Give their dreams a take-off with HDFC Credila Education Loan.

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Education Loans

We understand the education and admission process in India and in various countries across the world. On the basis of our extensive research, HDFC Sales, in association with HDFC Credila, offers tailor-made solutions with unmatchable features and service standards.

Why HDFC CREDILA?
  • HDFC Credila is India's First Dedicated Education Loan Lender.
  • HDFC Credila is a subsidiary company of HDFC Ltd.
  • Education loan from HDFC Credila provides you income tax benefits under Section 80(E) of Income Tax Act of India.
  • HDFC Credila has already funded Indian students going to 35+ Countries, 2100+ Institutes and studying 1000+ Courses.
  • HDFC Credila has already funded students studying at:

    Credila Logo
Highlights of HDFC CREDILA?
  • Get income tax benefits under Section 80(E) of Income Tax Act of India.
  • Education Loan, Home Delivered!
  • Get loan up to 100% of educational expenses. No margin money required.
  • Multi-city co-borrowers accepted. Flexible choices of repayment terms.
  • Flexibility on collateral security.
  • Loan approval before admission.
  • Web enabled billing and servicing.

  • High Loan Amounts
    Get a loan up to 100% of educational expenses. Loans worth more than Rs. 20 lakhs are also available.

  • Easy Loan Repayment
    With flexible loan terms, competitive interest rates, and EMI starting post-course completion, you can easily repay the loan amount via EMIs. What's more, we offer preferential rates for certain top-ranked universities and institutes.

  • Quick and Easy Disbursals
    Our doorstep service, and quick and easy documentation process, ensures that our loans are disbursed as quickly as possible. We have also enabled web billing and servicing, so you can reach us from anywhere in the world.

  • Range of Over 950 Courses
    HDFC Credila, the preferred and trusted choice of thousands of Indian students, is a quick and unique service that offers finance for students for 950 different courses in more than 4,000 education institutions spread across 36 countries. The money from the loan can be used to cover tuition fees, living expenses, books, travel, laptops and more!

  • Tax Rebates
    You get tax benefits under section 80(E) of the Income Tax Act 1961.

  • Loan Sanctioned Before Admission Confirmation
    To avoid any last-minute running around, you can plan the finances for your education even before your admission is confirmed. You can use the loan sanction letter as proof of funds, and ensure that your journey to your dream college is a smooth one.

  • Preserve Family Savings
    As students take out educational loans by themselves, it teaches them the value of money, and they have to take on the responsibility of repaying the loan themselves. Taking out a loan also ensures that family savings, such as fixed deposits or mutual funds, can be saved for a rainy day. Students will also get to build a good credit history by taking out the loan.

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  • The borrower must be an Indian citizen.
  • Co-applicants must be citizens an Indian citizen.
  • Co-borrower(s) must have a bank account in any bank in India with cheque writing facilities.
  • Confirmed admission in the college before disbursement.
  • Borrower and Co‐applicant(s) to meet HDFC Credila's credit and underwriting norms as applicable from time to time.
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  • Minimum loan amount: Indian rupees 1,00,000.
  • Maximum loan amount: HDFC CREDILA does not have an upper limit on the loan. We process loans exceeding Indian rupees 25,00,000 also, subject to the case meeting HDFC CREDILA’S credit and underwriting norms as applicable from time to time.

Academic

  • Institute admission letter with fee break-up: USA Applicant: I-20 Form and UK Applicant: CAS Letter
  • SSC, HSC, Graduation mark sheets and also mark sheet of any entrance exam like GRE/ GMAT/ TOEFL/ IELTS

Documents - Post Sanction

Loan Agreement

  • Completed Loan Agreement to be signed by applicant and co-applicant*

Self Employed

  • ECS

7 Security PDCs in case of ECS

*Stamp duty to be paid by the customer as per the relevant state laws

KYC

  • Age proof
  • Signature proof
  • Identity proof
  • Residence proof
  • Signature verification for the Student/ Co-Applicant like: PAN Card, Passport, HDFC Credila’s completed signature authentication form authenticated by Bank or 10th/ 12th or equivalent mark sheet with signature for students below 21 years

Income Documents

Salaried

  • Latest 3 salary slips carrying date of joining details
  • Previous 6 months’ bank statement of the salary account
  • Previous year's Form 16 from the employer along with last year’s income tax return

Self Employed

  • ITR of previous 2 years along with computation of income
  • Audited balance sheet of previous 2 years
  • Bank statement of previous 8 months
  • Proof of turnover (latest sales/ service tax return)

Self Employed – Professional

  • ITR of previous 2 years along with computation of income
  • Audited balance sheet/ profit and loss statement of previous 2 years
  • Bank statement of previous 8 months
  • Proof of Qualification

*Stamp duty to be paid by the customer as per the relevant state laws

Description of Charges Education Loan
Loan Processing Charges* Up to 1.5% of the sanctioned amount plus applicable any taxes thereon
Pre-payment charges Nil
No Due Certificate / No Objection Certificate (NOC) Nil
Duplicate of No Dues Certificate/ NOC Nil
Solvency Certificate Not applicable
Charges for late payment of EMI* @2% per month of instalment ( MI/PMII)+ applicable taxes thereon
Credit assessment charges Not applicable
Nonstandard repayment charges Not applicable
Cheque or ACH mandate or Direct Debit swapping charges* Up to Rs.500/- per swap instance plus applicable taxes thereon
Cheque/ ACH/ Direct Debit Bouncing Charges* Rs. 400/- per dishonour of cheque or ACH or Direct Debit return per presentation plus applicable any taxes thereon
Legal/ incidental charges At actual
Stamp Duty and other statutory charges As per applicable laws of the state
Loan cancellation charges* 1% of the unveiled sanctioned loan amount + applicable any taxes thereon
Manual Collection Charges* Rs. 200/- per visit plus applicable any taxes thereon
Charges for Updating and Handling Loan Account As Per Customer Request* Rs. 1,500/- plus applicable any taxes thereon
Document Storage and Retrieval Charges* For No Collateral: Rs. 2,000/- plus applicable any taxes thereon
For Collateral: Rs. 4,000/- plus applicable any taxes thereon

  • Exam/ Library/ Lab fees
  • Caution deposit/ Refundable deposit asked by the institution/ Building fund - supported by Institution bills/ receipts
  • Purchase of Books/ equipment/ instrument/ uniforms
  • Travel expenses/ passage money for studies abroad
  • Purchase of computers - essential for completion of the course
  • Insurance
  • Miscellaneous expenses related to the course - like study tours, project work, thesis, etc.

HDFC Credila does not have an upper limit on the loan. We process loans exceeding Indian Rupees 25 Lakhs also, subject to the case meeting HDFC Credila's credit and underwriting norms as applicable from time to time.

You can take an Education Loan for foreign education on the following courses:
  • Masters
  • Management Courses (Full-Time)
  • Engineering Courses
  • Other courses may be considered on a case-to-case basis

  • Yes, a co-applicant is required for all Full-Time courses.
  • Primary Co-Applicants –Parents, Spouse, Siblings
  • Secondary Co-Applicants - Father-In Law, Mother-In-Law, Brother-In-Law, Paternal/ Maternal Uncle/ Aunt

Education loan is normally taken for financing tuition fees, living expenses (hostel, etc.), books, periodicals and sometimes traveling.

  • 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, especially during visa time:
  • Know your loan eligibility in advance
  • Quick and hassle-free process to get a sanction letter

Yes. A moratorium holiday is available for select courses.

HDFC Credila provides education loan to Indian students for higher studies in India and abroad. HDFC Credila has funded Indian students for pursuing higher studies in over 2000 institutes across 36 countries.

Yes you can apply before securing admission.

HDFC Credila does not have an upper limit on the loan. We process loans exceeding Indian Rupees 25,00,000 also, subject to the case meeting HDFC Credila's credit and underwriting norms as applicable from time to time. Plus, HDFC Credila is the only lender that finances up to 100% of the cost of education.

HDFC Credila’s unique education loan offers the flexibility of paying only simple interest (PEMI) during the course period and principle plus interest (EMI) after the completion of studies and a grace period.

Yes, every HDFC Credila borrower or co-borrower (any one) is entitled for Tax benefit under 80E of the Income Tax Act, 1961.

Apart from the basic course fee payable to the institution where you decide to study, the following expenses will be covered under the loan:
  • Exam/Library/Lab fees
  • Caution deposit / Refundable deposit asked by the institution / Building fund - supported by Institution bills / receipts
  • Purchase of Books / equipments / instrument / uniforms
  • Travel expenses / passage money for studies abroad
  • Purchase of computers - essential for completion of the course
  • Insurance
  • Miscellaneous expenses related to the course - like study tours, project work, thesis, etc.

Yes, the tuition and hostel fees (if any) will be disbursed directly to the educational institute as per the schedule and structure of fees given by them.

The maximum tenure of the loan can be 10 years, including the Moratorium period.

You have the option of servicing simple interest during the moratorium period. Simple interest will be calculated on the loan amount disbursed, payable monthly.

You have the option of repaying the loan through Standing instructions, ECS or Post-Dated Cheques.

Normally, students seek education loans for professional courses with relatively higher fees structures. However, the quality, reputation, accreditation by renowned authorities etc. are few of the parameters on which the banks and FIs decide to offer loan programs.

Yes, a moratorium/ repayment holiday is available for select courses.

Usually middle-income group people apply for education loans. However, because of:
  • Rapidly rising costs of education.
  • Income tax benefit under 80 E of IT Act.
  • Students wanting to take their own financial responsibilities to preserve the parents’ savings.
  • Build positive credit history.

Even affluent families are going for education loan.

HDFC Sales is not an Investment Advisor and does not provide any investment or financial planning advice. The information provided on our website is for informational purposes only and it should not be considered as financial advice. Please consider your specific investment requirements before choosing any investment or designing a portfolio that suits your needs. The detailed terms and conditions as stipulated by the financial service providers for their respective products shall be applicable. You should read the same in detail before concluding any transaction.

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