Education Loan

A student loan is a type of loan created to help students pay for Higher education or post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. It also differs in many countries in the strict laws regulating renegotiating and bankruptcy. Every country has its own criteria for the education loan.

Maximum students from India are progressively preferring to study abroad. India's most popular destination to study abroad (apart from the USA) is countries such as Canada, U.K., Germany, Australia. France, Singapore, Dubai, NZ are also seeing significant increases from India.

While institutes in India are internationally competitive in the highest measures, but the number of students who can get seats in these institutes is quite limited. Hence, an increasing number of bright students are approaching overseas education for higher studies.

The Educational cost of these countries varies among Universities , Courses along with the cost of living of that Country.

HDFC Credila understands the involvement of financing in higher education and hence has customised loan solutions for each county to help students pursue their higher education at the University of their choice.

It is this customised solution finding that has made HDFC Credila the preferred loan provider of thousands of students studying hundreds of different courses, in over various Institutes, across these 35+ countries.

Althose Indian government has introduced a portal, Vidya Lakshmi, for students seeking educational loans, and five banks including SBI, IDBI Bank, and Bank of India have integrated their system with the portal. Vidya Lakshmi was launched on the occasion of Independence Day i.e. 15 August 2015 for the assistance of students seeking educational loans. Vidya Lakshmi was developed under three departments of India i.e. Department of Financial Services, Department of Higher Education, and Indian Banks Association (IBA).