HDFC Credila Education Loan Scheme

Eligibility-

Borrower must be an Indian citizen

Co-applicants 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

Co‐applicant Requirements

It is mandatory to bring in an earning co‐applicant(s) based in India to support the Education Loan application.

Co‐applicant(s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse, where such Co‐applicant’s income would be considered in determining the loan eligibility per HDFC Credila’s credit and underwriting norms;

Co‐applicant’s liability is co extensive with the Student;

Co‐applicant(s) to provide documentary proof to establish their relationship with the student, to the satisfaction of HDFC Credila;

In case the collateral to be provided is not provided by one of the above relatives, then the collateral could be provided by one of the following relatives provided they are brought into the arrangement as Co‐applicant(s) viz: Father‐in‐law; Mother‐in‐law; Sister‐in‐law; Brother‐in‐law; Maternal or Paternal Uncle or Aunt, Grandparents & First Cousins.

What Costs Are Covered?

All of the tuition fees as determined by the college/University

Up to 100% of other expenses including living and hostel expenses, travelling expenses, examination fees, library/laboratory fees; purchase of books / equipment’s/instruments/uniforms; passage money for studies into India; purchase of computers / laptops considered necessary for completion of the course as decided by HDFC Credila. Travel fare restricted to one economy class return ticket between India and the country of study.

Loan Amount-

Minimum Loan Amount Indian Rupees 1,00,000

Maximum Loan Amount: HDFC Credila does not have an upper limit on the loan, subject to the case meeting HDFC Credila’s credit and underwriting norms as applicable from time to time.

Rate Of Interest

Rate of interest will be floating rate of interest linked to HDFC Credila’s Benchmark Lending Rate (CBLR)

The interest will be calculated using Simple Interest Rate

Floating rate of interest to be (HDFC Credila’s CBLR + Spread)% per annum

For HDFC Credila’s current CBLR Click Here

A 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.

Loan Disbursement-

The loan amount will be disbursed in Indian Rupees

HDFC Credila will disburse the tuition fee to the educational institute either directly or through an authorized servicer

The tuition fee will be disbursed in installment as per the requirement of the specific educational institute

The loan amount related to other expenses will be disbursed in installments spread over the duration of the study as per HDFC Credila’s underwriting norms as applicable from time to time

Loan Re-payment Terms

Loan interest re-payment will start immediately after disbursement of the first installment of the loan

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

HDFC Credila offers maximum tenure of 12 years

The loan tenure is however, subject to the factors such as the repayment capacity of the customer/s, future prospects of the course, age of the co‐applicant, etc. and further subject to HDFC Credila’s credit and underwriting norms as applicable from time to time. However, HDFC Credila would endeavour to determine the repayment period to suit your convenience.

Monthly repayment amount will be deducted from the bank account of the borrower/co-borrower using Electronic Clearing System (ECS)

Collateral-

The following types of collateral are accepted

Residential Flat

Residential House

Non-Agricultural Land

A Fixed Deposit, assigned in favour of HDFC Credila

HDFC 2nd charge property

Commercial property – Shop

Education Loan Application Process-

HDFC Credila has a student friendly education loan application process:

Student: To complete Credila’s online Education Loan Application Forms

HDFC Credila: To follow‐up with the student & parents to answer questions

HDFC Credila: Representative visits your house & collects signed application form with the supporting documents

Student: To provide a completed Education Loan Application form with all the required supporting documents

( Note: Students can apply to HDFC Credila for Education Loan even before confirmed admission )

HDFC Credila: Credit team to review & underwrite the Education Loan application

HDFC Credila: To approve the education loan or ask for any additional information required

Student: To complete the education loan disbursement formalities by signing the education loan agreement

HDFC Credila: The education loan amount is deposited in the required bank account electronically

1. Two Passport Size Photos – Applicant and Co‐Applicant

One set to be pasted on the Application Form and second set to be affixed (stapled) to the Application Form

2. Photo ID – Applicant and Co‐Applicant (Any one of the following)

Permanent Account Number (PAN) Card

Passport

Driving License

Aadhaar Card

Voter’s ID Card

3. Residence Proof – Applicant and Co‐Applicant (Any one of the following)

Passport

Driving License

Aadhaar Card

Voter’s ID Card

4. Proof Of Admission (If available)

Printed Admission Letter From the Institute on its Letterhead With Institute’s Address

5. Academic Documents of Student

Marksheet/Certificate of 12th Exam

Marksheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.

Marksheet of Any Entrance Exam Taken e.g. CAT, CET, etc. (If applicable)

GRE/GMAT/TOFEL/IELTS, etc. Marksheets (If applicable)

Scholarship Documents (if applicable)

6. Last 8 Months Bank Statements of Co‐Applicant

(If more than one bank account, provide copies of all)

Make sure to include the bank statements of the Bank Account where Salary or Business/

Professional receipts are credited every month.

7. Income Proof of Co‐Applicant

A. In case of Salaried Employee (All the following)

Latest 3 Salary Slips or Salary Certificate on Employer’s Letterhead

Last 2 year’s Form 16 from Employer or Last 2 Year’s Income Tax Returns

Any Other Income Proof That is Not Reflected in the Above Documents

B. In case of Self Employed or Professional (All the following)

Last 2 Year’s Income Tax Returns

Last 2 Year’s Certified Financial Statements or Provisional Financial Statements Duly Certified by CA

Proof Of Office (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.)

Any Other Income Proof That is Not Reflected in the Above Documents

8. If, Collateral – Immovable Property (Flat, House, Non‐Agriculture Land) (All the Relevant Documents from the Following List)

Property Title Deed

7 / 12 extracts in case of land

Registered Sale Agreement Along With Society Share Certificate

Original Registration receipt for the above agreement

Allotment Letter By Municipal Corporation / Authorized Govt. Authority Like MHADA, CIDCO, etc. Please add HUDA, DDA, JDA, GIDC etc

Previous Chain of Sale Deed establishing title

Latest Maintenance bill along with Receipts issued by builder/ society,

Latest Property tax bill along with receipts,

NOC for mortgage from society/builder,

Approved building plan

Encumbrance certificates as on date etc

For more details visit https://www.hdfccredila.com/abroad/education-loan-product-details.html