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INST CredilaFinancialServices

HDFC Loan Details

Published On: 12 Mar 2018 | Last Updated On: 28 Mar 2018

Unlike banks which typically charge a fixed rate for a certain category of students, HDFC Credila has a range of rates depending on the institute, co-borrower details, collateral security offered and the academic background of the student.  On the basis of an extensive research, HDFC Credila offers tailor made solutions to offer unmatchable features and service standards. HDFC Credila offers customized education loans, home delivered.

HDFC Credila understands the education and admission process in India and in various countries across the world.

Also, HDFC Credila's unique offering of education loan sanction before admission has helped many students show 'proof of funds' to the Universities and gain admission in the University of their choice.

Hence, with the in depth understanding of the students needs to pursue higher education
HDFC Credila has become the preferred education loan provided of thousands of students, studying in 2100+ Institutes, across 35+ countries!

Fees Structure

Pay HDFC Credila any remaining Origination Fee amount to collect your original Education Loan Sanction Letter. It would advisable to provide a cheque from the same account from which the ECS is to be given as per the sanction letter, so that HDFC Credila can get the required bank details to prepare your ECS form.

Disbursement Process

Decide the exact date when you would like to take the disbursement from Credila. This will depend upon when you get your visa (if applicable) or the last date of tuition fee payment.

You will also need to decide exactly how much money you would like HDFC Credila to disburse as a first tranche and remit the University/College for fees, and how much towards your living expenses.

You would also need to provide exact details about how the fees need to be remitted to the University/ College, and to you by providing exact banking details, viz., method of payment such as bank wire transfer, demand draft (payable in which city) etc. All this information is easily available from the University / College in the admission package they have sent you.

After receiving all the above details, HDFC Credila will be able to prepare your final loan agreement documents. These loan agreement documents need to be signed by the Student, all the Co-borrowers, & Guarantor (if any) by visiting Credila's office. If student & any of the co-borrowers are located in different cities, then you need to plan for getting original education loan documents signed from multiple cities by sending them via courier or making sure that all the parties are available in one city on the same day. If you do not plan this properly, it can delay you getting your money from HDFC Credila on time.

One of the original copies of the ECS form needs to be given to the bank manager for their records. This can only be done, after you have decided the exact date of disbursement.

You will need to get three copies of the completed ECS (Electronic Clearing System) mandate from HDFC Credila, which you will then need to get signed and stamped from your bank (from where you will be making the monthly repayment to HDFC Credila).

Required Documents  

  • At the time of all parties visiting HDFC Credila's office for signing the education loan agreement documents you will also need to bring following documents with you:
  • Original KYC Document of student, co-borrowers & guarantors, e.g. PAN Card, Passport, etc. to show it to HDFC Credila's loan officer to validate your identity
  • Two original copies of the completed ECS Mandate Form signed and stamped by your bank, as mentioned above.
  • Cheques favoring HDFC Credila Financial Services Pvt. Ltd. as security from the bank account from which the ECS Form is provided.
  • If you are providing Fixed Deposit as collateral, please provide the original FD Receipt to HDFC Credila.
  • If you are providing Flat, House, Land as collateral, then please brings all your original documents to hand over to HDFC Credila. This is very critical, so please understand the list of all the original collateral documents you will need to bring in advance to avoid any delays.
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