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Credila Education Loan FAQs About Education Loan
Who should opt for an education loan and why?

Usually, middle-income group people apply for education loans. However, because of:

  • Rapidly rising costs of education
  • Income tax benefit under 80 E of IT act
  • Students wanting to take their own financial responsibilities to preserve the parents savings
  • build positive credit history

Even affluent families are going for education loan

How is the economic scenario affecting the loan market? Fewer loans to hand over or fewer loans to take?

With such a young population and one of the largest pool of students coupled with rising cost of education is only fueling the demand of education loans in India

Big schools abroad – their fees are sometime Rs 50 lakhs too. ISB in India is some Rs. 20 lakhs plus. Since you have slabs for both the domestic as well as international loan seekers, how do you think people should go about financing their education?

We believe that going forward the education finance will largely consists of:

  • Self-finance – Using parents savings, liquid assets etc.
  • Scholarships & grants – Though in India the availability is quite limited, for meritorious students this may form a good chunk of the entire cost
  • Education Loans – Rising costs, to minimise financial burden on the aging parents and tax benefits are three major reasons why more and more students and families are opting for loans of education
What if the person has enough money in the bank? Is it advisable to take a loan or better that he uses his money?

Yes, they should avail loan even if they have money. The reasons are explained in earlier questions

Credila Financial Services is a Subsidiary of Housing Development Finance Corporation Limited (HDFC) . Housing Development Finance Corporation Limited is one of the leading financial services companies of India.
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