Credila Education Loan

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Rates as low as 9.33%
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Credila Education Loan

Credila Education Loan Summary Table

Credila Education Loan Amount For India – INR 10 Lakhs
For Abroad – 20 Lakhs
(Up to ₹ 7.5 lakh without collateral)
Credila Education Loan Interest Rate 11% per annum
Credila Education Loan Margin No Margin Money is charged by the bank
Credila Education Loan Processing Fee  1%- 1.25%
Credila Education Loan Security Up to 20 Lakhs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee

Above INR 20 Lakhs: Tangible security along with parents as co-borrower

Credila Education Loan Repayment Starts After 1 year of course completion or 6 months after getting the job

Credila Education Loan FeaturesCredila Education Loan

The principle highlight of training advance is as per the following:

  1. Maximum loan up to 1 crore.
  2. No down payment is required for credits up to 20 lakhs.
  3. In case you’re intending to go abroad, banks have a specialized education loan scheme based on the country.
  4. The loan covers travel costs, lodging charges, tuition fees, exam costs and study gear.
  5. Pre-affirmation sanctions are offered.
  6. Repayment starts after 6 months of obtaining a job or 1 year of course completion.
  7. You can claim income tax benefits under section 80-E of the Income Tax Act 1961 on the interest paid during repayment of the education loan. 

Credila Education Loan Eligibility

Age of the Applicant

  • Non-Employed personnel – Up to 35 years

  • Working employees/ executives – Up to 45 years 

Who is eligible

  • An Indian National –  With secured admissions in professional/technical courses in recognized institutions
  • Permanent employees – Who are employed for not less than three years with any organization and have secured admissions in a reputed institute or who intend to acquire higher professional qualifications.

Maximum Loan Amount

  • For studies in India: No Upper limit
  • For studies Abroad: Up to or more than 1 crore
  • For studies at IIT’s, IIM’s and ISB’s: No Upper limit

Repayment Frequency

  • Quarterly or monthly.
  • Starts 1 year after completing the course of six months after getting a job, whichever is first.
  • Loan interest re‐payment will start immediately after disbursement of the first instalment of the loan.

Repayment Period

  • Tenure: Education Loan consists of Duration of Study, Grace Period after the Study, and Repayment Period.
  • For Indian courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.
  • For Abroad courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.

Credila Education Loan Interest Rate

Scheme Maximum Loan Amount Interest rate (p.a.)
Credila Education Loan for Education in Indian No Upper limit Linked to CBLR
Education loan for Foreign Education No Upper limit Linked to CBLR

Bank Of India Education Loan Documents Required and Application Form

The documents required to apply for the Bank Of India education loan are as given below (all documents should be self-attested):

Identity Proof

One of any mentioned documents for Identity proof:

  • Passport
  • PAN Card
  • Aadhaar Card
  • Voter’s ID Card
  • Driving Licence
  • Photo Credit Card
  • Central and State Govt. issued Photo ID Proof
  • Defence ID Card.

Residence Proof

One of the following documents for Residence proof (It should not more than 3 months old):

  • Aadhaar Card
  • Ration Card
  • Passport
  • Bank Account Statement
  • Voter’s ID Card
  • Letter from any recognized public authority
  • Telephone Bill
  • Electricity Bill
  • Water Bill

Income Proof in case of salaried co-borrower

  • Salary Slips (not more than 3 months old)
  • Bank Statements (not more than 3 months old)
  • ITR
  • Form-16 (for the last 2 years)
  • bank account statement (for the last 6 months of salary account)

Income proof for self-employed co-applicant

  • Business address proof
  • IT returns for the last two years (If IT payee)
  • TDS certificate
  • Form 16A if applicable
  • Certificate of qualification (for CA, doctor, and other professions)
  • Bank account statement for the last 6 months.

EMI Calculator

You can check the EMI Calculator for Credila education loans by clicking on EMI Calculator.

Credila: Takeover of Education Loan

An Education Loan is Transferable, it is basically a process of transferring high-interest debt from one lender to another and with a lower interest rate and better repayment policies.

The Credila Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. Credila also gives a 0.50% concession in the interest rate for girls.

How To Apply For Credila Education Loan

  • Visit Dialabank for an education loan.
  • Go to the Credila Education Loan page.
  • Check out all the eligibility and documents criteria for an education loan.
  • Fill out all the details required in the Education Loan application form.
  • Once done, our representative will soon contact you for a further stress-free process.

List of Approved Institutes

  • Architecture college
  • Law college
  • Medical college
  • Pharmacy college
  • Engineering college
  • Biotechnology college
  • Management college
  • Science, Commerce, and Arts college
  • Physical education college
  • B.ED college

FAQs For Credila Education Loan

✅ How is the EMI calculated for an Education Loan?

The EMI on education loan is calculated with the help of a mathematical formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are variables. As EMIs are paid off every month, the duration is calculated for the number of remaining months.

✅ Is a guarantor required for an Education Loan? 

Since the student who is taking the education loan, can’t repay it until he gets a job, the bank usually accepts the parent or guardian as the guarantor. The bank also verifies the CIBIL score and the credit history of the guarantor before granting the loan.