HDFC Credila Financial Services, a prominent Non-Banking Financial Company (NBFC), has positioned itself as a pivotal player in fulfilling the educational aspirations of students. Serving as India’s inaugural specialized education loan provider, HDFC Credila delivers tailored financial solutions for students pursuing higher education globally, encompassing over 1000 universities across 35 countries. This overview explores the distinctive features of HDFC Credila’s education loans, encompassing both collateralized and uncollateralized options, interest rates, and country-specific loan offerings.
Secured vs. Unsecured Education Loans
HDFC Credila provides flexibility through both secured and unsecured education loans. Secured loans necessitate collateral, such as property or fixed deposits, while unsecured loans do not require collateral but mandate a co-applicant.
For those seeking loans with collateral, HDFC Credila offers solutions for amounts exceeding 7.5 lakhs. The interest rates for these loans are capped at 13.3%, ensuring a competitive and reasonable repayment structure. This collateralized option enables students to secure funds for their education by leveraging their assets.
In contrast, HDFC Credila also supports students without substantial collateral. For loan amounts up to 7.5 lakhs, the non-collateralized option comes into play, offering financial assistance at interest rates ranging from 10.5% to 14%. This flexibility caters to a broader spectrum of students, accommodating varying financial backgrounds and asset portfolios.
What sets HDFC Credila apart in the realm of education loans is its commitment to fully secured loans for students planning to study in any country. This approach differentiates HDFC Credila from other lenders that typically approve partially secured loans. Irrespective of the destination country, HDFC Credila provides the option of a fully secured education loan, with a maximum loan amount reaching up to INR 1 crore. The interest rates for these secured loans fall within an attractive range of 10.0% to 10.5%, further enhancing the affordability of education financing for students pursuing studies abroad.
This emphasis on fully secured loans reflects HDFC Credila’s dedication to ensuring that students can access the financial support they need, regardless of the destination of their educational pursuits. By offering competitive interest rates and a comprehensive loan structure, HDFC Credila stands as a reliable partner for students embarking on their academic journeys on the global stage.
Master’s Courses in the US
For Master’s courses in the US, HDFC Credila tailors its offerings based on the applicant’s GRE or GMAT scores and university rankings. Loan amounts and interest rates vary for STEM and non-STEM courses.
Key Points to Remember about HDFC Credila Education Loan Interest Rate
- Eligibility for a loan without a financial co-applicant based on GRE score and top 100 university ranking.
- Concession in ROI for high GRE or GMAT scores, top-ranked universities, and a co-applicant with good income.
- Special eligibility for a loan of up to 75L for select universities.
Global Presence
HDFC Credila extends its services to Canada, Germany, Australia, France, Singapore, Dubai (UAE), the United Kingdom, Ireland, and New Zealand. The table outlines loan features for Master’s courses in Canada and other countries.
Interest Rate Calculation
HDFC Credila calculates education loan interest rates using both simple and compound interest formulas. The interest rate is floating and linked to HDFC Credila’s Benchmark Lending Rate (CBLR), currently set at 13.80% per annum.
The spread, determined by the risk profile, influences the overall interest rate structure. Various factors, including academic background, employability prospects, university and course reputation, co-borrower’s financial strength, loan repayment capability, credit history, collateral presence, feasibility of servicing the loan through HDFC Credila’s branch network, and associated costs, collectively contribute to the spread.
Tabulated Interest Rates
Below are the interest rates offered by HDFC Credila for various countries and courses. Note that these rates are subject to change.
| Feature | Canada | US | UK, Ireland, Germany | Australia, New Zealand, Other Countries |
| University | College | – | – | – |
| STEM | NON-STEM | STEM | NON-STEM | STEM |
| Loan Amount | INR 40 lakhs | INR 25 lakhs | INR 75 lakhs | INR 40 lakhs |
| Interest Rate | 12.0% – 12.25% | 12.25% – 12.5% | 11.50% – 12.0% | 12.0% – 12.50% |
When pursuing an education loan, thorough consideration of financial circumstances, collateral value, and loan terms is crucial. HDFC Credila’s diverse offerings and personalized approach empower students to make informed decisions aligned with their educational goals. As the educational landscape evolves, HDFC Credila remains a reliable partner in transforming aspirations into reality.
HDFC Education Loan Interest Rate:
This refers to the rate of interest charged by HDFC (Housing Development Finance Corporation) for providing education loans. The interest rate may vary based on factors such as the type of loan, the borrower’s creditworthiness, and prevailing market conditions.
What is the interest rate of HDFC Credila education loan?
This question specifically asks about the interest rate for education loans offered by HDFC Credila, a subsidiary of HDFC that specializes in education loans. The interest rates offered by HDFC Credila may vary and are subject to terms and conditions.
HDFC Credila education loan processing fee:
This refers to any fee charged by HDFC Credila for processing education loan applications. It is important to be aware of these fees as they can add to the overall cost of borrowing.
HDFC Credila Loan Application Process & Documents Required:
This entails the process of applying for an education loan from HDFC Credila and the documentation needed to complete the application. The application process typically involves filling out forms, submitting required documents, and undergoing a verification process.
Documents Required For HDFC Credila Education Loan Application:
This specifies the documents that applicants need to provide when applying for an education loan from HDFC Credila. Commonly required documents include proof of identity, proof of address, academic records, and income proof of the borrower or co-borrower.
HDFC Credila Education Loan Disbursement Process Through UniCreds:
This describes how the disbursement of education loans from HDFC Credila is facilitated through UniCreds, which could be a partner or intermediary organization involved in the loan disbursement process.
Features & Benefits Of HDFC Credila Education Loan:
This outlines the key features and advantages of opting for an education loan from HDFC Credila. These may include competitive interest rates, flexible repayment options, and other perks tailored for students.
Why Choose UniCreds To Apply For an HDFC Credila Education Loan?
This explains the reasons why one might opt to apply for an HDFC Credila education loan through UniCredit. UniCreds may offer additional support, guidance, or benefits during the application process.
Steps To Consider Before HDFC Credila Loan Disbursement:
This involves the necessary steps or precautions that borrowers should take before the disbursement of the HDFC Credila education loan. This could include reviewing loan terms, understanding repayment obligations, and ensuring all documentation is in order.
HDFC Credila Education Loan Disbursement Process:
This outlines the process by which the approved loan amount is released to the borrower or the educational institution, as per the terms of the loan agreement. Each of these points addresses different aspects related to HDFC Credila education loans, including interest rates, application procedures, documentation, benefits, and disbursement processes.
