The Housing Development Finance Corporation Limited(HDFC), a private sector bank set up in 1994, offers customised loan solutions to students applying for admissions abroad. HDFC provides education loans with fast disbursements, easy documentation and higher loan amounts with competitive rates and charges.
Education Loan to Study Abroad
HDFC Bank has a special loan, called the Credila Education Loan, for students who are looking to study abroad. Credila provides 100% finance with an attractive interest rate, flexible repayment and loan tenures encouraging students to pursue a degree of their choice in over 4000 premier institutions, across 36 countries worldwide.
Features of Credila are mentioned below:
1. Borrowers need to pay up to 1.5 % of the loan amount as processing fees.
2. Credila finances up to 100% of the cost of education and also approves loan amounts above Rs. 20 lakhs.
3. Borrowers can opt to pay just the simple interest during the course period and start regular repayments after the completion of the course.
4. No collateral is required to be submitted as security for loans up to Rs. 4 lakhs. Loans ranging between Rs 4 lakhs and Rs. 7.5 lakhs require no collateral but a third party guarantee. Any loan amount exceeding Rs 7.5 lakhs would require a collateral security in the form of residential properties, HDFC Bank Fixed Deposit, LIC, NSC or a KVP policy.
5. For loans amounting to Rs 4 lakhs, borrowers do not have to bring in any loan margin. But for loans exceeding that, the applicant has to put in a loan margin of 15%.
6. Repay loans as monthly installments via ECS debits.
Graduation and post-graduation courses with any of the following disciplines:
5. Hotel and Hospitality
7. Pure science
-Admission letter with fee break-up
-Graduation Mark sheets
-Score report of any exam(GRE/GMAT/IELTS/TOEFL)
3. Income Documents(if any):
-Latest 3 salary slips carrying date of joining details
-Previous 6 months’ bank statement of the salary account or income tax returns of previous 2
years along with computation of income.
-Bank statement of previous 8 months
-Completed loan application form
1.All applicants must be Indian nationals and aged between 16 to 35 years.
2.Co-applicants are mandatory for full-time courses in India and abroad. The co-applicant should be a member of the family.