Credila Education Loan to Study Abroad: Benefits, Features & More

When it comes to pursuing higher education abroad, there is no yellow brick road to follow until one reaches their dream University. In fact, the experience feels like a choose-your-own adventure book where each decision may lead the student to a whole new world. As such, each decision holds weight, from the chosen course and University to how one will finance their journey abroad. As the number of financial lenders with attractive overseas education loan schemes increases, many students fall back on this option, especially from lenders with inclusive schemes like Credila. 

Credila, a non-banking financial company (NBFC), offers secured and unsecured education loans to students headed for Master’s and Bachelor’s courses in the USA, the UK, Canada, Australia, Europe, and other countries. Credila education loan to study abroad offer a quick, easy, and transparent loan application and disbursement process for aspiring international students. In this article, let us get a brief idea of Credila and its overseas education loan schemes.

Benefits of Credila Education Loans to Study Abroad

As an NBFC, Credila has the freedom to set more lenient norms for its overseas education loans as compared to Nationalized and Private Banks. It is more welcoming to students from diverse financial backgrounds, offering the benefits mentioned below. 

  • Secured loan amount as per the student’s requirement and profile
  • Up to 100% financing of the tuition costs, living expenses, travel, health insurance, etc.
  • Pre-visa loan disbursement as per the study destination
  • Easy and fast online application process
  • Flexible repayment options and no prepayment charges 
  • Top-up loan and transfer facilities

Apart from all these benefits, Credila education loans are the only ones from an NBFC that are trusted by visa authorities in the UK, Australia, and New Zealand. In the next section, we will get a closer look at the overseas education loan scheme offered by Credila.

Key Features of Credila Education Loan for Abroad Studies

Credila offers overseas education loans with and without collateral, ensuring that students have the funds to chase their dreams and start their dream career abroad. The details of the Credila education loan to study abroad are mentioned below.
  • Maximum Loan Amount: Secured loans as per the student’s requirement and profile, and unsecured loans up to INR 75 lakhs
  • Rate of Interest: Starts at 10.25% per annum for secured loans and at 11.5% per annum for unsecured loans
  • Margin Money: Up to 100% funding for both secured and unsecured loans
  • Study Level and Courses Applicable: Secured loans are available for courses at all levels, but unsecured loans are only available for Master’s-level courses 
  • Moratorium Period: Duration of the course + 12 months 
  • Repayment Tenure: Up to 12 years, including the duration of the course
  • Processing Fees: 1% to 1.25% of the sanctioned loan amount + 18% GST
  • Processing Time: Around 7-10 working days, although Credila may also process the loan within 48 hours, depending on the student’s profile
It is essential for students to know these details before applying for the Credila education loan to study abroad so that they can negotiate for the best deal according to their needs. Another important factor to keep in mind before sending in the loan application is the eligibility criteria required by Credila. Read on to get the detailed criteria.

Eligibility Criteria for Credila Education Loans to Study Abroad

The general eligibility criteria for an overseas education loan vary across lenders and loan types. For a Credila education loan to study abroad, the criteria rely on the age, academic records, and financial records of the student and their co-applicant. More details are mentioned below. 
  • The student must be above the age of 18 with a confirmed letter of acceptance from a University recognized by Credila
  • The student must have a strong academic profile, both in terms of their previous qualifications and other requirements denoted by the University
  • The student must be applying for a course approved for financing by Credila 
  • The co-applicant must be a direct relative or guardian with a reliable income and credit score 
Once the student has confirmed that they meet Credila’s eligibility requirements, they must gather the necessary documents to send in their loan application. These documents include identity proof for both the student and their co-applicant, the student’s academic transcripts, the co-applicant’s proof of income, a copy of the confirmed admission from the University, and collateral documents for secured education loans. 

In essence, a Credila education to study abroad is an excellent option for aspiring international students, especially once they have completed their research phase. They can also look for alternative lenders providing overseas education loan without co applicant or loans with an interest rate subsidy. It is important to cross-check these options with the help of overseas education loan consultants, as their expert team can give up-to-date insights and services to ease the application process. 

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