Education Loan Interest Rate
Competitive interest rates to support your education journey with flexible repayment options.
*T&C Apply
At Credila, we know that funding your education is more than just a transaction; it's a step towards your future. That’s why our education loans are designed to support students heading to universities in India or abroad, with clear and structured solutions. From education loan interest rates to processing fees, we provide a transparent breakdown so you can plan confidently and focus on what matters most - your education.
Student Loan Interest Rates
Credila offers floating interest rates that are determined based on various factors.
| Category | Sub-Category | Details |
|---|---|---|
| Interest Rate | Secured Education Loan | From 9.95%* p.a. onwards |
| Processing Fee | All Education Loans | 1.25% of the sanctioned amount *Taxes applicable |
| Loan Amount | With Collateral | No Upper Limit* |
| Without Collateral | Based on Eligibility* | |
| Repayment Terms | Foreclosure Fees | NIL |
| Repayment Tenure | Up to 15 years* | |
| Repayment Mode | Monthly instalments (EMI) |
*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.
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Loan Coverage
Credila’s education loan is designed to cover up to 100% of the total cost of education.
Expenses covered by Credila’s education loan include:
- Tuition fees
- Examination, laboratory, and library fees
- Living expenses
- Cost of books, equipment, and study materials
Income Tax Benefits
Interest paid on Credila education loans are eligible for deduction under Section 80E* of the Income Tax Act, 1961, as per the applicable tax regime. This benefit is available for a maximum of 8 years from the start of loan repayment.
Disclaimer: *Under the old tax regime. Please consult your Chartered Accountant or Tax Advisor for information specific to you.
Security & Collateral
- Secured Loans: Requires collateral such as property or fixed deposits.
- Unsecured Loans: Does not require any collateral but are based on stricter eligibility and credit evaluation.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Nationality | Indian citizen |
| Age | Minimum 16 years* |
| Courses | All courses |
| Co-applicant Requirement | Mandatory; income and credit profile reviewed |
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.
Features and Benefits of an Education Loan
Higher education is the canvas where you paint your future, and an education loan is the brush that helps bring your vision to life. From easing financial pressure to opening doors abroad, an education loan gives you the freedom to pursue your goals without compromise.
Features of an Education Loan from Credila
Credila’s education loans are designed to provide comprehensive financial support tailored to students’ diverse academic needs.
1. Education loan coverage for multiple academic expenses
An education loan typically helps cover a range of education-related costs, including tuition fees, accommodation, study materials like books and laptops, and examination fees. The loan amount may vary depending on the course, university, and the applicant’s profile, and is subject to terms and conditions*.
2. Available for studying abroad and in India
Education loans are generally available for both domestic and international universities. Eligible students can apply for financial support for undergraduate and postgraduate studies.
3. Easy three-step loan process with seamless disbursal
Credila makes it easy. Just fill out the form, upload your documents, and wait for approval. Once approved, you’ll get a sanction letter, and the loan amount will be disbursed either to your college or your account.
4. Flexible repayment options
The loan can be repaid in convenient monthly instalments. To ease repayment, up to 15 years is available for postgraduate*, and up to 20 years for undergraduate*. During the study period, partial EMI options are also offered to reduce immediate financial pressure.
5. No need for collateral
You can apply for a non-collateral (unsecured) education loan, and if you're eligible, you may receive funding without the need to pledge any security. The requirement for collateral depends on your financial profile and your co-applicant. Final approval is based on the assessment and credit policies.*
6. Support from start to finish
Credila often provide end-to-end support, from helping applicants understand loan options to guiding them through documentation, EMI planning, and disbursement procedures. Support may be available online, via phone, or through physical branches.Benefits of Taking an Education Loan
A student loan not only funds your education but also offers financial flexibility and long-term advantages that support your academic and professional growth.
Tax benefits
When you repay your student loan, you may be eligible for tax benefits under Section 80E of the Income Tax Act*
Flexible repayment terms
Credila offers flexible repayment options, allowing you to choose a plan that suits your financial situation, with a grace period after your course ends before full EMIs begin. You can also make prepayments without any prepayment charges, helping you reduce your overall interest burden.
Establish credit early
Making timely student loan repayments helps build a positive credit history, which can be beneficial for future loan applications.
Stay focused on your education
With a student loan, you don’t need to worry too much about funds. You’re free to give your full effort to academics and make the most of your opportunities.
