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Indian Government in consultation with RBI and IBA (Indian Banker's Association) has already framed a Comprehensive Educational Loan Scheme for deserving student of the Country for higher education. The scheme covers all type of courses including professional courses in schools and colleges in India and abroad. 


The Salient features of the scheme are as under:


·       For studies in India loans up to Rs.7.5 lakh & for studies abroad up to Rs. 15 lakh.
·       For loans up to Rs. 4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lakh the interest rate will not exceed PLR plus 1 percent.
·       The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies.


Tax Benefit


Repayment of an education loan is deductible under section 80E of the Income Tax Act. The yearly limit for deduction is Rs. 40,000 (for both the principal and the interest). Only loans taken for higher education - full time studies in any graduate or post-graduate, professional, and pure and applied science courses - may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start repaying.


The Reserve Bank of India (RBI) has issued guidelines in this regard to all commercial banks. A large number of banks have already launched educational loan schemes.


Disclaimer: Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.


Credila Financial services (The Only Specialised Education Loan   Provider in India) have joined hands to assist students and parents to ensure uninterrupted completion of their education with the unique branchless education loan program. Students can get up to 100% finance for education loan for ATM  Indian and Foreign university programme (Domestic and International Programme).




·         Borrower must be an Indian citizen 
·         Co-borrower must be an Indian citizen 
·         Borrower must be 18 years of age or older
·         Co-borrower must have a bank account in any bank in India with check writing facilities 
·         Confirmed admission in the colleges before disbursement 
·         Borrower and Co-borrower to meet Credila's underwriting criteria


Co-borrower Requirement 


·         The loan will be co-signed by a co-borrower in India.
·         A co-borrower is mandatory for all the student loans.
·         The co-borrower can be parent, brother, sister, guardian, or any other relative.
·         Co-borrower's role would be, necessarily, like the primary debtor.


What Costs Are Covered? 


·         All of the tuition fees as determined by the College/University.
·         Up to 75% of other expenses including living expenses, books, etc. as determined by  the  College/University.
·         Up to INR 50,000 for travel to abroad from India, if applicable. 


Loan Amount 


·         Minimum Loan Amount: Indian Rupees 1,00,000.
·         Lifetime Maximum Loan Amount: Indian Rupees 20,00,000. 


Rate Of Interest 


·         Rate of interest will be floating rate of interest linked to Credila's Benchmark Lending Rate (CBLR).
·         The floating interest rate will calculated monthly based on the prevailing CBLR at the beginning of the month.
·         The interest will be calculated using Simple Interest Rate.
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