Dreaming of studying at a top global university, but worried about how to finance it? You’re not alone! Many aspiring students face the same challenge, and the idea of funding an overseas education can seem overwhelming. But here’s the good news—there are smart, accessible ways to make those academic dreams a reality without breaking the bank.
That’s where HDFC Credila comes in. As India’s leading non-banking financial company specialising in education loans, they offer customised solutions designed to help you secure the funding you need, with flexible terms that fit your unique journey. In this complete guide, we’ll explore everything you need to know to take that next big step—without the financial stress!
HDFC Credila Abroad Education Loan
HDFC Credila, is India’s first and only education loan specialist, with numerous databases on education sector. Their credit scoring model for the approvals of loans is designed specifically for student loans. HDFC Credila, therefore, understands problems, challenges and issues faced by the students and their parents. With an objective of working closely with students and parents to identify the appropriate education loan programs for them, HDFC Credila customises their product depending on the school and the student’s grades. This ensures that all students have a good shot of getting a loan, and that too at an attractive rate of interest.
Overview
| FEATURES | EDUCATION LOAN DETAILS |
| Loan Amount | Upto 100% of cost of education (collateral) Upto Rs 75 lakhs (non-collateral) |
| Margin Money | NIL |
| Interest Rate | Starting at 10.50%* |
| Processing Fee | 1% + GST |
| Loan Tenure | Upto 14 years |
| Moratorium Period | Study period + 6 to 12 months |
| Prepayment Charges | NIL |
Income Tax under Section 80E benefits by HDFC Credila
HDFC Credila stands as the only Indian NBFC offering tax benefits under Section 80E on non
collateral education loan.
Section 80E of the Income Tax Act allows us 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.
Who can apply for an education loan at HDFC Credila?
Students aspiring to pursue their higher education at bachelors or masters level abroad from countries like USA, Canada, Germany, Australia, New Zealand, UK and are looking forward to avail financial assistance can apply for an education loan at HDFC Credila.
Let’s look at some of the important criteria to apply for an education loan with HDFC Credila:
| Nationality | Student and co-applicant must be Indian |
| Age Limit | At least 18 years of age |
| Countries Covered | USA, Canada, Germany, Australia, New Zealand, UK, France, Singapore, UAE, Ireland, Netherlands and more |
| Academic Performance | Strong academic performance meeting the minimum academic criteria set by the lender with prerequisite tests such as GRE, IELTS, or TOEFL. |
| Co-applicant | Mandatory Mother, father, sister, brother, spouse, relative from their paternal or maternal side, or a legal guardian can be a co-applicant if they have a steady source of income and a positive credit history |
| Collateral | Both collateral as well as non-collateral loans available |
Partial List of Universities Funded by HDFC Credila in the US
| Arizona State University | Boise State University | California Polytechnic University |
| Carnegie Mellon University | Columbia University | Cornell University |
| Georgia Institute of Technology | Illinois Institute of Technology | Indiana University Bloomington |
| Michigan Technological University | New Jersey Institute of Technology | North Carolina State University |
| Northeastern University | Ohio State University | Oklahoma State University |
| Polytechnic Institute of New York University | Purdue University | Rochester Institute of Technology |
| San Jose State University | Southern New Hampshire University | State University of New York at Buffalo |
| Syracuse University | Texas A&M University | University of Bridgeport |
| University of Chicago | University of Cincinnati | University of Florida |
| University of Houston – Clear Lake | University Of Illinois – Chicago | University of Maryland |
| University of Michigan – Ann Arbor | University of North Carolina – Charlotte | University of Pennsylvania |
| University of South Carolina | University of South Florida | University of Southern California |
| University of Texas at Arlington | University of Texas at Dallas | Wayne State University |
Partial List of Universities Funded by HDFC Credila in other countries
| Asian Institute of Management (Philippines) | Centennial College (Canada) | Chemnitz University of Technology (Germany) | Concordia University (Canada) |
| Coventry University (UK) | Delft University of Technology ( Tu Delft ) (Netherlands) | ESC Rennes School of Business (France) | HEC Paris (France) |
| IE Business School – Spain | INSEAD (France, Singapore) | La Trobe University (Australia) | London Business School (UK) |
| London School of Economics and Political Science (UK) | Nanyang Technological University (Singapore) | National University of Singapore (Singapore) | Newcastle University (UK) |
| Rotman School of Management, University of Toronto (Canada) | Rotterdam School of Management (Netherlands) | Royal Melbourne Institute of Technology University (Australia) | S P Jain School of Global Management (Dubai) |
| Schulich School of Business, York University | Sheffield Hallam University (UK) | Srh Heidelberg University of Applied Science (Germany) | The University of Manchester (UK) |
| The University of Nottingham (UK) | The University of Sheffield (UK) | University of Duisburg Essen (Germany) | University of Glasgow (UK) |
| University of Leeds (UK) | University of Melbourne (Australia) | University Of Oxford – Said Business School | University of Warwick (UK) |
Documents Required for HDFC Credila Education Loan
Let’s provide you with a detailed list of all the documents required to apply for a an education loan
with HDFC Credila!
Applicant’s Documents
- ID proof (PAN/ passport/ driver’s license/ voter ID or a government-issued identification document)
- Education Loan application form
- Address proof (recent copy of telephone bill/ electricity bill/ water bill/ piped gas bill/ driving
license/ Aadhaar card) - Passport
- Past academic records
- 10th marksheets
- 12th marksheets
- Undergraduate results (semester-wise)
- Entrance exam results (like GMAT, GRE, TOEFL, IELTS, etc.)
- Proof of admission (or a conditional acceptance letter)
- Statement of expenses
Co-applicant’s Documents
- ID proof (PAN/ passport/ driver’s license/ voter ID or a government-issued identification document)
- Address proof (recent copy of telephone bill/ electricity bill/ water bill/ piped gas bill/ driving
license/ Aadhaar card) - Bank account statement for the last 6 months
Income proof for salaried co-applicant
- Salary slips for the last 3 months
- Copy of Form 16 of the last 2 years
- Statement of the salaried account for the last 6 months
- Statement of assets and liabilities
Income proof for self-employed co-applicant
- Business address proof
- IT Returns of last 2 years
- TDS certificate (Form 16A, if applicable)
- Qualification certificate
- Statement of assets and liabilities
- Bank account statement of last 6 months
Perks of an HDFC Credila Education Loan
When taking an utmost important decision of financing your education abroad, it is essential for
students to make informed decisions regarding their education loans. When it comes to funding your education, making the right choices can shape your future. Do not miss out on the several crucial steps to be considered even after disbursement, including:
Tax benefits
Save taxes by claiming your interest paid as a deduction, as per Section 80E of the Income Tax Act of India, 1961 with HDFC Credila Education Loans.
100% cost of education covered
Fulfil your study abroad dream seamlessly with complete financing from HDFC Credila Education
Loans.
Quick and hassle-free loans
Once the documentation is complete your loan is processes quickly and HDFC Credila Representative will keep you updated about the status.
Loan first, admission later
HDFC Credila provides an education loan approval letter even before the student getting confirmed admission, as some universities require a proof of funds at the time of admission. This approval letter from HDFC Credila satisfies the institute about the availability of funds. The real loan gets disbursed after the student gets the admission and requires the funds.
HDFC Credila Education Loan Process
Let’s take a look at HDFC Credila’s student friendly education loan application process:
- Fill out the online application form for overseas education loan on HDFC Credila’s website.
- The HDFC officials visit your home to collect signed application form with the supporting
documents. - HDFC team checks the credit history of the applicant and underwrites the Education Loan
application on verifying the employment related details. - Using HDFC Credila’s ‘Predictive Credit Scoring Model’, the team performs the risk analysis. Taking all the aspects into consideration, the HDFC Credila sanctions or declines the education loan.
- If the loan is sanctioned, you are required to complete the disbursement formalities.
If this process seems daunting and visiting the HDFC Credila branch seems like a struggle to you,
simply connect with us, and the loan experts at Lorien Finance will complete your application process in a breeze!
HDFC Credila Education Loan Disbursement Process
The disbursement process of HDFC Credila education loan involves the following stages:
Origination Fee payment
To collect your original Education Loan Sanction Letter, you must complete any pending payment to HDFC Credila, also known as the processing fees. We recommend providing a cheque from the same account from which the ECS is to be given as per the sanction letter, so that HDFC Credila can get the required bank details to prepare your ECS form.
Final Disbursement Date
On the basis of the date you receive your visa or the last date of your tuition fee, you can decide the date you would like to take the disbursement from HDFC Credila.
Final Disbursement Amount
You will be required to decide on an amount you wish to be disbursed as your first instalment to the university. This amount will be inclusive of your tuition fees, living expenses, and other required changes.
Final Disbursement Details
You will have to provide exact details about how the fees need to be remitted to your University, and to you by providing exact banking details or the method of payment such as bank wire transfer, demand draft (payable in which city) etc. All this information can be easily procured from the University in the admission package you received.
Final Loan Agreement Documents Preparation
After receiving all the above mentioned details, HDFC Credila will prepare your final loan agreement documents. These loan agreement documents need to be signed by you (the student), all the co borrowers, & guarantor (if any) by visiting Credila’s office. If student & any of the co-borrowers are located in different cities, then you need to get the original education loan documents signed from them.
Receiving ECS from the Bank
You will need three copies of the completed ECS (Electronic Clearing System) mandate from HDFC
Credila, which you are required to get signed and stamped from your bank (from where you will be
making the monthly repayment to HDFC Credila). One of the original copies of the ECS form needs to be given to the bank manager for their records.
Provision of Final Documents to HDFC Credila
At the time of signing the education loan agreement documents you will also need to bring the
following documents:
- Original KYC Document of student, co-borrowers & guarantors, e.g. PAN Card, Passport, etc. to validate your identity.
- Two original copies of the completed ECS Mandate Form signed and stamped by your bank.
- Cheques favouring HDFC Credila Financial Services Private Limited as security from the
bank account from which the ECS Form is provided.
In case, cheques from this bank account aren’t available, please make sure that you apply for
additional cheques from your bank at the earliest to avoid any delays in getting the education loan amount from HDFC Credila. Banks can take up to 2 weeks, in some cases, to provide you the additional cheques.
- If you are providing Fixed Deposit as collateral, please provide the original FD Receipt to HDFC
Credila. - If you are providing any property as collateral, then all your original documents would be required by HDFC Credila.
- If you have already paid the Tuition fees, it is mandatory to provide a photocopy of the fees paid receipt.
Signing Agreements
The final step to get your education loan money from HDFC Credila is to handover all the above
mentioned original documents and sign the education loan agreement documents.
Receiving your Education Loan money
HDFC Credila will transfer the education loan money to the bank account of the University or hand
over a Demand Draft as per the information provided by you.
HDFC Bank Education Loan EMI Calculator
The HDFC education loan EMI calculator proves to be a useful tool when planning to finance your
education through an education loan with HDFC Credila. This user-friendly calculator helps in
estimating your monthly instalments based on the total amount of the HDFC study loan, interest rate, and loan tenure. By adjusting these parameters as per your loan, you can find a repayment plan that suits your budget, ensuring that you are well-prepared for managing your educational expenses.
How to contact HDFC Credila for Education Loans?
To get in touch with HDFC Credila for abroad education loan and clear all your doubts, reach out to
them using the following means:
- You can send an email to HDFC Credila’s customer support team at support@hdfccredila.com. Provide detailed information about your profile and expect a response shortly.
- Visit the HDFC Credila website (https://www.hdfccredila.com) and navigate to the “Contact Us” section to fill out the online application form, so that HDFC’s team can evaluate your profile and reach out to you to solve your query.
- You can even visit the nearest HDFC Credila branch in your city to get assistance about all
information about education loans, the application process, required documents, and other relevant details.
If you are looking to secure an education loan without collateral from HDFC Credila but the process of visiting the bank sounds daunting, at Lorien Finance, we can help you provide a convenient solution. As an education finance platform driven by technology, we aim to assist students in securing finances seamlessly for their higher education abroad.
Connect with us now to give wings to your overseas education dreams!
FAQs
Can I submit my documents to the nearby HDFC Bank branch if I do not have an HDFC Credila office near me?
It is recommended to connect with HDFC Credila to confirm the address of the servicing branch to
courier your documents. Alternatively, if they have a presence in HDFC Limited branches near you,
you can submit it there.
What is the time frame for the disbursement?
HDFC Credila loan application is processed in two phases. The in-principal sanction letter would be
given in about 7 to 10 days from submitting the completed Application Form along with the supporting documents. Similarly, the disbursement would be completed within 7 days from submitting all post sanction documents & completion of the underlying post sanction process.
When is the right time to apply for an education loan – before or after receiving the admission letter?
Unlike most banks that require confirmed admissions before granting the approval letter for the
education loan, HDFC Credila allows you to apply and get loan sanctions even before admission
confirmation, as most universities prefer students with the assured funding. With this hassle-free
process, it allows students and parents to know of their loan eligibility in advance.
Do I get a special privilege if I am an existing HDFC Bank customer?
The HDFC company is extremely sensitive towards their existing customers. Thus, they promise to
provide the best of services and product considerations.
My parents have an outstanding home loan. Can they still be my co-borrower?
Your parent(s) can still be your cosigner, even if they have an outstanding loan, provided they have a good income or you’ll require an additional cosigner to support your education.
If my loan is rejected this year, can I try applying at the same bank the following year?
You can surely try applying again with the same or a different lender, provided that the circumstances (like different and better college etc.) have changed.
What are the types of collateral accepted?
The collateral can be of any form including Fixed Deposits, flat, house, bungalow, land (non-
agricultural), shop etc.
