Credila Education Loan | Interest Rates | Eligibility | Apply Online

Apply online for Credila Education Loan – Credila is a Non Bank Finance Company. Credila is a Subsidiary of HDFC Ltd. Credila is the only lender which is exclusively focused on Education Loans. Competitive rate of interest, Loan sanction before admission.

Eligibility for Credila Education Loan

Borrower must be an Indian citizen
Co-borrower(s) must be an Indian citizen
Borrower must be 18 years of age or older
Co-borrower(s) must have a bank account in any bank in India with cheque writing facilities
Confirmed admission in the colleges before disbursement
Borrower and Co-borrower(s) to meet Credila’s credit and underwriting norms as applicable from time to time

Compare Education Loan
Full Name:
Country of Study:
Course of Study:
Co-borrower’s* Income:
Email ID :
Residence City:
Course Name:
Required Loan Amount:
Applicant’s Income Status :

I authorize & its partnering banks to contact me to explain the product & I Agree to privacy policy and Terms and Conditions.

* Co-borrower : Relative with good income who can support your education loan application. Typically it can be your Father, Mother, Brother, Sister, Spouse, Cousin, Paternal Uncle (Chacha), Paternal Aunt (Chachi), Maternal Uncle (Mama), Maternal Aunt (Mami), Grandfather, Grandmother



Be independent, help your parents, finance your higher education all by yourself

Get Education Loan sanction letter before admission or I-20 from Credila

Credila’s sanction letter demonstrates assured sources of funds for I-20 or Visa

Before applying to MBA colleges, find out how much loan you will be able to get

Do not wait till last minute to apply for education loan, delays in getting a loan can cost you your dream of higher education

It doesn’t cost you anything to apply online to Credila. It just takes 5 minutes of your time!

Get tax benefits under Section 80E of Income Tax Act of India

Credila is an HDFC Ltd. Company, one of the most trusted names in financial services industry, exclusively focused on Education Loan

Education Loan at your door-step, no visiting bank branches multiple times.

Loan up to 100% of educational expenses. No margin money is required

Quick loan sanction

Flexibility on collateral security

Do not wait till last minute, you can apply for education loan before admission

Education Loans process of Credila: -

All parents dreams about the best possible higher Education for their children. Funding the rising cost of education is becoming increasingly difficult. We provide education loan to fund up to 100% of cost of education.

Our representative can visit you, understand your funding needs and get the process of education loan completed. Have one more option for education loan!

Save time and energy. Call us for a door-step service about your funding needs.

* Credila, a lender, that is exclusively focused on Education Loan
* Credila is fully backed by HDFC Ltd, one of the most trusted names in financial services industry
* Education Loan at your door-step, no visiting bank branches multiple times. We can visit you at your convenience
* Loan up to 100% of educational expenses. No margin money is required
* Quick loan sanction
* Flexibility on collateral security
* Do not wait till last minute, you can apply for education loan before admission
* Delays in getting Education Loan can impact family finances & family savings adversely
* Make your son/daughter responsible for the cost of his/her higher education

Co-borrower Requirements

  • It is mandatory to bring in an earning co-borrower(s) based in India to support the Education Loan application.
  • Co-borrower(s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse, where such co-borrower’s income would be considered in determining the loan eligibility per Credila’s credit and underwriting norms;
  • Co-borrower’s liability is co extensive with the Student;
  • Co-borrower(s) to provide documentary proof to establish their relationship with the student, to the satisfaction of Credila;
  • In case the collateral to be provided is not provided by one of the above relatives, then the collateral could be provided by one of the following relatives provided they are brought into the arrangement as Co-borrower(s) viz: Father-in-law; Mother-in-law; Sister-in-law; Brother-in-law; Maternal or Paternal Uncle or Aunt, Grandparents & First Cousins.

What Costs Are Covered?

  • All of the tuition fees as determined by the college/University
  • Up to 100% of other expenses including living and hostel expenses, examination fees, library/laboratory fees; purchase of books / equipments/instruments/uniforms; passage money for studies abroad; purchase of computers / laptops considered necessary for completion of the course as decided by Credila
  • Travel fare restricted to one economy class return ticket between India and the country of study, if applicable

Rate Of Interest

  • Rate of interest will be floating rate of interest linked to Credila’s Benchmark Lending Rate (CBLR)
  • The interest will be calculated using Simple Interest Rate
  • Floating rate of interest to be (Credila’s CBLR + Spread)% per annum
  • Credila’s Current CBLR is 12.35% per annum (subject to change from time to time)
  • A Spread is determined on the risk profile of the case which vary on account of a number of factors such as student’s academic background, employability of the selected course from a selected college and country of study, financial strength of the co-borrower, loan repayment capability, credit history, collateral offered or not, serviceability of the loan through Credila’s branch network, cost/s associated with underwriting and servicing the loan, etc.

Following are the supporting documents needed to apply for education loan:

1. Fully Completed and Signed Application Form
  • To Download Loan Application Form in PDF Format Click Here
2. Two Passport Size Photos – Applicant and Co-Applicant
  • One set to be pasted on the Application Form and second set to be affixed (stapled) to the Application Form
3. Photo ID – Applicant and Co-Applicant (Any one of the following)
  • PAN Card
  • Passport
  • Driving License
  • Voters ID
  • Employee ID
  • Photo ID issued by the Central Govt. or State Govt.
  • Bankers Verification/ Bank Passbook with photograph of account holder attested by bank
4. Residence Proof – Applicant and Co-Applicant (Any one of the following)
  • Passport With Address
  • Bank Statement With Address
  • Driver’s License with Address
  • Utility Bill (Not older than 3 months)
  • Telephone Bill (Not older than 3 months)
  • Ration card
  • Latest LIC Premium Receipt (Not older than 3 months)
  • Leave and License Agreement supported with an address proof / utility bill in the name of the landlord
  • Voter’s ID card
5. Academic Documents of Student
  • Marksheet/Certificate of 12th Exam
  • Marksheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.
  • Marksheet of Any Entrance Exam Taken e.g. CAT, CET, etc. (If applicable)
  • GRE/GMAT/TOFEL/LETS, etc Marksheets For US Applicant
  • Scholarship Documents (if applicable)
6. Proof Of Admission (If available)
  • Printed Admission Letter From the Institute on its Letterhead With Institute’s Address
  • I-20 Form for the USA Applicant
7. Last 8 Months Bank Statements of Co-Applicant (If more than one bank account, provide copies of all) Make sure to include the bank statements of the Bank Account where Salary or Business/ Professional receipts are credited every month.
8. Income Proof of Co-Applicant
  • In case of Salaried Employee (All the following)
    • Latest 3 Salary Slips or Salary Certificate on Employer’s Letterhead
    • Last 2 year’s Form 16 from Employer or Last 2 Year’s Income Tax Returns
    • Any Other Income Proof That is Not Reflected in the Above Documents
  • In case of Self Employed or Professional (All the following)
    • Last 2 Year’s Income Tax Returns
    • Last 2 Year’s Certified Financial Statements or Provisional Financial Statements Duly Certified by CA
    • Proof Of Office (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.)
    • Any Other Income Proof That is Not Reflected in the Above Documents
9. If, Collateral – Immovable Property (Flat, House, Non-Agriculture Land) (All the Relevant Documents from the Following List)
  • Property Title Deed
  • 7 / 12 extracts in case of land
  • Registered Sale Agreement Along With Society Share Certificate
  • Original Registration receipt for the above agreement
  • Allotment Letter By Municipal Corporation / Authorized Govt. Authority Like MHADA, CIDCO, etc.
  • Commencement Certificate from Municipal Corporation/Council
  • Previous Chain of Sale Deed establishing title
  • Any other document as prescribed by our empanelled lawyers or chartered engineers from time to time
10. All the copies of the above provided documents should be self-attested
Note: Other than original completed application form, Please DO NOT provide any original supporting documents to Credila at the time of applying for loan.

Sms for Credila Education Loan: SMS: Credila to 53636
Toll Free No. 1-800-209-3636

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