Education loans from HDFC Credila

As a prominent non-banking financial company (NBFC) in India, HDFC Credila has played a crucial role in facilitating the academic pursuits of numerous students. Recognized as India’s first specialized education loan provider, HDFC Credila Financial Services extends its support to study abroad aspirants targeting over 1000 universities across at least 35 countries. What distinguishes HDFC Credila is its tailored education loan solutions, designed to accommodate the specific course and country preferences of the applicants.

Setting itself apart, HDFC Credila is the sole NBFC in India offering tax benefits under Section 80E on education loans. Section 80E of the Income Tax Act permits individuals to claim a deduction for the interest paid on an education loan for a maximum period of eight years, commencing from the year in which the loan repayment begins. It’s essential to note that this tax benefit is applicable only to the interest paid on the education loan, not the principal amount.

To read more on education loans from NBFCs check this – https://www.gyandhan.com/blogs/education-loans-from-nbfcs

To be eligible for HDFC Credila’s education loan scheme, certain criteria must be met:

1. Age: Applicants must be Indian citizens and at least 18 years old at the time of application. Additionally, students should have secured admission to a recognized university.

2. Academic Performance: A strong academic record is a prerequisite. Applicants must meet the minimum academic criteria set by the lending institution and fulfill any necessary standardized tests such as GRE, IELTS, or TOEFL.

3. Co-applicant: Loan applicants are required to have a co-applicant, who can be their mother, father, sister, brother, spouse, a relative from either their paternal or maternal side, or a legal guardian. The co-applicant should have a stable source of income and a positive credit history.

4. Course and Country of Study: The education loan scheme encompasses a broad spectrum of courses, including regular graduate degrees, post-graduate degrees, diplomas, certificates, and doctorate courses offered by foreign institutes and universities. These institutes are located in countries like the USA, UK, Canada, Australia, New Zealand, France, Germany, Ireland, among others.

Key features of HDFC credila – education loans

Documents required for an education loan from HDFC Credila

Applicant’s Documents-

• 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.
  • 10th standard mark sheet
  • 12th standard mark sheet
  • Under graduate result (semester-wise)
  • Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
• Proof of admission: admission letter (A conditional admission letter is also applicable).
• Statement of expenses.

Co-Applicant’s Documents –

• Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
• Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
• 2 passport-size photographs.
• Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).

• Income proof for salaried co-applicant/guarantor
  • Salary slips for the last 3 months.
  • Copy of Form 16 of the last 2 years or copy.
  • Bank account statement for the last 6 months (Salary account).
  • Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.
  • Income proof for self-employed co-applicant/guarantor
    
    
• Business address proof.
  • Last 2 years IT returns ( If IT Payee).
  • TDS certificate (Form 16A, if applicable).
  • Certificate of qualification (for C.A./ doctor and other professionals).
  • Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
  • Bank account statement for the last 6 months.

Every parent aspires to provide their children with the best possible higher education, ensuring a pathway to a brighter future. However, the escalating costs of education pose a formidable challenge, making it increasingly difficult for parents to finance their children’s academic pursuits. In response to this pressing need, we offer comprehensive education loans designed to cover up to 100% of the expenses associated with higher education.

At HDFC Credila, we understand the importance of simplifying the process of securing an education loan. Our dedicated representatives are available to visit you, taking the time to understand your unique funding requirements and guiding you through the entire education loan application process. We recognize that every student’s educational journey is different, and our commitment is to provide personalized solutions that align with your financial needs.

Choosing HDFC Credila for your education loan comes with distinct advantages. Our representatives can meet you at your convenience, eliminating the need for multiple visits to bank branches. This door-step service is designed to save you valuable time and energy, ensuring a hassle-free experience in securing the necessary funding for your child’s education.

What sets HDFC Credila apart is our exclusive focus on education loans. As a lender fully backed by HDFC Ltd., one of the most trusted names in the financial services industry, we bring a legacy of reliability and credibility to the table. With HDFC Credila, you can trust that your child’s education financing is in the hands of a reputable institution with a longstanding commitment to financial excellence.

Our education loans cover the entire spectrum of educational expenses, allowing you the flexibility to fund up to 100% of the costs associated with higher education. Unlike traditional financing options, HDFC Credila eliminates the requirement for margin money, providing a financial solution that aligns with the evolving landscape of education funding.

We understand the urgency of your funding needs, and that’s why HDFC Credila ensures quick loan sanction, streamlining the process to get you the financial support you need when you need it most. Our commitment to flexibility extends to collateral security, offering options that suit your individual circumstances.

A crucial aspect we emphasize is the importance of not waiting until the last minute to apply for an education loan. Delays in securing the necessary funding can have adverse effects on family finances and savings. By initiating the loan application process before admission, you can proactively manage the financial aspects of your child’s higher education, avoiding unnecessary stress and financial strain.

Additionally, we encourage parents to consider making their son or daughter responsible for the cost of their higher education. This approach fosters a sense of financial responsibility and accountability, preparing them for the realities of managing their finances in the future. In conclusion, HDFC Credila stands as a dedicated partner in your pursuit of providing the best education for your child. With our door-step service, focus on education loans, the backing of HDFC Ltd., and a commitment to personalized solutions, we aim to simplify the funding process and empower families to navigate the challenges of financing higher education with confidence and ease.