Education Loans from HDFC Credila

Kotak Bank has tied up with HDFC Credila - the trusted choice of thousands of students studying across 38 countries, to enable your children’s dreams of pursuing higher education globally.

HDFC Credila is India’s First Dedicated Education Loan Company, having pioneered the concept of offering customised student loans, with a credit scoring model designed specifically for education loans.

With specialised focus on student loans and an in-depth understanding of the requirements of those who wish to pursue higher education, HDFC Credila offers tailor-made solutions with unique features and benefits including no margin money requirement, flexible co-borrower and collateral norms, unsecured loan options, easy EMI options and attractive tax benefits under Section 80E of the Income Tax Act, 1961. Further, students may choose to get their education loan pre-approved even before they apply to universities, thus enabling them to be financially equipped to pursue their education at their dream destination.

HDFC Credila is among the preferred education loan providers, having funded students studying 1500+ different courses across 2500+ universities in 38 countries.

 

To apply for a student loan

icon

Contact your branch

Contact your nearest Kotak Mahindra Bank Branch

icon

Apply online*

Fill in your details to apply

icon

Contact your Relationship manager

Get in touch with your Relationship manager

Special benefits of getting Education Loans from HDFC Credila


Special features of getting Education Loans from HDFC Credila

 

LOAN AMOUNT:

  • Secured loan: No upper limit
  • Unsecured loan: Up to Rs. 45 lakhs*


COURSES COVERED:

As on date, HDFC Credila has funded students for 1500+ courses across 2500+ universities and 38 countries, for programmes including:

  • MS
  • MBA
  • MBBS (only colleges in India)
  • Executive Management Programmes (for working executives)
  • All other courses (on a case-to-case basis)


RATE OF INTEREST (ROI):

  • A floating rate of interest linked to HDFC Credila's Benchmark Lending Rate (CBLR) will be applicable, wherein the floating rate of interest to be (HDFC Credila's CBLR + Spread) % per annum.
  • The interest will be calculated using the Simple Interest Rate formula.


Below is a table to illustrate the ROI calculation:

Education Loan Amount (Rs.)

ROI

Interest Amount (Rs.)

Yearly Tax Savings (Rs.)

Effective Interest paid (Rs.)

Effective Rate of Interest

750,000

11.00%

82,500

25,493

57,007

7.60%

1,000,000

11.00%

110,000

33,990

76,010

7.60%

1,500,000

11.00%

165,000

50,985

114,015

7.60%

2,000,000

11.00%

220,000

67,980

152,020

7.60%


COSTS COVERED:

  • Tuition fees, as determined by the college/ university
  • Other expenses, including:
    • Living expenses
    • Travel expenses
    • Ancillary expenses, including library and laboratory fees, purchase of books, laptop, related equipment

TENURE:

The maximum loan repayment tenure is of up to 15 years, including the moratorium period.


COLLATERAL OPTIONS:

  • Immoveable collateral such as a residential flat, residential house, (non-agricultural) land or shop

More benefits from Kotak Bank


 

Kotak Remit – Seamless payment of your tuition fees, living expenses or other expenses via mobile banking

Know more

 


 

Option to carry your Foreign Exchange on Kotak Forex Card.

Know more

 


 

So let your child choose the career path their heart desires, we’ve got them covered on the financial front!

 

Terms and Conditions apply. *The Education Loan facility is offered by HDFC Credila, therefore, the loan terms and conditions, approval and disbursement shall be as per HDFC Credila. Kotak Mahindra Bank Ltd. shall have no responsibility or liability of any kind with respect to Education Loan and other Education Loan linked facility offered by HDFC Credila.

Kotak Remit: Zero documentation required up to USD 25,000. A resident individual can remit up to USD 25,000 or equivalent per day through online. Overall limit will be USD 250,000 or equivalent in a financial year under the Libersalised Remittance Scheme (LRS).

Forex Card: Cross currency markup fee will not be applicable for same currency transaction. A customer can load upto USD 2000 or equivalent per transaction and upto USD 5000 or equivalent per financial year, digitally through Net/Mobile banking.

By clicking on the links above, you are hereby giving your consent to receive calls/communication for marketing purposes through Telephone/Mobile/SMS/Email for the above mentioned product/offer and that such consents shall prevail over any current or subsequent registration of your number in the National Do Not Call Registry.

Related Products