A non-banking financing company, HDFC Credila which is a subsidiary company of HDFC Ltd. provides an overseas education loan for pursuing an international degree from a foreign university. Every year, hundreds of international aspirants apply for an education loan with Credila and fulfil their dream of studying overseas.
Although majority of the students applying for an overseas education loan via HDFC Credila opt for an Unsecured Overseas Education Loan, the company also offers a Secured Overseas Education Loan to study in a foreign institution.
Overseas education aspirants willing to pursue higher education at bachelors or masters level along with UG or PG Diploma courses from the countries like USA, Canada, Germany, Australia, New Zealand, UK and are looking forward to avail financial assistance can apply study loan for abroad studies at HDFC Credila.
Here is what overseas education aspirants are required to know before applying for an education loan for HDFC Credila:
|Nationality||Applicant and the Co-applicant must be Indian|
|Age Limit||There are no defined age criteria|
|Loan Amount||Up to 1 Crore: Maximum loan amount (without collateral)|
|Margin Money||100% of the loan amount |
|Loan Type||Both Secured and Unsecured Education Loan|
|Interest Rate||11% - 12.5%|
|Repayment||Up to 10 Years|
|Moratorium Period||Study Period + 1 year Job search Period|
|Processing Fee||1% - 1.25%|
|Processing Time||7 – 10 working days after submission of the documents|
An overseas education loan from HDFC Credila is the only NBFC that is accepted by all the country embassies. Right from USA, UK, Canada, Australia, New Zealand, Germany the education loan from HDFC Credila is accepted by all the major study overseas destinations.
At the time of submitting an overseas education loan application to the HDFC Credila, applicants are required to submit an education loan, two photos and a set of following documents:
The disbursement process of HDFC Credila education loan involves following stages:
1. Payment of the origination fees:
To collect the original education loan sanction letter from the HDFC Credila, a NBFC, students are required to pay the pending origination fees to the bank that is also called as the processing fees.
2. Preparing for the loan agreement documents:
After receiving all the above-mentioned information, HDFC Credila prepares the final loan documents. Applicant and the co-applicant are required to sign these loan agreements by visiting the HDFC Credila Office.
3. Decide when you want the loan to be disbursed:
The date of an education loan disbursement depends on the date of the student visa interview or the last date for the payment of tuition fees. So accordingly, the interest will begin from next month once the disbursement is done. Hence, it is important to decide the exact date for the disbursement of an education loan.
4. Decide the amount you want to be disbursed:
Applicants are also required to decide on an education loan amount they want to get disbursed for the payment of the first instalment at the university. This will include the tuition fee, living expenses and other required charges.
5. Convey the HDFC Credila about the mode of payment:
Students are required to generate the invoice from the university portal to know about the method of payment. They are required to inform the HDFC Credila on how the amount needs to be remitted to the university, what will be the method of payment and all other details like bank account number etc.
E’LAN Loans is here to help applicants as we know that applying for an overseas education loan is a time-consuming and tiring process. Hence, we would recommend taking help of our loan experts for smooth and hassle-free processing of a foreign education loan.
We have partnered with HDFC Credila that makes an overall education loan process a lot easier. Our education loan experts will check the documents of the applicants thoroughly and assist them in getting the education loan sanctioned.