Many universities across the globe offer excellent education, but we know tuition fees can be quite a challenge. Instead of letting financial hurdles get in the way of your dreams, you can explore education loans. They are a helpful way to secure the funding you need for your higher education.
That’s where Edvoy and Credila come together to make things easier. This partnership enables you to get financial support through education loans in a streamlined way. You can proceed with your study abroad plans without stressing about money.
Credila is known for offering great loan options, competitive interest rates, and flexible financing that have helped thousands chase their study-abroad dreams. Credila has funded education loans worth 8400 crore INR to thousands of students, and to over 2100 educational institutes across 35+ countries–all through a hassle-free loan application process.
Too long to read, and want just the key takeaways? Click here.
Meanwhile, we help you with your study-abroad process with end-to-end assistance, from applying to universities, and visa application support, to funding advice, and more. Together, Edvoy and Credila offer a complete solution, making it easier to go from choosing a university to getting the financial aid you need.
Table of Contents
- How we and Credila support students with education loans
- Features of Credila education loan
- How to apply for a Credila education loan through Edvoy
- Eligibility criteria
- Documents required for loan application
- Frequently asked questions
- What are the benefits of taking a Credila education loan through Edvoy?
- What is the Credila education loan interest rate?
- What are the factors for getting a Credila education loan?
- Is Credila education loan without collateral?
- Can a Credila education loan cover all my study expenses abroad?
- Can I apply for a loan before admission?
- What is the maximum tenure for loan repayment?
How we and Credila support students with education loans
Streamlined application process
We simplify your initial steps by connecting you to Credila's education loan services. You can apply for loans quickly and get personalised assistance in evaluating loan options. Credila’s process typically takes about 15-20 working days from application to disbursement.
Flexible loan options and interest rates
Credila offers collateral and non-collateral loan options, with competitive interest rates ranging from 11.25% to 12.75%, depending on the loan type and borrower profile. We help you evaluate these rates and repayment terms, ensuring you choose an affordable option.
No upper limit on the loan amount
Credila offers education loans based on individual needs, without having capped loan amounts, sometimes covering up to 100% of educational expenses. This includes tuition, travel, and living expenses, ensuring that you can focus only on your studies.
Disbursement process
Credila works closely with universities to disburse funds directly, aligning payments with the universities. Hence, your fees would be paid on time, eliminating financial risks during your studies.
Repayment flexibility
Credila offers various loan repayment terms, with options of up to 15 years including the moratorium period. With our advice on repayment strategies, you can begin repaying comfortably a few years after disbursement and reduce your financial burden. Credila offers the flexibility of paying only interest (PEMI) during the course period and principal plus interest (EMI) after the completion of your studies and the grace period.
Tax benefit
As a borrower or co-borrower of a Credila education loan, you can avail of tax benefits on the total interest paid on the education loan for the year (under Sec 80-E of the Income Tax Act). This tax benefit is available for full-time undergraduate or postgraduate courses in engineering, pure sciences, applied sciences, medicine, and management.
Learn more about student loans from our app.
Features of Credila education loan
Here’s a detailed view of Credila’s loan features.
| Feature | Description |
|---|---|
| Loan amount | Up to INR 1.5 Cr (Secured loan) Up to INR 70 Lakh (Unsecured loan) |
| Rate of interest | 10.50% - 12.25% |
| Processing fees | 0.75% - 1.25% of the sanctioned amount |
| Processing time | 7-10 days |
| Margin money* | Nil |
| Moratorium period* | Course duration + 1 year |
| Repayment tenure* | 15 years |
*Margin money is the amount of money that a borrower needs to contribute towards the loan, while the remaining amount is paid by the lender.
*Moratorium period is the time duration during which you are not required to make payments toward your education loan.
Country-specific loan features
Based on the country selected by the borrower, these features differ as follows:
| Feature | Australia/New Zealand | Canada | UK | Germany/Ireland/France/Italy |
|---|---|---|---|---|
| Rate of interest | 12 % - 13% | 11.75% to 12.5% | 12 % - 13% | 12 % - 12.75% |
| Loan amount | INR 25 Lakh | INR 40 Lakh | INR 40 Lakh | INR 25 Lakh |
| Co-applicant’s minimum income | INR 60K | INR 35K | INR 40K | INR 40K |
| Monthly instalments during the course | Simple interest/EMI | Partial simple interest | Simple interest/Partial simple interest | Simple interest/Partial interest |
| Processing fee | 1% | 0.75 - 1% | 1 - 2% | 1 - 1.5% |
How to apply for a Credila education loan through Edvoy
To apply for an education loan through Edvoy, follow these steps:
- Head to the Edvoy app and select Funds under the Explore page.
- Select the Get Started button. You’ll be taken to a page where you need to fill in your requirements.
- Add the loan amount (you can include both tuition fees and living expenses), the type of loan required and your PAN details (if you’re an Indian citizen).
- Once you submit your details, they will be shared instantly with the fund providers. You can expect a callback within 24-48 hours on further steps and document submission.
- You can check your application status in the Status tab.
- The loan processing time varies based on the type of loan. It is 2-3 working days for unsecured loans, 10-15 days for secured loans, and 5-7 working days for international loans.
Also read: What is Edvoy Funds? What are the types of funds provided?
Eligibility criteria
- The loan borrower must be an Indian citizen aged 18+
- The Co-applicant(s) must also be an Indian citizen
- The Co-applicant should be the borrower’s mother father, sister, brother, spouse, relative from their paternal or maternal side, or a legal guardian
- The borrower/co-applicant(s) must be able to offer collateral for certain cases
- Co-borrower(s) must have a bank account in any bank in India with cheque-writing facilities
- The borrower must have a strong academic background and confirmed admission to the university before the loan disbursement
- The borrower and co‐applicant(s) must meet Credila's credit and underwriting norms as applicable from time to time
- The eligible courses for the loan include STEM & Management in graduate degrees, post-graduate degrees, diplomas, certificates, and doctorate courses offered by foreign institutes and universities in the USA, UK, Canada, Australia, New Zealand, France, Germany, and Ireland, among others
Note: Conditions apply. All education loans from Credila are credited at the sole discretion of Credila.
For detailed information on loan options, eligibility, and more, visit Credila’s website for further details.
Check out 'Funds' on our app, for a pre-approved student loan in just 3 days!
Documents required for loan application
From the borrower/student
- University admission letter and University fee structure
- Passport, PAN card, and Aadhar card
- 10th and 12th class mark sheets
- Provisional certificate, consolidated mark sheet/transcripts and degree certificate
- IELTS or TOEFL, and GRE scores
- 1 Photograph
If borrower/student is employed:
- Latest month's pay slip
If co-borrower is salaried:
- PAN card and Aadhar card
- Latest 3 months pay slips
- Latest 6 months' salary credited bank A/C statement
- Latest 1 year Form-16 or office ID card
- 1 Photograph
If co-borrower is self-employed:
- PAN card and Aadhar card
- Latest 6 months current A/C bank statements (current + savings account)
- Latest 2 years ITR with Sacral, Balance Sheet, Computation of Total Income and Profit & Loss
- Registration Certificate
- 1 Photograph
If co-borrower is pensioner:
- PAN card and Aadhar card
- Latest 6 months pension credited bank statements
- Pension Book or pension details
- 1 Photograph
For collateral (For house, flat & non-agricultural land)
- Sale Deed
- Parent Document
- Construction Agreement (For flats)
- Patta, Chitta, and Adan-gal
- Approved Building Plan or Approved Layout
- EB Card, Property Tax Receipt, and EC
By guiding you through every step of the financial process, from application to disbursement, Edvoy and Credila help you achieve your study-abroad dreams.
Want to study abroad by availing easy education loans? Connect with us to get started on your journey. Discover the perfect course and university to boost your education.
We offer end-to-end assistance throughout the study-abroad process, including university selection assistance, application guidance, funding advice, visa application support, and more.
Check out 'Funds' on our app, for a pre-approved student loan in just 3 days! Get started with your journey and talk to one of our counsellors today!
Key takeaways
- With Edvoy and Credila’s assistance, you can experience a smoother application and documentation process for your education loans.
- You can get competitive interest rates ranging from 11.25% - 12.75%, and choose from flexible repayment plans.
- You can finance your costs without a set upper limit and get timely disbursements within 15 days, preventing delays in your academic activities.
Frequently asked questions
What are the benefits of taking a Credila education loan through Edvoy?
Applying for a Credila education loan using the Edvoy app is a hassle-free and 100% digital application process. The Funds section of the app offers collateral, non-collateral, and no co-signer loans, with approvals in less than 48 hours.
What is the Credila education loan interest rate?
The interest rate ranges from 11.25% - 12.75%, depending on the type of loan and borrower profile.
What are the factors for getting a Credila education loan?
It depends on multiple factors including:
- Academic background of the student
- The type of course and the university for which the loan is applied for
- If collateral is offered against the loan or not, and the type of collateral offered
- Job profile of the co-borrower
Is Credila education loan without collateral?
Yes, Credila education loans come without collateral options, with slightly higher interest rates than secured loans.
Can a Credila education loan cover all my study expenses abroad?
Yes, Credila can cover up to 100% of educational costs, including tuition, living expenses, and travel.
Can I apply for a loan before admission?
You can apply for an education loan before getting admission confirmation from a university. Credila offers education loans even before you get admission. In case your request is approved before admission confirmation, you'll get a conditional loan sanction letter.
What is the maximum tenure for loan repayment?
You have up to 15 years for repayment, offering flexibility in managing finances after your graduation.
