HDFC Credila is a pioneer in unsecured student loans for study abroad experience. The company was the first one to realise that a lot of students who are looking to study abroad do not have valid property to provide as collateral. It was the first one to base is unsecured offerings mainly on the student profile. HDFC Credila look at the following aspects while deciding to give an unsecured study abroad loan.
1.Student profile – the following aspects of the student profile are taken into consideration to provide an unsecured loan.
a) Current GPA - Credila looks at the current GPA of the student to provide him an unsecured loan.
B) Level of the Course - Credila provides unsecured loans to students looking to study at the Masters level. They do not provide unsecured loans to students were looking to study at undergraduate.
C) Competitive score – Credila looks very strongly at your GRE score in case you are looking to study abroad. They require you to have a minimum of 300+ in order to avail unsecured loans. In case you are looking at GMAT the score is 650+.
D) Course – HDFC Credila provides without collateral loan to students studying stem courses. By stem the mean studying science technology engineering and mathematics programmes in global universities. You are more likely to get an unsecured loan from HDFC Credila in case you are studying stem programs.
e) University of study – The better the university the higher chances are that you would be able to get an unsecured loan from HDFC Credila. They look at global rankings as well as course wise rankings to ascertain the university rank.
F) Country of study – every country has different rules with regard to stay back option for students studying in that country. HDFC Credila looks at each country differently. In case you're studying a similar course with a similar global University one student might get an unsecured loan whereas the other student might not qualify for the same loan. HDFC Credila is very strong for step focused US bound student
2. Co- Signor Profile - The second aspect which HDFC Credila looks to provide unsecured loan is the co-signer profile. HDFC ka only takes in the first of kin which means immediate parents or brothers sisters as valid co-signer for the credila education loan.
They do not consider passive income or rental income or pension income of the parent. Hence you are required to have multiple co-signer is to provide valid income to justify the loan.
The co-signer must have a Sybil score above 650 and valid IT returns for minimum last 2 to 3 years.
With these para metres in mind HDFC Credila has made education loan without collateral possible for international students. We at Eduloans work very closely with HDFC Credila and can look to provide you the best lowest interest rate without collateral. HDFC Credila currently is providing unsecured loans between 11.5 –12% which I believe is very competitive. Currently it has become 100% HDFC subsidiary which provides it a lot of access to capital and can be very cost competitive compared to other unsecured lenders such as ICICI/Axis bank.
