Credila is one of the most popular NBFCs in India. It provides education loans to study abroad for undergraduate and postgraduate courses in reputed universities. Credila education loan for overseas studies can be secured at an interest rate starting from 9.75%. The students can get collateral-free education loans of up to INR 80 lakhs from Credila. Check all the major features, eligibility criteria, application process, and more about Credila study abroad loans below.
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Credila Education Loan to Study Abroad
The students can get Credila education loans to study abroad at affordable interest rates ranging from 9% to 14%. The loan covers up to 100% of the expenses, including cost of living and accommodation expenses. The bank also covers expenses for travelling, examination fees, library/laboratory fees, purchase of books, etc. Check some of the major features of education loans from Credila in the table below:
| Particulars | Details |
| Name of the NBFC | Credila |
| Rate of Interest | 10.5% to 14% |
| Eligible Courses | All approved top-notch courses from foreign university |
| Eligibility Criteria | Indian nationals above 18 years of age Must have secured admission to a university abroad Co-applicant must have a bank account with cheque writing facilities |
| Maximum Loan Amount | Not Specified, depends on the the requirement |
| Repayment Period | 12 years |
How to Apply for a Credila Education Loan?
Students can apply for a Credila education loan online on their official website. The loan application and the documents can be submitted online. The bank will communicate with you at the contact details that you mentioned in the application. Check the steps involved in applying for Credila Education Loan:
- Visit the official website of Credila
- On the home page, click on ‘Click to Apply’
- The next page will be the detailed loan application form
- Fill out the form and upload the supporting documents
- Click on the ‘submit’ button and wait for verification
- The bank will contact you for further instructions after verifying the details
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Documents Required for Credila Student Loan
There are certain documents that are required to be submitted for processing the loan. Credila will ask for documents like scorecards, collaterals, address proof, etc. The documents of the co-applicant are also essential for the education loan from Credila. Check the complete list of documents required for an education loan below:
| Documents | Applicant | Co-applicant |
| Admission Letter | Yes | NO |
| Aadhaar Card/Driving License | Yes | Yes |
| Visa Approval Letter | Yes | NO |
| Scorecard of last qualifying Exam | Yes | NO |
| Income Proof | NO | Yes |
| Collateral | NO | Yes |
| Address Proof | Yes | Yes |
| Document showing the relationship of applicant and co-applicant | Yes | Yes |
| Tax Returns | NO | Yes |
| Last 6 months’ bank statement | NO | Yes |
| Last 3 months’ salary slip | NO | Yes |
Eligibility Criteria for Education Loan
There are certain eligibility criteria prescribed by Credila in order to get an education loan to study abroad. The students who want to get the loan must check the eligibility criteria before applying for the loan. If the loan gets rejected at a later stage due to eligibility criteria, it may impact the credit score negatively, as your report will reflect that an inquiry for a loan has been made. Check the details of Credila Education loan eligibility criteria below:
Eligibility Criteria for Students
Check the eligibility criteria for students or applicants below:
- The student must be an Indian citizen above 18 years of age
- The student must have a confirmed admission to a university abroad before education loan disbursement
- The visa must have been approved prior to the loan disbursement
- The student must pursue a job-oriented course from an approved university
Also Read: Travelling to New Zealand for studies? Check here all about best banks in New Zealand for International Students
Eligibility Criteria for Co-applicant
Check the eligibility criteria for co-applicants below:
- The co‐applicant may be any of the relatives among the father, mother, brother, sister (married), and spouse
- The co‐applicant shall provide a document that can establish the relationship with the student
- In the case of a secured education loan, if the collateral is not mortgaged by the above-mentioned relatives, then the collateral could be provided by one of the relatives among father‐in‐law, mother‐in‐law, sister‐in‐law, brother‐in‐law, maternal or paternal uncle or aunt, grandparents, and first cousins
Credila Education Loan Interest Rate
The interest rate on education loans is determined by the repo rate fixed by the Reserve Bank of India (RBI) and the spread fixed by the bank or financial institution over the repo or EBLR/CBLR/RLLR. All these are the benchmark lending rates determined by the bank according to the RBI guidelines on education loans. At present, Credila is offering education loans to study abroad at an interest rate starting from 13.80%. Check more details below:
- Credila education loan interest rate will be the floating rate of interest, and it will be linked to Credila’s Benchmark Lending Rate (CBLR)
- The floating rate of interest will be calculated based on Credila’s CBLR + Spread)% per annum
- The spread will be determined based on various factors such as the student’s academic background, chances of a job after the course selected, country of study, the income of the co-applicant, credit history, collateral, etc,.
FAQs on Credila Education Loan
There is no upper limit on the education loan from Credila. It depends on the requirements of the student and the selected course and university.
Credila offers a maximum repayment period of 12 years. However, you should choose a short repayment period as this will attract low interest and make your loan cheaper.
Yes. If your repayment capability and monthly income satisfy Credila’s lending policy, then it will sanction INR 50 lakh or even more.
You can apply for a Credila student loan online on the official website of this NBFC.
Documents like an admission letter, visa approval letter, income proof, salary slips, etc, will be required for an educational loan from Credila.
This was all the major information on Credila’s education loan to study abroad. Always go through the entire terms and conditions and the schedule of charges before proceeding with the education loan application. 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.
