Student Loan
Want a student loan to complete your dream degree without any interruption? That’s why we are here at your service. The GDC has partnered with top banks and, as a result, we offer you the optimal student’s education loans at the best possible interest rates for you.
Frequently asked questions
We are able to assist.
1. Fully Completed and Signed Application Form
2. Two Passport Size Photographs - Applicant and Co-Applicant each (one pasted on application form and one stapled to form)
3. Photo ID proof of Applicant and Co-Applicant - choose any of these -- PAN Card/Aadhar Card/Passport/Voter ID card/Driving License
4. Address proof of Applicant and Co-Applicant - choose any of these -- Aadhar Card/Passport/Voter ID card/Driving License
5. Academic Documents of the Student - Class 12 Marksheet or certificate/Bachelor's degree Marksheet or certificate/Marksheet for any exam among TOEFL or IELTS or SAT or GRE or GMAT etc/Any scholarship documents
6. Admission Proof (if available) - Printed Admission Letter From the Institute on its Letterhead With Institute's Address
7. Last 8 Months Bank Statements of Co-Applicant especially for the account where Salary or Business/Professional receipts are credited
8. Income Proof of co-applicant -- Salaried Last 3 Salary Slips or Salary Certificate on Employer's Letterhead + Last two year's Form 16 from Employer or Last 2 Year's Income Tax Returns + Any Other Income Proof not reflecting in above documents
-- Self Employed - share - 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 (Lease Deed or Utility Bill or Title Deed, etc.)
9. Immovable Collateral Documents - Property Title Deed or 7/12 extracts in case of land or Registered Sale Agreement Along With Society Share Certificate or Original Registration receipt for the above agreement or Allotment Letter By Municipal Corporation/Authorized Govt. Authority and/or 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 a mortgage from society/builder + Approved building plan + Encumbrance certificates as on date etc.
Indians - planning for higher studies abroad
The borrower - applicant and co-applicant must be an Indian citizen having a bank account with cheque writing facilities. The borrower must have confirmed admission before disbursement and must meet underwriting norms
The co-applicant must be based in India and can be any among following relations - Father/Mother/Brother/Sister (married) /Spouse.
The co-applicants liability is co-extensive with the student. The co-applicant must provide documentary evidence of their relationship with the student. if the collateral is not provided by any of the above relatives- then father-in-law/mother-in-law/sister-in-law/brother-in-law/ maternal or paternal Uncle or Aunt/Grandparents & First Cousins
The following study costs are covered for a loan - 100% tuition fees as determined by the College/University and up to 100% living/hostel expenses, Travelling expenses, examination fees, library/laboratory fees, purchase of books/equipment/instruments/uniforms, passage money for studies into India, purchase of computers/laptops considered necessary for the completion of the course by Credila.
The minimum Loan Amount is INR 1 Lakh.
Lifetime Maximum Loan Amount: HDFC Credila does not have an upper limit on the loan. They process loans exceeding INR 25 Lakhs also, subject to the case meeting HDFC Credila's credit and underwriting norms as applicable from time to time.
HDFC Credila's current CBLR is 11.80% per annum (subject to change from time to time). Hence effective rate of interest is CBLR + Interest Spread
The 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 amount will be disbursed in INR.
HDFC Credila disburses the tuition fee to the educational institute either directly or through an authorized servicer.
The tuition fee will be disbursed in instalments as per the requirement of the institute.
The loan amount related to other expenses will be disbursed in instalments spread over the duration of the study as per HDFC Credila's underwriting norms.
Loan interest repayment will start immediately after disbursement of the first installment of the loan.