Many Indian students apply to universities in the UK for their higher education. For a usual Indian family, it is not possible to break the pot of their savings to finance exuberant high college fee. This is where study loan for abroad comes into picture. With the help of HDFC Credila Education Loan, students can cherish their dreams of higher education in UK’s prestigious universities. Here is everything you need to know about Credila education loan.
How to apply?Check your loan eligibility- You can get in touch with the bank executive at your nearest branch or contact us at Eduloans. We note all your requirements and let you know whether your profile is fit for loan eligibility from HDFC or not.
Upload your documents- You can upload your documents online at the HDFC official website, or submit it in-person at the nearest branch.
Processing or loan and approval- Once you have submitted your application along with documents, processing of your UK student loan for studying abroad begins. At this stage, all documents are verified and thoroughly checked. If everything seems fit, the loan is approved and sanctioned. If not, your loan can also be rejected.
Loan disbursal- If everything seems fine, the bank disburses your study loan for abroad amount.
Applicant must be Indian citizen. The co-borrower must also be an Indian national. Both the parties must have their valid bank accounts with any bank in India.
Before disbursement, the parties need to give a confirmed admission status for the student. Your admission letter to UK university of your choice must be submitted to the bank.
The co-borrower/applicant need to submit earning proof. The co-applicant can be either of the two parents, siblings, spouse, grandparents, first cousins, in-laws and paternal uncle or aunt.
UK student loan for studying abroad Credila features
| Features | Credila education loan details |
| Education Loan Amount | Minimum Loan Amount - INR 1 Lakh Maximum Loan Amount- INR 20 lakhs (can go up to Rs. 1 crore in certain cases) |
| Interest Rate | 11% to 12.5% |
| Processing Fee | 1 % to 1.25% of study loan for abroad amount |
| Margin Money | Nil |
| Loan Tenure | Up to 10 years |
| Prepayment Charges | Nil |
| Repayment Holiday | Only interest amount to be paid during moratorium period; EMI begins after course completion+6 months |
| Processing Time | Within a week after documentation completion |
| Payments During Study Period | Simple Interest |
| Countries Covered | UK, US, Australia, Singapore, Canada, Dubai, Ireland, Germany, France and more. |
Credila education loan gives you tax benefits. The tax benefits are given to students applying for UK student loan for studying abroad and more. The tax benefits drip down on interest that is paid for the education loan according to the section 80-E of Income Tax Act.
HDFC provides UK student loan for studying abroad through Credila. This loan by HDFC is also offered to aspirants applying for loan in more than 1000 universities across 35 different countries. With Eduloans, study loan for abroad gets faster clearance and has dedicated relationship managers to help you get the best HDFC Credila study abroad loans.
