While most of the banks normally offer up to 20 lakhs of loan, HDFC Credila can extends more than a crore rupees education loan to talented and eligible students and parents
Education loan is normally taken for financing Tuition fees, living expenses (hostel etc.), books and periodicals and some times traveling
As per the IBA guidelines, the banks offer up to Rs. 4 Lakhs and Rs. 7.5 Lakhs without collateral security for studies in India and Abroad respectively.
However, HDFC Credila can offer up to Rs. 20 Lakhs without surety for talented and deserving applicants.
Only HDFC Credila offers education loan up to these amounts.
Ans: Because of margin money concept (where students have to pay anything between 5 to 30% of money from their own sources), some times students do have to take both together to finance their tuition fee as well as living expenses. However, HDFC Credila does offer an option of up to 100% of finance for talented and deserving students.
HDFC Credila is the only lender that not only finances upto 100% of the cost of education but also gives education loan over Rs. 20 lakhs