Education loan from Credila
None, 17 Apr 2015
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Credila is a HDFC Limited Company that provides education loan for students. Credila provides loans in Indian rupees that can be converted to the currency of the country the student goes for higher education. The repayment of the loan will be in Indian rupee. Credila loans start from Rs. One lakh upto Rs. 20 lakh.

Eligibility to get education loan from Credila

  • The candidate must be an Indian citizen
  • The candidate must be above the age of 18 years
  • The co-borrower must have a bank account in one of the Indian banks with cheque writing facilities
  • The candidate must have obtained admission in a recognised university abroad

Co-borrower’s eligibility

  • The co-borrower must be an Indian citizen
  • The co-borrower must be a relative of the applicant such as father/ mother/ brother/ sister/ spouse (for married candidates)
  • Co-borrower's has co-extensive liability with the candidate
  • The co-borrower must provide valid proof to establish the relationship with the candidate
  • In case the collateral security cannot be provided by the relatives mentioned above, the candidate can also bring  father-in-law/ mother-in-law/ sister-in-law/ brother-in-law/ maternal or paternal uncle/ aunt/ grandparents/ first cousins

The types of collaterals accepted as:

a)      Residential house/ flat
b)      Fixed deposit
c)       Non- agricultural land

Costs covered in education loan by Credila

  • The entire tuition fee
  • Examination fee
  • Library and laboratory fees
  • Purchasing of books
  • Hostel fees and living expenses
  • Travel fare (economy ticket from India to the destination country)

Education loan disbursement by Credila

Credila disburses the education loan in Indian rupees. The tuition fee will be directly disbursed to the educational institution through an authorised servicer or directly. The amount for living expenses and other expenses will be disbursed in instalments from time to time as per Credila’s underwriting norms.

Interest rate for taking education loan from Credila

  • It will be floating rate of interest linked to Credila's Benchmark Lending Rate (CBLR)
  • The interest is calculated using Simple Interest Rate
  • Floating rate of interest to be (Credila's CBLR + Spread)% per annum
  • The current CBLR is 12.35% per annum

Education loan repayment policy of Credila

  • The interest payment of the loan starts soon after the disbursement of the first instalment of the loan
  • Tenure of the loan is the Duration of Study + Grace Period after the Study + Repayment Period
  • The maximum tenure for the repayment of the loan is 10 years
  • The major factors determining the tenure is the repaying capacity of the candidate, age of the co-applicant and the future prospects of the course
  • The monthly payment of the loan will be deducted from the bank account of the borrower/ co-borrower using Electronic Clearing System (ECS)

Click here to get information about more education loan providers. 

 

Also Read:

New rules for education loan
Education loan FAQ
How to take education loan?
Documents required for education loan

Loans and investments

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