Is collateral required for HDFC Credila?

Is collateral required for HDFC Credila?

4 Lakhs and Rs. 7.5 Lakhs without collateral security for studies in India and Abroad respectively. However, HDFC Credila can offer up to Rs. 20 Lakhs without surety for talented and deserving applicants.

What is the value of collateral for education loan?

Collateral of suitable value is required for all education loans exceeding Rs. 7.5 Lakh. Tangible Assets – House, Apartment, Bungalow, Shop, Non-agricultural Land, Vehicle etc. Intangible Assets – Fixed Deposit, Life Insurance, Stocks etc.

Which loans are not taken against collateral security?

Guidelines show that loan taken up to Rs. 4 lakhs does not require collateral security. It is only when the loan exceeds a specified amount as set by the bank that collateral will be required as well as third-party guarantee.

Is HDFC Credila authentic?

Absolutely not! HDFC Credila is a Non-Bank Finance Company. HDFC Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Private Limited) is a part of the HDFC Group Companies, and itself gives education loans.

Does HDFC credila cover living?

HDFC Credila is the only lender that not only finances upto 100\% of the cost of education but also gives education loan over Rs. 20 lakhs. What’s more, HDFC Credila also covers living to expenses in addition to tuition fee.

How much time does HDFC credila take?

The in-principal sanction letter would be given in about 7 to 10 days from the date of receipt of completed Application Form along with the supporting documents from the customer.

Can gold be kept as collateral?

Depending on whom you ask, gold may or may not be considered collateral. You can apply for a gold loan without collateral or get offers on collateral gold loans in various banking and non-banking institutions. Only the percentage of gold is considered to calculate the loan’s value that you are eligible for.

Can I get 30 lakhs education loan without collateral?

Public banks – Public banks like SBI, BOB, etc according to their policies can only provide up to 7.5 lakhs student loan without collateral irrespective of the course and country. But for some top-tier institutes in India, you can avail up to 40 lakhs of unsecured education loans from SBI.

What is collateral security?

What Is Collateral? The term collateral refers to an asset that a lender accepts as security for a loan. The collateral acts as a form of protection for the lender. That is, if the borrower defaults on their loan payments, the lender can seize the collateral and sell it to recoup some or all of its losses.

Is credila regulated by RBI?

The Company is registered with the Reserve Bank of India (RBI) as a systemically important non- deposit taking non-banking financial institution. The Company is India’s first dedicated education loan company.

What is HDFC Credila origination fee?

The processing fee of the HDFC Credila education loan is around 1 \% to 1.25\% of the loan amount.