Credila Educational Loan Interest rates in Nagpur
| Up To 5,00,000 | 5,00,000 To 20,00,000 | 20,00,000 Above | |
|---|---|---|---|
| Executive MBA | 12.10% | 12.10% | 12.10% |
| Studies in India | 12.10% | 12.10% | 12.10% |
| Studies in USA | 12.10% | 12.10% | 12.10% |
| Study Abroad | 12.10% | 12.10% | 12.10% |
Features of Credila Educational Loan Nagpur
| Type | Features |
|---|---|
| Processing Fee | upto 2.0% |
| Pre Closure Charges | Nil after 6 months |
| Part Payment Charges | Nil |
| Min Tenure | 1 Years |
| Max Tenure | 10 Years |
| Min Age | 18 Years |
| Max Age | 35 Years |
| Min Loan Amount | Rs.1,00,000/- |
| Max Loan Amount | Rs.35,00,000/- |
Credila Educational Loan Nagpur Charges
| Type | Charges |
|---|
Documentation For Education Loan
Required Documents
- Signed Application form
- Two Passport Size Photos - Applicant and Co-Applicant
- Photo ID - Applicant and Co-Applicant (Any one of the following)
- Residence Proof - Applicant and Co-Applicant (Any one of the following)
- Academic Documents of Student/div>
- Proof Of Admission (If available)
- Last 8 Months Bank Statements of Co-Applicant
- Income Proof of Co-Applicant
- Accepted Collateral documents
Photo ID - Applicant And Co-Applicant
- PAN Card
- Passport
- Driving License
- Voters ID
- Employee ID
- Photo ID issued by the Central Govt. or State Govt.
- Bankers Verification/ Bank Passbook with photograph of account holder attested by bank
Residence Proof
- Passport With Address
- Bank Statement With Address
- Driver's License with Address
- Utility Bill (Not older than 3 months))
- Telephone Bill (Not older than 3 months)
- Ration card
- Latest LIC Premium Receipt (Not older than 3 months)
- Leave and License Agreement supported with an address proof / utility bill in the name of the landlord
- Voter's ID
Academic Documents Of Student
- Marks sheet/Certificate of 12th Exam
- Marks sheet/Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.
- Marks sheet of Any Entrance Exam Taken e.g. CAT, CET, etc. (If applicable)
- GRE/GMAT/TOFEL/LETS, etc Mark sheets For US Applicant
- Scholarship Documents (if applicable)
Proof Of Admission
- Printed Admission Letter From the Institute on its Letterhead With Institute's Address
- I-20 Form for the USA Applicant (If any)
- 8 Months Bank Statements of Co-Applicant (If more than one bank account, provide copies of all)
- Note: Make sure to include the bank statements of the Bank Account where Salary or Business or Professional receipts are credited every month.
Income Proof Of Salaried Employee
- Latest 3 Salary Slips or Salary Certificate on Employer's Letterhead
- Last 2 year's Form 16 from Employer or Last 2 Year's Income Tax Returns
- Any Other Income Proof That is Not Reflected in the Above Documents
Income Proof Of Self Employed Or Professional
- Last 2 Year's Income Tax Returns
- Last 2 Year's Certified Financial Statements or Provisional Financial Statements
Income Proof Of (Duly Certified By CA)
- Proof Of Office (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.)
- Any Other Income Proof That is Not Reflected in the Above Documents
Collateral Documentation
- Property Title Deed
- Registered Sale Agreement Along With Society Share Certificate
- Original Registration receipt for the above agreement
- Allotment Letter By Municipal Corporation / Authorized Govt, Commencement Certificate from Municipal Corporation/Council.
- 15 years or 30 years of Title Search (Previous Chain of Sale Deed establishing title) of the property.
- Any other document as prescribed by our empanelled lawyers or chartered engineers from time to time
Accepted Collateral
- Residential Flat
- Residential House
- Non-Agricultural Land
- A Fixed Deposit
Credila Educational Loan FAQ's
1. What are the required factors for the loan?
Credila Education Loan depends on multiple factors such as: Academic background of the student Type of course and University for which education loan is applied for If collateral is offered against the loan or not. Type of collateral offered. Co-borrower/guarantor on the loan. Job profile of the co-borrower etc
2. What is it that you see in the application, rather what do you look out for?
Banks and other lenders normally check: 1. Students past academic track record 2. Quality of institute/college and course the student wish to pursue 3. Student’s ability to get an appropriate job after the course that he/she is seeking education loan for 4. Also, the potential salary is also estimated to calculate eligibility of loan amount 5. Also, credit histories of the applicant and co-applicants play an important role in approval 6. Lastly, the value and type of property being offered as collateral security for higher value loans also play an important role in decision
3. Can I get a special privilege if I am an old HDFC Bank customer?
Yes. HDFC Bank is a group company and we are very sensitive towards our existing customers. You will get best of services and product considerations.
4. Can I avail Education loan, if no one stand as Guarantor for my case?
Credila generally require family members as co-borrowers. It again depends on your overall profile and the study course you are interested in. Credila have different product propositions for different study courses.
About Credila
Credila has funded tens of thousands of students from India to over 2100+ unique educational institutes across 35+ countries
"
Credila Highlights
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About Educational Loans
Accepted Collateral and documentation
Educational Loans will be available for following students:
Indian students attending overseas colleges and
Indian students attending colleges in India
Educational Loan covers the following
All of the tuition fees as applicable for the college/University
Up to 100% of other expenses including
Living and hostel expenses
Examination fees,
Library/laboratory fees,
Purchase of books / equipments/instruments/uniforms
Purchase of computers / laptops considered necessary for completion of the course.
Travel fare restricted to one economy class return ticket between India and the country of study, if applicable
Eligibility
Borrower must be an Indian citizen and must be 18 years of age or older
Co-borrower(s) must be an Indian citizen
Co-borrower(s) must have a bank account in any bank in India
Confirmed admission in to the colleges before Educational Loan disbursement
Borrower and Co-borrower(s) must meet Banks/Financial Institution credit and underwriting norms as applicable from time to time.
Guarantor/Co-borrower Requirements
Borrower must be an Indian citizen and must be 18 years of age or older
It is mandatory to bring in an earning co-borrower(s) based in India to support the Education Loan application.
It is mandatory to bring in an earning co-borrower(s) based in India to support the Education Loan application.
Guarantor/Co-borrower(s) may be any of the following relatives, viz Father / Mother / Brother / Sister(married) /Spouse, where such co-borrower's income would be considered in determining the loan eligibility. And property related to: Father-in-law; Mother-in-law; Sister-in-law; Brother-in-law; Maternal or Paternal Uncle or Aunt, Grandparents also can be accepted.
Guarantor/Co-borrower's liability is co extensive with the Student;
Guarantor/Co-borrower(s) to provide documentary proof to establish their relationship with the student, to the satisfaction of Bank/Financial Institution;
Loan Amount
Borrower must be an Indian citizen and must be 18 years of age or older
Minimum Loan Amount: Rs. 1,00,000 – Rs. 30,00,000
Rate Of Interest
Rate of interest will be floating rate of Interest, generally linked with the base rate of the banks, Present Scenario the Rate of Interest will be 11.5% to 15.0%.
Rate of Interest vary on account of a number of factors such as student's academic background, employability of the selected course from a selected college and country of study, financial strength of the co-borrower, loan repayment capability, credit history, collateral offered or not.
Loan Disbursement
The loan amount will be disbursed in Indian Rupees
The loan will be disbursed in India in Indian Rupees which can be converted to foreign currency for payment of university fees by the student wherever required.
Bank/Financial Institution disburses the tuition fee to the educational institute either directly or through an authorized servicer.
The tuition fee will be disbursed in installment as per the requirement of the specific educational institute.
Repayments of the loan to be made by the borrower in Indian rupees only.
Loan Re-payment Terms
Loan interest re-payment will start immediately after disbursement of the first installment of the loan.
Tenure of an education loan consists of:Duration of Study + free look Period after the Study + Repayment tenor
Maximum tenure up to 10 years
The loan tenure is however, subject to the factors such as the repayment capacity of the customer/s, future prospects of the course, age of the co-applicant, etc. and further subject to credit and underwriting norms as applicable from time to time.
Monthly repayment amount will be deducted from the bank account of the borrower/co-borrower using Electronic Clearing System (ECS).
Problems (at) Educational Loans
The amount of margin money required cannot be raised by the student.
Students who want to study abroad may need to take a loan that is more than the value of the collateral put up.
Income level of the guarantor is too low or the guarantor doesn't have credible Credit Score record.
It is difficult to prove that the college the applicant is going to is a valid college.
Applicant's documents are not in order.
If a student is studying abroad, there are a lot of formalities to be fulfilled and the student may not have accounted for the time that will be consumed.
ApnaLoanBazaar will help you to complete all the formalities with in a smooth manner to avail the Educational loan.
In today's scenario a lot of banks are apprehensive about funding studies abroad. The costs are huge and there is little guarantee that the applicant can get a job there after his/her course is over. You also have to take into account that the number of fake institutions abroad are rising and duping gullible students.
There is no one in the applicant's close family who has a credit score history.
Expert Advice
Best Practices for Educational Loan
Things not to do for Educational Loan
Basics of Educational Loans
There are three factors that you need to understand before applying for a Educational loan: Margin, Collateral and Repayments.
About Nagpur
Nagpur is the winter capital and the third largest city of the Indian state of Maharashtra and largest city of central India. It has one of the highest literacy rate of 91.92% among all the urban agglomerations in India, and one of the proposed Smart Cities from Maharashtra. The main languages spoken here are Hindi and Marathi.
The present city was founded in the early 18th century by Bhakt Buland, a Gond prince of the kingdom of Deogad in the Chhindwara district. Seeing the advantage of civilized life in Delhi, he started to build Nagpur as his new capital. His successor Chand Sultan continued the work. On Chand Sultan's death in 1739, disputes regarding succession arose and Raghuji Bhonsle, the Maratha governor of Berar, helped to restore the elder son to the throne. As the dissentions continued, Raghuji Bhonsle again intervened in 1743, and the control of Nagpur slowly passed on from the Gonds to the Marathas. It became the capital of the Bhonsles.
Other Cities Loan Offers
Places To Be Visited In Nagpur
Ramtek Fort Temple
Away from the city crowd, situated inside a fort on a hilltop, this temple is a source of rich mythological history. It is believed that Lord Rama took rest in this temple before leaving to conquer Lanka therefore making Lord Rama the main deity to be worshipped here.
The Seminary Hill
Seminary Hill is in Nagpur, and it is 6km away from the city. The hill is named after St. Charles’s seminary. The Japanese garden at the foothills and the Satpura Botanical garden
Maharajbagh Zoo
Maharajbagh Zoo is situated in the city’s center. Built on the gardens of the rulers of the 18th century. The zoo houses rare wild animals that are hardly found in other parts of the country. The botanical garden here is equally impressive. So is the herbal garden that gives you an insight into the curative powers of herbs.
Lonar Lake
Lonar Lake is the third largest natural salt-water lake in the world. The lake has also a dam of 1800 m. It comes after Bosmatvi Lake in Ghana, which has a diameter of 10000 m and New Cubec in Canada with a Dai of 3500 m.
Dragon palace Buddhist Temple
Dragon palace Buddhist Temple, which is also called as the ‘Lotus Temple of Nagpur’, would be a great source of inspiration for those who have a keen eye for architecture. Covering a sprawling 10 acre of land, the temple attracts you on your first sight.
Ambazari lake
The largest one of the 11 lakes in Nagpur, the Ambazari lake is situated near the southwest border of the city. This lake is the point from where the Nag river originates. The lake is surrounded by mango trees.