HDFC Credila?: Education loan specialist (All you know about it)
HDFC Credila?: Credila is India’s first dedicated education loan company. It is a Non-banking Finance Company constituted as a subsidiary of HDFC Ltd. that has started its operations in the year 2006 with an aim of providing hassle free education loans for studies in India as well as abroad. So far, Credila has funded Indian students going to 35+ Countries, 2100+ Institutes & studying 1000+ different Courses.
HDFC Credila understands the education and admission process in India and in various countries across the world. On the basis of our extensive research, HDFC Credila offers tailor made solutions to offer unmatchable features and service standards.
|Education Loan Features||HDFC Credila||Others|
|Up to 100% finance||Yes||No|
|Loan amount over Rs.20 lakhs also available||Yes||No|
|Repayment tenure up to 10 years (Easy EMIs)||Yes||No|
|Less than 100% collateral||Yes||No|
|Loan against property mortgaged with HDFC Ltd.||Yes||No|
|Loan Sanction before admissions also||Yes||No|
|Attractive rate of interest||Yes||Maybe|
|Tax benefit under Section 80-E of Income tax Act||Yes||Maybe|
|Quick and hassle free process||Yes||No|
HDFC Credila has specialised products for various countries like USA, Canada,Germany, etc. We understand that students going to countries like Germany require 60-70% of their education loan to be disbursed before the Visa process. While Indian Banks do not give out these loans before Visa, HDFC Credila has provided a solution to this too.
What makes Credila better over others?
- Credila has numerous databases related to education sector and their credit scoring model is student centric. These databases are used for the approvals of educational loans and are designed using appropriate systems, processes and know-how related to the education industry.
- Credila provides tailor made solutions to problems, challenges and issues faced by the students and their parents and also the institutes.
- Most of the banks and financial institutions provide loans of up to Rs 20 lakhs only. Over and above this may involve complex compliance. But the same is very easy in case of Credila.
- Flexible plans: Flexibility in terms of the loans which need to be customized to the requirements of the students and their respective courses.
- It is quite challenging if the student/parent is not aware of the thousands of valid and accredited educational choices available in today’s fast changing world of education. Credila helps the students and parents with their education counselors to find the best option.
- Subject to few conditions, loan is sanctioned even If the required loan amount is more than the value of the collateral security.
- Continuous support services till the loan is repaid. Web-based access to the loan account with web enabled transaction processing inclusive of electronic payments, etc.
- Unlike the banks which typically charge a fixed rate for a certain category of students, HDFC Credila has a range of rates depending on the institute, country of the study, co-borrower details, collateral security placed and the educational background of the student
- Approval letter even before the student getting confirmed admission:
Official Website – https://www.hdfccredila.com/
Some universities in the countries like United States require a proof of finance at the time of admission. Admission is granted only up on proving that the student has enough finance in his account to run his college education. But most of the banks do not sanction the loans unless the admission letter issued by foreign university is shown to them. To help the students, Credila provides education loan approval letter even before the student getting confirmed admission. This approval letter from Credila during the admission process of the student satisfies the institute that the student has enough funds to fund his college education. However, the loan amount would be disbursed, after the student gets the admission.
- Visa interview deadlines keep approaching fast and the education loan approval letter is required well in time to set up the visa interview. Hence, there is a tremendous time pressure to get education loan in time. Credila, keeping in view all such things would process your application on time.
- Doorstep service: HDFC Credila offers branchless services. One does not need to visit the branches in person. Once the documentation is complete your loan is processed quickly and HDFC Credila Representative will keep you updated about the status
- Tax benefit i.e. Deduction in respect of interest on loan taken for higher education under Section 80-E of Income tax Act is available for the loans taken from Credila. Credila also provides for pre- payment or Foreclosure during the Loan tenure.
- One does not need to provide 100% of the collateral equal to the loan amount. Also, the maximum repayment term available is 10 years which is very convenient for the students.