HDFC Credila, a leading private NBFC in India, offers education loans for studying abroad with competitive interest rates and no upper limit on the loan amount. The HDFC Credila education loan disbursement process is entirely online, ensuring a hassle-free experience for students. The loan amount is directly transferred to the university’s account to cover tuition fees, accommodation expenses, and other educational costs.
Understanding the HDFC Credila Education Loan Disbursement Process is crucial for students and their families to ensure a smooth transition into this new phase of life. Read on to know about the HDFC Credila education loan disbursement process and documents required for smooth process.
Table of contents
- What is HDFC Credila Education Loan Disbursement?
- Steps in the HDFC Credila Disbursement Process
- Eligibility Criteria for HDFC Credila Education Loan Disbursement Process
- Documents Required for HDFC Credila Education Loan Disbursement Process
- Loan Sanction and Agreement for HDFC Credila Education Loan Disbursement Process
- Mode of Disbursement for HDFC Credila Education Loan
- FAQs on HDFC Credila Education Loan Disbursement Process
What is HDFC Credila Education Loan Disbursement?
HDFC Credila education loan disbursement process is done by the lender after verifying all the documents and other details mentioned in the application form. The disbursed amount covers tuition fees, accommodation costs, expenses for academic tours, lab fees, library fees, laptops for educational purposes, two-wheelers etc. Check some of the features of the HDFC Credila education loan below:
- The loan will be disbursed in multiple instalments in line with the semester fee.
- The students shall maintain their performance and secure good marks in the exam. The pending loan instalments may get cancelled if the student’s performance is poor.
- Always send a reminder for upcoming semester fees to the lender so that HDFC Credila can process the disbursement on time.
Also Read: Interest rate increased on education loan? Check out this blog and know all about Education Loan Refinancing
Steps in the HDFC Credila Disbursement Process
The HDFC Credila disbursement process is a critical phase, ensuring that funds are released appropriately to meet educational expenses. The below image shows the steps involved in the HDFC Credila disbursement process:
Let’s explore these steps involved in the HDFC Credila disbursement process in detail:
- Loan Application Submission: Students fill out and submit the education loan application online.
- Verification: HDFC Credila verifies all submitted documents and details in the application.
- Sanction Letter: After verification, a sanction letter is issued, outlining the loan amount and terms.
- Loan Agreement: Students must read and sign the loan agreement, agreeing to the terms.
- Document Submission for Disbursement: Required documents include admission letter, visa approval letter, air ticket, health and travel insurance details
- Disbursement Amount and Date: Students decide on the disbursement amount based on tuition and living expenses, as well as the date, which may depend on visa status or tuition payment deadlines.
- Mode of Payment: The loan amount can be disbursed directly to the educational institution or transferred to the student’s bank account.
- Completion of Formalities: After all documents are verified and signed, HDFC Credila processes the disbursement, typically within 15 working days.
Eligibility Criteria for HDFC Credila Education Loan Disbursement Process
HDFC Credila education loan process involves certain stages before the disbursement is done. The lender verifies all the details mentioned in the loan application form along with the documents. To qualify for an education loan from HDFC Credila, applicants must meet the following criteria:
- Academic Record: A consistent academic performance enhances loan approval chances.
- Nationality: The applicant and co-applicant(s) must be Indian citizens.
- Admission Status: Confirmed admission into a recognized institution in India or abroad is mandatory before loan disbursement.
- Co-applicant Requirement: A co-applicant, such as a parent, sibling, or spouse with a stable income, is required.
Also Read: Looking for a collateral-free education loan? Check all about Yes Bank Education Loan without Collateral
Documents Required for HDFC Credila Education Loan Disbursement Process
Other than the documents required for the HDFC Credila Education Loan, a set of documents are required disbursement process. This is to check whether the admission has been confirmed by the university and the borrower is set to depart. The students will be required to submit the following documents after the loan sanction:
- Copy of admission letter
- Copy of visa approval letter
- Air ticket
- Details of health and travel insurance
After the verification process, the lender will provide the borrower with an education loan sanction letter and then further steps will be initiated.
Loan Sanction and Agreement for HDFC Credila Education Loan Disbursement Process
Upon successful verification and credit assessment:
- Sanction Letter: A loan sanction letter is issued, detailing the approved loan amount, interest rate, tenure, and other terms.
- Acceptance: The applicant and co-applicant must sign the sanction letter to indicate acceptance.
- Loan Agreement: A formal loan agreement is executed, outlining the terms and conditions of the loan.
Mode of Disbursement for HDFC Credila Education Loan
HDFC Credila Education Loan funds are disbursed through various modes. Some amounts are credited to the borrower’s account, while others are transferred directly to the university’s account. Let’s check the modes of disbursement for HDFC Credila Education Loan.
- Tuition Fees: Transferred directly to the university’s account as per the fee schedule.
- Living Expenses: Credited to the student’s bank account to manage accommodation and other personal expenses.
- Other Expenses: Payments for items like books or equipment may be reimbursed upon submission of receipts.
This was all about the HDFC Credila Education Loan disbursement process. Always check the terms and conditions outlined in the sanction letter before initiating the loan disbursement.
FAQs on HDFC Credila Education Loan Disbursement Process
HDFC Credila typically disburses the education loan within 15 working days after receiving all required documents and completing the necessary formalities. To avoid delays, ensure all paperwork is submitted accurately.
To process the HDFC Credila education loan disbursement, students must submit essential documents such as:
Admission letter from the university
Fee structure provided by the institution
Academic records (mark sheets, certificates)
Income proof of co-applicant
KYC documents of both applicant and co-applicant
Any additional documents as per HDFC Credila’s checklist
Yes, HDFC Credila can disburse the education loan amount directly to the educational institution as per their disbursement policies. This ensures that the funds are used for academic expenses.
Yes, HDFC Credila offers flexibility in choosing the disbursement mode. You can opt for a full disbursement at the beginning of the academic year or partial disbursement as per the requirement, subject to approval and policies.
Students can apply for additional funds through further disbursements, which will be evaluated based on their academic performance and needs.
Yes, students can request to change the HDFC Credila disbursement date, subject to approval and documentation.
Yes, HDFC Credila offers a moratorium period that typically covers:
The study duration
An additional 12-month job search period before repayment begins
In case of a delay in the HDFC Credila education loan disbursement process, students should contact HDFC Credila’s customer service for assistance. They will provide updates and help resolve any issues promptly.
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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hello i have applied for education loan in hdfc credilia . I want to know that how many chances of approval of hdfc credilia?
Hi Biswmkwr
HDFC Credila usually sanctions education loans based on eligibility criteria. If you meet all the prescribed criteria and have submitted all the relevant documents, your loan will be approved within 24 hours. For more details and easy finance solutions like education loans from top banks, reach out to our experts at 1800572126 to help ease your education loan and other services.
Hi! I wanted to know how does the bank provide the accommodation money? do they give it in student’s bank account?