HDFC Education loan: Interest rate and its Pros and Cons

As the number of students pursuing education abroad is increasing, many banks have started lending educational loans with attractive schemes to these students for studying overseas. One such popular educational loan scheme was offered by Credila which was then taken over by HDFC to form HDFC Credila education loan. The HDFC education loan helps students achieve their dream of studying abroad. Eligibility criteria- HDFC education loan Both, you and your co-applicant must be an Indian citizen. The co-Borrower must have an Indian bank account with cheque facility. Proof of admission in a university prior disbursement. Interest rate- HDFC education loan The aspect that needs to be taken into utmost consideration while applying for an education loan is its interest rate. HDFC education loan has a floating rate of interest that is the sum of Credila's CBLR plus Spread (similar to Public banks' MCLR plus spread). HDFC changes the spread with your profile and can be as low as zero and hence CBLR is the minimum possible loan. It lies from 11% to 14.5%. Currently, it has a lending rate of 12.75% per annum on an average (check current CBLR here). This CBLR has hiked from 12.05% in 2017 to 12.55% in 2018. Repayment tenure- HDFC education loan You need to start repaying immediately after disbursement of the first installment of the loan amount. You can repay the loan amount up to 12 years after the [moratorium period] (https://www.wemakescholars.com/blog/moratorium-period-in-education-loan). If you are an aspiring student applying for an abroad education loan, you can request a callback from the WeMakeScholars team. The financial officer will get back to you and guide you until sanction. Please note there is NO fee charged by WeMakeScholars. Being a Digital India campaign supported organization, all the services are at free of cost. Note: WeMakeScholars is associated with 10+ public and private banks/ NBFCs in India.
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