HDFC Credila education loan processing time is less as compared to other banks. It is one of the most popular and leading NBFCs in India. It provides financing to aspiring students for studies in more than 61 countries and 4500 institutions. Aspiring students who wish to pursue graduate and postgraduate studies can avail of HDFC Credila education loans to study abroad. Students can avail up to INR 75 lakhs of collateral-free loans with no upper limit on secured education loans to study abroad. HDFC Credila education loan processing time is around 10-15 days.
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HDFC Credila Processing Time
The processing time of HDFC Credila education loans to study abroad depends upon various factors like mode of application, application process and verification, documents verification and much more. Unlike other banks and NBFCs, HDFC Credila takes 10-15 days to process the educational loan.
To ensure quicker HDFC Credila education loan processing time, applicants must fill out the application form carefully and make no mistakes. Do not miss out on submitting the required documents for the loan and ensure that they are valid and authentic.
Also Read: Did you know the education loan interest rate fluctuates in line with Inflation? Check this blog and understand Inflation and its Effects on Education Loan
Time Taken in HDFC Credila Education Loan Application Process
The HDFC Credila education loan application process is quick and hassle-free. Students can apply for the same through online mode. You are required to submit the list of documents which includes proof of admission from the university, academic mark sheets, course fee structure, income statement, and identification proofs.
- The bank will start the verification process once the application form and documents are submitted.
- You need to appear for a basic interview and know the details of the course and university chosen.
Time Taken in Document Verification
During this important step, the bank verifies the documents submitted and checks if the student qualifies for the eligibility criteria. The documents are verified in compliance with their guidelines by considering various factors like originality, authenticity, and validity.
The bank might ask for additional documents and clarifications wherever required. Students are expected to avoid unnecessary delays and coordinate with HDFC Credila for quicker loan approval.
Loan Sanction and Disbursement Time
It might take around 15 days for an education loan sanction from HDFC Credila as loan sanction begins after document verification is completed. The banks sanction the loan based on the documents submitted for study abroad expenses (fee structure, accommodation expenses, travel expenses and other related expenses). It is also determined based on the income-proof documents submitted by the applicant.
On identifying the important details like loan amount, interest rates, and repayment period, HDFC Credila communicates these details to the borrower. Once the loan has been sanctioned and the bank has promised to fund the higher education loan, it gives a promissory note which needs to be signed.
- HDFC Credila education loan disbursement process is initiated when the student submits documents related to the amount of disbursement, date of disbursement, and the mode of disbursement.
- The education loan amount is disbursed directly to the university’s account on the student’s behalf.
- In some cases, off-campus accommodation expenses are transferred to the student’s account.
Also Read: Are you aware of the effects of inflation? Check here all the details on inflation and its effect on education loan
FAQs on HDFC Credila Processing Time
HDFC Credila takes approximately 10-15 days to process education loans for study abroad, which is faster than many other banks and NBFCs.
Students can apply online by submitting the required documents, including proof of admission, academic mark sheets, income statements, and identification proofs.
Students can avail up to INR 75 lakhs as a collateral-free loan, with no upper limit on secured education loans.
Required documents include admission proof, course fee structure, academic records, income statements, and identification proofs.
The bank verifies the authenticity, validity, and originality of the submitted documents and may request additional clarifications if needed.
Yes, applicants may need to attend a basic interview to discuss details about their chosen course and university.
Loan sanction generally takes around 15 days after the document verification process is completed.
The loan covers tuition fees, accommodation, travel expenses, and other related costs associated with studying abroad.
The loan amount is usually disbursed directly to the university’s account. For off-campus accommodation, funds may be transferred to the student’s account.
Applicants should ensure the application form is error-free, submit valid and complete documents, and coordinate promptly with HDFC Credila.
This was all about HDFC processing time which is between 10-15 days. After this period, the loan is sanctioned subject to the fulfilment of eligibility criteria and terms and conditions.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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