After getting bombarded with marketing messages the last one week, by an organisation called “CREDILA” that “offered quick education loans” ,we decided to dig deeper and find out how reputable their services actually are.It turns out that Credila offers education loans to  the tune of up to 20 lacs for international education and up to 15 lacs for local education. Here is some of the things that we discovered about credila education loan.

 Credila like any loan provider 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 must be 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 imperative  that the guarantor 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 i am sure they are more efficient. 

+ Read more about credila loan eligibility 

+Check all other education bank loans options 

Collateral is asked for if the loan amount required is over and above 7.5 lac.Like any other bank,collateral in the form of property papers/fixed deposit receipts of equivalent amount may be transferred in their possession as assurance.

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 completion 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. Which can be risky at the time of visa interview as if the visa department doesn’t see sufficient funds at time of interview,your visa request can be denied,Whereas Credila pre approves the loan so that it shows during visa interview, therefore it gives you more credibility  in the eyes of the visa issuing department.

One of the most important points to take note of is the margin money that is being offered by banks as well as credila education loan.Most banks have the policy of 50% margin money for education loans,which means that if the total expense for studying is 10 lacs,then you will have to pay 5 lacs and they will out in 5 lacs.
The complication arises when the payments are to be disbursed every term for tuition fees and living expense.At this time also you will have to pay half the term amount that is going to be sent,and the bank will out the other half.AT NO TIME WILL THE BANK EVER PAY SOMETHING WITHOUT YOU PAYING ANYTHING.
On the other hand credila offers almost a full loan option,where it pays almost the entire amount and then the student can pay it back after the course has been completed, some say this is not a very good idea to take a full 100% loan,as paying it back can be difficult.


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
ROI Approx 12% 12.5%
GUARANTOR Strict process in choosing a guarantor.The bank reviews credit history and minutely checks total assets of proposed guarantor before accepting Credila takes  more lenient view and often accepts the guarantor easily



 Hope you like this CREDILA EDUCATION LOAN REVIEW. Feel free to write your thoughts down below in the comment section.









  1. yogiraj m badheka February 23, 2018 at 10:36 am #

    Dear All,
    Recently I got admission in IIM -C for my executive course…I apply for education loan,Mr. Akash Zala, Relationship Officer,HDFC Credila Financial Services Pvt. Ltd.has helped a lot through out the process and finally, I recd the money withing time limit….During the process I found Mr Akash zala as transparent and very co-operative way…I am really thank full to him for his support.
    Dr. Yogirj M badheka

  2. Prachiti May 17, 2017 at 4:39 am #

    Never ever ever ever take loan frm this stupid credila… they suck… they are highly inefficient and the staff is shameless.. they make the whole process so hard. Nearly impossible to get them to reply to you.. I can’t even explain how horrible they are without loosing my mind

  3. Mahesh April 13, 2017 at 9:47 am #

    I have applied for Credila Education Loan. They have customised education loan products to fulfil every requirement. I got education loan without security from Credila due to strong academics,

    I personally got good experience with HDFC Credila

  4. Jaya July 2, 2016 at 9:36 pm #

    Did they ask your father and mother both to sign in the Education Loan Agreement? For me when I was supposed to go for agreement, they asked me to get documents of my mother as well to be added as additional co-applicant. When I refused they canceled my loan saying that it is mandatory. None of the other banks asks for it.

  5. Sourabh April 18, 2016 at 9:13 am #

    After all those eye opening reviews, even though I have recently applied for Credila and even though they sanction my loan, I am sure I won’t take it from CREDILA. Thank you all the people here !

    • Jaya July 2, 2016 at 9:39 pm #

      hey Sourabh, would you be able to answer my question?
      “Did they ask your father and mother both to sign in the Education Loan Agreement? For me when I was supposed to go for agreement, they asked me to get documents of my mother as well to be added as additional co-applicant. When I refused they canceled my loan saying that it is mandatory. None of the other banks asks for it.”

  6. Prachi April 14, 2016 at 4:16 pm #

    I have got admission in Germany in a private college. I need 15lakhs loan. I do not have any security or collateral. Can someome please help me?

  7. Gaurav August 1, 2015 at 7:58 am #


    I have taken an education loan from Credila. I will be departing for the US in mid August. My credila loan account manager is telling me that I have to take at least 50% of the loan amount on first disbursement. He says it is their company policy. I am not sure whether he is speaking the truth or just trying to fool me. Could anyone please guide me in this regard?

    • jojo22 August 1, 2015 at 5:30 pm #

      y dont u just read through the terms and conditions,becuase i doubt such a big company will lie about such a thing. Also your first disbursement im guessing will need to cover more initial costs like lodging airline fees etc.?

  8. Parag July 17, 2015 at 6:01 am #

    Hi i’m recent victim of credila, I lost my college just because of them I suppose.

    It’s regarding the transparency about the procedures done during the application for loan. I am applicant of credila, Deccan Pune, had very bad experience of the services provided for the application of loan and solvency. I was in need of solvency for the further addmission procedures. Due to the delays and misscomunication of the credila (pune)I have lost my seat of the college. Just because of the faulty procedure they have delayed for the solvence.
    For the admission procedure the solvency was needed the most. I was also eligible to get the loan and the solvency from the other banks but I came to credila for faster processing of loan.
    As I said by the person Manoj Bhujadi who is assisting me for the application in credila they suppose to complete the all procedure in 3-4 working days but it took more than 2 weeks by giving a reason that their system had not worked on the files. I’ll tell you all the details how their procedure worked for me.
    1. The have given me list of required documents.
    2. after submitting all documents
    3.the person manoj uploaded on what they called system.
    4.If even didn’t took efforts for checking the documents whether they are all correct or print is visible or the number on passport print is complete or not.he just put it in system.
    after putting it in the system the error regarding file came and he called me for missing part.He again didn’t tried to recheck all documents after system has given an error.He just collected the just collected another print of passport copy document and resubmitted to the system againg. this the work which is going on this office of credila.
    5. he didn’t told me that the process take upto 5 working days just told that in 3 days after submitting file to the system i’ll get the file sanctioned as well as the solvency it self.
    6. what kinda system is this?
    7.The man who is assisting doesn’t even know all procedure.He himself asking to other guys in the office what to do next.
    8.He even don’t know how the system works.
    9.I stayed form morning to evening in the office for 3 days in a row every one is not so supporting.
    10. Manoj even didn’t check the permanent address while filling the form also.
    11.at the last he asked for “Ghar patti” xerox it is even didn’t mentioned in required document list.
    12. What are they trying to do process of? Loan? or any other thing?
    13.Funny this happened yesterday, I was very angry because my college rejected my admission because of solvency, I asked for documents back, they just given me back within 2 minutes without asking any questions.
    14. the most funny thing was when i asked that, Is there any complaint box or register in office they first said their is only suggestion box in our office we don’t know such thing in office.
    15.The lady who works at reception desk is like maid or something i’m not remembering what called that lady, but she seems nice she looked all over the desk and found one register named “Complaint Book”. The funny part are the name of columns in that book. I asked almost everyone in office what is the meaning of those columns in that book, and the most funny part was that no one didn’t know what does that mean,even one of them said i’m seeing this book first time,where does it come from? this kind of answers I got form peoples from the office.
    What kind of people work there, are they really working? or just came for payments? Does they any of their job purpose? or They are just named as “employ” just to full-fill the office capacity.

    The HDFC Company is actually working with this CREDILA? Or this is Scam for making fools of people?

    I met Mahesh Maku which is the manager of that branch i suppose he directly refused to ans any of my question and asked me to write any of complaint regarding on this site.
    Is this the kind of talking they do to their customer? They don’t have any manners to talk to customer. They are hiding the mistakes done by their employees. I asked him to give me written what problem does the system had in my file to get sanctioned? He refused to get that in written and also refused to give me any of the things he had said to me and my brother who is with me?
    And one more thing after getting my douments and talking to Mr. Mahesh Maku within 20 min mail came that “Credila does not have any educational loan product that matches your requirements.” What is this bull shit after taking documents this mail came it’s like plan for not making any other more issues. This is bullshit what is happened. 🙁

    Just because of the improper services provided I had to suffer a very big loss in my career,please try to take action regarding my issue.I don’t want any other applicant to suffer such a disguise.

    the above complaint I have registered today.

    What should I do now i want these to teach them lesson? Did the management actually will take actions?
    I don’t no what to do I’m Blank n angry?

    Do suggest……….

    • jojo22 July 17, 2015 at 12:41 pm #

      i think the best lesson you have given is tell us your full story here of your experience. Our site gets thousands of eyeballs every single day and you can be sure that many ppl will be reading of your unfortunate experince

    • Mily February 6, 2017 at 7:04 pm #

      thank you so much for sharing your experience with such a bullshit bank…
      u save me before I m gonna jump in such a dirty politics of this kind of bank.

  9. aditya November 21, 2014 at 11:16 am #

    McDonald’s service is better than credila. And it has way more customers in an hour as compared to what credila gets in a day.the previous comment is mine.. I hope some credila official views my comment.

    • Prachiti May 17, 2017 at 4:30 am #

      I completely agree with you. They suck

  10. xyz November 21, 2014 at 11:08 am #

    Hi guys.. I just came back from the credila office in pune…
    IT’S HAS MOST PATHETIC SERVICE so please avoid credila.
    5 documents were required for the process to start. Apparently that 5 documents has noa become 15
    spite of all the necessary documents. I was even giving my house papers as a collateral which is worth 1cr but I guess that’s not enough. Every single document that was mentioned.. were given in time.
    Anyway. I want to cancel my process.. will they charge some fees for cancellation.. Please let me know
    Ps- avoid CREDILA PUNE Jm road! Freakin nuggets!!

  11. Raghu November 12, 2014 at 10:45 am #

    Hi all,

    Here is a general piece of advice from my experience with Credila for the last 3 years. I strongly urge you to NOT go for Credila education loans. They are best at irritating you in every way possible. Once you sign the contract and get the loan, remember that would be the last time they will ever communicate with you properly. There are many irregularities and lack of co-ordination in the management. I wanted to clear my loan by paying the principle amount because the interest rate is too high. But, for the last 6 months, even after I repeatedly asked them to deduct the principle amount, they haven’t done that. They are still juicing the interest and not terminating the contract. It is a big offence and they never cared to reply to my emails or phone calls. Also, my old parents had to run to the bank every month because Credila doesn’t even know banking properly and they took more than 6 months to start automatic deduction from my bank account. Until then, my parents had to run to the bank on every deadline (they never told in advance that automatic deduction failed, it was always on the deadline) and transfer the amount personally. Since I’m abroad my parents had to bear with them and I am deeply sorrowed by their behaviour.

    I strongly urge you to take my brotherly advice and not go to Credila.


    • Abhishek January 19, 2016 at 7:10 pm #

      Raghu. I’m planning to pursue mt M.S from US. SO you will suggest the best organisation for loans in India other than credila

  12. Kirti November 9, 2014 at 9:01 am #

    Credilla has NO TRANSPARENCY, they are duping by not declaring some of the essential details at the outset.

    Their executives are after you only till you take their loan, not otherwise…. Very painful experience

  13. vinay November 8, 2014 at 9:03 am #

    hello everyone,

    I am planning for canada for jan 2015 intake,,,,i read all above reviews about credila,,,now i am confused between credila and SBI,,,,which is the best among these two?
    SBI charges 15% margin money and credilla charges none and also no processing fees

    please help me for this,as i have to take decision in 2 days about education loan.

  14. Devika August 24, 2014 at 5:50 pm #

    CREDILA SUCKS don’t go for it
    Half measures look convincing at first but later they make you regret..
    I for one had bitter experience with credila

  15. Tarik Mansoor June 26, 2014 at 5:49 pm #

    I have planned to study MS in Germany in 2015 fall. I fully depend on the education loan and i have been in the process of collecting information about various banks. I ll be required 15 lakhs to complete my 2 years of study. I have some problem with collateral security as i dont have any in my name. But my sister and my uncle have some. I m trying to get the loan without submitting any collateral security. So i decided to go with Credila. But after reading these reviews. i m worried about it.

    I dont know what to do. I dont know where i have to take loan. Please help me to find a bank.

    • jojo22 June 27, 2014 at 2:16 pm #

      your best chance is to get a loan from a bank that you have a relationship with (FDs),,it will be easier,,prefrably a nationalised bank

    • Brian July 17, 2014 at 12:28 pm #

      HI, same problem here.. in my cas e my home is already on a home loan so i cannot submit it as collateral.. so i thought of applying for a loan from Credila without any collateral. Went through most of the process and the loan is sanctioned per se, I have the agreement with me and have to sign it. But the agreement is insane, they can cancel the loan anytime they wish, stop disbursements, revise interest rateas well as payment schedule (‘solely decided by Credila’ to quote them)

      I have got my visa approved and will be flying in to the USA for an MS mid august. Not sure whether i should continue further with Credila after seeing all of these reviews. Please advice..

  16. sachin May 31, 2014 at 7:45 pm #

    i was willing to pursue MS in USA for fall 2014 and i was falling short around 14 lac rupees. So i have decided to go ahead to take education loan from credila as government banks like SBI takes lots of time to process and sanction the loan. Despite of cognizant to bill monthly interest to credila pockets, i aimed to secure education loan with credila. so i submitted my form online and within two days i got the appointment. the person came to my house and explained the policy. i explained my condition that i am not in a position to submit any collateral my brother is working so i could assign him as co-borrower for my loan. he said with confidence .. Of course you can that would be no problem at all. My brother monthly income was over 50000 rupees so i was in confident that there would be no hurdle at all and i have given my all the documents. He said that within four days or maximum 10 days you will get the loan.

    Now here is what happened unexpected and rubbish completely. i was receiving daily calls from banks that your x y z document is missing please submit. i got pressurized numerous times as it is unwanted and time consuming tricks playing by the credila. They wasted my 10 days with this freak show. Now in next week they start excusing that your brother savings is not meeting their desired ratio and they start crying like they want another cup of cake. i was in the tension every second even in the night also because the marketing guy who taken my documents was assuring me that he will convince his team and sanction the loan but next day he informed that my loan got declined and he can not do anything. i asked what is the reason then he said your brother saving is poor and your hometown is out of their range ( crying and excusing for decline) this message is came after 26 days initially it was 4 to 10 day as he told me .. i got disappointed and frustrated as i reached to my deadline where i got delayed to submit my resign to my office and go to usa on time. Hence i asked him is there any option for me he said yes you need to arrange collateral for your loan otherwise it is not possible.

    That fellow was from the marketing team and he took my credential earlier so that ;later at the rush time he intentionally can put that tough condition so in any how i have to submit collateral to that foolish person. That was his trick which vanished my dream to study this year in USA. i request to take action against then and warn that don’t play any tricks to make money and don’t lie.

    • Abhi June 10, 2014 at 2:19 pm #

      Bro Sachin,
      Thanks for your complete explanation of the details. I think it will be a great learning to many of us. Its a warning.

    • Raghu November 12, 2014 at 11:47 am #

      I completely agree with you. I had a similar experience with Credila. In fact, my problems are stranger and they are ridiculous. They are openly committing offence.

  17. Ayan February 23, 2014 at 4:34 pm #

    I want to do MBA from SCMHRD Pune or SIBM Bangalore. My parents are against higher studies and do not want to stand as a collateral plus we have nothing to show as security. I am awaiting the results but if I clear I have to pay 3 lakhs within 1 week or so. I have work ex of 29 months in Infosys Limited. So do I stand a chance to continue with my higher studies?
    Please revert back.

  18. pako February 8, 2014 at 9:23 am #

    i am in the process to take loan for ms through credila, their rep asked me to submit gazillions of document but after reading all comments i think credila is worthless. in an unfortunate event if i didn’t land in a job credila would suck my blood out..

  19. Vimal November 26, 2013 at 5:04 am #

    I want education loan can any bady help me
    mob no:7841810791

  20. xxx August 26, 2013 at 4:08 pm #

    It sucks

  21. Priyanka July 17, 2013 at 6:30 am #

    The credila staff is very unprofessional. Its nearly impossible sometimes to contact them (once you have taken the loan ;)) for any issues/queries and these guys don’t give a damn to this thing.
    I took education loan for one year in my Husband’s name for his MBA course and after one year, when he got the job, I wanted the loan term to be reduced so that we can pay off the loan in less time. I understand it takes time because there is paper work and approvals involved, but now, It has been more than 2 months and I’ve been calling the concerned person almost daily . Either that lady is on leave , or her phone is switched off or she left early ( 2 PM), and she even doesn’t respond to emails. This is really frustrating.

  22. Amit January 23, 2013 at 6:48 pm #

    Dont take a loan from Credila if you are going for higher education in UK and specially if you are showing the loan sanction letter to the embassy for Visa.
    The UK embassy will reject the Visa as they dont consider credila as a bank as it is just a financial service.

    • jojo22 January 24, 2013 at 4:12 am #

      thanks for your advice amit

  23. Himanshu Agarwal July 25, 2012 at 10:16 am #

    I am a victim of credila bank. this instituion is false.
    here is the list of reason why should take loan from other bank and not credila.
    1. Credila is the only NBFC which will charge you SIMPLE INTEREST not any other bank.ie you lose 24 moths of simple interest money.
    2.Credila will charge you in such way that you will end up paying 70% of your amount as interest rate.
    for example i have taken a loan of 540000 from credila for a period of 60 months plus 24 months simple interest so total 74 months my total interest rate aftter end of 5yrs is 330000 + 540000 = 900000
    this is purly extortion……i would highly suggest that don’t take loan from thsi bank
    3. a public sector bank is always advisable.

  24. Preetham July 11, 2012 at 11:49 am #

    Credila is the WORST education loan provider. Trust me guys.

    • jojo22 July 11, 2012 at 5:45 pm #

      thanks for your opinion preetham,,maybe you can tell us your bad experience

    • Kiran kumar December 7, 2012 at 1:01 pm #

      hi preetam..same situation for me..it is very worst experience…

  25. Ashutosh Tewari June 18, 2012 at 12:45 pm #

    Credila is a horrible service provider. The staff is indifferent and you will be push from one department to other. The sales person whom you would contact for the loan will sweet talk you and then later you will be asked to submit a dozen documents without any explanation given.

    I struggled with them for over a month without any positive results and that when the education loan was for a Tier 1 Education institute (which is among the top 10 in India), for which Credila supposedly offers a non-collateral loan with special rate of interest.

    And what was an even bigger surprise was even sending emails to the country head and marking him on emails makes no difference. Not one response is received.

  26. MALLIKA DEBBARMA May 23, 2012 at 9:52 am #

    I have a comment for taking loan. I am studying at Delhi but my born place is Tripura state.

  27. Arun March 9, 2012 at 3:46 pm #

    I took a credila loan for my MBA. The repayment schedule starts after 6 months not after an year (or can one negotiate this?). Unlike other national banks, the loan payment process with Credila was seamless. Collateral obligation requirement is almost similar for every bank lending students to study abroad. However, the issue with Credila lending is their interest payment. The interest payment should be made immediately after the 1st loan disbursement, if I have a choice I would rather go with the national banks just to avoid financial burden while studying. Secondly, don’t get carried away by the Credila’s claim on loan repayment from the U.S (or elsewhere), this process is simple and every bank do offer this repayment arrangement.

    My pick – if you have someone who can pay interest on your loan when you are studying, go with Credila.

    • jojo22 March 10, 2012 at 6:06 am #

      thanks for your thoughts arun

    • ankit April 18, 2012 at 6:46 am #

      hi arun!
      thanks for sharing details..
      i too have applied for the loan from credila and have a question to ask about the interest repayment:
      the interest EMI will depend on the principal we have taken, right ? Say, for 1st sem, i need to pay 5 lacs, then my interest EMI will be calculated on 5 lacs and not on total loan sanctioned(20 lacs) , right ?

      Please do reply back!


      • jojo22 April 18, 2012 at 12:23 pm #

        yes youre right,interest is only on the amount dispensed at that particular time.if you have 4 sems and 5 lacs per sem (5*4=20),remmber that ineterst will keep on increaseing as the money for each sem is dispensed and by the time you actually make your first EMI payment,it will be collectively calculated on the entire amount.Interest starts from day one,your payments start from day(720+182) if they give grace of 6 months after graduation.

  28. Dr.Arun September 24, 2011 at 5:14 am #

    I have got a admission in uk university.Was very much worried about the loan process.Your opinion has given me a confidence face towards the issue.Thanks a lot.

  29. Amarjit Singh August 6, 2011 at 12:11 pm #

    I want a education loans.Can you help me.

    Cell no 91-8826620082

    • jojo22 August 6, 2011 at 5:17 pm #

      have u tried punjab national bank,,they give easy and flexible edu loans

  30. ravi s July 10, 2011 at 12:35 am #

    i am in process of applying for loan for US which bank gives lower interest can you inform me thnks

  31. shashank July 8, 2011 at 1:58 pm #

    my cousin had applied for credila loan 6 months back and had got it,it was a satisfactory experience working with mr. prakash who was the executive who came

    • Sarjen September 10, 2012 at 7:50 pm #

      Dude, But still day and day why do they keep on getting so many complaints about their service..i don’t think Credila worth.. they make you wait still the dead line for the payment of fee then get a call saying the loan was rejected and you’ve to loose one year of education, time, energy and the processing fee……these guys suck

      • jojo22 September 10, 2012 at 7:54 pm #

        ya,,its possible the loan might not be granted,,but i think you will get your answer about the sanction quickly,,so no need to stretch it till the deadline

    • Raghu November 12, 2014 at 11:44 am #

      Hi.. I guess you are the lucky one in hundred.

  32. akash shetty July 8, 2011 at 12:38 pm #

    Hi i was searchig for a good credila review as i want to pursue mba abroad,and your review was the only one i found thnks – Tc – and keep blogging.

    • ABC June 14, 2013 at 12:22 pm #

      Dear Akash,

      I strongly urge you to never go for Credila. Not only do they charge a high interest rate of 14% but also charge 12.5% service tax on the interest we pay. I remember paying an initial 1% of the sanctioned loan as application fee. It’s a complete fraud. Go for national banks. Yes, they may be a little slow in processing but they are not going to suck the blood out of you during the time of repayment. They have a reasonable moratorium period too.

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