HDFC Credila is one of the leading private NBFCs in India. It offers education loans to study abroad at affordable interest rates and there is no upper limit for the maximum loan amount. HDFC Credila education loan disbursement process is done through online mode and the amount is transferred directly to the university account to cover tuition fees, accommodation costs etc. However, there are certain stages which the lender follows before making the disbursement. Read on to understand the loan disbursement process of HDFC Credila.
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About HDFC Credila Education Loan Disbursement
HDFC Credila education loan disbursement 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.
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Steps in the HDFC Credila Disbursement Process
- 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.
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. After the verification process, the lender will provide the borrower with an education loan sanction letter and then further steps will be initiated. Let’s understand all the steps in detail below:
Loan Application Submission
At first, the students are required to fill out and submit the education loan application form and submit the same to the lender. The loan application can be submitted online on the official website of HDFC Credila. After the submission of the application form, the lender will initiate the verification process and communicate with the borrower for further assistance.
Verification Process
The loan verification process involves the verification of all the documents of the student and the co-applicant and the details present in the application form. After successful verification of the application, the lender will release a loan sanction letter which can be submitted to the university as proof of funds.
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Education Loan Sanction Letter
An education loan sanction letter is released after the profile verification of the student. The sanction letter contains all the terms and conditions of the loan. Details like interest rate, repayment period, loan amount, etc are also mentioned in the letter. The university considers the loan sanction letter as evidence of financial assistance and provides an admission letter based on the same.
Loan Agreement and Disbursement
Read the terms and conditions outlined in the sanction letter. If it suits your requirements, then you can initiate the loan disbursement process. The bank will draft the loan agreement which you need to sign. However, after the loan sanction, you need to submit certain documents. After verifying all those documents, HDFC Credila will start the process of education loan disbursement.
Documents Required for Education Loan Disbursement
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
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 disburse the education loan within 15 working days from the date of receiving all necessary documents and completing the required formalities.
The students need to provide documents such as an admission letter, fee structure, mark sheets, income proof, and KYC documents. Make sure to submit all required documents as per the checklist provided by HDFC Credila.
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.
In case of any delay in the disbursement process, HDFC Credila recommends staying in touch with their customer service. They are committed to resolving issues promptly and keeping applicants informed about the status.
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?