HDFC Credila Disbursement Process

Did you know that the HDFC Credila education loan sanction letter is valid for only six months and if you don't fulfill the disbursement formalities within the stated period of time, your loan application might get declined and you will have to redo the whole process?

It is important to understand the disbursement process in order to prevent any challenge during your education loan journey. This blog will help you learn about the HDFC Credila disbursement process, HDFC Credila loan application status, HDFC Credila loan processing time, and much more.

HDFC Credila Abroad Education Loan

Know the details of the HDFC Credila education loan like loan amount, interest rates, origination fee HDFC Credila, HDFC Credila education loan processing time, HDFC Credila education loan disbursement process, etc. 

HDFC Credila Loan Status Check

Once you have paid the HDFC Credila education loan processing fee and submitted your loan application, you await the approval of the loan disbursement. HDFC Credila loan process is a simple procedure. However, to check the HDFC Credila application status, you are required to follow the following steps.

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  Visit the official website of HDFC Credila and log in to your account for an HDFC Credila loan status check.
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  On the homepage, look for the “Track Your Loan Status” section. This is where you can check HDFC Credila application status.
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  You will be asked to enter the required details (Loan Application Number and Date of Birth) to track your loan status. 
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  Once you have entered the details, click on the “Submit” button.
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  The portal will display your loan status such as Pending, Sanctioned, Disbursed, or Rejected.

Further curious about how loan disbursement works with HDFC Credila? Watch our video for a detailed explanation of the process!

Steps in the HDFC Credila Disbursement Process

HDFC Credila is India’s first dedicated Non-Banking Financial Company providing education loans to study abroad. The HDFC Credila disbursement process and its loan approval process is simple and hassle-free. Once the HDFC Credila education loan sanction letter and the initial loan agreement are signed and sent to the lender, you will have to decide -

Date of disbursement:

The exact date of the first disbursement can either depend on the visa application or the last date of tuition fee payment.

Disbursement amount:

You will have to decide the amount for the first disbursement considering the tuition fees and living expenses.

Method of disbursement:

You will have to provide the exact details for transferring your tuition fee and living expenses. It could be a wire transfer or forex transfer. This information will be provided by the university along with your admission package.

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  Upon receiving this information, the lender will prepare a final loan agreement. This final agreement will have to be signed by the student, co-applicant, and guarantors (if any).
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  Along with the final loan agreement, the documents for disbursement mentioned below have to be submitted to proceed.

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  A separate loan account with HDFC is also opened in the student's name where the amount for living expenses and other daily expenses are transferred.
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  For further semester transactions, the student/co-applicant can reach out to the HDFC Credila team to make the payments to the university.

If the loan is applied via GyanDhan and there’s a delay in disbursement, the student can contact GyanDhan to get it done swiftly.

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  If the student has already paid the tuition fees, they can get the amount reimbursed by submitting a photocopy of the fee receipt.

Tracking your HDFC Credila loan application status is crucial for managing your deadlines and financial commitments. For a detailed guide, read our comprehensive guide on how to track HDFC Credila education loan status.

HDFC Credila Disbursement Process - Documents Required

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  Self-attested final loan agreement.
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  Original KYC documents of the student, co-applicant, and guarantor (if any). Two original copies of the completed ECS mandate form signed and stamped by your bank. After deciding the date of disbursement, submit one of the original copies to the bank manager for their records. Alternatively, the co-applicant can fill out a NACH form providing the details of the account from which monthly interest payments will be deducted.
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  The co-applicant will have to submit 9-12 post-dated cheques as security, in case the co-applicant is unable to make an interest payment in a particular month.

Common Problems Faced by Students During HDFC Education Loan Disbursement Process

During the process of education loan disbursement, students often face several problems that can cause potential delays in their education journey. Some of the challenges that students encounters are mentioned below.

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  Delay in sanction letter: The approval process for education loans can sometimes be lengthy, leading to delays in disbursing the funds. This delay in the sanction letter can cause stress and uncertainty for students and their families.

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  Disbursement delays: Despite promising a disbursement on a specific date, the lender backs out on their commitment and fails to fulfill it in a timely manner.

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  Pre-visa disbursement: Pre-visa disbursement refers to the process of releasing funds from an education loan to a student or their educational institution before obtaining the student visa for studying abroad. It is essential to note lenders that some may offer this facility, while others may disburse funds only after the student's visa is approved.

Up till now, you must have understood the issues that students face after disbursement. However, HDFC Credila, unlike other lenders, ensures a smooth disbursement process, minimizing the issues commonly faced by students.

Perks of an HDFC Credila Education Loan

For a smooth disbursement process, it is essential for students to make informed decisions regarding their education loans. When it comes to funding your education, making the right choices can shape your future. Remember that there are several crucial steps even after disbursement such as repayment and tax savings that require attention and expert advice. For a hassle-free disbursement process and to avail maximum benefits, turn to GyanDhan for expert guidance in securing the best education loan options tailored to your needs. We connect students with a range of loan options, provide expert financial advice, and facilitates end to end services regarding abroad education loans that are free of cost. So check your loan eligibility to kick start your abroad education loan journey today!

Frequently Asked Questions