All About HDFC Credila Education Loan for Study Abroad

2 mins read8.2K Views 4 Comments
Piyush
Piyush Kohli
Study Abroad Expert
Updated on Apr 8, 2020 13:31 IST

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

Category 

Applicant

Academic document 

Admission letter with fee break-up 

  

Graduation mark sheets and score report of any exam like GRE/GMAT/TOEFL/IELTS 

KYC 

Age proof 

  

Signature proof 

  

Identity proof 

  

Residence proof 

Income documents 

Latest 3 salary slips carrying a date of joining details 

 

  

 

  

Previous 6 months bank statement of the salary account or income tax returns of the previous 2 years along with computation of income 

  

Last one year's Form 16 from the employer along with 1-year income tax return or audited balance sheet of previous 2 years 

  

Bank statement of previous 8 months 

Others 

Completed loan application form 

  

Latest photograph 

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Rates and Fees 

Description of Charges 

Education Loan 

Loan processing charges 

Up to 1.5% of the sanctioned amount 

Pre-payment charges 

None 

No objection certificate (NOC) 

None 

Duplicate of no dues certificate 

None 

Solvency certificate 

Not applicable 

Charges for late payment of EMI 

2% per month of installment (MI/PMII) + applicable taxes 

Credit assessment charges 

None 

Non-standard repayment charges 

None 

Cheque or ACH mandate or direct debit swapping charges 

Up to Rs.500 per swap instance plus applicable taxes 

Cheque/ACH/Direct debit bouncing charges 

Rs. 400 per dishonor of cheque/ACH/Direct Debit return per presentation + applicable any taxes 

Stamp duty and other statutory charges 

As applicable by the laws of the state 

Loan cancellation charges 

1% of the unveiled sanctioned loan amount + applicable any taxes 

Manual collection charges 

Rs. 200 per visit plus applicable any taxes 

Charges for updating and handling loan account as per customer request 

Rs. 1,500 plus applicable any taxes 

Document storage and retrieval charges 

For no collateralRs. 2,000 plus applicable any taxes 
For collateralRs. 4,000 plus applicable any taxes 

Learn more about loans:

 
About the Author
Piyush Kohli
Study Abroad Expert

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

Comments

(4)

37081371
Aatif mirza

9 months ago

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

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.

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

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

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

5173871
Swameeka Medhi

3 years ago

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

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..

Reply to

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