Is it mandatory to take insurance for education loan?
When it comes to the abroad education loan process of NBFCs and private banks, all applicants of an education loan without collateral must purchase an education loan insurance. This is a mandatory requirement that every student who applies for an education loan without collateral is expected to fulfill.
What is HDFC credila Quora?
Answered 5 years ago · Author has 259 answers and 1.8M answer views. HDFC credila gives education loan based on salary of your parents or family members. They deduct the EMI on monthly basis from salary as like a personal loan. Its only name sake education loan.
What is HDFC Credila?
HDFC Credila is India’s First Dedicated Education Loan Lender HDFC Credila is a subsidiary company of HDFC Ltd. Education loan from HDFC Credila provides you income tax benefits under Section 80 (E) of Income Tax Act of India HDFC Credila has already funded Indian students going to: 35+ Countries, 2100+ Institutes & studying 1000+ Courses
How can a student close a HDFC Credila loan?
He/she will have either close the loan by paying full amount or keep repaying monthly installments on time to avoid becoming a defaulter and ruin their own credit history 7. Usually, banks asks to pay after course but HDFC Credila asked me to pay at least interest amount during the course.
What is the maximum loan repayment period granted by HDFC Credila?
The maximum loan repayment period granted by HDFC Credila to students is 12 years. This is, however, subject to factors such as the student’s capacity to repay loans, co-applicant’s financial profile, their age and other factors according to the norms and conditions set by Credila.
What is the Credila education loan without collateral?
Although the Credila education loan without collateral is known in the market, they also lend collateral based education loans to students in need. HDFC Credila accepts the following as collateral: Immovable property: residential house, non-commercial flat, etc. Liquid Security: A Fixed deposit assigned in favour of HDFC Credila.