Credila Educational Loan

Interest Rate starts from 13.00%
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Educational Loan From Credila

A quality and higher education always lays foundation for a better professional as well as personal life. When the quality education comes only at a cost, a loan can help you reach new horizons. ApnaLoanBazaar helps you simplifying the process of Education Loan with less paper work and expert guidance & support till the loan closure.
Interest Rate starts from
13.00 * %
Processing Fee
1.00% *
Loan Tenure
Upto 10 Years
Guarantor Requirement
Allowed
Part-Payment
Allowed
Pre-Closure Charges
Upto 2.00%

About Credila

Credila is India’s First Dedicated Education Loan Company, an HDFC Ltd. Subsidiary company, Credila Financial Services pioneered the concept of specialist Education Loan lender and became India’s First Dedicated Education Loan Company.

Credila has funded tens of thousands of students from India to over 2100+ unique educational institutes across 35+ countries

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FAQs About Credila Educational Loan

Who should opt for an education loan and why?

    Usually, middle-income group people apply for education loans. However, because of:

  • Rapidly rising costs of education
  • Income tax benefit under 80 E of IT act
  • Students wanting to take their own financial responsibilities to preserve the parents savings
  • build positive credit history
  • Even affluent families are going for education loan

How is the economic scenario affecting the loan market? Fewer loans to hand over or fewer loans to take?
  • With such a young population and one of the largest pool of students coupled with rising cost of education is only fueling the demand of education loans in India
Big schools abroad – their fees are sometime Rs 50 lakhs too.how do you think people should go about financing their education?

    We believe that going forward the education finance will largely consists of:

  • Self-finance – Using parents savings, liquid assets etc.
  • Scholarships & grants – Though in India the availability is quite limited, for meritorious students this may form a good chunk of the entire cost
  • Education Loans – Rising costs, to minimise financial burden on the aging parents and tax benefits are three major reasons why more and more students and families are opting for loans of education
What if the person has enough money in the bank? Is it advisable to take a loan or better that he uses his money?
  • Yes, they should avail loan even if they have money. The reasons are explained in earlier questions

Required Documentation For Educational Loans

  • Signed Application form
  • Two Passport Size Photos - Applicant and Co-Applicant
  • Photo ID - Applicant and Co-Applicant (Any one of the following)
  • Residence Proof - Applicant and Co-Applicant (Any one of the following)
  • Academic Documents of Student/div>
  • Proof Of Admission (If available)
  • Last 8 Months Bank Statements of Co-Applicant
  • Income Proof of Co-Applicant
  • Accepted Collateral documents

Photo ID - Applicant And Co-Applicant

  • PAN Card
  • Passport
  • Driving License
  • Voters ID
  • Employee ID
  • Photo ID issued by the Central Govt. or State Govt.
  • Bankers Verification/ Bank Passbook with photograph of account holder attested by bank

Residence Proof - Applicant And Co-Applicant

  • Passport With Address
  • Bank Statement With Address
  • Driver's License with Address
  • Utility Bill (Not older than 3 months))
  • Telephone Bill (Not older than 3 months)
  • Ration card
  • Latest LIC Premium Receipt (Not older than 3 months)
  • Leave and License Agreement supported with an address proof / utility bill in the name of the landlord
  • Voter's ID

Academic Documents Of Student

  • Marks sheet/Certificate of 12th Exam
  • Marks sheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.
  • Marks sheet of Any Entrance Exam Taken e.g. CAT, CET, etc. (If applicable)
  • GRE/GMAT/TOFEL/LETS, etc Mark sheets For US Applicant
  • Scholarship Documents (if applicable)

Proof Of Admission

  • Printed Admission Letter From the Institute on its Letterhead With Institute's Address
  • I-20 Form for the USA Applicant (If any)
  • 8 Months Bank Statements of Co-Applicant (If more than one bank account, provide copies of all)
  • Note: Make sure to include the bank statements of the Bank Account where Salary or Business or Professional receipts are credited every month.


Income Proof Of (In Case Of Salaried Employee All The Following)

  • Latest 3 Salary Slips or Salary Certificate on Employer's Letterhead
  • Last 2 year's Form 16 from Employer or Last 2 Year's Income Tax Returns
  • Any Other Income Proof That is Not Reflected in the Above Documents

Income Proof Of (In Case Of Self Employed Or Professional All The Following)

  • Last 2 Year's Income Tax Returns
  • Last 2 Year's Certified Financial Statements or Provisional Financial Statements

Income Proof Of (Duly Certified By CA)

  • Proof Of Office (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.)
  • Any Other Income Proof That is Not Reflected in the Above Documents

Collateral Documentation

  • Property Title Deed
  • Registered Sale Agreement Along With Society Share Certificate
  • Original Registration receipt for the above agreement
  • Allotment Letter By Municipal Corporation / Authorized Govt, Commencement Certificate from Municipal Corporation/Council.
  • 15 years or 30 years of Title Search (Previous Chain of Sale Deed establishing title) of the property.
  • Any other document as prescribed by our empanelled lawyers or chartered engineers from time to time

Educational Loan Can Be Used For Many Purposes Like Below

Higher Studies

For IIMs, IITs and ISB

For PG Diploma

Foreign Education

To Join in B Pharmacy or M Pharmacy

To Join in B.Tech or M Tech

University Education

Domestic (Indian) Education

About Educational Loans
Loan Eligibility
Guarantor/Co-Borrower Requirements
Basics Of Educational Loans
Repayment Of Educational Loans
Expert Advice