Education Loan Product Details

Who can apply for a loan?

Indians, planning for higher education in India, USA or Abroad.

What if I am applying to other countries too?

The product given under is for India. 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, USA or Abroad.
• 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

• 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.

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.

Rate Of Interest

• Rate of interest will be floating rate of interest linked to Credila’s Benchmark Lending Rate (CBLR)
• Floating rate of interest to be (Credila’s CBLR + Spread)% per annum
• Credila’s Current CBLR is 12.55% per annum (subject to change from time to time)
• 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 Re-payment Terms

• 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
• 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 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)

Education Loan Application Process

Supporting Documents Required

Following are the supporting documents needed to apply for education loan:

1. Fully Completed and Signed Application Form

To Download Loan Application Form in PDF Format Click Here

3. Photo ID - Applicant and Co-Applicant (Any one of the following)

• Permanent Account Number (PAN) Card
• Voter’s ID Card
• Passport
• Driving License
• Aadhaar Card

5. Academic Documents of Student

• Marksheet/Certificate of 12th Exam
• Marksheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.
• Marksheet of Any Entrance Exam Taken e.g. CAT, CET, GRE, GMAT, IELTS, TOEFL, etc. (If applicable)
• Scholarship Documents (if applicable)

6. Proof Of Admission (If available)

Printed Admission Letter From the Institute on its Letterhead With Institute’s Address

7. Last 8 Months Bank Statements of Co-Applicant.

(If more than one bank account, provide copies of all)
Make sure to include the bank statements of the Bank Account where Salary or Business/
Professional receipts are credited every month.

9. If, Collateral - Immovable Property (Flat, House, Non-Agriculture Land) (All the Relevant Documents from the Following List)

• Property Title Deed
• 7 / 12 extracts in case of land
• Registered Sale Agreement Along With Society Share Certificate
• Original Registration receipt for the above agreement
• Allotment Letter By Municipal Corporation / Authorized Govt. Authority Like MHADA, CIDCO, etc. Please add HUDA, DDA, JDA, GIDC etc
• Previous Chain of Sale Deed establishing title
• Latest Maintenance bill alongwith Receipts issued by builder/ society,
• Latest Property tax bill alongwith receipts,
• NOC for mortgage from society/builder,
• Approved building plan
• Encumbrance certificates as on date etc

Note: Other than original completed application form, Please DO NOT provide any original supporting documents to Credila at the time of applying for loan. All the copies of the above provided documents should be self-attested.