1. When is the right time to apply for an education loan - before admission confirmation or after? (for USA and abroad)

Like the famous chicken or egg situation, most students/parents are often faced with a situation; as to what process needs to be tackled first – the admissions or the educational loan? Most banks require confirmed admissions before granting the approval letter for the education loan, whilst most universities prefer students with the assured funding.

Also, many colleges do not grant much time between the admissions and the fee payment, which often leaves very little time for loan application and processing and hence making you run around for funds last minute. However, with Education loan Specialists like HDFC Credila now allow you to apply and get loan sanctions even before admission confirmation. With this hassle-free process, it allows students and parents to know of their loan eligibility in advance.

Advantages of Early Application

• Increases the chances of getting admission to your dream university since there is fund assurance
• Allows you to know your loan eligibility in advance
• The preferred way to declare 'Assured Funds to Universities'
• Loan Sanction letter has better acceptance over the solvency letter
• Assures no last minute surprises specially during Visa / fee payment time

2. Why should I apply now as my admission is not confirmed yet? (usa and abroad)

Every student has aspiration to join a certain institute and course. However, many students just drop the idea of pursuing the course in a certain country or in a certain institute due to the uncertainty about available funds to pay for that higher education.

HDFC Credila enables students to pursue their dreams by making the funds available to them even before they start applying to the Universities. When students know how much of funds are available to them even before they start applying to various institutes, students don't have to downsize their dreams!

Also, HDFC Credila offers. Sanction letters even before your admission is confirmed. This helps applicants in getting favorable reply while applying for I-20s as some Universities prefer solvency along with the application form. Secondly, you will know your eligibility right away so that you can plan your finances accordingly.

To get admission to the US Universities & to get I-20 for US visa, 'Availability of Liquid Funds' to complete the course needs to be demonstrated. HDFC Credila's 'Education Loan Sanction Letter' before admission can help you show the availability of liquid funds.

3. (a) Can I apply for a loan before admissions? (usa and abroad)

Yes, Only HDFC Credila offers loan sanction even before admissions/*I-20.

* An I-20 Form is issued by USA University to students after admission confirmation. It is an important document to secure Visa.

(b)Why should I get loan sanction before admission?

• The preferred way to declare 'Assured Funds to Universities'
• Better acceptance of the sanction letter over the solvency letter
• Increases your chances of getting admission to your dream college
• No last minute surprises specially during Visa time:
• Know your loan eligibility in advance
• Quick and hassle free process to get a sanction letter

4. Do I need to be admitted before I can apply for education loan at a particular university/college?

No. You can apply for education loan before getting admission confirmation from University / College. If your case is approved, you'll get a conditional loan sanction letter. This helps many students get confidence that their funds can come from HDFC Credila. Students and parents feel confident to apply for better colleges, without worrying about how to fund the education cost.