Funding Solutions forStudies in USA
This is an Indian Rupee denominated education loan for following students line height
- Indian students attending colleges in India.
The loan will be disbursed in India in Indian Rupees wherever required by student. - Repayments of the loan to be made by the borrower in Indian Rupees only.
Eligibility
- Borrower must be an Indian citizen
- Co-applicants(s) must be an Indian citizen
- Borrower must be 18 years of age or older
- Co-applicant(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-applicant(s) to meet HDFC Credila's credit and underwriting norms as applicable from time to time
Co-applicant Requirements
- It is mandatory to bring in an earning co-applicant(s) based in India to support the Education Loan application.
- Co-applicant (s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse, where such co-applicant's income would be considered in determining the loan eligibility per HDFC Credila's credit and underwriting norms;
- Co-applicant's liability is co extensive with the Student;
- Co-applicant (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-applicant (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, travelling expenses, examination fees, library/laboratory fees; purchase of books / equipment's/instruments/uniforms; passage money for studies into India; purchase of computers / laptops considered necessary for completion of the course as decided by HDFC Credila
Up to 100% of other expenses including living and hostel expenses, travelling expenses, examination fees, library/laboratory fees; purchase of books / equipment's/instruments/uniforms; passage money for studies into India; purchase of computers / laptops considered necessary for completion of the course as decided by HDFC Credila
Loan Amount
- Minimum Loan Amount Indian Rupees 1,00,000
- Lifetime Maximum Loan Amount
HDFC Credila processes loans exceeding Indian Rupees 20,00,000 subject to the case meeting HDFC Credila's credit and underwriting norms as applicable from time to time
Rate Of Interest
- Rate of interest will be floating rate of interest linked to HDFC Credila's Benchmark Lending Rate (CBLR)
- The interest will be calculated using Simple Interest Rate
- Floating rate of interest to be (HDFC Credila's CBLR + Spread)% per annum
- HDFC 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 HDFC Credila's branch network, cost/s associated with underwriting and servicing the loan, etc.
Loan Disbursement
- The loan amount will be disbursed in Indian Rupees
- HDFC Credila will disburse the tuition fee to the educational institute either directly or through an authorized servicer
- The tuition fee will be disbursed in installment as per the requirement of the specific educational institute
- The loan amount related to other expenses will be disbursed in installments spread over the duration of the study as per HDFC Credila's underwriting norms as applicable from time to time
