Education Loan Product Details

Who can apply for a loan?

Indians, planning for higher education in the USA.

What if I am applying to other countries too?

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.

In what currency do I get/repay the loan?

This is an Indian Rupee denominated education loan for following students

Indian students attending colleges in India.
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.

Eligibility
Co-applicant Requirements
What Costs Are Covered?
Loan Amount

Rate Of Interest
Loan Disbursement
Loan Re-payment Terms
Collateral

Eligibility

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 Credila's credit and underwriting norms as applicable from time to time

Co-applicant Requirements

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 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 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.

What Costs Are Covered?

All of the tuition fees as determined by the college/University
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 Credila. Travel fare restricted to one economy class return ticket between India and the USA.

Loan Amount

Minimum Loan Amount Indian Rupees 1,00,000
Lifetime Maximum Loan Amount

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 Credila's credit and underwriting norms as applicable from time to time

Rate Of Interest

Rate of interest will be floating rate of interest linked to Credila's Benchmark Lending Rate (CBLR)
The interest will be calculated using Simple Interest Rate
Floating rate of interest to be (Credila's CBLR + Spread)% per annum
For 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 Credila's branch network, cost/s associated with underwriting and servicing the loan, etc.

Loan Disbursement

The loan amount will be disbursed in Indian Rupees
Credila will disburse the tuition fee to the educational institute either directly or through an authorized services
The tuition fee will be disbursed in instalment as per the requirement of the specific educational institute
The loan amount related to other expenses will be disbursed in instalments spread over the duration of the study as per Credila's underwriting norms as applicable from time to time

Loan Re-payment Terms

Loan interest re-payment will start immediately after disbursement of the first instalment of the loan
Tenure of an education loan consists of Duration of Study + Grace Period after the Study + Repayment Period
Credila offers long tenure loans
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 Credila's credit and underwriting norms as applicable from time to time. However, 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)

Collateral

The following types of collateral are accepted

Residential Flat
Residential House
Non-Agricultural Land
A Fixed Deposit, assigned in favour of Credila

Education Loan Product Details

Education loan for students going to: