• Borrower must be an Indian citizen
• Co-borrower must be an Indian citizen
• Borrower must be 18 years of age or older
• Co-borrower must have a bank account in any bank in India with check writing facilities
• Confirmed admission in the colleges before disbursement
• Borrower and Co-borrower to meet Credila’s underwriting criteria

• The loan will be co-signed by a co-borrower in India
• A co-borrower is mandatory for all the student loans
• The co-borrower can be parent, brother, sister, guardian, or any other relative
• Co-borrower’s role would be, necessarily, like the primary debtor

• All of the tuition fees as determined by the college/University
• Up to 75% of other expenses including living expenses, books, etc. as determined by the college/University
• Up to INR 50,000 for travel to abroad from India, if applicable

Minimum Loan Amount

• Indian Rupees 1,00,000
  

Lifetime Maximum Loan Amount

• Indian Rupees 20,00,000

• Rate of interest will be floating rate of interest linked to Credila's Benchmark Lending Rate (CBLR)
• The floating interest rate will calculated monthly based on the prevailing CBLR at the beginning of the month
• The interest will be calculated using Simple Interest Rate
• Floating rate of interest to be Credila's CBLR + 1.00% per annum

• The loan amount will be disbursed in Indian Rupees
• Credila’s servicer will disburse the tuition fee directly to the educational institute
• The tuition fee will be disbursed in installment as per the requirement of the specific educational institute
• The loan amount related to other expenses will be disbursed in installments spread over the duration of the study

• Loan Interest Re-payment
1. Loan interest re-payment will start immediately after disbursement of the first installment of the loan
• Loan Principal Amount Re-payments must commence
1. After 6 months of completion of studies by the borrower or
2. 3 month after borrower getting an employment or starting a business or
3. 3 month after borrower discontinuing the educational program,
   whichever is earlier.
• The principal and interest is repayable in 90 monthly installments
• Monthly repayment amount will be deducted from the bank account of the borrower/co-borrower using Electronic Clearing System (ECS)
• Post Dated Checks (PDC) to be collected as security cheques from the borrower/co-borrowers

• The following types of collateral are accepted
1. Non-Agricultural Land
2. House
3. Apartment/Flat
4. A life insurance policy for the student, assigned in favor of Credila, for the value of at least the amount of loan approved