Earning a degree abroad opens doors to a world of possibilities – diverse learning environments, enriching cultural experiences and a potential career. HDFC Credila’s Education Loan for Abroad Studies can help turn those possibilities into a reality. As a leading international lender, it is a perfect choice for students requiring a substantial amount to cover their overall cost of education.
This article provides a detailed overview of the loan, outlining its key features, eligibility criteria, and the other features that facilitate your international education journey. So, let us get into the details!
Financing Your Global Education with HDFC Credila
HDFC Credila boasts a robust program supporting students aiming for higher education in over 35 countries. Popular destinations among Indian students, as highlighted on their website, include Canada, Germany, Australia, the UK, France, Singapore, and New Zealand.
The program offers comprehensive student loans for studying abroad, covering the entire cost of your education with no upper limit on the loan amount if you provide collateral security. This financial backing allows you to focus on your studies without the burden of immediate financial constraints.
Key Features and Benefits
Here are some of the key features and benefits that make the HDFC Credila education loan for abroad studies an attractive choice:
- Loan up to 100% of the course fee: With collateral security, you can borrow the entire cost of your education, eliminating financial limitations.
- Competitive interest rates: HDFC Credila offers competitive education loan interest for abroad studies, making the repayment process more manageable. The interest rate is a floating rate linked to HDFC Credila’s Benchmark Lending Rate (CBLR).
- Flexible repayment options: The program offers a repayment tenure of up to 12 years, including a moratorium period during your studies. This allows you to focus on your education without immediate financial pressure.
- Minimal documentation: HDFC Credila aims for a simplified application process, requiring minimal documentation for loan approval.
- Pre-admission loan sanction: In certain cases, HDFC Credila can sanction your loan even before you receive confirmed admission from your university.
- Disbursement for selected countries before visa: Understanding the complexities of visa applications, HDFC Credila facilitates loan disbursement before your visa for specific countries.
- Tax benefits: Repayment of the education loan principal and interest qualifies for tax deduction under Section 80E of the Income Tax Act.
What Expenses Does the Loan Cover?
Understanding that studying abroad involves more than tuition fees, HDFC Credila’s program goes beyond the classroom, covering a wide range of expenses to ensure a smooth learning experience. Here’s a breakdown of the costs covered by the loan:
- Tuition fees: The loan disburses the complete tuition fees determined by your chosen university or college.
- Living expenses: This includes accommodation costs like hostel fees, along with your daily living expenses.
- Travel expenses: The program covers the cost of one economy-class return ticket between India and your study destination.
- Examination fees: Expenses related to examinations and other academic charges are also covered.
- Library/laboratory fees: Whether you need access to specialized libraries or laboratories, the loan can help cover these fees.
- Course materials: The program allows you to borrow funds to purchase essential books, equipment, instruments, or uniforms required for your course completion.
- Computer/laptop purchase: A computer or laptop is often crucial for studies abroad. The loan can cover the cost of this essential equipment, subject to HDFC Credila’s approval.
Eligibility Criteria
To be eligible for the HDFC Credila education loan for abroad studies, you must meet the following criteria, as outlined on the HDFC Credila website [2]:
- Indian citizenship: If applicable, you and your co-applicant(s) must be Indian citizens.
- Academic qualifications: You must possess the required educational qualifications for admission to your chosen university abroad.
- Confirmed admission: A confirmed offer of admission from a recognized university is mandatory for loan approval.
- Co-applicant: A co-applicant, typically a parent or guardian with a good credit history and stable income, is usually required. However, the loan may be offered without collateral security under certain conditions.
With the help of an HDFC Credila Education loan, you can apply to your ideal university without worrying about financial setbacks. Its competitive features make it a compelling choice for study abroad aspirants. If you want assistance in the application process, you can contact a study abroad consultant in your city who also assists in overseas education loans.
