Credila is a leading NBFC offering education loans to students at 5,000+ institutions across 64 countries, with secured loans up to INR 2 crore and unsecured loans up to INR 1 crore. Interest rates start at 8.95% p.a., with zero margin money and 100% coverage of tuition, living, and travel expenses. Repayment tenure extends up to 14 years, with flexible payment options during the study period.

Credila is a leading NBFC assisting students in achieving their global education dreams. With coverage across 5,000 institutions in 64 countries, Credila offers education loans customized for every student. Whether you're heading to universities in the U.S., U.K., Canada, Australia, or Europe, your education can be financed using Credila.

Credila offers an education loan starting at 8.95% p.a. They cover 100% of your tuition fees, living expenses, and other miscellaneous costs. With personalized loan options and flexible repayment terms, Credila makes financing your overseas education easy, transparent, and stress-free. The detailed loan features are explained below for better understanding.

Overview of Credila Education Loan 

Credila offers education loans with and without collateral - secured up to INR 2 crore and unsecured up to INR 1 crore with zero margin money required. Processing fees range from 0.5% to 1% of the loan amount plus GST, and repayment tenure extends up to 14 years. During the study and moratorium period, students pay a Partial Simple Interest (PSI) of INR 5,000 per month.

Credila offers education loans with and without collateral. If your collateral does not fulfill the required collateral value, you can switch to an unsecured loan. You can also get your education loan customized based on your requirements, which offers flexibility. With Credila, you get counseling throughout the loan tenure, making the education loan affordable.

**For the course duration plus 12 months, a student can opt for the Partial Simple Interest (PSI) option, but the full moratorium period does not apply to the education loan.

*Margin money refers to the percentage of the loan amount that the borrower is required to contribute towards the loan.

Eligibility Criteria for Credila Education Loan

Credila requires the applicant to be an Indian citizen aged 16 or above, with confirmed admission to a recognised overseas university. A co-applicant can be a parent, spouse, sibling, or legal guardian with stable income and a positive credit history is mandatory for all loan applications. Strong academic scores, including GRE, IELTS, or TOEFL results, improve approval chances and may unlock higher unsecured loan limits.

The general eligibility criteria of every lender are broadly the same; however, based on the lender and the loan products, some changes are made. The eligibility criteria for Credila are explained below.

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  Age: To secure an education loan abroad, the applicant must be an Indian citizen and at least 16 years of age or older at the time of application. The student should have secured admission to a recognized university.

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  Academic performance: To get a collateral-free loan, the applicant should have a strong academic record. The applicant must meet the minimum academic criteria set by the lending institution and fulfill prerequisite tests such as the GRE, IELTS, or TOEFL.

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  Co-applicant: To be eligible for the study abroad loan, the borrower is required to have a co-applicant who can be their mother, father, sister, brother, spouse, relative from their paternal or maternal side, or a legal guardian. The co-applicant should have a steady source of income and a positive credit history.

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  Course and country of study: The scheme covers a wide range of courses, including regular graduate degrees, post-graduate degrees, diplomas, certificates, and doctorate courses offered by foreign institutes and universities in countries such as the USA, UK, Canada, Australia, New Zealand, France, Germany, and Ireland, among others.

Credila Categorization Based on Country

Credila categorises loans by destination country, with maximum amounts ranging from INR 40 lakh (Canada) to INR 1.5 crore (USA with GRE ≥310). Co-applicant minimum monthly income requirements differ by country, ranging from INR 15,000 to INR 60,000. US-bound students are further sub-categorised by GRE score, which determines the maximum loan amount, co-applicant income threshold, and processing fee applicable.

Every country's currency value and living standards are different, therefore influencing the amount of money required for overseas education. Credila has different categories based on the destination of overseas education.

Credila Education Loan for US:

*If students haven't appeared for the GRE Exam, then the categorization is done based on the academic scores.

Credila Education Loans for Other Countries:

Documents Required for Credila Education Loan

Credila requires nine document sets: application form, admission letter, fee structure, academic records (Class 10, 12, and graduation marksheets), entrance scores where applicable, co-applicant's 6-month bank statements and 2-year ITRs or Form 16, KYC documents for both applicant and co-applicant, and collateral documents if the loan exceeds INR 50 lakh. Processing typically takes 5–7 working days via GyanDhan.

If you meet the eligibility criteria, the next step is to prepare the documents for the education loan. Here is the list of documents required to apply for the Credila education loan.

Applicant’s Documents:

KYC Documents Required from Co-applicants:

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  Identity proof: PAN/ Passport/ recent passport-size photograph/ Voter ID card or government-issued identification document.
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  Address: Recent copy of telephone bill/ electricity bill/water bill/ piped gas bill, or copy of driving license/ Aadhaar card.
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  Bank account statement: The co-borrower/guarantor bank statement for the last 6 months (in case of takeover of education loan).

Other Documents Required of Co-Applicant/Guarantor (If Salaried):

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  Bank statements of the past 6 months till the date of application. If an online bank statement is available, then it should be enclosed for a period up to 30 days before the date of login. For Passbook, the bank statement should be 60days before login. 
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  Salary slip or Salary Certificate of the last 3 months to verify the details with the bank statement. 
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  Copy of Form 16 of the last 2 years or copy.
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  A brief statement of assets & liabilities of the parent/ guardian/ other co-borrower.

Other Documents Required of Co-Applicant/Guarantor (If Self-Employed):

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  Bank statement of the current bank account and savings account till the date of application. An online bank statement should be enclosed within 30 days of login, and a passbook enclosed within 60 days of login.
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  Last 2 years' Income Tax Return acknowledgement with computation and balance sheet. 
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  GST registration/ Shop Act licence/Aadhar Udyog for SENP – If available (Proof of Business).

Required Collateral Documents:

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  Latest registration sale deed.
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  The available property tax receipt.
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  Approved building plan (if applicable) or occupation certificate.

Benefits of Taking an Education Loan From Credila

Credila offers five key borrower benefits: zero prepayment charges, optional insurance cover, travel expense coverage, direct bank transfer for fee disbursement, and a top-up loan facility for mid-course funding needs. As an NBFC, Credila provides faster processing and more flexible eligibility than most public sector banks. Section 80E tax deduction on interest paid is also available under the Old Tax Regime for up to 8 years.

Credila is an NBFC, but the benefits it offers are equivalent to those of a public lender. Some of the key benefits of Credila are mentioned below:

• No Prepayment Charges: Credilla does not charge any prepayment charges, allowing students or their families to repay the loan ahead of schedule without incurring extra costs. This offers more flexibility and potential savings on interest.
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• Insurance Cover: Cru can get an optional insurance coverage that safeguards the loan against unforeseen events and offers peace of mind to both students and co-applicants.
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• Travel Expenses Covered: The loan covers international travel expenses required for education abroad. This ensures students do not need to arrange separate funds for airfare and can travel stress-free.
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• Bank Transfer Facility Credilla allows for direct bank transfers, ensuring that tuition fees and other approved expenses can be paid directly to institutions or vendors, simplifying the disbursement process.
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• Top-Up Loan Option: Students who require additional funding during their course may be eligible for a top-up loan. This flexibility helps manage any increase in costs or unplanned expenses during the study period.
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How to Contact Credila for Education Loans?

To contact Credila for abroad education loan-related inquiries, you can use the following methods:

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  Email: You can send an email to Credila's customer support team at support@credila.com. Provide detailed information about your profile, and they will respond to you accordingly.

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  Online application form: Visit the Credila website (https://www.credila.com) and navigate to the "Contact Us" section. You can fill out the online application form, and they will evaluate your profile and further the process.

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  Branch visit: You can physically visit the nearest Credila branch in your city or locality. Their staff will assist you with information about education loans, the application process, required documents, and other relevant details. Credila’s head office is located in Mumbai; other than that, there are 11 offices located across various cities in India, including Pune, Bangalore, Delhi, Gurgaon, Ahmadabad, Chennai, Hyderabad, Kolkata, and Nasik.

How to Apply for Credila Education Loans via GyanDhan?

Students can apply for a Credila education loan through GyanDhan in three steps: check loan eligibility using GyanDhan's free tool, get assigned a dedicated loan counsellor, and submit documents digitally. GyanDhan's verified partnership with Credila reduces approval time to 5–7 working days versus 7–12 days for direct applications. GyanDhan's services are completely free for all students.

If you are looking to secure an overseas education loan from Credila, you can apply online at their website. However, for a hassle-free application process, you can choose to apply for your education loan through GyanDhan.

GyanDhan is an online platform that assists Indian students in financing their education abroad. To start your process with us, all you need to do is check your loan eligibility and let us handle the rest!

Benefits of Getting Credila Education Loan Through GyanDhan

Applying through GyanDhan gives Credila borrowers three measurable advantages: loan approval in 5–7 working days versus 12–15 days direct, zero branch visits versus 7–8 required directly, and a best-rate guarantee - GyanDhan covers the interest rate difference for the entire loan tenure if a better offer is found elsewhere. All services are 100% free for students.

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  Guaranteed best product: At GyanDhan, we are committed to providing you with the most competitive education loan available in the market. If you happen to come across a better offer, we guarantee to cover the difference in interest rates for the ENTIRE duration of your education loan.
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  Low turnaround time: Team GyanDhan effectively coordinates with various departments within Credila to secure a loan approval in just 5–7 days. If a student were to apply for a loan directly with the NBFC, the loan processing time would generally take around 12–15 days.
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  100% free of cost services: GyanDhan's services for candidates are completely free of cost. We do not levy any processing fees or commissions from the applicants whatsoever.
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  Higher chances of approval: In case of any obstacles regarding documentation or application, GyanDhan intervenes and resolves the problem by coordinating with the officials at Credila.
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  Hassle-free process: If you directly apply for an education loan, you might face several challenges, but with GyanDhan, all you need to do is check your eligibility, and if you are eligible, you will be assigned a dedicated education loan counselor who handles everything until disbursement.

Credila Education Loan EMI Calculator

GyanDhan's EMI calculator helps Credila borrowers estimate monthly repayments by adjusting loan amount, tenure, and repayment method. Entering different moratorium repayment options - Partial Simple Interest, Full Simple Interest, or Full EMI — shows exactly how each choice affects your monthly outflow. Use the calculator to compare scenarios before finalising your repayment plan.

If you are worried about the EMI burden, then you can unburden yourself and plan smartly. Refer to the education loan EMI Calculator and fill in all the details. This user-friendly tool will help you estimate your monthly repayment. The best feature that you can explore while planning is by filling in different repayment methods during the moratorium. This factor will help you choose the most suitable loan repayment option. 

So, plan your education loan smartly to make your future expenses more affordable and efficient. This will help get insight into the future expenses and the present financial budget.

Conclusion

If you are also looking for an education loan and want to skip those daunting branch visits, then get in touch with GyanDhan. We not only ease the application process, but also offer assistance while preparing the documents, negotiating, and topping up the loans easily. To avail this service for free, check your loan eligibility. We will look into your requirements, screen your documents, and provide the best lender out of the 17+ lenders available with us.