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Understand the Credila education loan disbursement process. Learn step-by-step how funds are disbursed, timelines, required documents, and expert tips to ensure a smooth process.
Did you know that the Credila education loan sanction letter is valid for only six months, and if you don't fulfill the disbursement formalities within the stated period of time, your loan application might get declined, and you will have to redo the whole process?
It is important to understand the disbursement process in order to prevent any challenges during your education loan journey. This blog will help you learn about the Credila disbursement process, Credila loan application status, Credila loan processing time, and much more.
Know the details of the Credila education loan, like loan amount, interest rates, origination fee Credila, processing time, etc.
Feature | Description |
---|---|
Loan amount |
Up to INR 1.5 Crore (Secured loan) |
Rate of Interest |
10.50% - 13% |
Margin money |
Nil |
Course duration + 12 Months |
|
Up to 15 years |
|
Credila Education Loan Processing Time |
4 - 5 working days after submission of the required documents. |
Processing fees |
0.75%-1.25% of the sanctioned amount |
Once you have paid the Credila education loan processing fee and submitted your loan application, you await the approval of the loan disbursement. Credila loan process is a simple procedure. However, to check the Credila application status, you are required to follow the following steps.
Credila is India’s first dedicated Non-Banking Financial Company providing education loans to study abroad. The Credila disbursement process and its loan approval process are simple and hassle-free. Once the Credila education loan sanction letter and the initial loan agreement are signed and sent to the lender, you will have to decide -
The exact date of the first disbursement can depend either on the visa application or the last date of tuition fee payment.
You will have to decide the amount for the first disbursement, considering the tuition fees and living expenses.
You will have to provide the exact details for transferring your tuition fee and living expenses. It could be a wire transfer or forex transfer. This information will be provided by the university along with your admission package.
If the loan is applied via GyanDhan and there’s a delay in disbursement, the student can contact GyanDhan to get it done swiftly.
Tracking your Credila loan application status is crucial for managing your deadlines and financial commitments.
For a detailed guide, read our comprehensive guide on how to track Credila education loan status.
During the process of education loan disbursement, students often face several problems that can cause potential delays in their education journey. Some of the challenges that students encounters are mentioned below.
Up till now, you must have understood the issues that students face after disbursement. However, Credila, unlike other lenders, ensures a smooth disbursement process, minimizing the issues commonly faced by students.
Advantage | Description |
---|---|
Tax benefits |
Credila qualifies for tax benefits under section 80E of income tax act |
Less processing time |
The entire loan process can take 15 days from the date of the loan application. |
Repayment in US dollars |
Credila offers students the option to repay their loan from the US in US dollars |
For a smooth disbursement process, it is essential for students to make informed decisions regarding their education loans. When it comes to funding your education, making the right choices can shape your future. Remember that there are several crucial steps even after disbursement, such as repayment and tax savings, that require attention and expert advice. For a hassle-free disbursement process and to avail maximum benefits, turn to GyanDhan for expert guidance in securing the best education loan options tailored to your needs. We connect students with a range of loan options, provide expert financial advice, and facilitates end-to-end services regarding abroad education loans that are free of cost. So, check your loan eligibility to kick start your abroad education loan journey today!
You can apply for a loan with Credila online by filling out the Credila education loan form and then submitting the documents. To ease the process, you can apply via GyanDhan, and we will help you at every step of your abroad education loan.
Any Indian student with a minimum age of 18 years can apply for an abroad education loan at Credila.
The rate of interest for an education loan with Credila lies between 10.50% - 13%.
To check your Credila education loan status, log in to your account on Credila website. Visit the Credila Loan Status Tracker webpage. This page is your gateway to all loan-related information.
Credila loan processing time generally takes 7-14 working days. With GyanDhan by your side, you can complete your Credila education loan process within 4 to 5 working days.
Once Credila approves the loan application, it further verifies all the documents and evaluates the student's profile. Once verification is done, the lender issues the Credila sanction letter.
HDFC Credila credits the education loan within 24 hours from disbursement receiving all necessary documents and completing the required formalities.
Credila disburses the education loan within 4-5 working working days after receiving all necessary documents.
No, the origination fee Credila is non-refundable, even if you decide not to use the entire loan amount.
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