Credila, the education loan arm of Housing Development Finance Corp. Ltd (HDFC), on Tuesday tied up with shopping portal Snapdeal to provide education loans. The partnership will allow Credila to provide 100% finance to eligible students using Snapdeal’s network.
Students can apply for a loan through Snapdeal and Credila will arrange a doorstep pick up service for the documents, Credila said in a statement.
Repayment of these loans could be extended up to 10 years with equated monthly installments, while applicants can avail of such finance with less than 100% collateral, Credila said.
"Loan against property mortgaged with HDFC Ltd" will also be available for customers, the statement said. Students can also avail of flexible co-borrower arrangements for these loans.
Apart from this, Snapdeal had also tied up with State Bank of India (SBI) in May, to finance small and medium enterprises. The e-commerce portal also provides home loans online and has a co-branded credit card with HDFC Bank.
Snapdeal has also announced that it will start an open mobile wallet service through its recharge and utility payments unit FreeCharge.