Mar 26, 2021

Credila Overseas Education Loan: Benefits, Features, Documents & More

The dream of higher education seems like a simple process – that is, until the details get involved. From acing standardized test scores to perfecting their application essay, students need to put a lot of effort and patience into each step of the process. There is also the question of financing this academic journey, since relying on savings or competitive scholarships might not be an option for everyone. Enter overseas education loans, the modern student’s solution to the financial aspect of studying abroad. These loans bridge the gap between students and their aspirations. 

In the Indian financial market, Nationalized Banks, Private Banks, Non-Banking Financial Companies (NBFCs), and International Lenders offer attractive schemes for secured and unsecured education loans. Schemes from NBFCs like the Credila overseas education loan are rising in popularity, thanks to their customer-friendly and reliable financial services. This article will explore Credila as a potential lender for international aspirants, starting with its unique benefits.

Benefits of Credila Overseas Education Loan

Credila Financial Services Limited, formerly known as HDFC Credila, was established in 2006 as India’s first NBFC specializing in overseas and domestic education loans. As of March 2025, it has helped more than 2.26 lakh students fulfill their overseas education dreams in over 5,200 Universities in 64+ countries worldwide. 

The NBFC’s track record and accessible financial services draw in students from diverse backgrounds. Since its functioning is different from traditional lenders, Credila’s overseas education loan has several unique benefits, which we have listed below.

• Secured and unsecured loan options for several Universities and countries

• Up to 100% finance, covering tuition fees, living expenses, and other academic costs

• Competitive interest rates compared to other lenders on the market

• Long repayment tenure and flexible schedules after the moratorium period ends

• Credila is among the only NBFCs accepted by the visa authorities in the UK, Australia, and New Zealand

• Tax benefits as per the norms of the Indian government

• Students can get a loan approval without an offer letter from the University

• Flexible co-applicant and collateral requirements

• Affordable loan insurance rates

• The loan amount can be as high as double the value of the asset offered as collateral

• 0% TCS on foreign education-related remittances

• Seamless loan sanction procedures

Moreover, the NBFC offers an easy online loan application process and fast approval timings for the convenience of students. Now that we know the perks of applying for a Credila overseas education loan, we will delve into its loan scheme next.

Key Features of Credila Overseas Education Loan

Credila offers both secured education loans and education loan without collateral for global aspirants, helping make higher education abroad accessible for students with diverse financial backgrounds. The details of the Credila overseas education loan scheme are given below.

Knowing the details of the Credila overseas education loan scheme can help students negotiate the best loan amounts and interest rates for their requirements and profile. In the next section, we will cover the eligibility requirements for the Credila overseas education loan.

Eligibility Criteria for Credila Overseas Education Loan

Credila strives to empower international students by providing access to financial resources that help them achieve their dreams. However, the NBFC has certain eligibility requirements for the student profiles it approves, which we have mentioned below.

• The student/applicant must be above the age of 16 at the time of application, with a conditional or unconditional offer from a recognized University abroad.

• The applicant must show excellent academic transcripts and standardized tests that meet the minimum criteria of the University and the NBFC.

• The student’s selected course, University, and country should be on Credila’s approval list.

• The co-applicant for the Credila overseas education loan must be a direct relative or legal guardian of the applicant.

• The co-applicant needs to have a steady income source and a good credit score.

Apart from these requirements, Credila may also have some specifications for collateral-based loans, so it is best to check before applying. Once students have confirmed their eligibility for Credila’s foreign education loan scheme, they can gather the documents mentioned in the next section.

Documents Required for Credila Overseas Education Loan

The journey from loan application to disbursement requires a lot of attention to detail and paperwork for every part and aspect. The student and their co-applicants need to arrange the following documents as part of the Credila overseas education loan process:

• The complete loan application form, along with recent passport-sized photographs

• KYC documents, such as PAN card, Aadhar Card, and Passport

• Residence proof documents, such as electricity or water bills

• Offer letter or other proof of admission from a recognized University

• Academic documents, including previous marksheets, transcripts, and qualifications, as well as standardized test scores and scholarship documents (if applicable)

• Bank statements up to the past 8 months

• Income proof, including income tax returns of the past 2 years, salary slips/profit & loss accounts, and company bank account statements

• Collateral documents such as sale deeds, tax receipts, certificates, etc. (wherever applicable)

The NBFC may also require additional documents during the sanction or disbursal process. This helps keep the loan application process on track. The next section covers the major steps of the Credila overseas education loan application process.

How to Apply for Credila Overseas Education Loan

Credila is the preferred lender of the modern international student for its modern and easy-to-understand loan application process. Many of the steps can be completed online, making it the ideal lender for students on the go. Get a quick look at the Credila overseas education loan application process below.

• Step 1: Fill out the online Credila overseas education loan application form and attach the necessary documents.

• Step 2: If an original copy of the documents is required, an official from Credila may reach out to collect them from the applicant’s home

• Step 3: The team verifies the applicant’s academic and financial profile, as well as the co-applicant’s supporting documents, and performs a risk analysis for the loan.

• Step 4: The loan is sanctioned, and students receive an official notification from the lender with the loan details.

• Step 5: Once all the details are finalized and confirmed, the student submits the documents required for the disbursement process.

The disbursement process commences within a few days of the loan sanction. Since this is the last part of the loan application process, it is necessary to know what might be required from students. Keep reading to get a clearer idea.

Credila Overseas Education Loan Disbursement Process

Once the Credila overseas education loan is sanctioned, students need to complete a few formalities before the amount reaches the nominated account. Keep reading to find out which steps to take for a smooth disbursement process.

• Pay the origination fees or processing fees and collect the official loan sanction letter from Credila.

• Credila will send students 3 copies of the ECS mandate, which they need to get signed and stamped according to the repayment agreement.

• Submit KYC documents, ECS forms, cheques, and collateral-related documents (wherever necessary).

• Credila prepares the final loan agreement documents, which are reviewed and signed by the student and their co-applicant.

• The disbursement is decided by the student, based on the University’s tuition fee schedule or the student visa procedures.

• Decide the amount for the first disbursement, inclusive of the tuition fees, living expenses, show of funds for the student visa, and other necessities. The method of payment for these expenses is also discussed.

Once all this is over, Credila transfers the first disbursement to the University account or the student’s loan account, according to the agreement. The disbursement then goes smoothly according to the student’s specified timeline. These timings can also be changed with some discussion.

In essence, Credila is one of the most preferred NBFCs for international students, not only for its attractive loan scheme but for the accessible services and benefits that international students receive alongside the loan amount. With the help of the experts at Elan Overseas Education Loans, navigating the student loan interest rates and figuring out the best disbursement dates is a breeze.

Our loan experts have all the information students need about the Credila overseas education loan scheme, as well as each part of the application process. We can make sure that students get the funding they need, when they need it, without having to sacrifice precious time at lender offices and loan websites. Reach out to us for more information today!

Credila Overseas Education Loan FAQs

1. When is the right time to apply for an overseas education loan?

Generally, students need to wait for at least a conditional offer from their preferred University to start applying for an overseas education loan. However, Credila offers loan approvals and sanctions even before one receives any confirmation from the University.

2. Which types of collateral are accepted by Credila?

Credila accepts two major types of collateral, namely tangible/immovable collateral and intangible/liquid collateral. Tangible collateral includes assets like residential or commercial property, generally in urban areas. Intangible collateral includes assets such as Fixed Deposits (FDs) and government bonds.

3. How do I calculate my overseas education loan EMI amount?

Students can calculate their overseas education loan EMI amount by entering the loan amount, interest rate, and repayment tenure into an EMI calculator. Credila offers a reliable overseas education loan calculator on its website to help students decide their repayment options.

4. Can I apply for a Credila education loan even if there are no Credila offices in my city?

Yes, absolutely! The Credila overseas education loan application form can be found and filled out online, from anywhere in the world. Once the student submits their form, they can receive further instructions from Credila or experience loan consultants like Elan.

5. How long does it take for the Credila overseas education loan disbursement process?

The disbursement process at Credila takes place in two stages. The first step is the loan sanction letter, which is usually released within 7-10 working days of application. After the loan is sanctioned, students must submit additional documents and complete additional formalities. This may take 5-7 working days.