Planning a study abroad adventure comes Education Loans with its own set of challenges, the primary being the affordability factor. A lot of expenses, including tuition fees, accommodation, and others have to be carefully charted out, as they tend to get magnified a thousandfold as compared to when you study in your home country. However, this can be significantly eased off by obtaining an education offered by several public and private institutions to make the required resources available and ensure a smooth study abroad experience for aspiring students igaony.
HDFC Credilla is one such institution. A pioneer in the niche, it offers customized education loans to aspiring students. It has many benefits, some of which we will list below to help you make the right choice.
Why Take a Student Loan?
It is not easy for every study abroad aspirant to be able to afford a quality higher education overseas, irrespective of the academic calibre they may hold. It requires a significant financial commitment and for the same, educational loans are made available to help students in paying for their expenses while studying abroad, including the tuition fees, course materials, accommodation, and more. It prevents them from constantly having to worry about the finances and provides them with a smooth educational journey abroad.
Education loans are not just signed up for by students with financial constraints, but also by students who want to be more independent and not put a burden on their parents. Either way, education loans are a great way to kickstart your educational journey worry-free.
It is one of the leading financial institutions that has pioneered the curation of customised education loans to fit varying student needs and make them more accessible to everyone, irrespective of their background and assets.
In this article, we will explore everything you need to know about HDFC Credilla education loans, from its types and eligibility criteria to the application process and repayment plans.
Types of Education Loans Offered by HDFC Credilla
HDFC Credilla Secured Education Loans
Students with collateral to offer must consider this loan option by Credilla. It is the most cost-effective choice as you enjoy lower interest rates on it. Upon failure to repay the loan, HDFC Credilla confiscates the submitted collateral (property, fixed deposits, etc).
HDFC Credilla Unsecured Education Loans
This kind of loan is taken up students without any collateral to offer. Note that unsecured education loans of HDFC Credilla have slightly higher rates and are granted on the student’s and co-signer’s creditworthiness.
Eligibility Criteria for HDFC Credilla Education Loans
There is a different eligibility criteria for each type of education loan offered, but some general requirements are –
- The applicant must be an Indian citizen.
- Proof of admission to a recognized educational institution in India or abroad.
- Proof of stable income and good credit history of the co-applicant.
- Optimal debt-to-income ratio.
Application Process of HDFC Credilla Education Loan
With documentation in order, you may follow these steps to apply for the HDFC Credilla education loan –
Step 1 – Research and choose the right loan from the options offered by HDFC Credilla. Consider interest rates, repayment terms, and other relevant details.
Step 2 – Check eligibility to confirm whether you meet the requirements for the selected loan.
Step 3 – Gather the required documents, such as including proof of identity, proof of address, admission letter from the educational institution, income proof for the co-applicant, and collateral documents if applicable.
Step 4 – You can either get the physical copy of the application form from an HDFC Credilla branch or download it from their website.
Step 5 – Apply by visiting an HDFC Credilla branch, or online through their website.
Step 6 – Wait for the verification and approval. Once approved, the loan amount and terms will be communicated to you.
Step 7 – On approval, the loan is disbursed directly to the educational institution or as needed for your educational expenses.
Repayment Options with HDFC Credilla
HDFC Credilla offers the following options for a comfortable repayment process –
Students are given some time to bag a job before they must start the repayment of their education loan. However, interest is still charged during the moratorium period.
Flexible EMI Options
Students can pick from the various EMI (Equated Monthly Installment) options in line with their financial capacity.
Income-based repayment options are offered for certain loan types. In these cases, the EMI is linked to your monthly income for added flexibility and comfort necessary during the initial years of employment.
Prepayment and Part-Payment
HDFC Credilla allows prepayment and part-payment of your loan without any additional charges to reduce the overall interest burden.
Benefits of HDFC Credilla Education Loans
Expertise in Education Loans
HDFC Credilla holds years of experience in the niche and therefore, possesses a deep understanding of the unique requirements and challenges faced by students and their families and caters solutions to suit these needs.
Competitive Interest Rates
HDFC Credilla’s competitive interest rates on its education loans make higher education more affordable.
Simplified Application Process
The application process for HDFC Credilla’s education loans is extremely simple and efficient.
Wide Range of Loan Products
A wide range of education loan options are offered to cater to different student needs and situations, such as secured and unsecured loans.
Personalized Customer Support
HDFC Credilla’s excellent customer support services help in easy navigation of the entire process, from application to repayment.