Sharing information regarding collateral-free / unsecured loan. If looking for a secured loan from HDFC Credila then look at the end of the post.
I faced difficulty in gathering data during my research and it took time to understand which is the best bank to get the loan from, so sharing this bit so that it becomes easier for people who are about to apply for a loan. I hope it helps.
Rate of Interest – 11.5% to 13%
Processing Fee – 1%
1. Interest period starts post 2Y+ 6m.
2. Simple or partial simple interest needs to be paid during the education too.
3. Max amount is 40L.
4. Section 80E, ITR benefit eligible
5. No prepayment penalty. Interest on the amount used and not on sanctioned amount. Personal Review – Got mixed reviews but I feel if you don’t get in the Axis or ICICI, HDFC credila is a good option. It’s the best NBFC in terms of education loan.