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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*These are tentative calculations, Click here to read more details on this calculator
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.
