Service at your doorstep Preferential rates for top ranked universities / institutes Flexible Loan Terms
Huge tax benefit under Sec 80 E of Income Tax Act of India
Opportunity for students to take up responsibility and pay for education on their own
Preserve family savings (don’t break FDs, MFs etc and preserve funds for family contingency/emergencies)
EMI starts post course completion whereas through personal finance fee needs to be paid at the beginning of the course
Plan your finances in advance: Apply for a loan even before admission confirmation to avoid last minute running around for funds. Also, use the loan sanction letter as a proof of funds.
An education loan from Credila can also cover tuition fee, living expense, books, travel, laptop etc.
Build a good credit history (helps in taking loans etc in the future also)
Quick and convenient loan processing with door step service
Get tax benefits under Section 80(E) of Income Tax Act of India
Get Education Loan home delivered
Flexible choices of repayment terms
Loan up to 100% of educational expenses. No margin money required
Flexibility on collateral security
Loan sanction before admission
Multi city co-borrowers accepted
Web enabled billing and servicing
Doorstep service
Preferential rates for top ranked universities/institutes
You need to be a Indian resident
You should be aged between 16 - 35 years.
Collateral security may be required
Co-Applicant: Co-Applicant is required for all full time courses
Co-Applicant: Parents, spouse and siblings, father in-law, mother in-law, brother in-law, paternal/maternal uncle/aunt
Here is an exhaustive list of the documents that you will need for the Education Loan:
Category Applicant (Student)
Academic Institute Admission Letter with fee break-up: USA Applicant: I-20 Form and UK Applicant: CAS Letter
SSC, HSC, Graduation mark sheets and also mark sheet of any entrance exam like GRE/GMAT/TOFEL/IELTS
KYC(Know Your Customer) Age Proof
Signature Proof
Identity Proof
Residence Proof
Signature verification-Student/Co-Applicant like: PAN Card, Passport, Credila’s completed signature Authentication form Authenticate by Bank or 10th/12th or equivalent mark sheet with signature for student below 21 years.
Latest 3 salary slips carrying date of joining details
Latest 6 months Bank Statement of the Salary Account
Latest 1 Year’s form 16 from employer along with 1 year income tax return
Self Employed
Last 2 Year ITR with Computation of Income
Last 2 Years Audited Balance Sheet
Last 8 Months Bank Statement
Proof of Turnover (Latest Sales / Service Tax Return)
Self Employed - Professional
Last 2 Year ITR with Computation of Income
Last 2 Years Audited Balance Sheet / P& L
Last 8 Months Bank Statement
Proof of Qualification
Others Completed Application Form
Latest Photograph (Signed Across Any document for establishing relationship between student and the co-applicant viz. ration card, marriage certificate, birth certificate etc.
The report of audit, duly signed and verified by the chartered accountant is required to be given in such form and setting forth such particulars as prescribed by the Board. Rule 6G of IT Act provides that suchaudit report and particulars should be given in Forms No. 3CA/3CB asmay be applicable and the statement of particulars should be given inForm No.3CD.
Documentation (Post Sanction)
Documentation ( Post Sanction )
Is there any documentation required post the sanction of the loan?
Category
Applicant ( Student )
Loan Agreement
Completed Loan Agreement to be Signed by Applicant and Co-applicant *
Repayment Instructions
ECS
7 Security PDCs in case of ECS
* Stamp duty to be paid by the customer as per the relevant state laws.
Here are the documents you need to submit for subsequent disbursements:
Subsequent Disbursement Request letter from the applicant and Co-Applicant
University fee demand letter
Applicant’s academic progress report
Revised repayment instructions for ECS mode with 8 security cheques
Description of Charges Education Loan
Loan Processing Charges Up to 1.5%
Pre-payment charges If prepayment is made within 12 months from the date of Agreement: 4% of the Principal amount pre-paid, plus any applicable taxes thereon.
If prepayment is made after 12 months from the date of Agreement: 2% of the principal amount pre-paid plus applicable taxes thereon.
No Due Certificate / No Objection Certificate (NOC) Nil
Duplicate of No Dues Certificate/NOC Nil
Solvency Certificate Not applicable
Charges for late payment of EMI @ 2 % per month of instalment ( MI/PMII)+ applicable taxes thereon
Credit assessment charges Not applicable
Non standard repayment charges Not applicable
Cheque swapping charges Up to Rs.500/- per swap instance plus applicable taxes thereon
Bounce Cheque Charges Up to Rs. 400/- per bouncing
Legal / incidental charges At actual
Stamp Duty and other statutory charges As per applicable laws of the state
Loan cancellation charges 1% of the unveiled sanctioned loan amount + applicable any taxes thereon
*Terms & conditions apply and may change conditionally.
Charges which are in nature of fees are inclusive of service tax
Have questions?
Which course related expense does this loan cover (Education Loans For Foreign Education)?
Apart from the basic course fee payable to the institution where you decide to study, the following expenses will be covered under the loan:
View more
What is the maximum loan amount I can get for studies abroad?
To study abroad, the maximum loan amount you can get is up to Rs. 20 lakhs.
Which courses can I take an education loan for (Education Loans For Foreign Education)?
You can take a Education Loan for foreign education on the following courses:
View more
How do I know if I am eligible for an Education Loan for Foreign education?
If you are an Indian resident/citizen, have got admission for a job oriented professsional / technical courses offered by reputed unviersities, MBA, MCA, MS, etc, Degree / diploma courses like aeronautical, shipping, etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India / abroad.
Is there a need of a co-applicant while applying Educational Loan
Yes, a co-applicant is required for all Full-Time courses .
Primary Co-Applicants –Parents, Spouse, Siblings
Secondary Co-Applicants- Father-In Law, Mother-In-Law, Brother-In-Law,Paternal/Maternal Uncle/Aunt
Thanks and source :HDFC Bank.
Visit For More Details
Why take an Education Loan from HDFC Bank?
Huge tax benefit under Sec 80 E of Income Tax Act of India
Opportunity for students to take up responsibility and pay for education on their own
Preserve family savings (don’t break FDs, MFs etc and preserve funds for family contingency/emergencies)
EMI starts post course completion whereas through personal finance fee needs to be paid at the beginning of the course
Plan your finances in advance: Apply for a loan even before admission confirmation to avoid last minute running around for funds. Also, use the loan sanction letter as a proof of funds.
An education loan from Credila can also cover tuition fee, living expense, books, travel, laptop etc.
Build a good credit history (helps in taking loans etc in the future also)
Quick and convenient loan processing with door step service
Features of Educational Loan
Get tax benefits under Section 80(E) of Income Tax Act of India
Get Education Loan home delivered
Flexible choices of repayment terms
Loan up to 100% of educational expenses. No margin money required
Flexibility on collateral security
Loan sanction before admission
Multi city co-borrowers accepted
Web enabled billing and servicing
Doorstep service
Preferential rates for top ranked universities/institutes
What are the eligibility criteria for securing an Education Loan from Credila?
You need to be a Indian resident
You should be aged between 16 - 35 years.
Collateral security may be required
Co-Applicant: Co-Applicant is required for all full time courses
Co-Applicant: Parents, spouse and siblings, father in-law, mother in-law, brother in-law, paternal/maternal uncle/aunt
Here is an exhaustive list of the documents that you will need for the Education Loan:
Category Applicant (Student)
Academic Institute Admission Letter with fee break-up: USA Applicant: I-20 Form and UK Applicant: CAS Letter
SSC, HSC, Graduation mark sheets and also mark sheet of any entrance exam like GRE/GMAT/TOFEL/IELTS
KYC(Know Your Customer) Age Proof
Signature Proof
Identity Proof
Residence Proof
Signature verification-Student/Co-Applicant like: PAN Card, Passport, Credila’s completed signature Authentication form Authenticate by Bank or 10th/12th or equivalent mark sheet with signature for student below 21 years.
Income Documents Salaried
Latest 3 salary slips carrying date of joining details
Latest 6 months Bank Statement of the Salary Account
Latest 1 Year’s form 16 from employer along with 1 year income tax return
Self Employed
Last 2 Year ITR with Computation of Income
Last 2 Years Audited Balance Sheet
Last 8 Months Bank Statement
Proof of Turnover (Latest Sales / Service Tax Return)
Self Employed - Professional
Last 2 Year ITR with Computation of Income
Last 2 Years Audited Balance Sheet / P& L
Last 8 Months Bank Statement
Proof of Qualification
Others Completed Application Form
Latest Photograph (Signed Across Any document for establishing relationship between student and the co-applicant viz. ration card, marriage certificate, birth certificate etc.
The report of audit, duly signed and verified by the chartered accountant is required to be given in such form and setting forth such particulars as prescribed by the Board. Rule 6G of IT Act provides that suchaudit report and particulars should be given in Forms No. 3CA/3CB asmay be applicable and the statement of particulars should be given inForm No.3CD.
Documentation (Post Sanction)
Documentation ( Post Sanction )
Is there any documentation required post the sanction of the loan?
Category
Applicant ( Student )
Loan Agreement
Completed Loan Agreement to be Signed by Applicant and Co-applicant *
Repayment Instructions
ECS
7 Security PDCs in case of ECS
* Stamp duty to be paid by the customer as per the relevant state laws.
Here are the documents you need to submit for subsequent disbursements:
Subsequent Disbursement Request letter from the applicant and Co-Applicant
University fee demand letter
Applicant’s academic progress report
Revised repayment instructions for ECS mode with 8 security cheques
Education Loan for abroad education interest rates and charges
Description of Charges Education Loan
Loan Processing Charges Up to 1.5%
Pre-payment charges If prepayment is made within 12 months from the date of Agreement: 4% of the Principal amount pre-paid, plus any applicable taxes thereon.
If prepayment is made after 12 months from the date of Agreement: 2% of the principal amount pre-paid plus applicable taxes thereon.
No Due Certificate / No Objection Certificate (NOC) Nil
Duplicate of No Dues Certificate/NOC Nil
Solvency Certificate Not applicable
Charges for late payment of EMI @ 2 % per month of instalment ( MI/PMII)+ applicable taxes thereon
Credit assessment charges Not applicable
Non standard repayment charges Not applicable
Cheque swapping charges Up to Rs.500/- per swap instance plus applicable taxes thereon
Bounce Cheque Charges Up to Rs. 400/- per bouncing
Legal / incidental charges At actual
Stamp Duty and other statutory charges As per applicable laws of the state
Loan cancellation charges 1% of the unveiled sanctioned loan amount + applicable any taxes thereon
*Terms & conditions apply and may change conditionally.
Charges which are in nature of fees are inclusive of service tax
Have questions?
Which course related expense does this loan cover (Education Loans For Foreign Education)?
Apart from the basic course fee payable to the institution where you decide to study, the following expenses will be covered under the loan:
View more
What is the maximum loan amount I can get for studies abroad?
To study abroad, the maximum loan amount you can get is up to Rs. 20 lakhs.
Which courses can I take an education loan for (Education Loans For Foreign Education)?
You can take a Education Loan for foreign education on the following courses:
View more
How do I know if I am eligible for an Education Loan for Foreign education?
If you are an Indian resident/citizen, have got admission for a job oriented professsional / technical courses offered by reputed unviersities, MBA, MCA, MS, etc, Degree / diploma courses like aeronautical, shipping, etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India / abroad.
Is there a need of a co-applicant while applying Educational Loan
Yes, a co-applicant is required for all Full-Time courses .
Primary Co-Applicants –Parents, Spouse, Siblings
Secondary Co-Applicants- Father-In Law, Mother-In-Law, Brother-In-Law,Paternal/Maternal Uncle/Aunt
Thanks and source :HDFC Bank.
Visit For More Details
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