Indians, planning for higher education in the USA.
The product given under is for USA. We have specialized products for other countries too. You may apply to us even before finalizing your country of education. However, the final loan product shall be as per the Country finalized by you for your higher education.
- Indian students attending colleges in USA.
The loan will be disbursed in India in Indian Rupees wherever required by student.
- Repayments of the loan to be made by the borrower in Indian Rupees only.
- Borrower must be an Indian citizen
- Co‐applicants(s) must be an Indian citizen
- Co‐borrower(s) must have a bank account in any bank in India with cheque writing facilities
- Confirmed admission in the colleges before disbursement
Borrower and Co‐applicant(s) to meet HDFC Credila’s credit and underwriting norms as applicable from time to time
- It is mandatory to bring in an earning co‐applicant(s) based in India to support the Education Loan application.
- Co‐applicant(s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse, where such co‐applicant’s income would be considered in determining the loan eligibility per HDFC Credila’s credit and underwriting norms;
- Co‐applicant’s liability is co extensive with the Student;
- Co‐applicant(s) to provide documentary proof to establish their relationship with the student, to the satisfaction of HDFC Credila;
- In case the collateral to be provided is not provided by one of the above relatives, then the collateral could be provided by one of the following relatives provided they are brought into the arrangement as Co‐applicant(s) viz: Father‐in–law; Mother‐in‐law; Sister‐in‐law; Brother‐in‐law; Maternal or Paternal Uncle or Aunt, Grandparents & First Cousins.
Up to 100% of other expenses including living and hostel expenses, travelling expenses, examination fees, library/laboratory fees; purchase of books / equipment’s/instruments/uniforms; passage money for studies into India; purchase of computers / laptops considered necessary for completion of the course as decided by HDFC Credila. Travel fare restricted to one economy class return ticket between India and the USA(study location).
- Minimum Loan Amount Indian Rupees 1,00,000
- Lifetime Maximum Loan Amount: HDFC Credila does not have an upper limit on the loan. We processes 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.
- Rate of interest will be floating rate of interest linked to HDFC Credila’s Benchmark Lending Rate (CBLR)
- The interest will be calculated using Simple Interest Rate
- Floating rate of interest to be (HDFC Credila’s CBLR + Spread)% per annum
- For HDFC Credila’s current CBLR Click Here
- A Spread is determined on the risk profile of the case which vary on account of a number of factors such as student’s academic background, employability of the selected course from a selected college and country of study, financial strength of the co‐borrower, loan repayment capability, credit history, collateral offered or not, serviceability of the loan through HDFC Credila’s branch network, cost/s associated with underwriting and servicing the loan etc.
- The loan amount will be disbursed in Indian Rupees
- HDFC Credila will disburse the tuition fee to the educational institute either directly or through an authorized servicer
- The tuition fee will be disbursed in installment as per the requirement of the specific educational institute
- The loan amount related to other expenses will be disbursed in installments spread over the duration of the study as per HDFC Credila's underwriting norms as applicable from time to time
- Loan interest re‐payment will start immediately after disbursement of the first installment of the loan
- Tenure of an education loan consists of Duration of Study + Grace Period after the Study + Repayment Period
- HDFC Credila offers maximum tenure of 12 years
- The loan tenure is however, subject to the factors such as the repayment capacity of the customer/s, future prospects of the course, age of the co‐applicant, etc. and further subject to HDFC Credila’s credit and underwriting norms as applicable from time to time. However, HDFC Credila would endeavour to determine the repayment period to suit your convenience.
- Monthly repayment amount will be deducted from the bank account of the borrower/co‐borrower using Electronic Clearing System (ECS)
The following types of collateral are accepted
- Residential Flat
- Residential House
- Non‐Agricultural Land
- A Fixed Deposit, assigned in favour of HDFC Credila