NBFC · Education Loan
Credila Education Loan 2026
Credila (formerly HDFC Credila) is an RBI-registered NBFC that specialises in education loans, especially large collateral-free loans for study abroad. Interest rate 8.95% – 13.00%, loan Up to ₹1.5 crore (secured); collateral-free up to ₹75 lakh, tenure Up to 14 years.
Rates as of 29 Jul 2026 (aggregator) · Checked 30 September 2026Interest rate
8.95%
up to 13.00%EMI on ₹10,00,000 (10 yrs)
₹12,641
Credila Education Loan at a glance
Interest rate8.95% – 13.00%
Processing fee0.5% – 1% of the loan + GST
Loan amountUp to ₹1.5 crore (secured); collateral-free up to ₹75 lakh
TenureUp to 14 years
Collateral-free limitUp to ₹75 lakh (profile and university dependent)
MoratoriumCourse + 12 months; choose partial simple interest, full simple interest or full EMI during study
Lender typeNBFC
Rank on this site#7 of 8 by starting rate
Strengths
- Collateral-free loans up to ₹75 lakh
- Pre-admission sanction
- 100% finance, no margin money
- No prepayment charges
Watch out for
- Higher rates than public-sector banks
- Maximum tenure 14 years
- Not eligible for CSIS / PM-Vidyalaxmi interest subvention, which are bank schemes
Credila is an NBFC, not a bank, so bank-only government schemes (CSIS, PM-Vidyalaxmi subvention) do not apply. Ask Credila to confirm Section 80E eligibility and to issue an annual interest certificate.
Credila education loan interest rate & charges
| Feature | Credila |
|---|---|
| Interest rate | 8.95% – 13.00% |
| Rate details | 8.95% – 13% p.a. (GyanDhan, updated 30 Sep 2026). As an NBFC, Credila prices each loan on the university, course, co-borrower income and collateral. |
| Processing fee | 0.5% – 1% of the loan + GST |
| Loan amount | Up to ₹1.5 crore (secured); collateral-free up to ₹75 lakh |
| Tenure | Up to 14 years |
| Prepayment / foreclosure | No prepayment charges |
| Collateral-free limit | Up to ₹75 lakh (profile and university dependent) |
| Moratorium | Course + 12 months; choose partial simple interest, full simple interest or full EMI during study |
| Margin | Nil — up to 100% of cost can be financed |
Special schemes & features
Pre-admission sanction
Sanction before you get your admission letter — useful for visa and proof-of-funds planning
Top-up loans
Additional funding later in the course
Flexible study-period payment
Pay part or full simple interest, or full EMI, while studying
Source: www.gyandhan.com, 29 Jul 2026 (aggregator). Rates are indicative; your rate depends on your profile. Always check the Key Facts Statement (KFS) for the APR before signing.
EMI at Credila’s rates
| Loan amount | EMI @ 8.95% | EMI @ 10.98% | EMI @ 13.00% |
|---|---|---|---|
| ₹5,00,000 | ₹6,320 | ₹6,882 | ₹7,466 |
| ₹10,00,000 | ₹12,641 | ₹13,764 | ₹14,931 |
| ₹25,00,000 | ₹31,601 | ₹34,409 | ₹37,328 |
Tenure 10 years, reducing-balance method. Total interest on ₹10,00,000 at 8.95%: ₹5,16,864.
Credila education loan EMI calculator
Eligibility
- Indian student with admission (or applying) to a recognised university in India or abroad
- Earning co-borrower — usually a parent, sibling or spouse — with verifiable income
- Good credit history of the co-borrower
- Collateral only for amounts above the collateral-free limit or for weaker profiles
Documents required
- Student and co-borrower KYC: PAN, Aadhaar, passport (for abroad), photographs
- Admission letter and official fee schedule of the institute
- Marksheets of Class 10, 12, graduation and entrance-test scorecards
- Co-borrower income proof: salary slips / Form 16 or ITR for 2 years, 6 months’ bank statements
- Collateral papers for secured loans: title deed, encumbrance certificate, valuation and legal reports
- For studies abroad: I-20 / CAS / CoE or offer letter, visa (at disbursal), cost estimate, GRE/GMAT/IELTS/TOEFL scores
How to apply for Credila Education Loan
- Shortlist lendersCompare rate, collateral-free limit, margin and moratorium for your institute — premier institutes get much better terms.
- Apply online or via PM-VidyalaxmiApply on the bank’s website, at a branch or through the PM-Vidyalaxmi portal (pmvidyalaxmi.co.in) for participating banks.
- Submit documentsAdmission letter, fee schedule, academic records, KYC and co-borrower income proof; collateral papers if needed.
- Sanction & KFSCheck the sanction letter and Key Facts Statement for APR, moratorium terms and margin before signing.
- DisbursalFees are paid directly to the institution term by term; living and other costs are released in tranches.
Credila vs other lenders
| Lender | Rate | Processing fee | Tenure | EMI on ₹10,00,000 |
|---|---|---|---|---|
| Union Bank Education Loan | 6.75% – 10.00% | Not published in the sources checked — ask the branch | Up to 15 years after the moratorium | ₹11,482 |
| Bank of Baroda Education Loan | 6.85% – 9.90% | Nil up to ₹7.5 lakh and for premier institutes in India; studies abroad 1% (max ₹10,000), refunded for premier institutes; ₹8,500 per property mortgaged | Up to 120 EMIs (loans up to ₹7.5 lakh) or 180 EMIs (above ₹7.5 lakh) after the moratorium | ₹11,534 |
| Canara Bank Education Loan | 6.85% – 10.10% | Vidya Turant: nil (PM-Vidyalaxmi portal fee ₹200 + GST); Master’s-abroad scheme 0.50% (capped at ₹10,000 – ₹20,000) | Up to 15 years excluding the moratorium | ₹11,534 |
| SBI Education Loan | 6.90% – 9.90% | Student Loan: nil up to ₹10 lakh, ₹5,000 + GST for ₹10–20 lakh, 0.50% (max ₹25,000) above ₹20 lakh. Scholar Loan: nil. Global Ed-Vantage: 0.50% (min ₹10,000, max ₹50,000) + GST | Up to 15 years after the moratorium | ₹11,559 |
| Bank of India Education Loan | 7.00% – 9.80% | Studies in India: nil (portal fee ₹100 + GST); studies abroad: ₹5,000 (aggregator) | 15 years from start of repayment | ₹11,611 |
| PNB Education Loan | 8.10% – 11.25% | About 1% for study-abroad loans (aggregator); India loans as per PNB’s service-charge schedule | Up to 15 years | ₹12,186 |
| Credila Education Loan | 8.95% – 13.00% | 0.5% – 1% of the loan + GST | Up to 14 years | ₹12,641 |
| HDFC Bank Education Loan | 9.00% – 14.10% | Studies in India: 1% of loan or ₹1,000, whichever is higher; studies abroad: 1.5% + taxes | Up to 10 years for loans up to ₹7.5 lakh; up to 15 years above | ₹12,668 |
Frequently asked questions
What is the Credila Education Loan education loan interest rate?
Credila education loan rates start at 8.95% and go up to 13.00% p.a. (as of 29 Jul 2026 (aggregator)). The rate you get depends on your credit score, income and loan details.
What is the EMI for ₹10,00,000 from Credila?
At 8.95% for 10 years the EMI is about ₹12,641, with total interest of ₹5,16,864.
What is the processing fee?
Credila: 0.5% – 1% of the loan + GST. GST at 18% applies on fees.
What is the maximum tenure?
Credila: Up to 14 years.
Can I prepay or foreclose the loan?
Credila: No prepayment charges.
Information compiled from the lender’s published rates and reputable aggregators for comparison only. FinancePortal is not affiliated with Credila Education Loan. Terms change — confirm with the lender.