HDFC Credila Loan Review – Pros, Cons and Alternatives
Students who want to pursue higher education in India or abroad can get loans from HDFC Credila, an education loan provider in India. The business is a division of HDFC Ltd, one of the top financial organizations in India. For a variety of courses and degrees, including undergraduate and graduate degrees as well as professional and vocational programmes, HDFC Credila offers loans. In this article, we will review the HDFC Credila Loan, its features, and explore its pros and cons, along with some alternatives and frequently asked questions.
About the App
The school loans from HDFC Credila have several advantages, including competitive interest rates, quick and easy processing, and flexible repayment options. Also, the business offers its clients individualized care, assigning a relationship manager to handle each loan application.
Students can finance their education and concentrate on their academic objectives without worrying about financial limitations thanks to HDFC Credila’s education loans.
HDFC Credila Loan Review by Customers
- Processing that is quick and easy: HDFC Credila has received high marks from clients for its quick and easy loan processing. The organization’s streamlined procedure aids in the speedy approval and disbursement of student loans.
- Competitive Interest rates: HDFC Credila offers education loans at interest rates that are competitive, and frequently less expensive than those provided by other lenders in the market. Students can now afford loans thanks to this.
- Various repayment choices are provided by HDFC Credila, enabling students to select the repayment arrangement that best fits their financial position. After the course is over, the organisation offers a grace period to let students find employment and begin earning money before they must begin loan repayment.
- High processing fees: Several clients have expressed dissatisfaction with HDFC Credila’s excessive processing fees, which can raise the cost of the loan.
- Tight eligibility requirements: Some students may find it challenging to meet HDFC Credila’s strict eligibility requirements for education loans. For instance, the business mandates that students have a co-applicant with a respectable credit rating, which may not be feasible for all students.
- Restricted loan amount: HDFC Credila only provides education loans up to a certain amount, which could not be enough for some students, particularly those who wish to pursue further education abroad.
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Pros And Cons Of HDFC Credila Loan
- Competitive interest rates: HDFC Credila offers education loans at competitive interest rates, making them more affordable for students.
- Flexible repayment options: It offers flexible repayment options, allowing students to choose a repayment plan that suits their financial situation.
- Quick loan processing: It has a streamlined process for loan processing, which ensures that loans are approved and disbursed quickly.
- Dedicated relationship manager: It assigns a dedicated relationship manager to each loan application, providing personalized service to customers.
- No collateral required: HDFC Credila education loans do not require collateral, making them accessible to a wide range of students.
- High processing fees: HDFC Credila charges high processing fees, which can add to the overall cost of the loan.
- Strict eligibility criteria: It has strict eligibility criteria for its education loans, which can make it difficult for some students to qualify.
- Limited loan amount: It offers education loans up to a maximum amount, which may not be sufficient for some students, especially those who want to pursue higher education abroad.
- Co-applicant required: It requires a co-applicant with a good credit score for its education loans, which may not be possible for some students.
- Prepayment charges: It charges prepayment charges if a borrower wishes to prepay their loan.
Alternatives Of The App
- State Bank of India (SBI) Education Loan: SBI is one of the largest banks in India and offers education loans to students who wish to pursue higher education in India or abroad.
- Axis Bank Education Loan: Axis Bank is a private sector bank in India that offers education loans to students for various courses and degrees.
- ICICI Bank Education Loan: ICICI Bank is another private sector bank in India that provides education loans to students for various courses and degrees.
- Avanse Education Loan: Avanse is a non-banking financial company (NBFC) in India that specializes in providing education loans to students for various courses and degrees.
- InCred Education Loan: InCred is another NBFC in India that offers education loans to students for various courses and degrees.
Frequently Asked Question (FAQs)
What is an education loan from HDFC Credila?
Students who wish to pursue higher education in India or abroad may apply for an HDFC Credila education loan, which is made available by HDFC Credila Financial Services Limited, a division of HDFC Ltd. Tuition, lodging, and other educational expenses are all covered by the loan.
What are the requirements for receiving an HDFC Credila education loan?
Depending on the type of course and degree, different students may be eligible for an HDFC Credila education loan. The student typically needs to be an Indian citizen, have been accepted to a reputable college or university, and have a co-applicant with a respectable credit rating.
What loan amount am I eligible for from HDFC Credila?
Education loans are available through HDFC Credila up to a maximum amount that varies based on the type of study and degree. From a few lakhs to several crores of rupees can be borrowed.
What is the interest rate for an education loan from HDFC Credila?
The HDFC Credila education loan’s interest rate is determined by several variables, including the loan amount, the course type, and the co-and applicant’s borrower’s credit history. Normally, interest rates fall between 10% and 14%.
Does the HDFC Credila education loan demand collateral?
No security or collateral is required for HDFC Credila student loans.
What documentation is needed for an HDFC Credila education loan?
Documents needed for an HDFC Credila education loan include an acceptance letter from the school, the results of the latest qualifying exam, evidence of identity and address, the co-income, applicants and bank statements.