Loans

Students Persuing Higher Education in India and Abroad don’t have to struggle hard anymore to finance their Studies. Now many Banks in India are providing Education loans in a scale never happened before.

Videsh Consultz is tied up with Credila for students loans.

What is Credila

Credila is a Non Bank Finance Company.

Credila is the only lender which is exclusively focused on Education Loans.

Credila is a Subsidiary of HDFC Ltd.

Over 90,000 students & parents have already applied to Credila.

Credila has already funded students studying abroad.

Highlights

Get tax benefits under Section 80(E) of Income Tax Act of India

Education Loan Home Delivered!

Flexible choices of repayment terms

Loan up to 100% of educational expenses. No margin money required.

Flexibility on collateral security

Loan sanction before admission

Multi city co-borrowers accepted

Web enabled billing & servicing

Click to apply Education Loan in 3 Esay Steps

Tips to note in applying for an education loan

Ideally, take a loan from a bank located at your place of study than one located where you reside, unless it concerns overseas studies. This is because you will have better access to funds if you take a loan from the place of your study. Secondly, Make sure the repayment period starts only after six to twelve months after you begin your working life. And thirdly, Banks typically prefer to finance students who opt for traditional courses.

For What Professional Courses do Banks generally provide education loans?

Management students are among the top choices for most of the banks. Technology students from the country’s premier institutions can also get student loans from Banks and Medical and engineering college students. Banks don’t provide loans for students with a bachelor’s/master’s in Arts . Also, for courses where employment prospects are less (as per Bank’s own evaluation), loans are sanctioned on the basis of the parents’ income.

How much Loan you can get ?

Loan for Studies in India : Most of the Public Sector Banks in India have categorized Student Loans in two categories. For Studies in India , Students can borrow up to Rs 4 lakh without providing any security or margin. A loan amount of Rs 4 lakhs to Rs 7.5 lakhs can be availed against a third-party guarantee. This loan comes with a five percent margin (what this means is that you will get five percent less the amount sanctioned as loan; you will have to put together the rest of the money). The third-party guarantee can come from an uncle, neighbor or friend standing guarantee for the full amount.

Overseas study loans : Amounts worth Rs 7 lakhs and above are usually sanctioned against fixed deposits, NSC certificates, property worth the loan amount and a margin amount of 15 percent (what this means, again, is that you will get 15 percent less the amount sanctioned as loan; you will have to put together the rest of the money). Also, if a loan below Rs 4 lakhs comes at x rate of interest, the loan over Rs 4 lakhs is usually charged one percent higher interest. The Reserve Bank of India prescribes the specifics (amount, rate, repayment period) of education loans and the government provides a two per cent subsidy on these loans to the banks.

Repayment - Course period + 1 year or 6 months after getting job, whichever is earlier.

What are the Documents required for applying a Student Loan?

All students are required to submit mark sheets of last qualifying examination, proof of admission scholarship, schedule of expenses for the specified course, his/her bank account statement for the last six months, an income tax assessment order for the previous two years, a brief statement of assets and liabilities, of the co-borrower, which is usually the parent or guardian and proof of income, if any.

Some banks require all or any of the following documents as pre sanction documents:

Mark sheet of last qualifying examination for school and graduate studies in India.

Proof of admission to the course

Schedule of expenses for the course

Copies of letter confirming scholarship, etc.

Copies of foreign exchange permit, if applicable.

2 passport size photographs

Statement of Bank account for the last six months of borrower.

Income tax assessment order not more than 2 years old.

Brief statement of assets and liabilities of borrower.

If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

Eligibility for getting a loan:

The applicant should be an India National.

The applicant must have secured admission to professional/technical courses through Entrance Test/Selection process

Secured admission to foreign university/Institution.

Which Banks are offering Education Loans in India?

Most of the Private Sector banks, Foreign Banks and Public Sector Banks in India are providing Student Loans. Below given are some of the main banks which have flexible Education loan schemes.

Andhra Bank	Allahabad Bank	Axis Bank
Bank of Baroda	Bank Of India	Bank of Maharashtra
Bank of Punjab	Bank of Rajasthan	Bassein Catholic Bank
Bharat Overseas Bank	Canara Bank	Catholic Syrian Bank
Central Bank of India	Centurion Bank of Punjab	Citi Bank
City Union Bank	Corporation Bank	Dena Bank
Development Credit Bank	Dhanalakshmi Bank	Federal Bank
HDFC Bank	HSBC	ICICI Bank
Indian Bank	Indian Overseas Bank	IDBI Bank
ING Vysya Bank	Jammu & Kashmir Bank	Karnataka Bank
Karur Vyasa Bank	Lakshmi Vilas Bank	Oriental Bank of Commerce
Punjab & Sind Bank	Punjab National Bank	Ratnakar Bank
Saraswat Bank	SBI Commercial and International Bank	South Indian Bank
State Bank of Bikaner & Jaipur	State Bank of Hyderabad	State Bank of India (SBI)
State Bank of Indore	State Bank of Mysore	State Bank of Patiala
State Bank of Saurashtra	State Bank of Travancore	Syndicate Bank
Tamilnad Mercantile Bank Ltd	Thane Janata Sahakari Bank	UCO Bank
Union Bank of India	United Bank of India	United Western Bank