Call Elan

Phone Number

7447757842

 

 

HDFC Credila Overseas Education Loan to Study Abroad

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. 

Types of overseas education loan provided by HDFC Credila

  • Secured Overseas Education Loan 
  • Unsecured Overseas Education Loan

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.

Who can apply for an education loan at HDFC Credila?

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


Embassy accepting HDFC Credila Education Loan:

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. 

Documents Required for HDFC Credila Education Loan:

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:

  • KYC Documents: PAN Card, AADHAR card of the applicant and the co-applicant
  • Passport of the applicant 
  • For Proof of Admission: University offer letter
  • For Academic Documents: 10th, 12th Marksheet, graduation marksheet, scorecard of CAT, GRE/GMAT/TOEFL or IELTS, Scholarship documents if any
  • For Bank Statement: Last 8 months updated bank statement of the applicant and co-applicant of all the bank accounts
  • For Income Proof of the co-applicant, in case of salaried Person: Income tax returns of last 2 years or Form 16 of last 2 years from the employer, salary slips of last 3 months. 
  • If the co-applicant is a businessperson, his/her income proof will be required: Income tax returns of last 2 years, balance sheet, profit &loss account, computation of income, business registration certificate, company bank statement of last 6 months.
  • Own Residence proof:  Electric bill

HDFC Credila Education Loan Process in 8-steps:


5 Stages of HDFC Credila Education Loan disbursement process:

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. 

How will E’LAN Loans help speed-up the overseas education loan application?

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. 

Articles on Overseas Education Loans

MPower Finance Overseas Education Loan Process
An education loan from MPower Finance has multiple benefits..
Calculating EMI for Overseas Education Loan
Learn about EMI of education loan for higher studies abroad..
HDFC Credila Overseas Education Loan to Study Abroad
Here is all you should know before applying for an education loan from HDFC Credila..

Loading…