC Credila, the interest rate ranges between 11.75% and 12.75%.