Higher Approval Chances for Abroad Studies

Credila Education Loan For Study Abroad

Funding your overseas education takes more than just ambition. It takes the right financial partner.

Quick Loan Review

Max Loan Amount

Up to 100% of the total cost of attendance

Interest Rate

Starting from 9.5% per annum (based on profile)

Repayment Tenure

Up to 15 years for postgraduate programs; up to 20 years for undergraduate programs

Origination Fee

1.25%* + GST

Countries Covered

USA, UK, Canada & 8 more

Processing Time

7 to 15 working days

Overview - Credila Education Loan

Credila Financial Services Limited, formerly known as HDFC Credila Financial Services Limited, is one of India’s largest non-banking financial companies (NBFCs) in the education loan sector. It has funded 2.26 lakh+ Indian students across 5200+ universities in over 64 countries as of March 31, 2025.

Whether you are targeting an MS in the USA, an MBA in Canada, or a professional degree in Australia, the Credila foreign education loan gives you the financial backbone you need.

Benefits of the Credila Education Loan for Study Abroad

Builds Credit History Early -Timely repayment of your Credila student loan for study abroad helps build a strong credit profile from your first job.
One Lender, Multiple Destinations - From a Study Abroad Loan USA to Canada, Australia, and Europe, one lender handles it all.
Covers UG and PG Both - Whether undergraduate or postgraduate, the Credila education loan for study abroad has a product suited to your level.
No Hidden Charges - The Credila Education Loan interest rate and fee structure are transparent and clearly communicated upfront.

Key Features of Credila Foreign Education Loan

Secured & Unsecured Options – Choose with or without collateral based on eligibility.
Tax Benefits (Sec 80E) – Claim interest deduction for up to 8 years (old regime).
Multi-City Flexibility – Co-borrower & collateral can be in different cities.
0% TCS on Remittances – As per applicable tax provisions.
Direct Disbursement – Funds paid directly to institutions/vendors.
Top-Up Loan – Additional funding available during the course.

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Education Loan Options

Full Name*

Phone Number*

Email*

Planning to study in *

Which degree do you want to pursue? *

What is preferred intake? *

Cosigner options

Which University do you want to attend?* If not listed, select "Not Listed." If undecided, choose "Still Deciding."

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Credila Education Loan Eligibility Criteria

Understanding education loan abroad eligibility under Credila helps you prepare a stronger application and avoid unnecessary delays.

Category	Details
Student Eligibility	- Must be an Indian citizen. - Must be at least 16 years of age at the time of loan disbursement. - Strong academic performance strengthens the application. - Must be enrolled or planning to enroll in an approved course at a recognized university abroad.
Course Eligibility	Undergraduate, postgraduate, and professional programs, including MBA, MS, B.Tech, and executive programs. Both full-time degree and select professional courses qualify.
Co-Applicant Criteria	- A co-applicant is mandatory. - The co-applicant can be a parent, guardian, or spouse. - The co-applicant's financial profile and credit history are assessed as part of the loan underwriting. - Multi-city co-borrowers are permitted, offering flexibility for families in different locations.
University Criteria	The institution must be a recognized university abroad, meeting study abroad admissions requirements. Credila covers 5200+ universities across 64+ countries.

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Explore the best loan options, check your eligibility in 2 minutes, and review financing options suited to your needs

Credila Education Loan Interest Rates

Credila education loan interest rates vary depending on the applicant profile, university ranking, collateral, and repayment capacity. Interest rates are one of the biggest factors students evaluate before choosing a lender.

Typical Factors Affecting Credila Interest Rates

Academic Profile – Students admitted to top-ranked universities may receive better rates.
Course Type – STEM, MBA, and employability-focused programs often get favorable terms.
Collateral Availability – Secured loans usually carry lower interest rates compared to unsecured loans.
Co-Applicant Financial Strength – A stronger income profile can improve approval chances and reduce rates.

Estimated Education Loan Interest Rate Comparison

Loan Provider	Typical Interest Range	Collateral-Free Option	Processing Speed
Credila	Moderate to High	Yes	Fast
SBI Global Ed-Vantage	Lower	Limited	Moderate
ICICI Bank	Moderate	Yes	Fast
Avanse	Moderate to High	Yes	Fast

Statistic: Source: RBI & Public Lending Data, 2025: Education loan interest rates in India generally range between 8% and 14% depending on lender type and risk profile.

Students should always verify:

Floating vs fixed rates
Processing fees
Insurance charges
Prepayment penalties
Moratorium interest accrual

Credila Student Loan Coverage for Study Abroad

The study abroad education loan from Credila is designed to cover the comprehensive costs of studying internationally, not just tuition. Here is a breakdown of the expenses funded under this loan.

Tuition Fees
Accommodation and Living Expenses
International Travel Expenses
Books, Study Materials, and Equipment
Health Insurance
Examination and Visa Fees
Other Academic Expenses

Get Your Education Loan Today!

Explore the best loan options, check your eligibility in 2 minutes, and review financing options suited to your needs

Documents Required for Credila Abroad Education Loan

Having your documents in order speeds up your Credila foreign education loan approval significantly. Nomad Credit also offers a personalized checklist to help you stay on track.

Student Documents

Valid passport as primary identity proof.
Mark sheets and transcripts from Class 10, Class 12, and graduation.
Entrance exam scores such as GRE, GMAT, IELTS, or TOEFL where applicable.
Admission letter from the overseas university.
Updated resume or CV for postgraduate applicants.
Gap year explanation letter, if applicable.

Co-Applicant Financial Documents

PAN card, Aadhaar card, proof of residence such as utility bills or rental agreement, and a passport-sized photograph.
Any other income proof not reflected in the above documents.

For Secured Loan Applications (If Applicable)

Property documents if pledging real estate as collateral. Fixed deposit documents if pledging FD as security. Any other collateral-related papers as requested by Credila.

Additional Documents

Signed loan agreement and repayment schedule. Any profile-specific documents requested by the Credila credit team during processing.

How to Apply for Credila Education Loan via Nomad Credit

Your Path to a Study Abroad Loan: Fast, Expert-Guided, and Free

Step 1: Check Your Eligibility

Talk to a Loan Expert

Get personalized guidance on loan amount, rates, and documents.

Step 3: Submit Your Documents

Upload everything through Nomad Credit. We handle the rest.

Step 4: Get Your Loan Offer

Receive a tailored offer and compare lenders on one platform.

Step 5: Loan Approval and Disbursement

Get your sanction letter and funds sent directly to your university.

Credila Overseas Education Loan: Countries and Destinations

The Credila Overseas Education Loan covers a wide spread of popular and emerging study destinations.

United States

UK

Canada

Australia

France

Germany

Netherlands

Spain

Why Apply for Credila Education Loan via Nomad Credit?

Applying directly is always an option, but applying through Nomad Credit gives you a measurable edge in speed, rates, and peace of mind.

Compare 20+ lenders to find the best-fit option

End-to-end document help for a smooth application

Faster processing with dedicated support

Better interest rates through expert negotiation

Admissions + loan support in one place

100% free service with zero charges

Disclaimer: Terms and conditions of loans provided by lenders, including interest rates and eligibility requirements, are subject to change based on the borrower’s profile, educational institution, and country of study. Interest rates mentioned are indicative and subject to Credila’s internal credit assessment norms.

Terms and conditions set by lenders are final and are determined without involvement from Nomad Credit. Tax benefits under Section 80E are applicable under the old tax regime only. Please consult your Chartered Accountant or tax advisor for advice specific to your situation.

Trusted by Thousands of Graduates

Real People. Real Savings.

As I was heading for MBA at Columbia, I got in touch with Nomad team regarding the financing. They were super helpful and always approachable. This involved sitting with me on calls as I fill forms, helping with US cosigner doubts, helping me process all the applications. I highly recommend them!!

Anusha Goel

Columbia Business School

I’m really grateful to Nomad team for all the help and support. From the very first step, they were always just a call away. Thanks to them, the whole process felt so much smoother and less stressful. I’d happily recommend them. They truly go above and beyond for the people they works with!

Vibhuti Luthra

NYU Stern School of Business

I got in touch with Anchal regarding financing options as I head for an MBA at Stanford. She helped me get to know about all the available options with utmost patience. In the end, I was able to get a highly competitive interest rate with her help, which turned out to be the best option available in the market!

Yash Maheshwari

Stanford Graduate School of Business

Ganesh was my case manager at Nomad Credit. He helped me secure 2 student loans, 1 for each year of my MBA at UCLA Anderson. It is not always straight forward for international students to get student loans in the US, but Ganesh walked me through the whole process step by step, making it as stress free as possible. Highly recommended!

Jack Du

UCLA Anderson School of Management

Nomad Team helped me get the best possible option for my financing needs. They made sure that I got the most updated and consistent information to make the right decision towards the most important aspect of my studies i.e. money management. They were always there to help me and have a great attitude towards helping others.

Abhishek Pasricha

University of Southern California

Working with your team was an incredibly smooth and reassuring experience. A special shoutout to Karan and Deepesh, who truly went above and beyond at every stage and making sure everything was on track despite tight timelines. I’m genuinely grateful to have had such a supportive team by my side, I couldn’t have done it without you!

Sourav Mehra

UVA Darden School of Business

Since, I was doing this for the first time, I had a lot of questions. The team very patiently answered all my queries and consistently supported me from filling-up my application to document verification until I had received my loan confirmation. Overall, I really appreciate Nomad’s help in navigating me through my loan application process.

Shubham Malviya

Kellogg School of Management

Your unwavering support, particularly in navigating the challenge of securing a loan without collateral, has been truly remarkable. Special thanks to Shweta ma’am. Your service and commitment to helping students like me achieve their dreams have made a profound impact, and for that, I am deeply thankful.

Shakib Shaikh

Aston University

I’m incredibly grateful to Poonam and the entire Nomad Team for their outstanding support throughout. Their guidance was clear, timely, and tailored to my specific needs. I highly recommend them to anyone pursuing international education. They’re knowledgeable, professional, and genuinely invested in your success.

Akanksha Dilip Mhaisne

Kent State University

Thanks Sulekha & Nomad Credit for assisting me throughout. You also helped me boost my confidence personally in the entire process. I am grateful, you were there to resolve my every doubt regarding visa interview questions and any query I had. At the end, thanks once again for helping me achieve F-1 visa for the USA.

Jaspreet Kaur

University of Maryland

Your exceptional guidance made my master’s application process smooth and stress-free. You were always available and willing to answer my queries with patience and clarity. I highly recommend Nomad to anyone seeking professional guidance for their higher education journey.

Arshan Bhanage

San Jose State University

Frequently Asked Questions

What is the Credila Education Loan interest rate for study abroad?

The Credila Education Loan interest rate starts from 9.5% per annum and is customised based on your academic profile, the university you are enrolled in, whether your loan is secured or unsecured, and the country of study. Strong academic scores and admission to high-ranking institutions can lower interest rates. Always confirm the current applicable rate with Credila or through Nomad Credit before applying.

Is there an unsecured education loan for abroad through Credila?

Yes. You can apply for a non-collateral or unsecured education loan, and if you are eligible, you may receive funding without the need to pledge any security. The requirement for collateral depends on your financial profile and your co-applicant. This makes Credila a viable choice for students who cannot offer property as security.

What is the Credila loan for study in USA?

The Credila Loan for Study in USA covers tuition, living expenses, travel, and other costs at American universities. It is one of the most popular loan products among Indian students targeting US institutions for MS, MBA, and other postgraduate programs. Education loan USA interest rate with Credila is determined by your profile and university tier.

Does Credila offer loans for study in Canada and Australia?

Yes. Credila for Study in Canada and Credila for Study in Australia are both available for eligible Indian students. Credila provides education loans to Indian students to pursue higher education abroad and has funded 2.26 lakh+ students across 64 countries in 5200+ universities. Both Canada and Australia are covered under this extensive network.

What courses are covered under the Credila education loan for study abroad?

Education loans are available for undergraduate, postgraduate, and professional courses in India and abroad. This includes MBA, MS, MBBS, B.Tech, and executive programs among others. The key requirement is that the institution must be a recognized university listed in Credila's approved network.

How long does the Credila abroad education loan approval take?

In the event of an emergency, express approval service can enable you to get your loan approved in 7 working days. For standard applications, the timeline is typically between 7 and 15 working days depending on document completeness and credit assessment.

Is a co-applicant mandatory for a Credila overseas education loan?

Yes. A co-applicant is usually a parent, sibling, spouse, or guardian who shares the responsibility of repaying the education loan. Their income documents are essential to prove the financial ability to support the loan. Multi-city co-borrowers are permitted, which offers flexibility for applicants whose families are in different cities.

Can I get a tax benefit on the Credila study abroad loan?

Interest paid on Credila education loans is eligible for deduction under Section 80E of the Income Tax Act 1961. This benefit is available for up to 8 years from the start of loan repayment. This is applicable under the old tax regime only. Consult your CA or tax advisor for personalised guidance.

Are there any prepayment charges on the Credila foreign education loan?

No. Credila does not charge any prepayment charges, allowing students or their families to repay the loan ahead of schedule without incurring extra costs. This is a significant benefit if you secure a high-paying job after graduation and want to clear your loan early

How does the Credila education loan repayment work?

You generally begin repaying the loan after completing your course. During your studies, you might pay partial EMIs to reduce interest accumulation and manage repayment more comfortably after graduation. Repayment tenure goes up to 15 years for postgraduate programs and up to 20 years for undergraduate programs, giving you plenty of runway.