Educational Loan

Education Loan Facility from Credila

About

This is an Indian Rupee denominated loan for Indian students going overseas and Indian students attending colleges in India. The loan will be disbursed in India in Rupees which can be converted in foreign currency, if needed, by the student. Repayments of the loan to be made by the borrower in Indian Rupees only.

 

Eligibility

Borrower must be an Indian citizen

Co-borrower must be an Indian citizen

Borrower must be 18 years of age or older

Co-borrower must have a bank account in any bank in India with check writing facilities

Confirmed admission in the colleges before disbursement

Borrower and Co-borrower to meet Credila's underwriting criteria

Co-borrower Requirement

The loan will be co-signed by a co-borrower in India

A co-borrower is mandatory for all the student loans

The co-borrower can be parent, brother, sister, guardian, or any other relative

Co-borrower's role would be, necessarily, like the primary debtor

 

What Costs Are Covered?

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

Up to 75% of other expenses including living expenses, books, etc. as determined by the college/University

Up to INR 50,000 for travel to abroad from India, if applicable

 

Loan Amount

Minimum Loan Amount: Indian Rupees 1,00,000

Lifetime Maximum Loan Amount: Indian Rupees 20,00,000

 

Rate Of Interest

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

The floating interest rate will calculated monthly based on the prevailing CBLR at the beginning of the month

The interest will be calculated using Simple Interest Rate