GoStudy in Association with HDFC Credila Education Loan

Get an education loan with the help of India’s most trusted education loan provider - GoStudy. We have partnered with HDFC Credila for an education loan for abroad studies.

Taking the HDFC Credila education loan for abroad studies through GoStudy means your chances of getting the required funds increase substantially. GoStudy’s premium education loan services can help students fulfill their dreams and avail 100% funding for their studies abroad. We are qualified representatives of the HDFC Credila education loan and can help you get unsecured loans for up to 75 lakhs. We are always here to help students avail of the best service, and you can visit our office or give us a call.


9

Reasons to Opt for HDFC Credila Education Loan through GoStudy

1

Loans without Income proof - Only need KYC

When working with GoStudy’s exclusive partnership, you can get an education loan only with your Aadhaar and PAN.

2

Loans at Lowest Interest Rates

With GoStudy, you will get the best interest rates, as we can bring it down by 0.5% to 1%.

3

Comprehensive Loan Products

You can avail a list of financial products through HDFC Credila education loan for study abroad through GoStudy. This helps you save money and processing time.

4

Get a No-Collateral Education Loan

No matter where you want to study, GoStudy provides you with an education loan without any requirement to submit collateral or security.

5

Easy Loans for Everyone

When you take HDFC Credila international education loan through GoStudy, you will benefit from lower interest rates, easy paperwork, and hassle-free documentation submission. We can get the funds you need within 5-7 days.

6

Loans at Rocket Speed

GoStudy is a proud partner of several loan service providers in India. We process and deliver hundreds and thousands of loans every month, making us an expert in this service. As we understand all the nuances of an education loan, you will get high-speed delivery without any hassles.

7

An Expert Team At your Disposal

The GoStudy team holds years of experience and expertise in this field. With such proficiency, we can help you select the best loan products and get the lowest interest rates from the banks, allowing you to study without any worries.

8

Loans at 700 Credit Score

The HDFC Credila overseas education loan through GoStudy can be availed even if the borrower and co-applicant have a CIBIL score of 700.

9

Hundreds of Countries, Thousands of Institutions

The HDFC Credila education loans can get the beneficiaries a seat in almost every country and thousands of educational institutions across the globe, allowing them to fulfill their stuffy goals.


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HDFC Credila Education Loan for Foreign Studies Through GoStudy

Studying abroad is one of the best things you can do for your career. Better education from prestigious institutions across the globe gives a student several opportunities. As you go and study in different countries across the globe, you will get access to a dynamic and challenging study environment that inspires and encourages you to work harder than before and build industry-ready skills. Moreover, with the increasing importance of good education, it is only evident that you study at a good institution in a foreign nation. At times, studying in the USA, Canada, the UK, and other developing countries seems distant for a student because of the fees and other expenses involved. Especially a student coming from tier 2 and tier 3 cities in India can only dream of studying at Ivy League institutions. But not anymore. With GoStudy, any student from any corner of the country can study in their favorite institutions across the globe. With the HDFC Credila education loan through GoStudy, you can study in thousands of institutions and avail of these loans with less paperwork at blazing fast speeds.

Every institution abroad where you wish to study will first establish your financial capability to pay the tuition fees and take care of the living expenses. It’s an essential requirement to get the approval letter and study visa. For this reason, you might need to take a loan. You can avail HDFC Credila education loan with collateral security through GoStudy or get the same even without a security deposit. The difference here is that secured loans with HDFC have no limit, but unsecured loans are capped at 75 lakhs.

Moreover, the bank considers several factors when you want to take a loan. And we also suggest our students understand the process thoroughly before taking the next step. With HDFC Credila education loan through GoStudy, we are here to advise you at every step. From getting the documentation right to lowering interest rates and even choosing the best institution, we are here to streamline your career while taking care of the financial requirements. Trust us to become your financial partners, and you will be able to study and grow in your life easily.

HDFC Credila Education Loan for Abroad Studies
HDFC Credila Education Loan for Abroad Studies

GoStudy’s Interest Rate in HDFC Credila Education Loan for Abroad Studies

Loans are one of the best products of a bank and also a major source of their income. Every type of loan comes with an interest rate that the banks charge on the loan amount in different settings. The Interest Rate For HDFC Credila Foreign Education Loan through GoStudy begins at 11%. The final interest chargeable on your loan will depend on the requirements, type of loan, and credit profile. Moreover, the interest rate is also susceptible to change according to the university and the course you have chosen for your studies. HDFC Credila Education Loan has a floating rate of interest, which is linked to the bank’s Benchmark Lending Rate. Also, the bank calculates the interest based on a simple interest rate.

In addition, you must understand that the interest rates for education loan at HDFC Credila for abroad studies through GoStudy differ for secured and unsecured loans. The interest rate for an unsecured loan is higher in comparison to a secured loan. Here’s the HDFC Credila interest rate abroad education through GoStudy

Type of Education Loan

HDFC Credila Education Loan Rate of Interest As Per Market

HDFC Credila Education Loan Rate of Interest Through GoStudy

Secured Education Loan (USA) 9.5% 9.25%
Unsecured Education Loan (USA) 10.75% 10.25%
Secured Education Loan (Others) 9.5% 9.25%
Unsecured Education Loan (Others) 11.75% 11.00%

As you can observe, the interest rates for HDFC Credila education loan without collateral through GoStudy and with collateral are lower than the market interest rate. This is the benefit we bring to the table, along with several other benefits, including faster processing, quick disbursal, etc.

Banks use the following mathematical formula to calculate the interest rate for an education loan for abroad studies.

EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1]

*Please note that the tenure is calculated in months.

What are the Costs Covered by HDFC Credila Education Loan through GoStudy?

The best part about the HDFC Credila education loan is that it covers 100% of the expenses you need to study abroad. This includes tuition fees, living expenses, study material costs, insurance, food, travel, equipment expenses, etc. The bank will record and identify the estimate for all these expenses and will lend the required amount.

Here’s the list of institutions abroad accepting HDFC Credila education loans through GoStudy.

  • USA
  • Canada
  • Australia
  • France
  • Singapore
  • UK
  • Ireland
  • New Zealand
  • Netherlands
  • Dubai (UAE)
  • Austria
  • Germany
  • Italy
  • Japan
  • Netherlands
  • Russia
  • Sweden
  • Norway
  • Spain
  • Poland
  • Hungary
  • Belgium
  • Denmark
  • Finland

For all these countries, you can avail of an HDFC Credila education loan with collateral security through GoStudy and without any security. With HDFC, you have the benefit of choosing the loan amount you need. The minimum amount for the loan is 1 lakh, but there is no limit for a secure education loan. The bank can provide any amount you need as long as you can justify the requirement and submit collateral.

Moreover, the loan process with HDFC is hassle-free and when we are involved in the process, taking a loan becomes even more accessible. We are here to help you get the loan with zero stress. As 100% funding is provided, you won’t have to pay any margin money for the education loan, and GoStudy will take care of the entire process.

Here’s the list of expenses covered by the HDFC Credila education loan through GoStudy;

Things covered under HDFC Credila Education Loan through GoStudy

Costs Covered by HDFC Credila Education Loan through GoStudy

Tuition Fees 0 - 65 Lakhs (Approx)
Living Cost 6 Lakhs - 15 Lakhs (Approx)
Travel Expenses 20,000 - 40,000 Rupees (Approx)
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees (Approx)

HDFC Credila Education Loan through GoStudy Without Collateral

HDFC education loans have two variants: the HDFC Credila education loan without collateral through GoStudy. The term “without collateral” means that the borrowers are not required to pledge any security. The good thing is that HDFC does not discriminate against borrowers, no matter what type of loan they take. Both types of loans are available for all institutions and countries. You can take an unsecured education loan from HDFC Credila through GoStudy for up to 75 lakhs. The banks provide this loan on the basis of the borrower’s credit profile. They will analyze the applicant’s financial profile and income and a comprehensive analysis of their course and scope. Moreover, the banks will also check the financial profile of the co-applicant. Understand that the loan amount in an unsecured loan can vary according to the creditworthiness of the applicant and co-applicant.

Here’s the list of documents for HDFC Credila education loan requirements with GoStudy;

  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s Income Proof
  • PAN Card
  • Academic Documents
  • Other Relevant Academic Scores - GRE/GMAT
  • IELTS/TOEFL/PTE/English Language Scorecard
  • Valid Passport

With GoStudy, you get the benefit of checking your loan approval and amount confirmation before submitting the documents. Contact us to review your documents and ascertain your eligibility for the HDFC Credila education loan.

Collateral for Education Loan in HDFC Credila Education Loan through GoStudy

Collateral or security is an asset that you pledge to the bank to get the loan. Collateral for education loan in HDFC Credila through GoStudy will help improve your credit profile and ensure that the bank provides the loan. In comparison to an unsecured loan, a secured education loan in HDFC Credila through GoStudy comes at a lower interest rate and higher limit. Here are the accepted documents you can give for a collateralized loan;

  • A house or flat, or apartment is accepted only because it has to be a residential property, and there is no outstanding loan on the property.
  • A fixed deposit with a registered bank or NBFC. Plus, this must come with a letter of affirmation from the manager’s side, assigning it in favor of HDFC Credila.
  • Life insurance policies surrendered by the applicant. The policy must be of an equal amount to the required loan amount.
  • Any other type of land except agricultural land.

So, these assets are acceptable as collateral for an education loan in HDFC Credila through GoStudy.

Universities Accepting HDFC Credila Education Loan through GoStudy

At GoStudy, we can get a student in direct link with the world’s best universities and institutions for higher education. Our extensive network of institutions and representations allows a student to connect through our platform to get easy loans. Every year, we are able to add to the list of institutions abroad accepting HDFC Credila education loan through GoStudy. This makes us the first choice of students wishing to fulfill their dreams of studying abroad. We have helped thousands of students and dreamers study in their favorite institutions across the globe and help them avail the best loan offerings they can get.

Here is a list of top 50 abroad universities accepted by HDFC Credila education loan through GoStudy.

List of Universities accepted by HDFC Credila Unsecured Education Loan through GoStudy

GoStudy’s UnSecured Pre-approved Education Loan Amount By HDFC Credila

University of Texas Austin 75 Lakhs
Ohio State University 65 Lakhs
Arizona State University 65 Lakhs
Illinois Institute of Technology 65 Lakhs

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Co-Applicant for Education Loan in HDFC Credila through GoStudy

The purpose of adding a co-applicant to the student’s borrower profile is to increase the chances and amount of the education loan. As all students may not be financially mature enough to have sufficient funds in their accounts, they can add a co-applicant to their profile. The insertion of a co-applicant in the education loan is also a form or security required by the banks. Moreover, in case the student is not able to repay the loan EMIs on time, it is the duty of the co-applicant to pay the loan back on time.

Here’s the list of acceptable co-applicant for education loan in HDFC Credila through GoStudy;

  • Parents
  • Parents-in-law
  • Spouse
  • Siblings
  • Maternal Uncles & Aunts
  • Paternal Uncles & Aunts

Eligibility Criteria for HDFC Education Loan through GoStudy

Every loan is given by the bank based on some predetermined criteria or conditions. Similarly, a student borrower has to satisfy the eligibility criteria for HDFC Credila education loan through GoStudy. These conditions help a bank or NBFCs separate the applicant’s profiles and analyze them comprehensively before giving the loan. The first thing you need to do here is get accepted to the university where you wish to study. The banks will check it to ensure that the potential borrowers are, in fact, allowed to study in a foreign institution.

As the universities have their requirements, completing their conditions helps a bank ascertain the student’s profile and capabilities to study abroad. The conditions for education loan in HDFC Credila through GoStudy are as follows;

  • The student should be an Indian citizen of at least 18 years of age
  • The student borrower has a co-applicant ready to pledge their documents in financial proof and other documents. The co-applicant must be the student’s parent, parent-in-law, spouse, siblings, maternal and paternal uncles, and aunts.
  • Moreover, to apply for the loan, the co-applicant and student satisfy the minimum CIBIL score for education loan in HDFC Credila through GoStudy.

List of Documents Required for HDFC Credila Education Loan through GoStudy

In addition to satisfying the eligibility criteria, the students and co-applicants need to submit a few documents to the bank to take the loan. The documents required for education loan in HDFC Credila through GoStudy are;

  • KYC of Student
  • Educational Documents of the student
  • Course Details & Fee Structure of the University of choice
  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s KYC
  • Co-Applicant’s Proof of Income
  • Income Tax Returns of Student - 3 Years (If Applicable)
  • Income Tax Returns of Co-Applicant - 3 Years
  • Proof of Birth Documents
  • Proof of Relationship with Co-Applicant
  • Bank Statement for Months of Co-Applicant
  • Collateral Documents

In addition to these documents, the bank may ask for additional documentation based on your application and profile. However, you won’t have to worry about that, as GoStudy is here to help you arrange and submit any document the bank requires to approve your education loan.


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Process and Procedures for HDFC Credila Education Loan With GoStudy

Every loan service has a process and procedure taking its due course. From the time it takes to file the documents to the moment the funds are credited to your account, there is a typical application process for education loan in HDFC Credila through GoStudy. Within the process, the banks will identify the amount of loan they can disburse in the student’s favor and decide the repayment conditions. After clearing the first round, which includes verifications, identifying the co-applicant, and ascertaining the borrower’s creditworthiness, the bank will move the application ahead to determine the loan amount and interest rates.

Another thing to note here is the processing fee for HDFC Credila education loan through GoStudy. HDFC charges 1% to 1.25% of the loan amount as the processing fee for education loans. In addition to this, you must also know about the processing time it takes to disburse the loan. The HDFC Credila education loan processing time through GoStudy is up to 15 days from the date the application is filed with the bank. Once the loan is approved, you will get the approved amount via a demand draft (DD), a cheque, or via Electronic Transfer.

HDFC Credila Education Loan through GoStudy Sanction and Disbursement

The sanction letter is a type of loan approval document which shares the loan amount, interest rate, beneficiaries, repayment conditions, and schedule. The sanction letter for HDFC Credila education loan through GoStudy also includes the name of the university, the course, and the details of the co-applicant. However, you must take note of one thing here. The universities will only accept a full sanction letter. They will not accept an in-principle sanction. The latter means that there are a few things that need to be checked, and the loan may not be approved.

Once you receive the full sanction letter, the bank will disburse the loan amount according to the requirements. The disbursement letter for HDFC Credila education loan through GoStudy includes the following information. It includes the details of the disbursement, in how the amount will be disbursed, and to which account. Generally, the tuition fee is transferred to the university’s account directly. The remaining amount in the form of living expenses (if applicable) will be transferred to the student’s account in the chosen form.

Moratorium Period for HDFC Education Loan through GoStudy

The moratorium period is the time when the students are not expected to pay the loan EMIs as they are still studying. In general, the banks will grant a moratorium period equal to the duration of the course plus 6 months. However, in this period, the students are required to pay a partial simple interest until the full repayment starts. The amount of this payment is the most competitive in the market at just ₹2,000, which is possible only through GoStudy. The benefit of paying this amount is that you will ultimately benefit from paying less money in interest after the EMI begins.

HDFC Credila Education Loan Repayment through GoStudy

As discussed, the repayment begins after the moratorium period ends. The bank’s representative discusses the HDFC Credila education loan repayment terms through GoStudy at the time of processing the loan. The same are also written in the full sanction letter. With HDFC Credila, you can avail of a repayment tenure of up to 12 years. Moreover, you can choose between the different kinds of repayment options with HDFC Credila education loan with GoStudy. These are;

  • Simple Interest
  • EMI
  • Partial Simple Interest
  • Full Moratorium Period

HDFC Credila Education Loan through GoStudy EMI Exemption under Section 80E of the IT Act

The interest a student pays on the education loan can be claimed as dedication according to the Section 80E of the IT Act. In this, even the co-applicant, like the parents, siblings, and parents-in-law, can also claim a dedication for the reason that they are responsible for paying the EMIs of the education loan taken by their child or sibling. However, note that there is no cap on the magnitude of the benefit you can claim here. Another condition is that the claim can be availed only when the tenure of the loan is 8 years or less. Hence, it is advisable for the borrower and co-applicant to choose a shorter repayment tenure to avail of this benefit.


DOWNLOAD Simple & detailed comparison sheet of all Education Loan offered by all government & private banks and NBFC’s to study abroad.

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