Education is essential to every human life, whether you pursue a schooling or college education. Because it acts as a ladder to achieve your dreams, money is essential that education loans can fulfil when you go for higher education abroad. Therefore, we will mention the HDFC Credila education loan criteria in detail in this article.
So whether it is a college education or post-graduation, getting an HDFC Credila education loan is an easy way to make your dreams come true.
An education loan can help you get admission to the university of your choice. In addition, the government’s emphasis on education means you can also take advantage of subsidies in education loans.
To fulfil your dreams, you can get an education loan from various banks in India. Most of these education loans in India have a repayment period of 10-15 years, a course moratorium, and a specified number of months.
HDFC Credila and other banks also provide education loans for students who want to study in India and abroad.
HDFC Credila education loan criteria
- You must be an Indian citizen.
- Co-applicants with you also must be Indian citizens.
- You must have obtained at least 50% marks in HSC & graduation.
- The co-borrower must have a bank account in HDFC or any bank in India with cheque-writing facilities.
- You must have secured admission in career-oriented courses like Medicine, Engineering, Management etc., at the undergraduate or postgraduate level.
- You must have to confirm admission to the college before disbursement.
- After obtaining admission in India or abroad through an entrance test / merit-based selection process.
- Documents with regular income are mandatory for co-applicants (parents/siblings/guarantors)
The Bank will determine the loan eligibility per the Bank’s policy prevailing at the loan application and disbursement time.
Minimum Loan Limit: 1,00000
Maximum Loan Limit: 25,00000 (India), No limit (Abroad)
HDFC Credila is a dedicated Education Loan Company that offers Education Loan, and this bank loan helps you finance your tuition fees, hostel fees, study material and more.
The bank provides you with a quick and hassle-free loan once you submit the application and required documents. These are the required documents for an HDFC Credila education loan as follows.
Documents for Students
- Institute Admission letter with fee break-up: U.S.A. Applicant: I-20 Form & U.K. Applicant: C.A.S. Letter, with fee details.
- Signature Verification for Student/Co-applicant such as PAN card, Passport
- Marksheet of any entrance exam like SSC, HSC, Graduation Marksheet and GRE/GMAT/TOEFL/IELTS
- KYC documents
- Age proof
- Bank Statement for the last six months
- Optional: Guarantor For Loan
- Signature proof
- Identity proof
- Proof of residence
- PAN card
Salaried Income Documents for Co-borrower
- KYC documents
- Latest three payslip joining date details
- Bank Statement (last six months)
- Last year’s Form 16 from the employer along with last year’s income tax return
- Optional: Guarantor Form.
- Copy of the admission letter of the institute, with fee details.
Documents required for the first disbursement
- A letter from a college or university
- Loan agreement signed by the applicant, co-applicants
- Acceptance letter signed by the applicant & co-applicants.
- Disbursement request form signed by the applicant & co-applicants
- Bank statements or receipts containing payments made to the college/university
- Documents for Collateral Security
How to apply for an education loan?
For an education loan, you have to visit the bank branch or apply online on the official website of the concerned bank. If you can meet all the requirements, you will get an HDFC Credila education loan easily. Click here for more information.
HDFC Credila Education Loan: FAQs
A: Four lakh for studies in India and 7.5 lakhs abroad without collateral security. But it can be up to 20 lakhs without collateral for talented and deserving applicants.
A: HDFC Credila Education Loan offers simple interest-only during the course tenure and the facility to pay principal plus interest (EMI) after completing studies.
A: SBI, HDFC, and Bank of Baroda are good banks for education loans. However, interest rates may change over time; please check before applying.
A: After submitting the application form and supporting documents, it will take around 10 to 15 days to get the Credila Education Loan.