11.25%
0.5-1%
nil
As one of the country's leading NBFC, HDFC Credila has helped thousands of students achieve their academic dreams.India’s first specialist education loan lender, HDFC Credila Financial Services provides education loans to study abroad aspirants for more than 1000 universities across at least 35 countries. What sets HDFC Credila apart is its customized education loan solutions taking into account the course and country preferences of the applicant.
| Feature | Description |
|---|---|
| Loan Amount | Up to INR 65 Lakh |
| Rate of Interest | 12.5 - 13.5% |
| Processing fees | 0.5-1% |
| Processing time | 7-10 days |
| Margin money* | nil |
| Moratorium period* | Course duration + 1-year |
| Repayment tenure | 15 years |
*Moratorium period is the time duration during which you are not required to make payments toward your education loan.
*Margin money refers to the amount of money that a borrower is required to contribute towards the loan, while the remaining amount is paid by the lender.
HDFC Credila is the only NBFC in India that offers tax benefits under Section 80E on education loans. Section 80E of the Income Tax Act allows individuals to claim a deduction for the interest paid on an education loan for a maximum period of eight years, starting from the year in which the repayment of the loan begins. The deduction can be claimed for the interest paid on the loan. It is important to note that the tax benefit under Section 80E is only available for the interest paid on the education loan and not for the principal amount.
Below are some criteria that you need to ensure so that you can be eligible for taking a loan from HDFC Credila Bank
Age: The applicant must be at least 18 years of age or older at the time of application. The student should have secured admission to a recognized university.
Academic performance: The applicant should have a strong academic record. The applicant must meet the minimum academic criteria set by the lending institution and fulfil prerequisite tests such as GRE, IELTS, or TOEFL.
Co-applicant: To be eligible for the loan, the borrower is required to have a co-applicant who can be their mother, father, sister, brother, spouse, relative from their paternal or maternal side, or a legal guardian. The co-applicant should have a steady source of income and a positive credit history.
Course and country of study:The scheme covers a wide range of courses including regular graduate degrees, post-graduate degrees, diploma, certificate, and doctorate courses offered by foreign institutes and universities in countries such as the USA, UK, Canada, Australia, New Zealand, France, Germany, and Ireland, among others.
| 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 instalments during the course | Partial simple interest | Partial simple interest | Simple interest |
| Processing fee | 0.5 - 1% | 0.7 - 1% | 1% |
| 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 interest |
| Processing fee | 1% | 0.75 - 1% | 1 - 2% | 1 - 1.5% |
If you are looking to secure an abroad education loan from HDFC Credila, you can apply online at their website. However, for a hassle-free application process, you can choose to apply for your education loan through 24x7 Loan Services.
24x7 Loan Services is an online platform designed to assist Indian students in financing their education abroad. To start your process with us all you need to do is check your loan eligibility and leave the rest to us!
Getting your HDFC Credila Education Loan through 24x7 Loan Services
At 24x7 Loan Services, we are committed to providing you with the most competitive education loan available in the market. We strive to bring you the best deal possible. If you happen to come across a better offer, we guarantee to cover the difference in interest rates for the ENTIRE duration of your education loan.
If you directly apply for an education loan you might face several challenges but with 24x7 Loan Services all you need to do is check your eligibility and if you are eligible then all you need to do is relax because you will be assigned a dedicated education loan counsellor.
24x7 Loan Services’s services for candidates are completely free of cost. We do not levy any processing fees or commissions from the applicants whatsoever.
In case of any obstacles regarding documentation or application, 24x7 Loan Services intervenes and resolves the problem by coordinating with the officials at HDFC Credila.
Team 24x7 Loan Services effectively coordinates with various departments within HDFC Credila to secure a loan approval in just 5-7 days. As a result, thousands of students trust us with their education loans every year. If a student were to apply for a loan directly with the NBFC, the loan processing time would typically take around 12 - 15 days.
| Feature | With 24x7 Loan Services | Without 24x7 Loan Services |
|---|---|---|
| Personalized document checklist according to profile & area | Yes | No |
| Branch visits | 1-2 | 7-8 |
| Pre-visa disbursements | Easy | Difficult |
Yes, the HDFC Credila education loan covers a 100% cost of your education abroad.
The interest rate varies from 11% to 12.5% depending on various factors.
The processing fee of the HDFC Credila education loan is around 1 % to 1.25% of the loan amount.
The approval takes around 3-4 working days after documentation.
Yes, one can avail tax benefits on interest paid on education loan under Sec 80-E of the Income Tax Act.
Yes, you will have to pay simple interest. For selected good profiles, a partial interest repayment option is available.