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Product Details
Bank Name

HDFC Bank

Maximum Loan Tenure

12 Years

Maximum Loan Amount

No upper cap

Interest Rate

13.30% per annum + Spread. Spread is determined on the risk profile of the case which vary on account of a number of factors such as student's academic background, employability of the selected course from a selected college and country of study, financial strength of the co‐borrower, loan repayment capability, credit history, collateral offered or not, serviceability of the loan through HDFC Credila's branch network, cost/s associated with underwriting and servicing the loan, etc.

Purpose/Field of Education Loan

Typically for professional courses, however non-professional courses can also be considered by HDFC Credilia.

HDFC Credilia USA Education Loan

Repayment Cycle

Tenure of an education loan consists of Duration of Study + Grace Period after the Study + Repayment Period

Grace Period

Upto 12 months

Minimum CIBIL Score

Not mentioned however, apart from CIBIL score, HDFC Credilia also looks at Students past academic track record
2. Quality of institute/college and course the student wish to pursue
3. Student's ability to get an appropriate job after the course that he/she is seeking education loan for
4. Also, the potential salary is also estimated to calculate eligibility of loan amount
5. Also, credit histories of the applicant and co-applicants play an important role in approval
6. Lastly, the value and type of property being offered as collateral security for higher value loans also play an important role in decision

Co-Borrower Required

Yes, for loan above INR 20 Lakhs

Collaterals Required

Yes, for higher amount education loans

Fees & Charges
  • Pre-payment Charges: Nil 

  • Penal Interest in case of delayed payment: 2% + interest rate. 

  • Bounce Charges: INR 400 

  • Processing Fee: Upto 1.5% of the loan amount. 

  • Legal and stamp duty charges: Differs from state to state.

Fees and Charges
Special Features

HDFC Credilia issues letter of approval even before you secure admission, many colleges require student to secure this letter before granting them admission.

Eligibility Criteria
  • Borrower must be an Indian citizen

  • Co‐applicants(s) must be an Indian citizen

  • Co‐borrower(s) must have a bank account in any bank in India with cheque writing facilities

  • Confirmed admission in the colleges before disbursement
    Borrower and Co‐applicant(s) to meet HDFC Credila’s credit and underwriting norms as applicable from time to time

Special Concession

No

Features, Eligibility and Concession
Pros
  • HDFC Credilia has one of the highest loan sanction amount. 

  • Loan approval letter is issed prior to securing admission. 

  • HDFC Credilia charges simple interest unlike other banks and financial institituions which charge compound interest. 

  • Loan is available upto 100% of tution, boarding, travelling and living expenses are covered. 

  • HDFC Credilia issues letter of approval even before you secure admission, many colleges require student to secure this letter before granting them admission.

Cons

As the loan has a floating interest rate, borrowers may be exposed to interest rate fluctuations, which could affect monthly repayments in the future.

Pros & Cons
Application Procedure

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Product Review
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How to Apply?

You can apply through HDFC Credilia's website.

Documents Required

Mandatory Documents:

  • Fully Completed Application Form: Download and fill out the application form from the HDFC Credila website [HDFC Credila education loan abroad ON hdfccredila.com].

  • Two Passport-Sized Photographs: One each for you (applicant) and your co-applicant.

  • Photo ID:  Submit a government-issued ID card like Passport, Aadhaar Card, Voter ID Card, or PAN Card (for both applicant and co-applicant).

  • Residence Proof: Provide documents like utility bills (electricity, water, gas) or a rental agreement (for both applicant and co-applicant).

Applicant Documents:

  • Academic Documents: Submit your mark sheets and certificates from 10th standard onwards. If applicable, include GRE/GMAT/TOEFL scores.

  • Proof of Admission (if available):  An official letter from the university you'll be attending in the USA.

Co-Applicant Documents:

  • Income Proof: The co-applicant will need to submit documents like Income Tax Returns (ITR) for the last 2 years or certified financial statements (if self-employed) for the last 2 years.

  • Bank Statements:  Last 8 months' bank statements for the co-applicant.

Additional Documents (if applicable):

  • Collateral Documents: If you're offering collateral to secure the loan, you'll need relevant documents related to the immovable property (flat, house, non-agricultural land).

Account Opening and Procedure
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