HDFC Credila’s unsecured education loans go beyond just covering tuition fees. The comprehensive coverage extends to living expenses, travel costs, examination fees, and various other related expenses associated with studying abroad. This holistic approach ensures that students can focus on their education without the burden of financial stress.
The only NBFC in India that provides education loan tax benefits under Section 80E is HDFC Credila. For a maximum of eight years, beginning in the year the loan’s repayment commences, individuals may deduct interest paid on education loans under Section 80E of the Income Tax Act. It is possible to deduct the interest paid on the loan. It is crucial to remember that the Section 80E tax benefit only applies to the interest, not the principal, of the education loan.
Collateral free education loan for abroad studies from HDFC Credila
HDFC Credila offers collateral-free education loans for studying abroad. The loan covers tuition fees, living expenses, books, and sometimes traveling. The loan amount is disbursed in Indian Rupees, and HDFC Credila can disburse the tuition fee directly to the educational institute or through an authorized servicer. The loan is available for Indian citizens planning higher education abroad, and the co-applicants must also be Indian citizens with a bank account in India with cheque writing facilities. HDFC Credila’s loan products are customized for various countries, and the loan can be disbursed before the visa process for selected countries. Additionally, HDFC Credila offers unsecured loans up to Rs. 65 lakhs for meritorious students going to select colleges abroad.
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Loan Amount and Interest Rates – A significant advantage of opting for HDFC Credila is the substantial loan amount that can go up to Rs 75 lakhs without the need for collateral. The interest rates are competitive and floating, linked to HDFC Credila’s Benchmark Lending Rate (CBLR). This transparent and market-linked approach ensures that borrowers benefit from favorable interest rates, contributing to a more manageable repayment journey.
Repayment in Indian Rupees – HDFC Credila simplifies the repayment process by allowing borrowers to repay the loan amount in Indian Rupees. This feature eliminates the complexities associated with foreign currency transactions and provides a clear understanding of the repayment obligations. The ease of repaying in the local currency is a significant advantage for Indian students studying abroad.
Disbursement Process – The disbursement process of HDFC Credila’s unsecured education loans is designed for convenience. The loan amount is disbursed directly in Indian Rupees to the educational institute, streamlining the financial aspects for students. This ensures that funds are utilized for their intended purpose, fostering a seamless educational experience.
Eligibility Criteria – To qualify for HDFC Credila’s unsecured education loans for studying abroad, certain eligibility criteria must be met. First and foremost, the applicant must be an Indian citizen and be at least 18 years of age or older at the time of application. Additionally, the student must have successfully secured admission to a recognized university. Academic performance is a crucial factor, and applicants are required to demonstrate a strong academic record, meeting the minimum criteria set by the lending institution. Fulfilling prerequisite tests such as GRE, IELTS, or TOEFL may also be necessary.
Another important aspect of eligibility is the requirement for a co-applicant. The borrower must have a co-applicant, who can be selected from a pool including the mother, father, sister, brother, spouse, relative from the paternal or maternal side, or a legal guardian. The co-applicant is expected to have a stable source of income and a positive credit history, ensuring a reliable support system for the loan.
The scope of the loan scheme encompasses a wide array of courses, including regular graduate degrees, post-graduate degrees, diploma programs, certificates, and doctorate courses offered by foreign institutes and universities. This extends to countries such as the USA, UK, Canada, Australia, New Zealand, France, Germany, Ireland, among others. The diverse coverage ensures that students pursuing education in various disciplines and across different nations can benefit from HDFC Credila’s unsecured education loan program.
Selective Application Process – HDFC Credila’s commitment to delivering quality financial solutions is reflected in its selective application process. While the institution encourages applicants to apply early, the thorough evaluation ensures that deserving candidates receive the support they need. This approach reinforces the credibility and reliability of HDFC Credila’s financial services.
Documentation Requirements:
Applying for an unsecured education loan with HDFC Credila requires a set of essential documents. The streamlined documentation process further enhances the accessibility of HDFC Credila’s financial assistance.
- Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
- Education loan application form.
- Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
- Passport
- Past academic record.
- Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
- Proof of admission
- Statement of expenses.
In the pursuit of higher education abroad, HDFC Credila stands out as a dedicated partner, offering tailored financial solutions through its unsecured education loans. With extensive coverage, competitive interest rates, and a transparent repayment process, HDFC Credila empowers Indian students to achieve their dreams on the global stage. Aspiring scholars are encouraged to explore the possibilities that HDFC Credila’s unsecured education loans provide, turning aspirations into tangible academic achievements.
HDFC Credila’s unsecured education loans for abroad studies stand as a testament to their commitment to empowering dreams. By offering financial support without the need for collateral, competitive interest rates, flexible repayment options, and personalized customer service, HDFC Credila has become a trusted partner for students aspiring to pursue higher education on the global stage. Choosing HDFC Credila means not just obtaining a loan but embarking on a journey towards a brighter and more promising future.
If you are looking to secure an abroad education loan from HDFC Credila, you can apply online at their website. However, for a hassle-free application process, you can choose to apply for your education loan through GyanDhan. It is an online platform designed to assist Indian students in financing their education abroad. To start your process with us all you need to do is check your loan eligibility click here.