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Credila Disbursement Process

Credila Disbursement Process

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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.

GyanDhan
Arshi Khan
Updated on:  11 Apr 2025  | Reviewed By:  Aman  | 42.3K | 13  min read

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.

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Credila Abroad Education Loan

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)
Up to INR 75 Lakh (Unsecured loan)

Rate of Interest

10.50% - 13%

Margin money

Nil

Moratorium period

Course duration + 12 Months

Repayment tenure

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

 

Check loan eligibility for study abroad

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Credila Loan Status Check

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.

 

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    Visit the official website of Credila and log in to your account for a Credila loan status check.
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    On the homepage, look for the “Track Your Loan Status” section. This is where you can check the Credila application status.
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    You will be asked to enter the required details (Loan Application Number and Date of Birth) to track your loan status. 
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    Once you have entered the details, click on the “Submit” button.
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    The portal will display your loan status, such as Pending, Sanctioned, Disbursed, or Rejected.

Further curious about how loan disbursement works with Credila? Watch our video for a detailed explanation of the process!

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Credila Disbursement Process - Documents Required

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    Self-attested final loan agreement.
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    Original KYC documents of the student, co-applicant, and guarantor (if any). 
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    Two original copies of the completed e-mandate form, signed and stamped by your bank. 
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    After deciding the date of disbursement, submit one of the original copies to the bank manager for their records. Alternatively, the co-applicant can fill out an e-NACH form providing the details of the account from which monthly interest payments will be deducted.
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    The co-applicant will have to submit 9-12 post-dated cheques as security, in case the co-applicant is unable to make an interest payment in a particular month.
 
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Steps in the Credila Disbursement Process

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 -

Date of disbursement:

The exact date of the first disbursement can depend either on the visa application or the last date of tuition fee payment.

Disbursement amount:

You will have to decide the amount for the first disbursement, considering the tuition fees and living expenses.

Method of disbursement:

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.

 

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    Upon receiving this information, the lender will prepare a final loan agreement. This final agreement will have to be signed by the student, co-applicant, and guarantors (if any).
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    Along with the final loan agreement, the documents for disbursement mentioned below have to be submitted to proceed.
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    A separate loan account is also opened in the student's name where the amount for living expenses and other daily expenses will be transferred.
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    For further semester transactions, the student/co-applicant can reach out to the Credila team to make the payments to the university.
 

If the loan is applied via GyanDhan and there’s a delay in disbursement, the student can contact GyanDhan to get it done swiftly.

 

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    If the student has already paid the tuition fees, they can get the amount reimbursed by submitting a photocopy of the fee receipt.
 

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.

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Common Problems Faced by Students During Education Loan Disbursement Process

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.

 

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    Delay in sanction letter: The approval process for education loans can sometimes be lengthy, leading to delays in disbursing the funds. This delay in the sanction letter can cause stress and uncertainty for students and their families.
 
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    Disbursement delays: Despite promising a disbursement on a specific date, the lender backs out on their commitment and fails to fulfill it in a timely manner.
 
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    Pre-visa disbursement: Pre-visa disbursement refers to the process of releasing funds from an education loan to a student or their educational institution before obtaining the student visa for studying abroad. It is essential to note that some lenders may offer this facility, while others may disburse funds only after the student's visa is approved.
 

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.

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Perks of a Credila Education Loan

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!

 

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Frequently Asked Questions

How do I apply for a loan with Credila?
 

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.

What are the requirements for a loan from Credila?
 

Any Indian student with a minimum age of 18 years can apply for an abroad education loan at Credila.

What is the interest rate for an education loan with Credila?
 

The rate of interest for an education loan with Credila lies between 10.50% - 13%.

How to check Credila education loan status?
 

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.

What is Credila loan processing time?
 

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. 

How can I get my Credila education loan sanction letter?
 

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.

How much time does it take for money to be credited after a loan is disbursed in HDFC Credila?
 

HDFC Credila credits the education loan within 24 hours from disbursement receiving all necessary documents and completing the required formalities.

How long does it take to disburse student loan money?
 

Credila disburses the education loan within 4-5 working working days after receiving all necessary documents.

Is the origination fee Credila refundable?
 

No, the origination fee Credila is non-refundable, even if you decide not to use the entire loan amount.

Check Your Education Loan Eligibility


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