HDFC Credila is one of the leading financial institutions renowned for its education loan solutions designed to fulfil the aspirations of students pursuing higher education abroad. With its flexible terms, competitive interest rates, and easy application process, HDFC Credila has become a preferred choice for students and their families. One of the major aspects of availing an HDFC Credila education loan is providing the necessary documentation. Let’s check what documents are required in order to get an education loan from HDFC Credila.
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What are the Documents Required for HDFC Credila Education Loan?
There are several documents required for an education loan from HDFC Credila. You need to submit academic, KYC and financial documents so that HDFC Credial can verify everything from your educational background to your monthly income. After verifying all the documents, the net eligible loan amount and repayment period. Check all the details regarding the required documents below:
Academic Documents
Just like other banks and financial institutions, HDFC Credila requires certain academic documents to assess the eligibility and academic background of the applicant. With these documents, it ensures that the student is good at academics. Major documents include:
- Mark sheets and certificates of the qualifying examinations (10th, 12th, and any other relevant degrees)
- Admission letter from the university (if available at the time of application)
- Scorecards of standardised tests such as SAT, ACT, GRE, GMAT, or language proficiency tests like IELTS, TOEFL, etc. (if applicable)
Also Read: Interest rate increased on education loan? Check out this blog and know all about Education Loan Refinancing
KYC Documents
Know Your Customer (KYC) documents are important for establishing the identity, address, and credibility of the applicant. It must contain the address, photograph and the details of the student. The id shall be a government-issued identity card. Check some of the common KYC documents:
- Passport
- Aadhaar Card
- Voter ID Card
- PAN Card
- Driver’s License
- Utility bills (electricity, water, gas) or rental agreement as proof of residence
Financial Documents
Financial documents are one of the major parts of the loan process as the loan amount and repayment period are determined considering the financial status of the applicant and co-applicant. After analysing these documents, the HDFC Credila disbursement process will be initiated. HDFC Credila assesses the financial stability of the applicant and co-applicants (if any) through the following documents:
- Income proof of the applicant and co-applicants (such as salary slips, income tax returns, bank statements, etc.)
- Statement of assets and liabilities
- Collateral documents (if applicable) including property documents, valuation certificates, NOC from the local authority, etc.
Additional Documents
Apart from the aforementioned documents, HDFC Credila may require supplementary documents depending on the specific requirements of the loan application. These may include:
- Passport-sized photographs of the applicant and co-applicants
- Statement of purpose (SOP) outlining the educational and career goals of the applicant (for certain courses or institutions)
- Any other documents as requested by HDFC Credila to support the loan application
Also Read: Looking for a collateral-free education loan? Check all about Yes Bank Education Loan without Collateral
How to Submit the Documents?
All the documents must be self-attested and authentic. In the case of scorecards, the copies shall be attested by a gazetted officer of the central or state government. HDFC Credila offers the convenience of both physical and digital submission of documents. Applicants can visit their nearest HDFC Credila branch to submit physical copies of the required documents. Alternatively, they can also upload scanned copies or digital photographs of the documents through HDFC Credila’s online portal.
Important Guidelines
Students and the co-applicant shall fill out the education loan application form carefully so that there shall not be any hindrances in loan processing. Keep the following guidelines in mind while dealing with education loans:
- Ensure that all documents are clear, legible, and duly attested wherever necessary.
- Avoid submitting forged or manipulated documents as it may lead to rejection of the loan application.
- Timely submission of documents is very important to expedite the loan processing and approval.
- Maintain a checklist of all required documents to ensure nothing is missed during the application process.
Availing an HDFC Credila education loan is a streamlined process, provided all requisite documents are submitted accurately and promptly. Always try to fill out the form and submit the documents properly without any mistakes so that the loan is sanctioned timely.
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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