HDFC Credila Education Loan
Apply for Education Loan
Education Loan Disbursement Process
1Pay Origination Fees

Pay HDFC Credila any remaining Origination Fee amount to collect your original Education Loan Sanction Letter. It would advisable to provide 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.

2Decide Date of Disbursement

Decide the exact date when you would like to take the disbursement from HDFC Credila. This will depend upon when you get your visa (if applicable) or the last date of tuition fee payment.

3Decide Disbursement Amount

You will also need to decide exactly how much money you would like HDFC Credila to disburse as a first tranche and remit the University/College for fees, and how much towards your living expenses.

4Decide Disbursement Details

You would also need to provide exact details about how the fees need to be remitted to the University/ College, and to you by providing exact banking details, viz., method of payment such as bank wire transfer, demand draft (payable in which city) etc. All this information is easily available from the University / College in the admission package they have sent you.

5Prepare Final Loan Agreement Documents

After receiving all the above details, HDFC Credila will be able to prepare your final loan agreement documents. These loan agreement documents need to be signed by the Student, all the Co-borrowers, & Guarantor (if any) by visiting HDFC Credila's office. If student & any of the co-borrowers are located in different cities, then you need to plan for getting original education loan documents signed from multiple cities by sending them via courier or making sure that all the parties are available in one city on the same day. If you do not plan this properly, it can delay you getting your money from HDFC Credila on time.

6Get ECS from Your Bank

You will need to get three copies of the completed ECS (Electronic Clearing System) mandate from HDFC Credila, which you will then need 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. This can only be done, after you have decided the exact date of disbursement.

7Providing Final Original Docs to HDFC Credila

At the time of all parties visiting HDFC Credila's office for signing the education loan agreement documents you will also need to bring following documents with you:

  • Original KYC Document of student, co-borrowers & guarantors, e.g. PAN Card, Passport, etc. to show it to HDFC Credila's loan officer to validate your identity.
  • Two original copies of the completed ECS Mandate Form signed and stamped by your bank, as mentioned above.
  • 8 cheques favouring HDFC Credila Financial Services Limited as security from the bank account from which the ECS Form is provided.

(If you do NOT have 8 cheques from this bank account, please make sure that you apply for additional cheques from your bank as soon as possible 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 Flat, House, Land as collateral, then please bring all your original documents to hand over to HDFC Credila. This is very critical, so please understand the list of all the original collateral documents you will need to bring in advance to avoid any delays.
  • If you have already paid the Tuition fees, it is mandatory to provide a photocopy of the fees paid receipt.
8Visit HDFC Credila For Signing Agreement

The final step to get your education loan money from HDFC Credila is to visit HDFC Credila's office to handover all the above mentioned original documents and sign the education loan agreement documents. Also refer point

9Receiving Your Education Loan Money

HDFC Credila will transfer the education loan money to the bank account of the University/ College or hand over a Demand Draft as per the information provided by you in the DRF. (See Step 4).
For any help on the above, please contact your Relationship Manager or write to us at

HDFC Credila Financial Services Limited is a subsidiary of HDFC Limited, a leading financial services company of India.
HDFC Credila Financial Services Limited
Registered Office: B 301, Citi Point, Andheri-Kurla Road, Andheri (East), Mumbai-400 059, India