HDFC Bank has a special loan for students looking to study abroad called the Credila Education Loan. Since it is a specialized loan for Indian students looking to continue their studies internationally, the whole process of getting this loan is comparatively simpler and easier. Here is some information about this loan.
Features
- Offers loan up to 100% of the total educational expenses
- Loan amount of more than Rs. 20 lakhs are available
- Repay loans via EMIs
- preferential rates for students getting into top universities across the world
- Doorstep service ensures loans are disbursed as quickly as possible
- Web billing and servicing
- Benefits under section 80(E) of the Income Tax Act 1961
- The loan can be sanctioned before the admission is confirmed
Eligibility Criteria
- The student needs to be a resident Indian
- Should be between the ages of 16 and 35
- Co-applicant could be a parent, spouse, sibling, in-laws, or uncle/aunt
Related links:
Documentation Required
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Category |
Applicant |
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Academic document |
Admission letter with fee break-up |
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KYC |
Age proof |
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Signature proof |
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Identity proof |
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Residence proof |
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Income documents |
Latest 3 salary slips carrying a date of joining details
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Previous 6 months bank statement of the salary account or income tax returns of the previous 2 years along with computation of income |
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Last one year's Form 16 from the employer along with 1-year income tax return or audited balance sheet of previous 2 years |
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Bank statement of previous 8 months |
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Others |
Completed loan application form |
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Latest photograph |
Rates and Fees
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Description of Charges |
Education Loan |
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Loan processing charges |
Up to 1.5% of the sanctioned amount |
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Pre-payment charges |
None |
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No objection certificate (NOC) |
None |
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Duplicate of no dues certificate |
None |
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Solvency certificate |
Not applicable |
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Charges for late payment of EMI |
2% per month of installment (MI/PMII) + applicable taxes |
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Credit assessment charges |
None |
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Non-standard repayment charges |
None |
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Cheque or ACH mandate or direct debit swapping charges |
Up to Rs.500 per swap instance plus applicable taxes |
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Cheque/ACH/Direct debit bouncing charges |
Rs. 400 per dishonor of cheque/ACH/Direct Debit return per presentation + applicable any taxes |
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Stamp duty and other statutory charges |
As applicable by the laws of the state |
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Loan cancellation charges |
1% of the unveiled sanctioned loan amount + applicable any taxes |
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Manual collection charges |
Rs. 200 per visit plus applicable any taxes |
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Charges for updating and handling loan account as per customer request |
Rs. 1,500 plus applicable any taxes |
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Document storage and retrieval charges |
For no collateral: Rs. 2,000 plus applicable any taxes |
Learn more about loans:
With a plethora of knowledge of the education domain, Piyush Kohli has been involved with study abroad for over 5 years and counting. He comes with prior experience on the complexities of the study abroad applicatio... Read Full Bio
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Comments
(4)
9 months ago
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I need a loan of around 30l for my master's
My both parents are govt employees.
Reply to Aatif mirza
P
Piyush KohliStudy Abroad Expert
9 months ago
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Hi Aatif, banks check various things before giving a student loan like candidate's profile, course which you are going to pursue apart from the financial stability of the candidate. You should check with a major bank along with your documents for more clarification on this.
B
3 years ago
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I want to study master of engineering in canada and want education loan without collatral up to 15 lacks. Can i gat it from any bank in india
Reply to Brijesh Pansuriya
P
Piyush KohliStudy Abroad Expert
9 months ago
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Hi Brijesh, banks offer a loan of up to Rs 7.5 lakhs without collateral. Fore more information on collateral, please check the below guide:
https://studyabroad.shiksha.com/education-loan-applycontent61319
3 years ago
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I am retired government employee. Getting 25000/- Rs monthly pension can I get education loan for my son for studying in abroad. And if I get how much.
Reply to
3 years ago
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Hi Sapna, majority of Indian banks provides upto Rs. 20 lacs for studying abroad. Please read the article above to know about Credila loan. You may also check this guide
https://studyabroad.shiksha.com/education-loan-applycontent61319
3 years ago
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My Brother is NRI and he has Rs. 22,00,000 as FD in HDFC. My Son is an Engineering Graduate and wish to avail Education Loan for Studies abroad; keeping my Brother as a Co-applicant ( Collateral Security ) . Could you please advise the Feasibility of getting subject Loan..
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