Prepayment of the Education Loan disbursed by Credila constitutes any premature repayment of the principal ahead of term by the borrower/s in addition to the regular monthly payments.
For all education loans that are sanctioned and disbursed to individual borrower(s) under Fixed & Variable Rate Loans (Combination Rate), prepayment charges shall be levied for the duration of the loan term as mentioned below:
- The borrower has the option to pay upto 25% of the financial year opening principal outstanding every financial year without any charges.
- Any amounts paid in excess of the 25% threshold shall attract prepayment charges at 2% of the amounts being so prepaid from any source.
- Refinance of the loan from any bank / financial institution by the borrower during this fixed rate period will attract a prepayment charge of 2% on the outstanding principal being prepaid.
Mode of making prepayment: -
- You can personally visit our nearest branch office
- You can email us at support@credila.com from your registered email ID
