Question 1

What is Credila Financials?

Accepted Answer

Credila Financials is India's first dedicated Education Loan for Abroad Company, offering customized education loan solutions for students pursuing higher education in India and abroad.

Question 2

What types of education loans does Credila Financials offer?

Accepted Answer

Credila Financials offers tailored education loans for Indian students planning to study both in India and abroad. These loans cover various expenses related to education.

Question 3

Who can be a co-borrower for an education loan?

Accepted Answer

A co-borrower must be an adult Indian citizen who agrees to co-sign the loan agreement. If the student cannot repay the loan, the co-borrower is responsible for repayment or providing collateral security.

Question 4

What is the repayment policy and loan tenure for education loans?

Accepted Answer

Credila Financials provides flexible repayment options for education loans with a loan tenure of up to 15 years, allowing students to repay comfortably.

Question 5

Which countries and courses are eligible for an education loan from Credila Financials?

Accepted Answer

Credila Financials funds students pursuing education in 64 countries, offering loans for top STEM and Non-STEM courses across over 5,200 universities globally.

Question 6

How is my personal information handled when I apply for a loan through Credila?

Accepted Answer

When you apply for an education loan through our Credila partnership, your information may be shared with Credila to process your loan application. For full details on how Credila uses and protects your personal data, please read their Privacy Policy here.

Question 7

What expenses does the Credila Financials Education Loan cover?

Accepted Answer

The loan covers up to 100% of the expenses, including tuition fees, living expenses, study equipment (e.g., books, laptops), and other ancillary educational costs.

Question 8

What types of collateral security are accepted by Credila Financials?

Accepted Answer

Credila Financials accepts both movable collateral (e.g., fixed deposits) and immovable collateral (e.g., houses, flats, land, shops).

Question 9

Are there any legal or technical charges associated with the loan?

Accepted Answer

Credila Financials processing charges can be an Origination Fee (OF) of up to 1.25% + GST of the sanctioned loan amount. Other charges may apply based on the loan agreement. No additional charges (legal, technical, stamp paper, etc.)

Question 10

How can I apply for an education loan from Student Cover?

Accepted Answer

You can apply for an education loan online by visiting the Student Cover website and clicking the 'Apply Now' button. Fill in the required details and submit.

Question 11

How can I transfer my existing education loan to Credila Financials?

Accepted Answer

You can transfer your existing loan to Credila Financials for potential savings, lower interest rates, and flexible repayment options. Contact your Relationship Manager for more details.

Question 12

What is the Credila Financials student loan interest rate?

Accepted Answer

The interest rate is based on the Credila Financials Benchmark Lending Rate (H-CBLR) and any applicable interest spread. It may vary over time.

Question 13

What is the loan disbursement process?

Accepted Answer

The disbursement process is streamlined to ensure timely funding for students. Student Cover loan experts can guide you through the process, ensuring you can focus on your education.

Question 14

Are there any tax benefits available for Credila Financial Education Loans?

Accepted Answer

Yes, under Section 80E of the Income Tax Act, borrowers can claim a deduction for the interest paid on their education loan for up to 8 years, subject to eligibility.

Question 15

Can I apply for an education loan without collateral?

Accepted Answer

Yes, Credila Financials offers education loans without collateral, depending on the applicant's profile and eligibility criteria.

Question 16

What is the maximum loan amount I can get from Credila Financials?

Accepted Answer

Credila Financials offers education loans of up to INR 1.5 Crore based on the applicant's profile.

Question 17

How to get an education loan for study abroad?

Accepted Answer

To get an education loan to study abroad, you must have all your documents with you. Here are the following things you need: Identity Proof, Education Loan Application Form, Address Proof, Passport, Past Academic Record, Entrance Exam Results, Proof of Admissions, and Statement of Expenses.

Question 18

Disclaimer from Credila

Accepted Answer

By proceeding, you consent to your information being shared with Credila for the purpose of loan processing. Read Credila's Privacy Policy to understand how your data will be used.

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