Keen to pursue higher education abroad but wondering how to finance your degree? Well, according to a report by Public Sector Banks, over 4.60 Lakh students from India availed overseas education loan to study abroad in the past decade. Securing an education loan is crucial for many aspiring students as it provides financial support and covers necessary expenses, including tuition fees, accommodation, living expenses, flight tickets etc.
While an education loan is meant to ease your financial burden, choosing the right lender is essential. The right loan provider can make your journey smooth, whereas the wrong one can turn this asset into a liability. But here’s the good news! At any point in time, if you find yourself dissatisfied with your current loan provider post-disbursement of your education loan, you can transfer your existing overseas education loan to a new financial lender.
Join us as we shed light on overseas education loan transfer provided by one of the leading Indian financial institutions, Credila Financial Services Limited. In this blog, we will discuss the types of education loan transfers, eligibility criteria, application process and a lot more.
Let's begin by understanding what exactly an overseas education loan transfer is.
An Overseas Education Loan Transfer is a process of transferring debt from one financial institution to another. This helps you if you have availed a study abroad education loan from a Government Bank, Private Bank, Co-operative Bank, Non-Banking Financial Company (NBFC) or International Lender but you are not satisfied with their student loan repayment scheme. In such case, you can apply for balance transfer or overseas education loan transfer to another financial lender.
A bi-company of HDFC Bank, Credila Financial Services Limited, is a popular financial lender that offers specialized education loans to students studying abroad. The sole purpose of Credila is to ensure that you have access to the best kinds of overseas education loans.
Mentioned below are some of the essential features of the Credila Overseas Education Loan:
|
Key
Features |
Description |
|
Types of Loan |
Secured & Unsecured Education
Loan |
|
Rate of Interest |
10.50% - 12.25% |
|
Margin Money |
No Margin Money |
|
Moratorium Period |
Only 12 months after completing the
Course |
|
Repayment Tenure |
Up to 15 Years |
|
Collateral Option |
Residential Flat, Residential House,
Non-Agricultural Land, Fixed Deposit assigned in Favour of Credila |
|
Processing Fees |
0.75%-1.25% of the Sanctioned Amount
|
|
Co-borrower option |
Yes |
|
Tax benefits |
Section 80E |
|
Courses Covered |
Bachelor’s Degree & Master’s
Degree |
|
Countries Covered |
USA, UK, Canada, Australia, Germany,
France, Singapore, Dubai, Ireland New Zealand, Netherlands |
Credila offers four types of overseas education loan transfers, and you can choose to opt for any of these as per their profile & suitability. The various types are as mentioned below:
Secured Overseas Education Loan to another Secured Overseas Education Loan
Unsecured Overseas Education Loan to Secured Overseas Education Loan
Unsecured Overseas Education Loan to Unsecured Overseas Education Loan
Secured Overseas Education Loan to Unsecured Overseas Education Loan
Now that we have understood the types of overseas education loan transfers, let us understand the eligibility criteria for the Credila Abroad Education Loan Transfer.
It’s essential to meet the eligibility criteria be it for loan application or loan transfer. Checking the same will not be possible without having proper knowledge of the same. So, here’s the criteria for education loan transfer to Credila:
Excellent Repayment Track Record: To demonstrate creditworthiness, you should have maintained an excellent repayment track record with the current financial lender.
No More Disbursements: There shouldn’t be any more disbursements left to be taken from the current financial lender, and you won’t be eligible for a new loan sanction from this lender.
Moving on, it’s time to check out the required documents to apply for the Student Loan Transfer.
We all know that proper documentation ensures faster approvals and processing. We need to ensure the same for Loan Transfers as well. For the Credila Education Loan Transfer, you are required to submit the following documents:
Duly Filled Overseas Education Loan Transfer Form
Passport Size Photos of the Applicant & Co-Applicant
Photo Id of the Applicant & Co-Applicant
Residence Proof of the Applicant & Co-Applicant
Academic Documents of the Applicant
Proof of Admission of the Applicant
Bank Statements of the Applicant & Co-Applicant
Income Proof of the Co-Applicant
Immovable Property Document in Case of Unsecured Overseas Education Loan
Once you gave gathered all the necessary documents, you can proceed to apply for the Credila education loan transfer.
Transferring overseas education loan to Credila is a 3-step process, and here are the steps to be followed for a successful overseas education loan transfer.
Step 1: Formally inform your existing financial lender about your intention to transfer the overseas education loan to Credila and request a statement regarding outstanding loan amount.
Step 2: Submit the statement, refinancing form, and necessary documents to Credila and begin with the education loan transfer process.
Step 3: As soon as the overseas education loan is approved, Credila will send a cheque to your previous lender and pay off any outstanding debts.
The duration for the complete loan transfer for unsecured overseas education loan is up to 1-week whereas in case of secured overseas education loan, it is between 15-20 days. Thus, it is advisable to request and apply for an overseas education loan transfer well in advance to avoid any last-minute rush.
In conclusion, Credila undoubtedly stands out as a reliable option with its specialized offerings and student-friendly terms. If you have any further queries or need assistance in processing your overseas education loan transfer, don't hesitate to reach out to our expert team at Élan Loans. With over 20 Financial Lenders Onboard, including Credila, our loan experts are dedicated to making your loan transfer process efficient. Reach out to our experts today to explore your options and take the next step in financing your international education journey a success!
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