Question 1

Why should I get loan sanction before admission?

Accepted Answer

1. Reduces last-minute hassle and saves time during the visa process. 2. You know your loan eligibility in advance and can plan accordingly. 3. Better acceptance of the sanction letter over the solvency letter.

Question 2

What is the step-by-step process to avail the education loan from HDFC Credila?

Accepted Answer

HDFC Credila has a student-friendly education loan application process: 1. HDFC Credila informs you about the details of education loan and related terms and conditions. 2. HDFC Credila sets an appointment with you for a house visit. 3. HDFC Credila's representative visits your house and collects the application form with the supporting documents. They can visit the house of students and parents both, even if they are in different towns. HDFC Credila has presence across India. 4. The application goes through credit and underwriting process. 5. HDFC Credila checks credit history of the parents and students. 6. HDFC Credila visits students and parents for employment and other verifications, valuation reports etc. 7. HDFC Credila performs risk analysis using their &lsquo;Predictive Credit Scoring Model&rsquo;. 8. HDFC Credila sanctions or declines the loan. 9. For sanctioned loans, disbursement formalities get completed. 10. HDFC Credila disburses the loan amount.

Question 3

How much is the interest rate?

Accepted Answer

It varies depending on the candidate's profile, loan requirement and financial background. This will be discussed during the approval process.

Question 4

How much loan can I get from HDFC Credila?

Accepted Answer

HDFC Credila is the only lender that not only finances up to 100% of the cost of education but also gives education loans over ₹20 lakhs. HDFC Credila also covers living expenses in addition to the tuition fee.

Question 5

Do I need to be admitted before I can apply for an education loan at a particular university/college?

Accepted Answer

No. You can apply for an education loan before getting admission confirmation from the university/college. If your case is approved, you'll get a conditional loan sanction letter. This helps many students get confidence that their funds can come from HDFC Credila. Students and parents feel confident to apply for better colleges, without worrying about how to fund the education cost.

Question 6

I have placed a 'call me back' request. What's next?

Accepted Answer

Please wait for the HDFC Credila representative's call. He/she will give you the complete details of further steps.

Question 7

What are the documents required for the education loan?

Accepted Answer

Fully completed application form, photos, photo ID, residence proof, academic documents, proof of admission, bank statement, income proof of co-applicant, immovable property documents.

Question 8

What factors are considered in the loan approval process?

Accepted Answer

It depends on multiple factors such as: 1. Academic background of the student 2. Type of course and university for which the education loan is applied for 3. Whether collateral is offered against the loan or not, and the type of collateral 4. Co-borrower/guarantor on the loan and the job profile of the co-borrower etc.

Question 9

What is the time frame for the disbursement?

Accepted Answer

The loan application will be processed in two phases: 1. For in-principle sanction 2. For disbursement of funds  The in-principal sanction letter is given in about 7 to 10 days from the date of receipt of the completed application form along with the supporting documents from the customer. The disbursement is completed within 7 days from the date of receipt of all post-sanction documents and completion of the underlying post-sanction process by the customer.

Question 10

Does work experience make a difference while granting a loan?

Accepted Answer

Yes, work experience does make a positive impact while granting a loan.

Question 11

Can I avail the loan for study and living expenses?

Accepted Answer

Yes. The loan is for the complete education cost including tuition fees, living expenses, books and periodicals, and sometimes travelling expenses as well.

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