Your Ticket to Global Education: Unlocking the Power of Credila Education Loans

The demand for Global Education has significantly increased in the last decade. However, pursuing higher studies abroad is quite expensive, as it often comes with various expenses, such as tuition fees and living expenses. To help aspiring students pursue higher education, Credila, one of the leading Non-Banking Financial Companies (NBFCs) in India, offers an education loan for studies in India as well as abroad.

Credila education loans are designed to make global education more affordable by helping students cover their entire educational costs while studying abroad. In this article, we will learn about the study abroad loan services offered by Credila, along with their terms, eligibility criteria, documents required, and how to apply. Keep reading to find out whether an education loan from Credila is your ticket to global education.

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Credila Education Loan for Abroad Studies

The Credila education loans for abroad studies are designed to make abroad education affordable for students. These loans are offered to students planning to pursue their education at a recognized foreign university. They help aspiring students cover their entire education costs, including their tuition fees, living expenses, purchase of study materials, and other expenses associated with studying abroad.

Credila has no upper limit on study abroad loan amounts, with interest rates starting from 10.45%. Credila offers both secured and unsecured education loans for abroad studies.

Credila Secured Education Loan for Abroad

Credila offers secured education loans with no upper limit for higher education abroad. This means that a secured education loan from Credila can cover the entire education cost of the student without requiring them to bring any margin amount. These loans require students to pledge their property as collateral security for the loan amount.

Credila Education Loan without Collateral for Abroad Studies

Credila also offers unsecured education loans for abroad studies. Eligible students can get an education loan of up to ₹75 lakhs for abroad studies, without pledging any collateral. However, the co-applicant’s financial status plays a crucial role in unsecured education loans from credila. The income and CIBIL score of the co-applicant should meet the requirements of Credila.

Important Terms of Credila Abroad Education Loans

Students should consider the education loan terms, such as loan amounts, interest rates, and repayment terms, of Credila before taking a student loan from them. The following table contains the important terms of the Credila education loan for foreign studies.

Loan Parameter	Secured Education Loan for Abroad	Unsecured Education Loan for Abroad
Maximum Loan Amount	No upper Limit	Up to ₹75 lakhs
Interest Rate	Starts from 10.45%	Starts from 10.45%
Accepted Co-applicant	Parents/Guardian, Spouse, & parents-in-law.	Parents/Guardian, Spouse, & parents-in-law
Moratorium Period	Course duration plus 6 to 12 months	Course duration plus 6 to 12 months
Repayment Tenure	Up to 15 years	Up to 15 years

Eligibility Criteria for a Credila Education Loan for Abroad Studies

The foreign education loan eligibility criteria in Credila vary depending on the loan type and the student’s profile. Here are the common Credila eligibility criteria for abroad education loans:

1. Co-applicant: A co-applicant is mandatory for an education loan from Credila Bank. The Co-applicant’s financial status, i.e., their Income and CIBIL score, should meet the requirements of the bank, especially for an unsecured education loan.

2. Citizenship: Both the applicant and the co-applicants should be Indian citizens.

3. Age: Students typically aged between 16 to 35 can get a foreign education loan from Credila Bank

4. Admission Status: Students should secure admission to a recognized foreign university to get an abroad education loan from Credila Bank.

5. The University: The university that you’re going to should be recognized and come under the designated list of universities of the bank.

6. Course Eligibility: Credila offers education loans for all courses depending on the student’s eligibility.

7. Collateral Requirements: To get a secured education loan from Credila, you pledge acceptable collateral to the bank. Credila accepts both immovable properties and liquid assets as collateral for education loans..

Documents Required for a Credila Education Loan for Abroad Studies

The following documents of the applicant and the co-applicant are required for a Credila education loan for abroad studies:

1. Admission Letter: An admission letter from the university stating that the student has secured admission.

2. Previous Marksheets: Previous academic records, including 10th, 12th, or UG marksheets. Also, any test scores and entrance exam results through which admission is being taken (e.g., CAT, GRE, GMAT, TOEFL, IELTS, etc.)

3. KYC Documents: Documents providing the identity and resident proof of the student and their co-applicant, along with a copy of the student’s Passport. These documents can include an Aadhaar card, PAN Card, Voter ID, or Driving Licence.

4. Collateral documents: The collateral documents required by the bank for a secured education loan from Credila.
5. Property documents,
6. FD documents, or
7. Any other documents specified by the bank.

5. Financial Documents of the Co-applicant: Documents proving the income and creditworthiness of the co-applicant should be provided. These documents can vary depending on whether the co-applicant is salaried or self-employed.

Conclusion

The cost of education all over the world has significantly increased in the last decade. Education loans make abroad education more affordable by providing funds for students to pursue higher education in recognized foreign universities. Credila is one of the leading NBFCs in India that offers abroad education loans to students. The NBFC offers both secured and unsecured education loans to cater to the diverse needs and requirements of students. Credila education loans help students cover various expenses associated with pursuing higher studies in India and abroad.