HDFC Credila offers unsecured education loans up to Rs. 20 lakhs for meritorious students heading to select colleges in India as well as abroad. This means that eligible students can secure financing without the need for collateral.
HDFC Bank Study Loan Abroad
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7 days Loan Processing Time
Margin
NA
Processing Fees
10.00%
Collateral
Upto 1 Crore
Non Collateral
Upto 70 lakhs
Repayment Tenure
Upto 10 Years
Cosiger Needed
Yes
Collateral Loans
Up to 1 crore
Non Collateral Loans
Up to 70 lakhs*
Features of HDFC Credila
Education Loan Abroad
HDFC Credila is India’s first-ever dedicated education loan company. Over the years, HDFC Credila has set up systems and processes to create databases for the education sector. Keep reading to know you can get an HDFC Credila education loan for abroad studies.
HDFC Credila Financial Services offers education loans at over 1000 universities in at least 35 countries. Its best feature is the personalized education loan options that apply to every applicant's course and country preferences. HDFC Credila also offers income tax advantages under Section 80E of the Income Tax Act. Students can now borrow up to 100% of their educational expenses by using HDFC Credila.
At Lorien, we’ve partner with HDFC Credila to provide low-interest and easy education loans to students who wish to study abroad.
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto 1 crore (Collateral) Upto 70 lakhs (Non Collateral) |
| Margin money | NA |
| Interest rate | 10.00%. |
| Processing fee | 0.5% - 1% |
| Processing time | 7 Working Days |
| Loan tenure | Upto 10 Years |
| Prepayment charges | No Charges* |
| Countries covered | HDFC Credila offers abroad education loans to study in over 35+ different countries across the world including the USA, Canada, the UK, Germany, Australia, Singapore, France, etc |
| Moratorium | Course Duration + 6 to 12 month* |
Benefits of HDFC Credila Education Loan
100% Loan Provided
Students can fund 100% of their courses using HDFC Credila. The loan covers tuition fees, living expenses and the refundable deposit.
Personalized Loans
HDFC Credila is known for providing personalized loans tailored to the needs of the students. These adjustments help the students pay their EMIs flexibly.
Emergency Approvals
In case of an emergency, Credila allows one to get a loan sanctioned in just 1-2 days.
100% Free Assistance
Lorien helps you through the entire process of loan application and that too, free of cost.
Pre-Visa Loan Disbursement
In some countries, loan disbursement must occur before the visa is issued. Lorien helps you receive funds timely and helps you get all the clearances ahead of time.
Flexibility For Co-Borrower
In comparison to other education loans, the HDFC Credila Education Loan has leser limits on who the co-borrower can be. For example, if your parent or a relative work abroad, he or she might be a co-borrower/guarantor. He or she must have an NRI account and, most significantly, the collateral must be in India for him or her to be the co-borrower/guarantor. In both of these circumstances, you'll need an extra co-borrower.
Income Tax Benefits
HDFC Credila Education Loan makes you eligible to enjoy tax benefits under section 80-E of the Income Tax Act on the loan interest.
Loan Before Acceptance Letter
The HDFC Credila Education Loan has a unique feature where it sanctions loans even before the student receives their acceptance letter! Credila takes your GRE score into consideration in order to do so.
How To Apply For HDFC Credila
Education Loan For Abroad Studies?
You can get in touch with our team of experts by filling out the form on our website. Lorien will schedule a callback with you and guide you through the process.
From helping you upload documents online to presenting it to the banks, Lorien will help you throughout the application process.
Once all your documents are uploaded & KYC is done, you can expect your loan to get sanctioned within a few working days.
Why Choose Lorien To Get Education Loan From HDFC Credila?
Higher Chances of Approval: Generally, banks dismiss education loan applications if they find any missing documents, property issues, or other issues. But with Lorien, you have access to experts who can reach out to the bank and help you resolve your queries on time.
Ease of Use: Students can easily contact us by filling out a form on the website and our most trusted experts will reach out to them to help them with any query. The process is simple and efficient to make your study abroad dreams a reality.
100% Free Assistance: Our services are free of cost and we do not charge our students for helping them apply for their education loans.
Quicker Loans: Our experts make sure that your education loan is sanctioned as early as possible. We also keep track of the application and make sure that all the requirements from your end are fulfilled.
Build your dream career with us.
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Eligibility Criteria For HDFC Credila Education Loan Abroad
For the borrower
- Should be an Indian citizen
- Should be at least 18 years of age
- Should be enrolled in a recognized institution as a full-time student.
- Has an earning co-borrower in India
For the co-borrower
- Should be an Indian citizen
- Should have a bank account in India.
- Should have proof of earnings based in India.
A co-applicant can be any of the following relatives
- Father / Mother / Brother / Sister (married) /Spouse/ Father-in-law/ Mother-in-law/ Sister-in-law/ Brother-in-law/
- Maternal or Paternal Uncle or Aunt/ Grandparents & First Cousins.
Loan Repayment for HDFC Credila
- Loan interest for HDFC Credila begins immediately after the loan’s first installment is disbursed.
- The duration of an education loan is made up of the duration of the study + the grace period after the study + the repayment period.
- The highest tenure offered by HDFC Credila is 12 years.
- The loan tenure is subject to considerations like the customer's repayment capacity, the course's future prospects, and the age of the co-applicant.
- The monthly repayment amount will be debited from the borrower's/co-bank borrower's account through ECS.
For Applicants
- PAN Card
- Voter ID Card
- Passport
- Driving License
- Aadhaar Card
- Marksheet/Certificate of 12th Exam
- Marksheet/Certificate of Subsequent Years of Education
- Marksheet of Any Entrance Exam (CAT, CET, GRE, GMAT, IELTS, TOEFL)
- Scholarship Documents (if applicable)
- Bank account statements
For Salaried Employees
- Most recent 3 salary slips
- Employer Form 16 from the last two years/ Income Tax Returns from the
- Previous 2 years
- Any Other Income Proof Not Included in the Above Documents
Self-Employed
- Income Tax Returns for the Previous Two Years.
- Certified Financial Statements or Provisional Financial Statements for the Previous Two Years Any Other Income Proof Not Included in the Above Documents.
Documents Required
Repaying the Loan
If you are sanctioned an education loan by the Union Bank of India, you need to repay it back in a maximum of 15 years, including the course and moratorium periods. This repayment time is mandatory no matter the amount of loan taken. If the interest increases during the moratorium period and is not serviced, it will be added to the principal amount when calculating the EMI for repayment. This ensures that interest doesn't become an additional burden for the borrower, and they can repay the loan timely.
Note: A timely repayment of loans will not only help borrowers avoid the burden of interest but also helps them get easier loans in the future.
Expenses Covered in HDFC Credila Education Loan
- Tuition fees
- Hostel and mess fees
- Examination, library, and laboratory fees
- Insurance premium
- Caution deposits, building funds, and refundable deposits
- Reading material and uniform
- Travel expenses
- Laptop
- Admission acceptance fees
- Other expenses
FAQs
Bringing answers to your questions
How much loan does HDFC Credila give without collateral?
What is the interest rate of HDFC Credila education loan?
Interest rates for HDFC Credila education loans can vary based on factors like the applicant's profile, co-borrower details, and the course being pursued. To obtain the most accurate and up-to-date information on interest rates, it is recommended to consult with Lorien's experts.
How many days does HDFC Credila take to approve?
HDFC Credila is known for quick loan approvals, and in emergency situations, loans can be sanctioned within 1-2 days. The exact approval time may vary based on individual cases and the completeness of documentation.
Can I repay HDFC Credila education loan early?
Yes, HDFC Credila allows for the early repayment of education loans. Repaying the loan before the scheduled tenure can help students save on interest payments.
How much loan does HDFC Credila provide?
HDFC Credila extends comprehensive education loans that cover up to 100% of your educational expenses, encompassing not only tuition fees but also living expenses and refundable deposits. With Lorien by your side, our dedicated team ensures that you secure the optimal loan amount at the most favorable interest rates, tailored to meet your specific needs and aspirations.
Is collateral required for HDFC Credila?
No, HDFC Credila does not require collateral for education loans up to Rs. 20 lakhs. Meritorious students can avail unsecured loans, making it a more accessible financing option for pursuing higher education in select colleges in India and abroad.
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