Credila Education Loan

Credila is a leading NBFC assisting students in achieving their global education dreams. With coverage across 5000 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, Credila can be sponsored using Credila.

Credila offers an education loan starting at 9.75%. 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 

Credilla offers education loans with and without collateral. Thus, if your collateral doesn’t fulfill the collateral value, you can switch to an unsecured loan. However, you can also get your education loan customized based on your requirements, which offers flexibility. With Credilla you can get the flexibility and counseling throughout the loan tenure making the education loan affordable. 

**The moratorium period is the time duration during which you are not required to make payments toward your 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

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

• 
  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.

• 
  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.

• 
  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.

• 
  Course and country of study: The scheme covers a wide range of courses including regular graduate degrees, post-graduate degrees, diploma, certificate, 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

Every country's currency value and living standards are different, therefore influencing the amount of money required for every country. Below is the criteria that Credila follows to categorize the education loans of students. 

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

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

Applicant’s Documents:

KYC Documents Required from Co-applicants:

• 
  Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
• 
  Address: Recent copy of telephone bill/ electricity bill/water bill/ piped gas bill, or copy of driving license/ Aadhaar card.
• 
  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):

• 
  Bank statements of the last 6 months. 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. 
• 
  Salary slip or Salary Certificate of the last 3 months to verify the details with the bank statement. 
• 
  Copy of Form 16 of the last 2 years or copy.
• 
  A brief statement of assets & liabilities of the parent/ guardian/ other co-borrower.

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

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

Required Collateral Documents:

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

How to Apply for Credila Education Loans via GyanDhan?

If you are looking to secure an abroad 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 designed to assist Indian students in financing their education abroad. To start your process with us, all you need to do is check your loan eligibility and leave the rest to us!

Benefits of Getting a Credila Education Loan Through GyanDhan

• 
  Guaranteed best product: At GyanDhan, we are committed to providing you with the most competitive education loan available in the market. We strive to bring you the best deal possible. 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.

• 
  Low turnaround time: Team GyanDhan effectively coordinates with various departments within Credila to secure a loan approval in just 5-7 days. As a result, thousands of students trust us with their education loans every year. If a student were to apply for a loan directly with the NBFC, the loan processing time would generally take around 12 - 15 days.

• 
  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.

• 
  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.

• 
  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, then all you need to do is relax until disbursement, because you will be assigned a dedicated education loan counselor.

Credila Education Loan EMI Calculator

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. 

Benefits of Taking an Education Loan From Credila

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

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.

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.

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.

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.

TCS Concession Benefit:

Credilla provides a Tax Collected at Source (TCS) concession, reducing the upfront financial burden for students by lowering the amount collected at the time of loan disbursement abroad.

Tax Benefit Under Section 80E:

You can also avail of tax benefits under Section 80E of the Income Tax Act. This allows students or their parents to claim a deduction on the interest paid on the education loan. The deduction is applicable only under the old tax regime and has no upper limit on the interest amount claimed.

How to Contact Credila for Education Loans?

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

• 
  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.

• 
  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.

• 
  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.

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 requirement, screen your documents, and provide the best lender out of the 15+ lenders available with us.