Credila like any loan providor will ask for a guarantor or a cosigner to the loan.You can elect one of your parents as a guarantor or a close friend.It is important that the guarantor musbe employed with a stable job/business having a decent source of income or good salary.This is due to the fact that the guarantor will have to stand ‘guarantee” and will be obliged to repay the loan,in the unfortunate event that the student cannot for some reason do so.Therefore credila like any other bank will ask for bank statements of the guarantor,society or house documents to prove ownership or some other mode of security,so it is imperitive that the guarnator have strong “pay back power”.About 1.5 years back we called up credila and asked them about their loans and they said they would said an officer over to our place to check the various documents. One week later no one came and they called back asking if the person had come.It was very unorganized at that time,we are thinking because they were in its infancy.But now we hope they have straightened things out and im sure they are more efficient.
In the case of most banks,Lots of paperwork needed and the disbursement is only PRE SCHEDULED. That means beforehand you will have to give the layout of the tuition fees (month and amount) and only then can the funds be transferred at that time,but as far as credila is concerned
Like other banking institutions,Credila gives a grace period of 1 year after completeion of the course to start making payment towards the outstanding amount.A maximum tenure of 7 years maybe availed for repayment.
Sanction is approved after you prove your admission by showing admission letter from the foreign university.Whcih can be risky at the time of visa interview as if the visa department doesn’t see sufficient funds at time of tinterview,your visa request can be denied,WherasCredila pre approves the loan so that it shows during visa interview, therefore it gives you more credability in the eyes of the visa issuing department.
|TIME||Time required for sanctioning loan can vary between a week to 10 days or more||Sanction time is within 2 working days|
|CONVENIENCE||You have to personally go to the bank manager in charge many times to submit various documents before the loan is finally sanctioned||Customer service employee comes to your house and collects/verifies documents|
|PROCESSING FEES||MUCH lower rates for government run banks||Since it is a private institution, small handling and processing fees are much higher, but on a personal note if you talk to the officers in charge they can reduce those fees too|
|ONLINE||ALL forms are hard copies which can get cumbersome and even fund transfer cannot be done electronically||Most forms can be filled out online and easy transfer of funds electronically|
|GUARANTOR||Strict process in choosing a guarantor.The bank reviews credit history and minutely checks total assests of proposed guarantor before accepting||Credila takes more lienient view and often accepts the guarantor easily|