Credila Education Loan Rate of Interest
Tax benefits under Section 80E of the Income Tax Act, 1961. 0% TCS on foreign remittance made for education purposes. Up to 100% finance covering tuition fee & living costs. Moratorium option available for Study Period + 1 year. Repayment tenure up to 15 years.
- No margin money
- Seamless loan sanctions
- Co-borrower and collateral flexibility
The interest rates are in accordance with the demands of the Board of NBFCs.
- The interest rate for all loan amounts is 10.25%* p.a. onwards.
CALCULATE YOUR EDUCATION LOAN EMI
1,000 per month
1,000
1,000
Looking for admission for India and Abroad?
Credila Education Loan Eligibility
- Indian National. The applicant should be a citizen of India.
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| Bank / Financer |  Change bank |  Change bank |  Change bank |  Change bank |  Change bank |
| Applicable Rate of Interest | 10.25% onwards | Up to INR 7.50 Lacs: 10.55% Above INR 7.50 Lacs: 10.80% | Up to INR 10 Lacs: 12.75%-14.00% Above INR 10 Lacs: 11.75%-13.75% | Ranges between 10%-16.50% | |
| Max Loan with Collateral | No limit | For India: 10 Lacs For Abroad: 20 Lacs | For India: No limit For Abroad: 1 crore | No Limit | |
| Max loan without collateral | No limit | For India: 10 Lacs For Abroad: 20 Lacs | For India: INR 10 Lacs For Abroad: INR 20 Lacs | No Limit | |
| Processing Fee | 1.25% + GST | Up to INR 4 Lacs: Nil Above INR 4 Lacs: INR 5000 | 1% | 1-2% | |
| Repayment Period | 15 years | 15 years | 10-15 years | 10 years | |
| Loan for top institutions | All institutions are eligible | Yes, SBI Scholar Loan Scheme | No | No | |
| Margin | Nil | For loan above INR 4 Lacs In India: 5% In abroad: 15% | Nil | Nil | |
| Age Limit | Applicant must be 16 years of age at the time of disbursement. | No age limit | No age limit | 18 years or above | |
| Loan Security | Applicable only for secured loans | Upto 7.50 Lacs: Only Parent/Guardian as co-borrower. No Collateral Security or third party guarantee Above INR 7.50 Lacs: Tangible security along with parents as co-borrower | Nil | Real estate properties LIC, fixed deposits, NSC, KVP, NSS, etc. | |
| Eligibility concession for SC/ST | No | No | No | No | |
| Processing Time | Maximum 15 days | 20 days | N.A. | N.A. | |
| Prepayment charges | Not applicable | Nil | Nil | As per RBI guidelines | |
| Penal charges | Nil | Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period | Nil | 2% per annum | |
| Mandatory insurance cover | Insurance is a subject matter of solicitation | Yes | No | Yes | |
| Travel expeneses | Covered | Yes | No | Yes | |
| Bank transfter allowance | Yes | Available | No | Yes | |
| Top up loan availability | Yes (As per eligibility) | Yes | No | Refinance Loan available | |
| Interest Subsidy Schemes | None | Padho Pardesh CSIS Skill Loan Scheme | None | None | |
| Tax benifit | Yes under Section 80E* *Under the old tax regime | Yes | No | No | |
| Concession/benefits | TCS benefit. | Concession to girl students 1% concession if interest is serviced during moratorium period including course period | No margin charged No security asked No moratorium period | 100% finance Pre-admission loan Pre-Visa Loan Disbursement |
How to apply for Credila Education Loan ?
Credila Education loan application form can be available online or offline at Bank branches.
Visit the official website for Credila Education Loan
Click on Apply Now
Fill out the form with your details
Upload Digital process to enable students to apply for a loan from the comfort of anywhere
Credila Education Loan Details
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Expenses covered under Credila Student Loan Scheme
- Up to 100%, including tuition fee and living expenses
- Tuition Fee
- Examination Fee
- Library/ Laboratory Fee
- Hostel Fee
- Cost of books, equipment, instrument or uniforms
- A reasonable cost of computer or laptop (if required)
- Travel expenses
Courses Covered Under Credila Student Loan Scheme
In Study abroad courses covered
Education Loan Documents Required ?
KYC Documents - PAN/Aadhaar Card/Driver's License/Passport/Voter's Identity Card
Academic Records - Marksheet or Certificate for Grade 12 or equivalent. Marksheet or Certificate for the last semester/year/degree (e.g., B.E., B.Com., B.Sc. etc.). Scholarship Documents (if applicable)
Proof of Admission - Submission of the college/university admission/acceptance letter when received
Standardised test scores where applicable
Income Proof of Co applicant Salaried - Latest 3 Salary Slips or Salary Certificate on employer’s letterhead. Latest one year’s Form 16 from the employer along with one year’s Income Tax Returns. Any other income proof that is not reflected in the above documents, viz., Rent Agreement etc.
Income Proof of Co applicant Self Employed Professional - Latest two years’ Income Tax Returns with I.T. acknowledgement. Latest two years’ Audited Financials of the Company including Computation of Income, Balance Sheet, P&L along with all the Schedules. 3CB & 3CD for Professionals with a turnover of more than INR 15 lakh and for others whose turnover is more than INR 60 lakh.
Income Proof of Co applicant Self Employed Professional Additional - Proof of Establishment of the Firm (Shop Act, TIN No, Service Tax registration copy, SSI Certificate etc.). Copy of qualification or degree certificate.
Income Proof of Co applicant Self Employed Non Professional - Latest two years’ Income Tax Returns with I.T. acknowledgement. Latest two years’ Audited Financials of the Company including Computation of Income, Balance Sheet, P&L along with all the Schedules. 3CB & 3CD for Professionals with a turnover of more than INR 15 lakh and for others whose turnover is more than INR 60 lakh.
Income Proof of Co applicant Self Employed Non Professional Additional - For Proprietors: Proof of Establishment of the Firm (Shop Act, TIN No, Service Tax Registration Copy, SSI Certificate etc.). Partnership: Copy of Partnership deed. Private Company: Articles of Association (AoA), Memorandum of Association (MoA) and Shareholding Pattern Certified by the C.A.
Frequently Asked Questions
What is Origination Fees(OF) and why it is required?
+ -The Origination Fee ensures that a borrower does not need to pay any additional charges when they apply for an education loan with Credila. It includes the costs associated with loan processing, collected at the time of loan sanction.
What is the maximum loan amount that Credila can provide?
+ -Credila is pleased to offer up to 100% finance, covering both your tuition fee and ancillary expenses, including travel fare, study material such as books and laptops essential to your study programme. What’s more, Credila also extends unsecured loans (a loan without collateral requirement) up to ? 75 lakh.
Why is the e-mandate amount higher than my actual monthly installment(MI)? When does Credila deduct the amount?
+ -The e-mandate amount is 1.5 times higher than your actual MI to facilitate the borrower. For instance, consider a scenario wherein the borrower may request changes to their MI – to avoid requesting for a fresh mandate at each instance, a mandate with a higher amount typically covers all eventualities.
Why do we need to pay the interest on the education loan during the study period?
+ -Paying even a nominal amount by way of servicing loan interest helps the student to instil financial discipline at an early age. This can be advantageous by helping to boost your credit score, thereby offering the opportunity to build a secure financial future.
What are the loan repayment options available for Credila?
+ -Credila offers loan repayment in easy monthly instalments up to 15 years. Typically, the tenure of an education loan consists of the duration of study (or course duration) + grace period post course completion + the subsequent repayment period.
Is Credila the same as HDFC Credila for education loans abroad?
+ -Credila Financial Services Limited was formerly known as HDFC Credila Financial Services Limited. The Company provides education loans for Indian students planning to pursue their education both in India and abroad.
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