Dreaming of studying at a prestigious international university but unsure about funding? You’re not alone! Many students face this challenge, and financing an overseas education can seem daunting. But here’s the good news: Affordable and accessible funding options can turn your dreams into reality without financial strain.
This is where HDFC Credila comes in. As India’s premier non-banking financial company specializing in education loans, they provide customized solutions with flexible terms to match your unique academic journey. In this comprehensive guide, we’ll walk you through everything you need to know to take that next big step—stress-free!
HDFC Credila Abroad Education Loan
HDFC Credila is India’s first and only education loan specialist, leveraging extensive databases in the education sector. Their student loan approval process is based on a unique credit scoring model designed specifically for education financing. Understanding the challenges students and their parents face, HDFC Credila works closely with them to tailor loan programs based on the student’s chosen institution and academic performance. This ensures better access to education financing with competitive interest rates.
| FEATURES | EDUCATION LOAN DETAILS |
| Loan Amount | Up to 100% of education costs (with collateral)Up to ₹75 lakhs (without collateral) |
| Margin Money | NIL |
| Interest Rate | Starting at 10.50%* |
| Processing Fee | 1% + GST |
| Loan Tenure | Up to 14 years |
| Moratorium Period | Study period + 6 to 12 months |
| Prepayment Charges | NIL |
Tax Benefits Under Section 80E with HDFC Credila
HDFC Credila is the only Indian NBFC offering Section 80E tax benefits on non-collateral education loans. You can claim a deduction on the interest paid on your education loan for up to eight years from the start of repayment. The benefit applies only to interest payments, not the principal amount.
Who Can Apply for an HDFC Credila Education Loan?
Students pursuing bachelor’s or master’s degrees abroad in countries like the USA, Canada, Germany, Australia, New Zealand, UK, and more can apply for a loan.
Key Eligibility Criteria:
| Nationality | Student and co-applicant must be Indian |
| Age Limit | At least 18 years of age |
| Countries Covered | USA, Canada, Germany, Australia, New Zealand, UK, France, Singapore, UAE, Ireland, Netherlands and more |
| Academic Performance | Strong academic performance meeting the minimum academic criteria set by the lender with prerequisite tests such as GRE, IELTS, or TOEFL. |
| Co-applicant | Mandatory Mother, father, sister, brother, spouse, relative from their paternal or maternal side, or a legal guardian can be a co-applicant if they have a steady source of income and a positive credit history |
| Collateral | Both collateral as well as non-collateral loans available |
Partial List of Universities Funded by HDFC Credila in the USA
| Arizona State University | Boise State University | California Polytechnic University |
| Carnegie Mellon University | Columbia University | Cornell University |
| Georgia Institute of Technology | Illinois Institute of Technology | Indiana University Bloomington |
| Michigan Technological University | New Jersey Institute of Technology | North Carolina State University |
| Northeastern University | Ohio State University | Oklahoma State University |
| Polytechnic Institute of New York University | Purdue University | Rochester Institute of Technology |
| San Jose State University | Southern New Hampshire University | State University of New York at Buffalo |
| Syracuse University | Texas A&M University | University of Bridgeport |
| University of Chicago | University of Cincinnati | University of Florida |
| University of Houston – Clear Lake | University Of Illinois – Chicago | University of Maryland |
| University of Michigan – Ann Arbor | University of North Carolina – Charlotte | University of Pennsylvania |
| University of South Carolina | University of South Florida | University of Southern California |
| University of Texas at Arlington | University of Texas at Dallas | Wayne State University |
Partial List of Universities Funded by HDFC Credila in other countries
| Asian Institute of Management (Philippines) | Centennial College (Canada) | Chemnitz University of Technology (Germany) | Concordia University (Canada) |
| Coventry University (UK) | Delft University of Technology ( Tu Delft ) (Netherlands) | ESC Rennes School of Business (France) | HEC Paris (France) |
| IE Business School – Spain | INSEAD (France, Singapore) | La Trobe University (Australia) | London Business School (UK) |
| London School of Economics and Political Science (UK) | Nanyang Technological University (Singapore) | National University of Singapore (Singapore) | Newcastle University (UK) |
| Rotman School of Management, University of Toronto (Canada) | Rotterdam School of Management (Netherlands) | Royal Melbourne Institute of Technology University (Australia) | S P Jain School of Global Management (Dubai) |
| Schulich School of Business, York University | Sheffield Hallam University (UK) | Srh Heidelberg University of Applied Science (Germany) | The University of Manchester (UK) |
| The University of Nottingham (UK) | The University of Sheffield (UK) | University of Duisburg Essen (Germany) | University of Glasgow (UK) |
| University of Leeds (UK) | University of Melbourne (Australia) | University Of Oxford – Said Business School | University of Warwick (UK) |
Required Documents for HDFC Credila Education Loan
Applicant’s Documents
- ID proof (PAN, Passport, Driver’s License, Voter ID)
- Loan application form
- Address proof (Utility bill, Aadhaar, etc.)
- Passport & past academic records
- Entrance exam results (GRE, GMAT, IELTS, TOEFL)
- Admission proof (Offer Letter)
- Statement of expenses
Co-applicant’s Documents
- ID & Address proof
- Bank statements (last 6 months)
- Income proof (Salary slips, Form 16, IT Returns)
- Asset & liability statements
Income proof for salaried co-applicant
- Salary slips for the last 3 months
- Copy of Form 16 of the last 2 years
- Statement of the salaried account for the last 6 months
- Statement of assets and liabilities
Income proof for self-employed co-applicant
- Business address proof
- IT Returns of last 2 years
- TDS certificate (Form 16A, if applicable)
- Qualification certificate
- Statement of assets and liabilities
- Bank account statement of the last 6 months
Benefits of HDFC Credila Education Loan
Making a crucial decision about financing your education abroad requires careful consideration. Students must be well-informed when selecting an education loan, as the right financial choices can significantly impact their future. Beyond loan approval, several critical aspects must be considered even after disbursement, such as:
Tax Advantages
Reduce your tax burden by claiming the interest paid on your loan as a deduction under Section 80E of the Income Tax Act, 1961, with HDFC Credila Education Loans.
Complete Coverage of Education Costs
Achieve your dream of studying abroad with full financial support from HDFC Credila Education Loans.
Fast and Seamless Loan Processing
Once you submit the necessary documents, your loan is processed efficiently, and an HDFC Credila representative will keep you informed about your loan status.
Loan Approval Before Admission
HDFC Credila offers an education loan approval letter even before you secure admission. Many universities require proof of funds at the admission stage, and this approval letter ensures institutions are confident about your financial backing. The actual loan amount is disbursed once admission is confirmed and funds are required.
HDFC Credila Education Loan Process
HDFC Credila simplifies the education loan process with a student-friendly approach:
- Fill out the online overseas education loan application form on the HDFC Credila website.
- An HDFC official visits your residence to collect the signed application form and supporting documents.
- The HDFC team verifies the applicant’s credit history and employment-related details before underwriting the loan application.
- Using the ‘Predictive Credit Scoring Model,’ HDFC Credila assesses risk factors and decides whether to sanction or decline the loan.
- Upon loan approval, you must complete the disbursement formalities.
- If this process seems overwhelming or visiting an HDFC Credila branch feels inconvenient, our experts at North24 Finance are here to assist and simplify your application process!
HDFC Credila Education Loan Disbursement Process
The disbursement process involves multiple steps:
Payment of Origination Fee
To obtain your official Education Loan Sanction Letter, ensure any outstanding processing fees are cleared with HDFC Credila. Providing a cheque from the same bank account where your ECS mandate is set up helps streamline the process.
Finalizing the Disbursement Date
Based on your visa approval date or tuition fee deadline, you can choose the date for disbursement.
Determining the Disbursement Amount
Decide the amount required for your first installment, which includes tuition fees, living expenses, and other necessary charges.
Providing Disbursement Details
You must specify how the funds should be remitted to your university—whether via bank wire transfer, demand draft, or another payment method. These details are usually included in the university’s admission package.
Preparing Final Loan Agreement Documents
After confirming all the details, HDFC Credila will draft the final loan agreement documents. The student, co-borrowers, and guarantor (if applicable) must sign these documents at the Credila office. If the student or co-borrowers are in different cities, they need to sign the original documents accordingly.
Submitting ECS Mandate to the Bank
You will need to provide three signed and stamped copies of the completed ECS (Electronic Clearing System) mandate from your bank for loan repayment.
Providing Final Documents to HDFC Credila
At the time of signing the loan agreement, the following documents must be submitted:
- Original KYC documents (e.g., PAN card, passport) of the student, co-borrowers, and guarantors for identity verification.
- Two original copies of the completed ECS Mandate Form, signed and stamped by your bank.
- Security cheques in favor of HDFC Credila Financial Services Private Limited from the designated bank account.
- If security cheques from this account are unavailable, apply for additional cheques at your bank to avoid delays.
- If offering Fixed Deposits as collateral, provide the original FD receipt to HDFC Credila.
- If the property is provided as collateral, submit the original property documents.
- If tuition fees have already been paid, provide a photocopy of the payment receipt.
Signing the Agreements
The final step in securing your education loan involves submitting all required original documents and signing the loan agreement.
Receiving Your Education Loan Funds
HDFC Credila will transfer the loan amount directly to your university’s bank account or issue a Demand Draft based on the details you provided.
HDFC Bank Education Loan EMI Calculator
The HDFC education loan EMI calculator is a valuable tool for students planning to finance their education. This easy-to-use calculator helps estimate your monthly installments based on the total loan amount, interest rate, and repayment tenure. By adjusting these factors, you can choose a repayment plan that aligns with your financial situation and ensures smooth loan management.
How do you contact HDFC Credila for education loans?
For any queries related to HDFC Credila education loans, you can reach out through the following channels:
- Email: Send your queries to HDFC Credila’s customer support team at support@hdfccredila.com, detailing your profile for a prompt response.
- Website: Visit HDFC Credila’s website and fill out the online contact form in the “Contact Us” section.
- Branch Visit: Visit your nearest HDFC Credila branch to get comprehensive assistance regarding education loans, application procedures, and required documents.
If you want to secure an education loan without collateral but find the bank visit process challenging, North24 Finance provides a seamless, tech-driven solution. We assist students in obtaining hassle-free financial support for their overseas education.
Get in touch with us today and take a step closer to fulfilling your international education dreams!
FAQs
Q: Can I apply for an HDFC Credila education loan without collateral?
Yes, non-collateral loans are available up to ₹75 lakhs.
Q: Does HDFC Credila fund tuition and living expenses?
Yes, they offer 100% financing, including tuition, living costs, and other fees.
Q: How long does the loan approval process take?
Once documents are submitted, the process is quick and hassle-free.
Q: Can I claim tax benefits on my education loan?
Yes, under Section 80E, you can claim deductions on interest payments for up to 8 years.
