Like the famous chicken or egg situation, most students/parents are often faced with a situation; as to what process needs to be tackled first – the admissions or the educational loan? Most banks require confirmed admissions before granting the approval letter for the education loan, whilst most universities prefer students with the assured funding.
Also, many colleges do not grant much time between the admissions and the fee payment, which often leaves very little time for loan application and processing and hence making you run around for funds last minute. However, with Education loan Specialists like HDFC Credila now allow you to apply and get loan sanctions even before admission confirmation. With this hassle-free process, it allows students and parents to know of their loan eligibility in advance.
Advantages of Early Application
Every student has aspiration to join a certain institute and course. However, many students just drop the idea of pursuing the course in a certain country or in a certain institute due to the uncertainty about available funds to pay for that higher education.
HDFC Credila enables students to pursue their dreams by making the funds available to them even before they start applying to the Universities. When students know how much of funds are available to them even before they start applying to various institutes, students don't have to downsize their dreams!
Also, HDFC Credila offers. Sanction letters even before your admission is confirmed. This helps applicants in getting favorable reply while applying for I-20s as some Universities prefer solvency along with the application form. Secondly, you will know your eligibility right away so that you can plan your finances accordingly.
To get admission to the US Universities & to get I-20 for US visa, 'Availability of Liquid Funds' to complete the course needs to be demonstrated. HDFC Credila's 'Education Loan Sanction Letter' before admission can help you show the availability of liquid funds.
Yes, Only HDFC Credila offers loan sanction even before admissions/*I-20.
* An I-20 Form is issued by USA University to students after admission confirmation. It is an important document to secure Visa.
No. You can apply for education loan before getting admission confirmation from University / College. If your case is approved, you'll get a conditional loan sanction letter. This helps many students get confidence that their funds can come from HDFC Credila. Students and parents feel confident to apply for better colleges, without worrying about how to fund the education cost.