Eligibility criteria of Credila education loan scheme

Age: The applicant must be an Indian citizen and at least 18 years of age or older at the time of application. The student should have secured admission to a recognized university.

Academic performance: The applicant should have a strong academic record. The applicant must meet the minimum academic criteria set by the lending institution and fulfil prerequisite tests such as GRE, IELTS, or TOEFL.

Co-applicant: To be eligible for the loan, the borrower is required to have a co-applicant who can be their mother, father, sister, brother, spouse, relative from their paternal or maternal side, or a legal guardian. The co-applicant should have a steady source of income and a positive credit history.

Course and country of study: The scheme covers a wide range of courses including regular graduate degrees, post-graduate degrees, diploma, certificate, and doctorate courses offered by foreign institutes and universities in countries such as the USA, UK, France, Canada, Australia, New Zealand, Germany, and Ireland, among others.

Documents required for education loan by Credila

Students Channel provides a customized documents list for Credila education loans, which depends on your profile, your co-applicant profile, and any property/asset, you may offer as collateral. Applicant's Documents

• 1.Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
• 2.Education loan application form.
• 3.Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
• 4.Passport
• 5.Past academic record
•    • 10th standard mark sheet
•    • 12th standard mark sheet
•    • Under graduate result (semester-wise)
• 6.Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
• 7.Proof of admission: admission letter (A conditional admission letter is also applicable).
• 8.Statement of expenses.

Co-Applicant's Documents

• 1.Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
• 2.Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
• 3.2 passport-size photographs.
• 4.Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).
• 5.Income proof for salaried co-applicant/guarantor
•   • Salary slips for the last 3 months.
•   • Copy of Form 16 of the last 2 years or copy.
•   • Bank account statement for the last 6 months (Salary account).
•   • Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.
• 6.Income proof for self-employed co-applicant/guarantor
•   • Business address proof.
•   • Last 2 years IT returns ( If IT Payee).
•   • TDS certificate (Form 16A, if applicable).
•   • Certificate of qualification (for C.A./ doctor and other professionals).
•   • Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
•   • Bank account statement for the last 6 months.

Benefits

Getting your Credila education loan through Students Channel

Guaranteed best loan

At Students Channel, we are committed to providing you with the most competitive education loan available in the market. We strive to bring you the best deal possible.

Hassle-free process

If you directly apply for an education loan you might face several challenges but with Students Channel all you need to do is check your eligibility and if you are eligible then all you need to do is relax because you will be assigned a dedicated education loan counsellor.

100% free of cost services

Students Channel’s services for candidates are completely free of cost. We do not levy any processing fees or commissions from the applicants whatsoever.

Higher chances of approval

In case of any obstacles regarding documentation or application, Students Channel intervenes and resolves the problem by coordinating with the officials at Credila.

Low turnaround time

Team Students Channel effectively coordinates with various departments within Credila to secure a loan approval in just 5-7 days. As a result, thousands of students trust us with their education loans every year. If a student were to apply for a loan directly with the NBFC, the loan processing time would typically take around 12 - 15 days.