HDFC Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Private Limited) is India's First Dedicated Education Loan Company. HDFC Credila is the Education Loan specialist. HDFC Credila is an HDFC Ltd subsidiary company.

• Study Abroad
• Study in India

HDFC Credila offers branchless service. HDFC Credila can provide loan in many towns and cities.

HDFC Credila has a student friendly education loan application process:

• 1. HDFC Credila informs you about the details of education loan and related terms and conditions
• 2. HDFC Credila sets an appointment with you for the house visit
• 3. HDFC Credila’s representative visits your house and collects application form with the supporting documents. We can visit the house of students and parents both, even if they are in different towns. HDFC Credila has presence across India.
• 4. The application goes through credit and underwriting process
• 5. We check credit history of parents and students
• 6. We visit students and parents for employment and other verifications, valuation reports etc.
• 7. We perform risk analysis using HDFC Credila’s "Predictive Credit Scoring Model"
• 8. We sanction or decline the loan
• 9. For sanctioned loans, disbursement formalities get completed
• 10. HDFC Credila disburses the loan amount

Whichever institute and course the student pursues, remains with him/her for the rest of the life. Higher Education takes place only once in everyone’s life. Every student has a wish list. 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!

That’s actually the main feature of Credila’s benefits offered to students. HDFC Credila offers. Sanction letters even before your admission is confirmed. It will help you in getting favourable reply while applying for I20s 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.

Students face many challenges while securing education loans. Some of the issues faced by students include:

• For students going to the USA, UK, Canada, Australia, etc. there are number of activities and formalities which take away the time. Running around from one branch to the other and doing multiple rounds for education loans get very difficult
• Visa interview deadlines keep approaching fast and the education loan approval letter is required well in time to set up the visa interview. Hence, there is a tremendous time pressure to get education loan in time
• Flexibility in terms of loans which need to be customized to the requirements of the students and their respective courses
• Ability to find the required margin money (portion of the fees that is to be paid by students/parents which is not covered by the loan)
• Required loan amount is more than the value of the collateral security
• Ability to prove that the University, College and the applied Course is appropriate. (This can be quite challenging if the decision maker is not aware of the thousands of valid and accredited educational choices available in today’s fast changing world of education)
• Ability to get web-based access to the loan account with web enabled transaction processing inclusive of electronic payments, etc.
• HDFC Credila is a specialized lender for Education Loans. HDFC Credila has invested time and resources to set up appropriate systems, processes and know-how related to the education industry. HDFC Credila has numerous databases on education sector. HDFC Credila’s credit scoring model for the approvals of loans is designed specifically for education loans.

HDFC Credila, therefore, understands problems, challenges and issues faced by the students and their parents. HDFC Credila’s objective is to work closely with students and parents to try to identify the appropriate education loan programs for them.

Loan Amount

Minimum Loan Amount

• Indian Rupees 1,00,000

Lifetime Maximum Loan Amount

• There is no maximum limit on education loan amount from HDFC Credila.

No. HDFC Credila is one of the very few lenders who will finance 100% of the cost of education. So, you don’t have to pay any part fees. If sanctioned, you won’t even need any margin money.

HDFC Credila Education Loan depends on multiple factors such as:

• Academic background of the student
• Type of course and University for which education loan is applied for
• If collateral is offered against the loan or not. Type of collateral offered.
• Co-borrower/guarantor on the loan. Job profile of the co-borrower etc.

Yes Sir. HDFC Bank is a group company and we are very sensitive towards our existing customers. You will get best of services and product considerations.

Sir, we generally require family members as co-borrowers. It again depends on your overall profile and the study course you are interested in. We have different product propositions for different study courses, May I get the course details and connect you to our RM for clarity?

Yes Sir. Work Experience and profile are key indicators in loan assessment procedure but these are not the only criteria for sanctioning as there are numerous other parameters involved. May I get your details for quick assessment please?

HDFC Credila has funded students who have been pursuing higher education in over 35 countries. HDFC Credila’s approval letter has been accepted by all countries. Thousands of students have already availed education loans from HDFC Credila and are pursuing their successful careers abroad. In case you still have apprehensions, we have pre-VISA disbursal facility also wherein sanctioned amount can be credited into your account in form of an FD prior to your VISA interviews. I can connect you to respective RM for detailed brief?

No. We don’t distinguish between students. Both boy and girls get the special offerings from HDFC Credila.

It may not work right now. Please let us know your location. If we have presence in HDFC Limited branch, you can submit it there, else you will have to courier your documents.

Yes. This is the best case scenario offered after taking impending Tax Benefits under 80E into consideration.
As per Section 80E of the Income Tax Act, 1961 only an individual can claim deduction under section 80E on the Interest paid on the loan taken for Study after Senior Secondary or its equivalent from a Bank, Financial Institution or an Approved Charitable Institution. Interest must be actually paid for claiming deduction.

Deduction is allowed in the year when individual starts paying the interest and in subsequent 7 years or until interest is paid in full whichever is earlier. However, Interest should be paid out of Income Chargeable to Tax.
Illustration:

Mr. Ram has taken a loan for MBA of Rs.1,00,000 from a Bank for his son. Interest paid on loan is 10%. What is amount of deduction?

Answer: Deduction will be available to Mr. Ram under section 80E. Amount Rs. 10,000/-

Doing so might be beneficial for both students and parents. When you make the interest payment on the loan during the study period, there is a likelihood of the repayment being eased out subsequently. This also helps financial discipline in students.

Friends can’t come as co-borrower because of the risk involved and underlying company policy in this regard. We accept only family members as coborrowers.

No. The interest subsidy scheme is applicable to the banks only. Students whose parents have low income can only avail the interest subsidy. However, HDFC Credila is not covered under interest subsidy scheme.

Collateral is required to mitigate the risk involved in the credit. Since the student hasn’t started to earn yet, we are not sure of his future income and profile, hence the collateral. In case you have any loan with HDFC Limited, it’s an extremely simple process and can be fulfilled by our dedicated Relationship Managers It’s in the interest of the students and parents to provide the required collateral as that enables the students to get better interest rates on education loan.

Yes. There is an option available for upfront interest also depending upon the course and underlying demographics of the student.

As a part of education loan processing and credit review, there are various reports, CIBIL records, collateral related legal charges and stamp duties etc. involved in it. HDFC Credila doesn’t charge students for every expenses separately. Instead there is a onetime Origination Fees which get charged so that students don’t have to pay legal fee or stamp duty etc. separately. Other entities charge legal fees, collateral valuation fee, stamp duty and other expenses separately. However,HDFC Credila includes all of these charges as a part of Origination Fees it charges.

You will have to get it transferred to HDFC Ltd for us to take a second charge. Our RM can help you out here with necessary procedure and documentations.

Risk assessment consists of multiple financial and demographic variables. Every customer has a different profile and needs to be fulfilled accordingly. We try our level best to offer the best possible product to match customer requirements and profile.

The loan application will be processed two phases:

• For in-principal sanction
• For disbursement of funds

The in-principal sanction letter would be given in about 7 to 10 days from the date of receipt of completed Application Form along with the supporting documents from the customer.

Similarly, the disbursement would be completed within 7 days from the date of receipt of all post sanction documents from & completion of the underlying post sanction process by the customer.

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.

Processing Fee: You don’t have to pay any charges while applying. We can process your file. You can take a decision at a later stage. Without you paying any charges, we can review your file and do the preliminary credit and underwriting process. After that you can decide if you want to go ahead with HDFC Credila or not. If you decide not to proceed with HDFC Credila, you can let us know early enough so that you don’t pay any charges to HDFC Credila. Therefore, you don’t pay anything and you don’t lose anything by applying to HDFC Credila early enough. At least, you’ll know if you can get education loan from HDFC Credila or not.

Yes, you can apply for the educational loan and your father can be the co-borrower provided he has a good income or we require additional co-borrower from your relative with a good income proof.

The Co-borrower should be an Indian citizen who would agree to co-sign and execute the loan agreement and other documentation; who is able as well as promises to service the interest in the moratorium period comprising of the study period and grace period and in the event of the student’s inability to repay the loan would repay the instalments of the loan and/ or provides the collateral security.

Yes, he can be a co-borrower/guarantor provided he has an NRI account and the collateral is in INDIA in either cases additional co-borrower is required.

The Collateral should be any one of the following assists:

• a. Moveable Collateral –
Fixed Deposit
• b. Immoveable Collateral –
Flat, House, Bungalow, Land (Non-Agricultural), Shop, etc.

HDFC Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Private Limited) itself gives out loans to students. HDFC Credila is a Non-Bank Finance Company. HDFC Credila is not a broker. HDFC Credila is not an intermediary. Education Loans are given by HDFC Credila. HDFC Credila offers provision of Pre-payment/Foreclosure during the Loan tenure.

Yes, HDFC Credila specializes in education loan to the USA. HDFC Credila offers a unique service, where students can get our education loan sanction letter much before their admission. HDFC Credila’s education loan confirmation letter has helped many students even before they get their I-20s for their USA. The student simply has to complete our formalities, submit the required documents. We then analyse the case, do the credit and underwriting verifications and checks on the file. If the case is sanctioned we give conditional education loan sanction letter. Many students feel confident about their funds due to HDFC Credila’s education loan assurance. This helps many students get admitted into better US Universities that they apply to.

HDFC Credila is one of the very few lenders who will finance 100% of the cost of education. So, you don’t have to pay any part fees. If sanctioned, you won’t even need any margin money.

You need to fill HDFC Credila’s short loan application form on our website or by calling at our call centre on a toll free number 1800-209-3636 or by visiting any of HDFC Credila’s following Offices
Mumbai, Pune, Bangalore, Delhi, Ahmadabad, Chennai, Hyderabad, Kolkata, Gurgaon, Noida & Nasik (Office Address will be available on our website)

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Absolutely not! HDFC Credila is a Non-Bank Finance Company. HDFC Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Private Limited) itself gives education loans. We collect application forms, analyse it, perform credit and underwriting checks and verifications, underwrite the case on its merit and then decide if the loan is to be sanctioned or not. For sanctioned loans, we ourselves give loans.

• Over 31,000 students applied to us so far for Education Loans.
• We do Education Loans only. No other loans!
• HDFC Credila has already funded students for :
• Columbia Univ.
• Purdue Univ.
• Cornell Univ.
• Carnegie Mellon Univ.
• Oxford Univ.
• Pune Univ.
• Bangalore Management Academy
• CREMA, Suryadatta, IIPM, and numerous others

It’s true that we have not advertised too much. We are relatively a new entrant in the Indian market of education loans. Just this year, HDFC has acquired 89% stake in HDFC Credila. Therefore, this year, we’ll be able to extend our education loans to many more students.
Just an overview about HDFC Credila:

• Over 31,000 students applied to us so far for Education Loans.
• We do Education Loans only. No other loans!
• HDFC Credila has already funded students for :
• Columbia Univ.
• Purdue Univ.
• Cornell Univ.
• Carnegie Mellon Univ.
• Oxford Univ.
• Pune Univ.
• Bangalore Management Academy
• CREMA, Suryadatta, IIPM, and numerous others

Do you want to loose Rs. 7,23,570 in Tax Benefit?

• Other than Banks, HDFC Ltd. and HDFC Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Private Limited) are the only two lenders whose customers of Education Loans can avail Income Tax benefits under section 80 E of the Income Tax Act. (Proof: copy of Income Tax Act and Gazette of India notification by Ministry of Finance)
• Any student who takes loan from lenders other than Banks or HDFC Ltd. Or HDFC Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Private Limited) are NOT ELIGIBLE for Income Tax deduction on their Education Loans. That means any student/parent who has taken education loan from a non eligible lender, then the student/parent can lose anywhere from Rs. 80,399 to Rs. 2,41,192 in tax benefit for every Rs. 10 lakh of education loans. If someone takes Rs. 30 lakh of education loan from such non-eligible education loan lender, then that student/parent can lose up to Rs. 7,23,570 in Income Tax benefit.

• Life is quite uncertain! Family Savings… Keep it for Emergencies, Medical and other unforeseen expenses, family weddings, retirement etc. When Education Loan can fund Higher Studies, why use family savings?
• Why do you want to lose Rs…. In Tax Benefits? Retain your family savings and also avail huge Tax benefits! It’s a real Win Win!
• Create a repayment history for the student
• Even if a student withdraws a nominal amount ( INR 1 L ) ; the Education Loan sanction limit will be available for the study period and act as a safety belt against any contingency / Currency fluctuations.