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