Table of Contents
Introduction:
When it comes to funding your higher education, HDFC Credila Education Loan offers a reliable and accessible solution. Understanding the eligibility criteria is crucial to ensure you meet the requirements for this esteemed loan. In this article, we will delve into the essential factors that determine your eligibility for an HDFC Credila Education Loan, including citizenship, age, educational qualification, course, admission, collateral, co-borrower, academic performance, co-borrower’s income, job profile, and credit history.
Citizenship and Age:
To be eligible for an HDFC Credila Education Loan, you must be an Indian citizen. Additionally, you should be at least 18 years old and not exceed 45 years old at the time of loan disbursement.
Educational Qualification and Course:
Having completed at least 10+2 or an equivalent examination is a prerequisite for HDFC Credila Education Loan. Furthermore, the loan is available for full-time education in recognized universities or institutions, both in India and abroad.
Admission and Collateral:
To secure an HDFC Credila Education Loan, you must have a confirmed admission in the university or institution of your choice. Loans above INR 7.5 lakh for studies in India and INR 25 lakh for studies abroad require collateral, which depends on your financial profile.
Co-borrower and Financial Considerations:
It is mandatory to have a co-borrower who is an Indian citizen with a stable income. The co-borrower’s income should be sufficient to meet the monthly EMIs in case the borrower is unable to repay the loan. This ensures a reliable source of repayment.
It is mandatory to bring in an earning co-applicant(s) based in India to support the Education Loan application. The co-applicant can be any of the following relatives: Father, Mother, Brother, Sister (married), or Spouse. HDFC Credila considers the co-applicant’s income in determining the loan eligibility as per their credit and underwriting norms.
The co-applicant’s liability is co-extensive with the student, meaning they share the responsibility of loan repayment. To establish their relationship with the student, the co-applicant(s) must provide documentary proof to the satisfaction of HDFC Credila.
If the collateral for the loan is not provided by one of the above-mentioned relatives, it can be provided by the following relatives, provided they are brought into the arrangement as co-applicants: Father-in-law, Mother-in-law, Sister-in-law, Brother-in-law, Maternal or Paternal Uncle or Aunt, Grandparents, and First Cousins.
Additional Factors Considered:
HDFC Credila may consider several factors beyond the basic eligibility criteria. These include your academic performance, which serves as an indicator of your ability to repay the loan. The co-borrower’s income and job profile are also assessed to determine stability and repayment capacity. Moreover, your credit history provides insights into your financial reliability and ability to repay the loan.
Conclusion:
Understanding the eligibility criteria for HDFC Credila Education Loan is essential for those seeking financial support for their higher education. From citizenship and age requirements to academic performance and co-borrower considerations, these factors play a crucial role in determining your eligibility. By meeting the necessary criteria and having a reliable co-borrower, you can unlock the possibilities of financing your educational aspirations through HDFC Credila Education Loan.
Faq's related to "HDFC Credila Education Loan Eligibility"
1. What is the minimum age requirement to be eligible for an HDFC Credila Education Loan?
The borrower must be at least 18 years old at the time of loan disbursement.
2. Is there an upper age limit for HDFC Credila Education Loan eligibility?
Yes, the borrower must not exceed 45 years of age at the time of loan disbursement.
3. Can non-Indian citizens apply for an HDFC Credila Education Loan?
No, HDFC Credila Education Loan is exclusively available for Indian citizens.
4. What educational qualification is required to be eligible for an HDFC Credila Education Loan?
The borrower must have completed at least 10+2 or an equivalent examination.
5. Can I apply for an HDFC Credila Education Loan if I am pursuing a part-time course?
No, HDFC Credila Education Loan is only available for full-time education in recognized universities or institutions, both in India and abroad.
6. Is collateral security required for HDFC Credila Education Loan?
Collateral security is required for loans above INR 7.5 lakh for studies in India and INR 25 lakh for studies abroad. The type of collateral accepted depends on the borrower's financial profile.
7. Do I need a co-borrower to apply for an HDFC Credila Education Loan?
Yes, having a co-borrower is mandatory. The co-borrower should be an Indian citizen with a stable income, and their income will be considered in determining loan eligibility.
8. What factors are considered while assessing the borrower's eligibility for an HDFC Credila Education Loan?
In addition to the basic eligibility criteria, HDFC Credila may consider factors such as academic performance, co-borrower's income, job profile of the co-borrower, and the borrower's credit history.
9. Can I include expenses other than tuition fees in my HDFC Credila Education Loan?
Yes, HDFC Credila Education Loan covers up to 100% of other expenses including living and hostel expenses, traveling expenses, examination fees, and purchase of books/equipment/instruments/uniforms, among others.
10. How can I apply for an HDFC Credila Education Loan?
The loan application process involves submitting the necessary documents and completing the application accurately. You can visit the HDFC Credila website or reach out to their customer service for detailed information and guidance on the application process.
