HDFC Credila Education Loan Processing Time

HDFC Credila Education Loan
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HDFC Credila 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. 

Let’s dive into the details of the processing, verification and approval time of HDFC Credila education loans to study abroad.

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.

Let us understand the education loan process while applying for loans with HDFC Credila.

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

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. 

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

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

How much time does HDFC Credila take to process the education loan?

HDFC Credila processing time is around 10-15 days during which the documents are verified. On successful verification, the loan is sanctioned and disbursed.

How can I apply for an HDFC Credila education loan?

Students can apply online to avail HDFC Credila education loan to study abroad. 

Does HDFC Credila charge a processing fee?

Yes, to process an HDFC Credila education loan, a processing fee of 0.5%-1% of the total loan amount is charged.

How much loan can I get from HDFC Credila?

Students can avail up to INR 75 lakhs of collateral-free loans with no upper limit on secured education loans to study abroad.

Is the HDFC Credila education loan interest rate fixed or floating?

The HDFC Credila rate of interest is floating which is between 10-15%p.a. The HDFC Credila interest rate is the sun of CBLR + Spread and the current CBLR is 13.30% p.a. 

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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About Shubhika Garg

Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.

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