HDFC Credila

Financial Aid

HDFC Credila Education Loan

Receive expert, personalized guidance at no cost from VITTIYA to navigate education financing, ensuring a smooth journey to securing the funding you need for your studies in India or abroad.

Interest Rate

Starting from 10.25%

Processing Fees

0.5% to 1% + GST

Margin Money

NIL

Check Eligibility
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The Process Explained

How It Goes

Easy 5-Step Digital Journey to Secure Your Education Loan

Study Abroad

HDFC Credila Bank Education Loan for Abroad Studies

All you need to know about HDFC Credila bank education loan for studying abroad

Key Highlights

Experience the Journey

As one of the country’s leading Non-Banking Financial Company (NBFCs), Housing Development Finance Corporation (HDFC) Credila has helped thousands of students achieve their academic dreams.

HDFC Credila Financial Services, India’s pioneering education loan provider, offers tailored loan solutions to students aspiring to study abroad. Covering over 1,000 universities across 35 countries, Housing Development Finance Corporation (HDFC) Credila stands out by providing customized loan options based on the applicant’s course and country preferences. The HDFC Credila student loan’s personalized approach ensures that each student’s unique financial needs are met, making HDFC Credila a preferred choice for education financing among study abroad aspirants.

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HDFC Credila Education Loan Without Collateral

Securing an education loan without collateral is an excellent option for students who wish to study abroad but may not have assets to pledge as security. Certain financial providers offer customized education loan solutions, allowing students to fund their overseas education without collateral under specific conditions. This opens doors to quality education for a wider range of students, ensuring financial limitations don’t obstruct their academic goals. These non-collateral loans come with competitive interest rates, providing a supportive path for students to pursue their aspirations without the added stress of arranging collateral.

Overview of HDFC Credila Loan Without Collateral
Feature
Description
Loan Amount
Up to 1.5 Cr
Rate of interest
10.50% - 12.25%
Processing fees
0.75%-1.25% of the sanctioned amount
Processing time
7-10 days
Margin money
NIL
Processing Fees
0.5% - 1% of the loan amount + GST
Other Charges
NIL
Margin Money
0 - 15%
Moratorium period
Course duration + 1-year
Repayment tenure
15 years

Moratorium period is the time duration during which you are not required to make payments toward your education loan.

Margin money refers to the amount of money that a borrower is required to contribute towards the loan, while the remaining amount is paid by the lender.

Income Tax Under Section 80e Benefits by HDFC Credila

HDFC Credila is the only NBFC in India that offers tax benefits under Section 80E on non-collateral education loans. Section 80E of the Income Tax Act allows borrowers to claim a deduction on the interest paid for an education loan for up to eight years, starting from the year the loan repayment begins. This tax deduction applies solely to the interest portion of the loan, not the principal amount, making it a valuable benefit for those financing their education.

Eligibility Criteria HDFC Credila Unsecured Education Loan
Understanding the education loan requirements is essential for students and co-applicants before starting the application process. Familiarizing yourself with eligibility criteria can make the journey toward securing an education loan smoother and more efficient. Here are the eligibility criteria for a collateral-free loan:

  • Age: The applicant must be an Indian citizen and at least 18 years of age or older at the time of application, with confirmed admission to a recognized university.
  • Academic Performance: Applicants should have a solid academic record and meet the minimum academic standards set by the lender, along with any required tests like GRE, IELTS, or TOEFL.
  • Co-applicant: A co-applicant is required, who can be a parent, sibling, spouse, close relative, or legal guardian. The co-applicant should have a stable income and a good credit history.
  • Course and Country of Study: This scheme covers a variety of courses, including undergraduate, postgraduate, diploma, certificate, and doctorate programs. Eligible countries include the USA, UK, Canada, Australia, New Zealand, France, Germany, Ireland, and more.
    • HDFC Credila Education Loan for US
    Feature
    GRE > = 310
    GRE 300 = < 310
    GRE 285 = < 299
    Rate of interest
    11.25 - 11.75%
    11.75% - 12.5%
    12.5 - 13%
    Loan amount
    Up to INR 65 Lakh
    Up to INR 50 Lakh
    Up to INR 40 Lakh
    Co-applicant minimum income
    INR 30K
    INR 35K
    INR 35K
    Monthly installments during the course
    Partial simple interest
    Partial simple interest
    Simple interest
    Processing Fees
    0.5 - 1%
    0.7 - 1%
    1%
    HDFC Credila Education Loans for Other Countries
    Feature
    Australia / New Zealand
    Canada
    UK
    Germany / Ireland / France / Italy
    Rate of interest
    12 - 13%
    11.75 - 12.5%
    12 - 13%
    12 - 12.75%
    Loan amount
    INR 25 Lakh
    INR 40 Lakh
    INR 40 Lakh
    INR 25 Lakh
    Co-applicant minimum income
    INR 60K
    INR 35K
    INR 40K
    INR 40K
    Monthly installments during the course
    Simple interest / EMI
    Partial simple interest
    Simple interest / Partial simple interest
    Simple interest / Partial interest
    Processing Fees
    1%
    0.75 - 1%
    1 - 2%
    1 - 1.5%
    Documents Required for HDFC Credila Education Loan
    Here’s a comprehensive list of the documents required for a non-collateral education loan, tailored according to the applicant and co-applicant profiles.

    Applicant’s Documents

  • Identity Proof: PAN, Passport, Driver’s License, Voter ID card, or any government-issued ID.
  • Education Loan Application Form
  • Address Proof: Recent telephone, electricity, water, or piped gas bill, driving license, or Aadhaar card.
  • Passport
  • Academic Records:
  • 10th and 12th standard mark sheets.
  • Undergraduate results (semester-wise).
  • Entrance exam results (e.g., GMAT, GRE, TOEFL, etc.).
  • Proof of Admission: Admission letter (conditional letters are also accepted).
  • Statement of Expenses
    •  

    Co-applicant’s Documents

     
    Identity & Address Proof
  • Identity Proof: PAN, Passport, Driver’s License, Voter ID card, or any government-issued ID.
  • Address Proof: Recent telephone, electricity, water, or piped gas bill, driving license, or Aadhaar card.
  • Bank Statements: Last 6 months of bank statements (required for education loan takeover).
    •  
    Income Proof for Salaried Co-applicant
  • Salary slips for the last 3 months.
  • Form 16 copies for the last 2 years.
  • Bank account statement (salary account) for the last 6 months.
  • Brief statement of assets & liabilities for the co-applicant.
    •  
    Income Proof for Self-Employed Co-applicant
  • Business address proof.
  • Last 2 years’ IT returns (if applicable).
  • TDS certificate (Form 16A, if applicable).
  • Certificate of qualification (for C.A., Doctor, or other professionals).
  • Brief statement of assets & liabilities for the co-applicant.
  • Bank account statement for the last 6 months.
    • HDFC Bank Education Loan EMI Calculator
    Here’s a comprehensive list of the documents required for a non-collateral education loan, tailored according to the applicant and co-applicant profiles.

    Applicant’s Documents

  • Identity Proof: PAN, Passport, Driver’s License, Voter ID card, or any government-issued ID.
  • Education Loan Application Form
  • Address Proof: Recent telephone, electricity, water, or piped gas bill, driving license, or Aadhaar card.
  • Passport
  • Academic Records:
  • 10th and 12th standard mark sheets.
  • Undergraduate results (semester-wise).
  • Entrance exam results (e.g., GMAT, GRE, TOEFL, etc.).
  • Proof of Admission: Admission letter (conditional letters are also accepted).
  • Statement of Expenses

    • Co-applicant’s Documents


    Identity & Address Proof
  • Identity Proof: PAN, Passport, Driver’s License, Voter ID card, or any government-issued ID.
  • Address Proof: Recent telephone, electricity, water, or piped gas bill, driving license, or Aadhaar card.
  • Bank Statements: Last 6 months of bank statements (required for education loan takeover).

    • Income Proof for Salaried Co-applicant
  • Salary slips for the last 3 months.
  • Form 16 copies for the last 2 years.
  • Bank account statement (salary account) for the last 6 months.
  • Brief statement of assets & liabilities for the co-applicant.

    • Income Proof for Self-Employed Co-applicant
  • Business address proof.
  • Last 2 years’ IT returns (if applicable).
  • TDS certificate (Form 16A, if applicable).
  • Certificate of qualification (for C.A., Doctor, or other professionals).
  • Brief statement of assets & liabilities for the co-applicant.
  • Bank account statement for the last 6 months.
    • How to Apply for HDFC Credila Education Loans via Vittiya
    If you’re seeking an education loan from HDFC Credila for studying abroad, you can apply directly through their online platform. For a seamless application experience, an alternate option is to work with an expert platform that guides Indian students in securing financing for their overseas education.

    To get started, simply check your loan eligibility, and the platform will take care of the rest! Apply online > Submit documents online > Processing & approval > Loan sanction & disbursal

    CTA: Apply online for your education loan
    How to Contact HDFC Credila for Education Loans?

    To contact HDFC Credila regarding inquiries on abroad education loans, you have several options:


    • Email: Reach out to HDFC Credila’s customer support at support@hdfccredila.com. Provide detailed information about your profile, and they will respond accordingly.
    • Online Application Form: Visit the HDFC Credila website (https://www.hdfccredila.com) and go to the “Contact Us” section. You can fill out an online application form, and they will review your profile to proceed.
    • Branch Visit: Visit the nearest HDFC Credila branch in your area. Staff will assist with information about education loans, the application process, document requirements, and other details. Besides the head office in Mumbai, HDFC Credila has branches in several major cities across India, including Pune, Bangalore, Delhi, Gurgaon, Ahmedabad, Chennai, Hyderabad, Kolkata, and Nasik.


    For those looking to secure an HDFC education loan without collateral and wishing to avoid branch visits and lengthy forms, you may apply through a specialized education financing platform. This platform provides a streamlined process for students financing their higher education abroad. A dedicated team evaluates your profile to recommend the best lender options for your needs, guiding you through each step and addressing any concerns that arise along the way.

    Benefits of HDFC Credila Education Loan

    Guaranteed Best Product: We are dedicated to securing the most competitive education loan available. If you find a better offer, we ensure coverage for the difference in interest rates for the entire duration of your education loan.

    Low Turnaround Time: Our team works efficiently with HDFC Credila’s departments to gain loan approval within 5-7 days, earning the trust of thousands of students each year. Applying directly with the NBFC typically takes around 12-15 days for loan processing.

    100% Free Service: Our assistance comes at no extra cost to applicants. There are no processing fees or commissions for the support provided.

    Higher Chances of Approval: If any issues arise with documentation or application requirements, we coordinate with HDFC Credila officials to quickly resolve them.

    Hassle-Free Process: Applying directly can come with challenges, but our streamlined approach allows you to check your eligibility and, once approved, relax until disbursement. A dedicated education loan counselor will support you through each step.

    The Vittiya Effect in HDFC Credila Education Loan
    Feature
    With Vittiya
    Without Vittiya
    Personalized document checklist according to profile & area
    Yes
    No
    Branch visits
    1 - 2
    7 - 8
    Pre-visa disbursements
    Easy
    Difficult
    yOUR ANSWER

    Frequently Asked Questions

    Candidates can get a HDFC education loan without an account, even if parents are deceased, with simple EMI calculations and no prepayment fees.

    Does HDFC Credila education loan cover 100% cost of education?

    Yes, the education loan from HDFC Credila provides coverage for 100% of your overseas education expenses.

    The interest rate ranges from 10.25% to 12.75%, depending on various factors.

    Approval for the HDFC Credila education loan typically takes around 3-4 working days after submission of the required documents.

    Yes, tax benefits are available on the interest paid for an education loan under Section 80-E of the Income Tax Act.

    Yes, by taking a loan from ICICI Bank, you are eligible for tax benefits under Section 80(c) for deductions on investment.

    The interest rate for the HDFC Credila education loan without collateral ranges from 11.75% to 12.75%.