Education Loans to Study in the UK ( HDFC Credila )

Hola Hola!

How often does one wonder why go to study in the UK? But, in real retrospection, the question should be why should one always choose the conventional options available to him?

Life’s an adorable little gift, why spend it chasing around the same cycles? Why not take in new adventures?  Especially, with this ongoing pandemic in India, it’s a great lesson to not live one’s life in a box of pre-decided events but rather make one’s own box.

Okay. Enough Motivation.

Thus, earning an international degree is about more than just broadening the professional and personal horizons; it's also about getting a once-in-a-lifetime experience.

But, often one gets perplexed when it comes to deal with the money of studying in the UK.

If one decided to gain and extract the maximum ROI on choosing to study in the UK, hence, makes the most of his campus life, networking, and study curriculum and takes his decision wisely - believe it or not, going for education loans is the best option!

And in this blog, the best study abroad consultants in India uncover important must-know information about HDFC Credila Overseas Education Loan for the UK and other abroad countries.

Overseas education aspirants who want to pursue higher education at the bachelors or masters level along with UG or PG Diploma courses from countries such as the United States, Canada, Germany, Australia, New Zealand, and the United Kingdom and are looking for financial assistance can apply for an Educational study loan at HDFC Credila.

HDFC Credila, a non-banking lending firm and a division of HDFC Ltd., offers an overseas education loan for students seeking an international degree at a foreign university. Hundreds of Indian students apply for Credila education loans every year to pursue their dream of studying in the UK.

Types of overseas education loan provided by HDFC Credila-

Secured Overseas Education LoanUnsecured Overseas Education Loan

Eligibility criterion :

Nationality

The applicant and co-applicant must both be Indian.

Age Restrictions

There are no set age requirements.

Loan Money

A loan of up to one crore rupees is available. Loan volume maximum (without collateral)

Margin Money

Margin Money is equal to one hundred percent of the loan amount.

Loan Type

Both secured and unsecured loans are available

Interest

Loan for Education

Interest rates range from 11% to 12.50%.

 

Repayment

Up to a decade

The processing fee

 

 

The processing fee ranges from 1% to 1.5%.

Moratorium Period

Study Period + 1 Year job search

Processing Time

 

 

 7 – 10 working days after receipt of documents

 

 

 

Documents Required for an HDFC Credila Education Loan:

Applicants when requesting an education loan must bring two photographs, and the following documents when applying for an overseas education loan for the UK  through HDFC Credila.

KYC documentation:

The applicant's PAN card and the co-AADHAR applicant's card.

 

 

For Admissions Proof:

 Letter of acceptance from a university

Residential Proof

Electricity Bill

Academic Papers:

 

 10th and 12th-grade mark sheets, graduation mark sheets, CAT, GRE/GMAT/TOEFL or IELTS scorecards, and scholarship papers, if applicable.

 

 

Regarding the Bank Statement:

The bank accounts of the claimant and co-applicant with their bank statements revised within the last eight months.

 

 

The HDFC Credila Education Loan for UK disbursement process has five stages.

The following stages are involved in the HDFC Credila education loan disbursement process:

Origination fees must be paid:

Students must pay the pending origination fees to the bank, also known as the processing fees, in order to obtain the initial education loan sanction letter from the HDFC Credila, an NBFC.

Document preparation for the loan agreement:

HDFC Credila prepares the final loan documents after obtaining all of the above-mentioned material. The borrower and co-applicant must sign these loan agreements in person at the HDFC Credila Office.

Decide when you'd like the loan to be paid out:

The date on which an education loan is disbursed is determined by the date of the student visa interview or the deadline for fee payment. As a result, once the disbursement is completed, the interest will begin the following month. As a result, determining the exact date for the disbursement of an education loan is critical.

Determine the amount to be distributed:

Applicants must also choose an education loan sum that will be disbursed for the payment of the first installment at the university. This will cover the tuition fee, living costs, and any other expenses required to study in the UK.

For more information on educational loans for the UK, please feel free to contact our study abroad consultants in India. Having helped more than 50k+ students, our online overseas educational consultants are happy to assist students to achieve their dream of studying in the UK.