Education Loan Application Process
Our team works closely with you to ensure timely documentation and smooth processing.
*T&C Apply
Your education is important, and Credila is here to help you with the finance you need to fund your education. No complicated steps, no long waits, just a clear process, designed for students like you. Let Credila take care of the loan so that you can focus on your academic dreams.
Things to Do Before Applying for an Education Loan
1. Check your eligibility
You must be an Indian citizen and at least 16 years old when the loan is disbursed. You should also provide a valid admission letter from a college or university in India or abroad.
2. Finalise your course and institution
Decide which course you want to pursue and shortlist your preferred colleges or universities, whether in India or abroad. Having clarity helps you gather the right documents and understand the costs involved before your admission process.
3. Understand the loan amount and coverage
Credila covers up to 100% of education-related costs, including:
- Tuition and exam fees
- Study material
- Living expenses
There is no maximum limit* for the loan, as the amount can be tailored to your specific needs. [*T&C apply]
4. Education loan interest rates
| Feature | Details |
|---|---|
| Maximum Loan Amount | No limit* |
| Expenses Covered | Tuition fees, living expenses, visas, and study materials |
| Margin Money Required | No |
| Secured Loan Amount | No limit* |
| Interest Rate (Floating) | Secured Loans starting from 9.95%* p.a Unsecured Loans starting from 11.25%* p.a |
| Origination Fee | Maximum up to 1.25%* + GST of the loan amount. |
| Prepayment & Foreclosure Charges | None |
| Repayment Tenure | Up to 15 Years* |
*T&C apply. Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Limited). The education loan facility provided by Credila Financial Services Limited will be at the sole discretion of the Company and within the Company's prescribed credit and underwriting norms/guidelines prevailing at the time of processing and disbursing the education loan. The Company maintains the right to change the interest rate at any time and at its sole discretion, without prior notice.
5. Get your documents ready
| Category | Required Documents |
|---|---|
| KYC Documents | PAN Card, Aadhaar, Passport, Voter’s ID# |
| Address Proof | Utility bill, Telephone bill, or Bank Passbook# |
| Income Proof (Salaried) | Latest 3 Salary Slips, Form 16, and ITR# |
| Income Proof (Self-Employed) | ITR, Audited Financials, and Firm Registration Proof# |
| Additional Documents (Self-Employed) | Qualification Certificates and Establishment Proof# |
| Proprietorship & Company Documents | Partnership Deed, MoA, AoA, and Shareholding Pattern# |
| Academic Records | Grade 12 and Degree Mark Sheets, Scholarship Documents (if applicable)# |
| Admission Proof | College/University Admission Letter and Fee Structure |
| Financial Proof | Rent Agreement or Additional Income Sources (if applicable)# |
| Other Documents | 3CB & 3CD Forms for Applicable Professional# |
#Read the extensive list on the website.
Education Loan Application Process with Credila
Follow this 3-step process
1- Apply Online
Fill out the application form and upload documents.
2- Application Review
Get your sanction letter after our credit appraisal.
3- Funds Disbursed
You are all set to get started.
Who Can Be a Co-Applicant?
A co-applicant is usually a parent, sibling, spouse, or guardian who shares the responsibility of repaying the education loan. Their income documents are essential to prove the financial ability to support the loan.
For salaried co-applicants:
- Last 3 months’ salary slips or a salary certificate on company letterhead
- Last 1 year’s Form 16 and Income Tax Return (ITR)
- Any additional income proof (like rental income agreements)
For self-employed professionals:
- Last 2 years’ ITRs with acknowledgements
- Audited financial statements (Balance Sheet, Profit & Loss, Computation of Income)
- Form 3CB & 3CD (if turnover exceeds ₹15 lakh)
- Proof of business (e.g., GST, Shop Act license, TIN, Professional degree, etc.)
For self-employed non-professionals:
- Similar to professionals: 2 years’ ITRs + audited financials
- Form 3CB & 3CD (for turnover above ₹60 lakh)
- Additional documents:
- Proprietor: Business registration documents (Shop Act, TIN, etc.)
- Partnership Firm: Partnership deed
- Private Company: AoA, MoA, and CA-certified shareholding pattern
Student loan repayment and tenure
- You can repay your loan in up to 20 years for UG and 15 years for PG, depending on your loan details. [*T&C apply]
- Credila offers flexible EMI and repayment options.
Final Tips Before You Apply
- Compare education loan interest rates and features.
- Use Credila’s EMI calculator to plan your repayments.
- Make sure your documents are complete to avoid delays.
Disclaimer: *T&C apply. Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Limited). The education loan facility provided by Credila Financial Services Limited will be at the sole discretion of the Company and within the Company's prescribed credit and underwriting norms/guidelines prevailing at the time of processing and disbursing the education loan. The Company maintains the right to change the interest rate at any time and at its sole discretion, without prior notice.
