HDFC Credila Education Loan
HDFC

Get Free Education Loan Assistance From GyanDhan

HDFC Credila Education Loan

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Interest Rate

Starting from 10.25%
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Processing Fees

0.5% to 1% + GST
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Margin Money

Nil
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How it Works

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Simple FIVE step digital process to get a education loan

Check Your Loan Eligibility

Use our free tool to verify your eligibility and receive conditional loan offers.

1

Talk To Our Loan Experts

Connect with our dedicated loan counselor for a better understanding of the process.

2

Upload Documents and Fill Out the Form

Submit your documents or complete the necessary forms for bank verification and evaluation.

3

Negotiate For Your Best Loan Offer

GyanDhan expert's negotiate to secure the most competitive interest rates and the highest possible loan amount for you.

4

Get Loan Approval and Disbursement

Recieve your final approval and sanction letter, ensuring prompt fund disbursement from the lender

5
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HDFC Credila Bank Education Loan for Abroad Studies

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All you need to know about HDFC Credila bank education loan for studying abroad

Ananya Ghai
Ananya Ghai

Study Abroad Expert

Fact checked
Updated on:  05 Nov 2024 | 
Reviewed By:  Aman  
| 1.65K | 14  min read
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Overview

As one of the country's leading NBFC, HDFC Credila has helped thousands of students achieve their academic dreams. 

HDFC Credila Financial Services, India's pioneering education loan provider, offers tailored education loan solutions to students aspiring to study abroad. Covering over 1000 universities across 35 countries, HDFC Credila stands out by providing customized loan options based on the applicant's course and country preferences. The HDFC Credila student loan personalized approach ensures that each student's unique financial needs are met, making HDFC Credila the preferred choice for education financing among study abroad aspirants.

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HDFC Credila Education Loan Without Collateral

Getting an HDFC Credila loan without collateral is a viable option for students who aspire to study abroad but may not have the necessary assets to pledge as security. HDFC Credila offers customized education loan solutions, allowing students to finance their overseas education without the need for collateral under certain conditions. This facilitates greater access to quality education for a broader range of students, ensuring that financial constraints do not hinder academic aspirations. The HDFC Credila student loan without collateral interest rate is competitive compared to other lenders. The HDFC Credila student loan without collateral empowers students to pursue their dreams without the added stress of securing collateral.

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Overview of HDFC Credila Loan Without Collateral

Feature Description

Loan amount

Up to INR 1.5 Cr (Secured loan)
Up to INR 70 Lakh (Unsecured loan)

Rate of interest

10.50% - 12.25%

Processing fees

0.75%-1.25% of the sanctioned amount

Processing time

7-10 days

Margin money*

nil

Moratorium period*

Course duration + 1-year

Repayment tenure

15 years

*Moratorium period is the time duration during which you are not required to make payments toward your education loan.

*Margin money refers to the amount of money that a borrower is required to contribute towards the loan, while the remaining amount is paid by the lender. 

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Income Tax Under Section 80e Benefits by HDFC Credila

HDFC Credila is the only NBFC in India that offers tax benefits under Section 80E on HDFC Credila non collateral education loan. Section 80E of the Income Tax Act allows individuals to claim a deduction for the interest paid on an education loan for a maximum period of eight years, starting from the year in which the repayment of the loan begins. The deduction can be claimed for the interest paid on the loan. It is important to note that the tax benefit under Section 80E is only available for the interest paid on the education loan and not for the principal amount. 

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Eligibility Criteria HDFC Credila Unsecured Education Loan

Understanding the HDFC Credila education loan requirements is crucial for students and co-applicants before embarking on the application process. By familiarizing yourself with the HDFC Credila education loan eligibility criteria, you can streamline the application process, ensuring a smoother and more efficient journey toward securing a Credila education loan. Below are the HDFC Credila collateral free loan eligibility criteria - 

  • list items Age: To secure an HDFC study abroad loan the applicant must be an Indian citizen and at least 18 years of age or older at the time of application. The student should have secured admission to a recognized university.
  • list items Academic performance: To get an HDFC Credila without collateral loan applicant should have a strong academic record to get an HDFC study abroad loan. The applicant must meet the minimum academic criteria set by the lending institution and fulfill prerequisite tests such as GRE, IELTS, or TOEFL.
  • list items Co-applicant: To be eligible for the HDFC 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.
  • list items 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.
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HDFC Credila Education Loan for US

Feature GRE > = 310 GRE 300 = < 310 GRE 285 = < 299

Rate of interest

11.25 - 11.75%

11.75% - 12.5%

12.5 - 13%

Loan amount

Up to INR 65 Lakh

Up to INR 50 Lakh

Up to INR 40 Lakh

Co-applicant minimum income

INR 30K

INR 35K

INR 35K

Monthly installments during the course

Partial simple interest

Partial simple interest

Simple interest

Processing fee

0.5 - 1%

0.7 - 1%

1%

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HDFC Credila Education Loans for Other Countries

Feature Australia / New Zealand Canada UK Germany/ Ireland/France/ Italy

Rate of interest

12 - 13%

11.75 - 12.5%

12 - 13%

12 - 12.75%

Loan amount

INR 25 Lakh

INR 40 Lakh

INR 40 Lakh

INR 25 Lakh

Co-applicant minimum income

INR 60K

INR 35K

INR 40K

INR 40K

Monthly installments during the course

Simple interest / 

EMI

Partial simple interest

Simple interest / Partial simple interest

Simple interest / Partial interest

Processing fee

1%

0.75 - 1%

1 - 2%

1 - 1.5%

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Documents Required for HDFC Credila Education Loan

GyanDhan provides a customized documents list for HDFC Credila non collateral loan, which depends on your profile, your co-applicant profile, and any property/asset, you may offer as collateral. 

Applicants' documents

  • list items Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
  • list items Education loan application form.
  • list items Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ driving license/ Aadhaar card.
  • list items Passport 
  • list items Past academic record.
  • list items 10th standard mark sheet
  • list items 12th standard mark sheet
  • list items Undergraduate result (semester-wise)
  • list items Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
  • list items Proof of admission: admission letter (A conditional admission letter is also applicable).
  • list items Statement of expenses.

 

Co-applicants documents

 

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


Income proof for salaried co-applicant/guarantor

  • list items Salary slips for the last 3 months.
  • list items Copy of Form 16 of the last 2 years or copy.
  • list items Bank account statement for the last 6 months (Salary account).
  • list items A brief statement of assets & liabilities of parent/ guardian/ other co-borrower.


Income proof for self-employed co-applicant/ guarantor

  • list items Business address proof.
  • list items Last 2 years IT returns ( If IT Payee).
  • list items TDS certificate (Form 16A, if applicable).
  • list items Certificate of qualification (for C.A./ Doctor and other professionals).
  • list items A brief statement of assets & liabilities of parent/ guardian/ other co-borrower
  • list items Bank account statement for the last 6 months.
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HDFC Bank Education Loan EMI Calculator

When planning your education financing through an HDFC study loan, the HDFC education loan EMI calculator is an indispensable tool. This user-friendly calculator helps you estimate your monthly repayments based on the total amount of the HDFC study loan, interest rate, and loan tenure. By adjusting these parameters, you can find a repayment plan that suits your budget, ensuring that you are well-prepared for managing your educational expenses.

Using the EMI Calculator before applying for an HDFC study loan allows you to adjust the loan amount or tenure to fit your repayment capacity.

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How to Apply for HDFC Credila Education Loans via GyanDhan?

If you are looking to secure an abroad education loan from HDFC 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!

Apply online Online document submission Processing & approval Loan sanction & disbursal

CTA: Apply online for your education loan 

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How to Contact HDFC Credila for Education Loans?

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

  • list items Email: You can send an email to HDFC Credila's customer support team at support@hdfccredila.com. Provide detailed information about your profile and they will respond to you accordingly.
  • list items Online application form: Visit the HDFC Credila website (https://www.hdfccredila.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.
  • list items Branch visit: You can physically visit the nearest HDFC 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. HDFC 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 want to secure an HDFC education loan without collateral from HDFC Credila but want to skip the struggle of visiting branches physically and dealing with complex application forms, then you can apply for an education loan via GyanDhan, which provides a convenient solution. As an education financing platform, GyanDhan specializes in assisting students in obtaining funds for their higher education abroad. Once you are eligible for an education loan via GyanDhan, our dedicated counselors thoroughly evaluate your profile and recommend the most suitable lenders for your specific loan requirements. Moreover, our counselors will assist you throughout your loan process and are readily available to address any concerns or challenges that may arise along the way. To check your eligibility click here.

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Benefits of HDFC Credila Education Loan

Getting your HDFC 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 HDFC 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 typically 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 HDFC 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.

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The GyanDhan Effect in HDFC Credila Education Loan

Feature With GyanDhan Without GyanDhan

Personalized document checklist according to profile & area

Yes

No

Branch visits

1-2

7-8

Pre-visa disbursements

Easy

Difficult

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GyanDhan's Impact Stories

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Empowering students to overcome education loan obstacles

Overcoming Financial Roadblocks: Empowering MBA Dreams at Deakin University

The individual in question was striving to secure financing for their MBA pursuit at Deakin University in Australia but had faced multiple loan rejections due to concerns over the co-applicant's income sufficiency and absence of collateral. The co-applicant's father, who had a monthly income of 15k, had been the primary hurdle in the loan applications. Despite these challenges, we were able to assist the customer in obtaining a favorable outcome. We managed to secure an unsecured education loan totaling 40L from Credila. Later the customer was thankful to us and gave a video review. The customer is pursuing an MBA and has completed her 1st year with a >60% score.

Securing Education Funding Amidst Marital and Parental Responsibilities

The individual in question, a 32-year-old Ph.D. candidate, embarked on a mission to secure an education loan while juggling marital responsibilities and caring for two children. Despite their impressive academic background, the conventional banking institutions had regrettably declined their loan applications, likely due to the complexities of their life situation. Despite the challenges, we managed to secure an unsecured education loan totaling 40L from Credila.

STEM Aspirations: Triumph Over Collateral Hurdles with HDFC Credila

In the pursuit of a Master's degree in Computer Science at the renowned University of British Columbia, a determined student faced a daunting challenge – securing a substantial education loan without collateral. Traditional lenders were apprehensive, creating a roadblock to the student's academic ambitions. GyanDhan intervened to navigate this complex financial landscape. Teaming up with HDFC Credila, we devised a tailored solution that addressed the absence of collateral. The result was a specialized education loan of 30L, allowing the student to enroll seamlessly at the University of British Columbia.

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Frequently Asked Questions

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Does HDFC Credila education loan cover 100% cost of education?

Yes, the HDFC Credila education loan covers a 100% cost of your education abroad.

What is the interest rate of the HDFC Credila education loan?

The interest rate varies from 10.25% - 12.75% depending on various factors.

What is the processing fee of the HDFC Credila education loan?

The processing fee of the HDFC Credila education loan is around 1 % to 1.25% of the loan amount.

How many days does it take to get the HDFC Credila loan approved?

The approval takes around 3-4 working days after documentation.

Is there any tax benefit on the interest paid on the HDFC Credila education loan?

Yes, one can avail tax benefits on interest paid on education loan under Sec 80-E of the Income Tax Act.

In the HDFC Credila education loan, do we have to pay during studies?

Yes, you will have to pay simple interest. For selected good profiles, a partial interest repayment option is available.

What is the HDFC Credila education loan without collateral interest rate?

The HDFC Credila education loan without collateral interest rate ranges from 11.75% - 12.75%

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Our Customers. Our Asset

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Ashutosh Sharma

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