{"id":15694,"date":"2024-10-18T11:03:13","date_gmt":"2024-10-18T05:33:13","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=15694"},"modified":"2025-08-02T15:50:29","modified_gmt":"2025-08-02T10:20:29","slug":"credila-vs-idfc-first-bank","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/credila-vs-idfc-first-bank\/","title":{"rendered":"Credila vs IDFC First Bank"},"content":{"rendered":"\n<p>Credila and IDFC First Bank are the most favoured lenders for an education loan, especially for abroad studies. Both of them offer higher loan amounts, attractive interest rates, affordable processing fees, and flexible repayment tenure. You can apply for your preferred courses in your ideal country. With all these advantages, deciding the best education loan provider for you can seem challenging. To know the best option between Credila and IDFC First Bank, read this blog.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-difference-between-education-loans-from-credila-and-idfc-first-bank\" data-level=\"2\">Difference between Education Loans from Credila and IDFC First Bank<\/a><\/li><li><a href=\"#h-credila-vs-idfc-first-bank-the-best-education-loan-provider\" data-level=\"2\">Credila vs IDFC First Bank: The Best Education Loan Provider?<\/a><\/li><li><a href=\"#h-overview-of-credila-education-loan\" data-level=\"2\">Overview of Credila Education Loan<\/a><\/li><li><a href=\"#h-overview-of-idfc-first-bank-education-loan\" data-level=\"2\">Overview of IDFC First Bank Education Loan<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-difference-between-education-loans-from-credila-and-idfc-first-bank\"><span id=\"difference-between-education-loans-from-credila-and-idfc-first-bank\">Difference between Education Loans from Credila and IDFC First Bank<\/span><\/h2>\n\n\n\n<p>Both the lenders, Credila and IDFC First Bank, offer multiple benefits when taking an education loan from them. Both provide an easy online application process and minimal documentation. The eligibility criteria are also simple. Let\u2019s compare various factors, including interest rates, loan amounts, processing fees, repayment terms, and additional features.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Features<\/strong><\/td><td><strong>Credila<\/strong><\/td><td><strong>IDFC First Bank<\/strong><\/td><\/tr><tr><td>Loan Amount<\/td><td>No Upper Limit on secured loans<\/td><td>Up to INR 2 crores with collateral and up to INR 75 lakhs without collateral<\/td><\/tr><tr><td>Interest Rate<\/td><td>9.75%* p.a. onwards<\/td><td>9.50% p.a onwards<\/td><\/tr><tr><td>Processing Fee<\/td><td>All approved top-notch courses from a foreign university<\/td><td>Up to 1.5% of the loan amount<\/td><\/tr><tr><td>Loan Tenure<\/td><td>Up to 15 years (including study and grace period)<\/td><td>Up to 15 years (including study and grace period)<\/td><\/tr><tr><td>Margin Money<\/td><td>NIL<\/td><td>5 to 15% of the loan amount<\/td><\/tr><tr><td>Repayment During Study<\/td><td>Simple interest or partial interest options are available<\/td><td>Simple interest during the course duration<\/td><\/tr><tr><td>Coverage of Expenses<\/td><td>Covers tuition fees, living expenses, travel costs, exam fees, etc.<\/td><td>Covers tuition fees, accommodation, and other educational expenses<\/td><\/tr><tr><td>Eligible Courses<\/td><td>All approved top-notch courses from foreign university<\/td><td>Courses across graduation and post-graduation degrees, including full-time technical and professional courses and part-time executive, vocational, and diploma courses<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-credila-vs-idfc-first-bank-the-best-education-loan-provider\"><span id=\"credila-vs-idfc-first-bank-the-best-education-loan-provider\">Credila vs IDFC First Bank: The Best Education Loan Provider?<\/span><\/h2>\n\n\n\n<p>Choosing between Credila and IDFC First Bank depends on individual circumstances such as the desired loan amount, the importance of interest rates, and specific financial needs.<\/p>\n\n\n\n<p>For students prioritizing lower interest rates and processing fees, <strong>IDFC First Bank<\/strong> may be the better option. Besides, the bank offers more guidance related to study abroad matters with their First UNI app. However, for those seeking tailored solutions and extensive coverage of educational expenses, <strong>Credila<\/strong> could be more beneficial. Their disbursement process is extremely smooth, ensuring hassle-free transfers.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Interest Rates:<\/strong> Credila&#8217;s interest rates are higher compared to IDFC First Bank, which may be a significant factor for students concerned about long-term repayment costs.<\/li>\n\n\n\n<li><strong>Loan Amounts:<\/strong> Both providers offer substantial loan amounts, but Credila allows for higher limits when collateral is provided.<\/li>\n\n\n\n<li><strong>Processing Fees:<\/strong> Credila has a more transparent fee structure with lower processing fees compared to IDFC First Bank education loans.<\/li>\n\n\n\n<li><strong>Repayment Flexibility:<\/strong> Both institutions offer flexible repayment options, but Credila&#8217;s customized solutions may appeal more to students with specific needs.<\/li>\n\n\n\n<li><strong>Coverage of Expenses:<\/strong> Both lenders cover a wide range of educational expenses, making them suitable for comprehensive financial support during studies abroad.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-overview-of-credila-education-loan\"><span id=\"overview-of-credila-education-loan\">Overview of Credila Education Loan<\/span><\/h2>\n\n\n\n<p>Credila is an NBFC (full-form- Non-Banking Financial Company) in India offering education loans to aspiring students. You can apply for loans for higher studies in more than 64 countries and 5000+ colleges. It covers 100% of costs, including tuition fees and living expenses.<\/p>\n\n\n\n<p>You must have confirmed admission to the university abroad before the disbursement of the loan amount. The loan amount is disbursed directly to the university in instalments as per the semester fee requirements. You can avail of tax benefits on interest paid on education loans under Section 80E of the Income Tax Act.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/fly.finance\/blog\/education-loan\/credila-education-loan-to-study-abroad\/\"><strong>education loan from Credila<\/strong><\/a> can be repaid in up to 15 years. The repayment tenure is considered as the Duration of Study + Grace Period after the Study + Repayment Period. <a href=\"https:\/\/fly.finance\/blog\/education-loan\/credila-education-loan-repayment\/\"><strong>Credila education loan repayment<\/strong><\/a> is done via EMIs, which are deducted using the ECS (Electronic Clearing Service) directly from the bank account of the borrower.<\/p>\n\n\n\n<p>Unlike other lenders, Credila does not require margin money for education loans. You can apply online. Their easy application process and minimal documentation ensure a hassle-free process with no hidden charges.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Check here all the major details about <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/prodigy-finance-education-loan\/\"><strong>Prodigy Finance Education Loan to Study Abroad<\/strong><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-overview-of-idfc-first-bank-education-loan\"><span id=\"overview-of-idfc-first-bank-education-loan\">Overview of IDFC First Bank Education Loan<\/span><\/h2>\n\n\n\n<p>IDFC First Bank is a private bank in India that offers personalised education loans based on students\u2019 needs and requirements. The loans are available for 30,000+ courses across 4,000+ universities globally.<\/p>\n\n\n\n<p>The interest rates on IDFC First Bank education loans are competitive. If you have<\/p>\n\n\n\n<p>\u00a0An existing education loan from another lender, IDFC First Bank, allows a transfer of such loans at 1% lower interest rates. The loan can easily be repaid in 15 years if you follow an effective plan for <a href=\"https:\/\/fly.finance\/blog\/education-loan\/idfc-first-bank-emi-payment-for-education-loans\/\"><strong>IDFC First Bank EMI payment for education loans<\/strong><\/a>.<\/p>\n\n\n\n<p>The loan covers travel expenses, purchase of laptop\/books\/uniform, insurance costs etc. Besides, you can benefit from the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/\"><strong>income tax rebate on education <\/strong><\/a>loans under Section 80E. You can easily apply online and offline.<\/p>\n\n\n\n<p>The best part of taking an education loan from IDFC First Bank is the access to their First UNI app which provides significant support. You can explore colleges, courses, and scholarships across countries along with SOP writing and resume-building counselling.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Planning to pursue a career in medicine and surgery abroad? Check here all about <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-for-mbbs\/\"><strong>Education Loan for MBBS<\/strong><\/a>.<\/p>\n\n\n\n<p>This was all about comparing education loans from Credila and IDFC First Bank. It&#8217;s advisable for students to carefully evaluate their requirements and consider the given factors to choose the lender that suits their financial needs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1729228072486\"><strong class=\"schema-faq-question\">What is the maximum loan amount offered by Credila and IDFC First Bank for education loans?<\/strong> <p class=\"schema-faq-answer\">Credila offers secured loans with no upper limit and up to 100 %(loan amount depends on academic performance, future earning potential, and with co-applicant&#8217;s financial stability) for unsecured loans, while IDFC First Bank provides up to INR 2 crores with collateral and INR 75 lakh without collateral.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1729228080364\"><strong class=\"schema-faq-question\">How do the interest rates compare between Credila and IDFC First Bank education loans?<\/strong> <p class=\"schema-faq-answer\">Credila&#8217;s interest rates start from 9.75% p.a., while IDFC First Bank&#8217;s rates start from 9.59% p.a., making IDFC First Bank generally more competitive.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1729228091838\"><strong class=\"schema-faq-question\">Do Credila and IDFC First Bank charge processing fees on education loans to study abroad?<\/strong> <p class=\"schema-faq-answer\">Credila charges up to 1.25% + GST of the loan amount, while IDFC First Bank&#8217;s processing fee is 1.5% of the loan amount.<\/p> <\/div> <\/div>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background has-fixed-layout\"><tbody><tr><td colspan=\"2\"><strong>Additional Reads<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/credila-vs-union-bank-education-loan\/\"><strong>Credila Vs Union Bank Education Loan<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/sbi-education-loan-vs-bob-education-loan\/\"><strong>SBI Education Loan Vs BoB Education Loan<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/hdfc-education-loan-vs-saraswat-bank-education-loan\/\"><strong>HDFC Education Loan Vs Saraswat Bank Education Loan<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/ubi-education-loan-vs-yes-bank-education-loan\/\"><strong>UBI Education Loan Vs Yes Bank Education Loan<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/credila-education-loan-processing-time\/\"><strong>Credila Education Loan Processing Time<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/documents-required-credila-education-loan\/\"><strong>Credila Education Loan Documents Required<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/secured-vs-unsecured-education-loan\/\"><strong>Secured vs. Unsecured Education Loan<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/forex-card\/idfc-first-bank-forex-card\/\"><strong>IDFC First Bank Forex Card<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/idfc-first-bank-education-loan-disbursement\/\"><strong>IDFC First Bank Education Loan Disbursement<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/idfc-first-bank-loan-transfer\/\"><strong>IDFC First Bank Loan Transfer<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Follow Us on Social Media <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-social-links is-layout-flex 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12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Credila and IDFC First Bank are the most favoured lenders for an education loan, especially for abroad studies. Both of them offer higher loan amounts, attractive interest rates, affordable processing fees, and flexible repayment tenure. You can apply for your preferred courses in your ideal country. With all these advantages, deciding the best education loan &#8230; <a title=\"Credila vs IDFC First Bank\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/credila-vs-idfc-first-bank\/\" aria-label=\"Read more about Credila vs IDFC First Bank\">Read more<\/a><\/p>\n","protected":false},"author":29,"featured_media":20468,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-15694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Credila vs IDFC First Bank<\/title>\n<meta name=\"description\" content=\"Read this blog to compare education loans from Credila vs IDFC First Bank. 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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.","sameAs":["https:\/\/www.facebook.com\/shubhika.garg\/","https:\/\/www.instagram.com\/shubhika.garg\/","https:\/\/www.linkedin.com\/in\/shubhikagarg71\/","https:\/\/www.tumblr.com\/blog\/shubhikahere"],"url":"https:\/\/fly.finance\/blog\/author\/shubhika\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/credila-vs-idfc-first-bank\/#faq-question-1729228072486","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/credila-vs-idfc-first-bank\/#faq-question-1729228072486","name":"What is the maximum loan amount offered by Credila and IDFC First Bank for education loans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Credila offers secured loans with no upper limit and up to 100 %(loan amount depends on academic performance, future earning potential, and with co-applicant's financial stability) for unsecured loans, while IDFC First Bank provides up to INR 2 crores with collateral and INR 75 lakh without collateral.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/credila-vs-idfc-first-bank\/#faq-question-1729228080364","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/credila-vs-idfc-first-bank\/#faq-question-1729228080364","name":"How do the interest rates compare between Credila and IDFC First Bank education loans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Credila's interest rates start from 9.75% p.a., while IDFC First Bank's rates start from 9.59% p.a., making IDFC First Bank generally more competitive.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/credila-vs-idfc-first-bank\/#faq-question-1729228091838","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/credila-vs-idfc-first-bank\/#faq-question-1729228091838","name":"Do Credila and IDFC First Bank charge processing fees on education loans to study abroad?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Credila charges up to 1.25% + GST of the loan amount, while IDFC First Bank's processing fee is 1.5% of the loan amount.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/15694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=15694"}],"version-history":[{"count":13,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/15694\/revisions"}],"predecessor-version":[{"id":20472,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/15694\/revisions\/20472"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/20468"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=15694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=15694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=15694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}