There is a big con on all private lenders/NBFCs that you forgot to mention: one HAS TO pay partial interest while studying aswell as grace period and the amount of acrrued interest you don't pay will be added to the capital and onwards interest will be charged against it (compound interest) I think this is a massive con hardly any one knows.. Prodigy & public banks only charge simple interest (and dont require you pay anything) while studying and grace period
wrong. Union bank of India has sanctioned me a loan but it asked me to pay simple interest amount during the grace period and said it will convert to compound interest after the end of the grace period
Hi ...I was also thinking the same but I am slightly confused about one thing...in official video of credilla on TH-cam, they have specified that it is SI if you agree to pay Principal+interest without any moratorium..is it true...?...is it that most people want moratorium and hence ultimately pay the compound interest and they mention about the previous thing only as SI, right?... But why is then a lot of people on Reddit ( a community full of intellectuals) prefer credilla over traditional banks...only bcoz they are offering without collateral...that's the only reason...?
One point I'll like to add is the customer service is only great if you take the non collateral loan worth 40 lakh. If you ask them to get a collateral loan letter they won't get back to you for 3 months. They won't pick your calls, not reply your emails and messages either. They do not specify the rate of interest in written before paying the processing fees. So they can change it after paying the processing fees. They have higher currency conversion rate too. I am in a process of getting a collateral loan worth 60 lakh from hdfc and it has been a nightmare. Initially they were very good, like you specified they were pushy but once I asked them to get a sanction letter for a collateral loan they stopped contacting me. I think the agents only focus on non collateral loans as they get higher commission. And I have three other friends who are facing the same issue as me.
I cannot agree more, Akshada! Initially, they were very benevolent. However, since the day I received admit and asking them for collateral they seem least interested!
Same for me but in my case it's non-collateral. They have stopped contacting and not even picking up calls. Sometimes I feel like going to SBI even though they are messy but i know i can trust them blindly cause they won't scam you..
Hi Akshada, Now that you have been through the situation, which one do you think is the best bank for a loan of upto 50 lakhs(with partial collateral) and finally from which bank did you get your loan approved from?
It sounds like a dumb question but how do we calculate the amount of loan we need to take? I have seen a varying amount of loan taken for full COA for the same course and university.
if I'm paying with partial interest, How is interest calculated on education loan during moratorium period? Is this true that from 1st July 2023 policy is changed and CREDILA now charges compound on remaining amount?
there is a system of credila student intranet system there we have to give the co applicant Debit card pin no. The biggest cons can someone explain what is this???
Let's consider I get in Stanford Univ and the cost of attendance is $250,000 approx for 4 years undergraduate. Will I get a loan without a collateral? Or what is the max amount I can get without collateral?
It's less likely that you would get that big of a loan amount without collateral. I would assume if you had to get it from a private employer, the best you would be able to do is 100k.
@@ParthVijayvergiya they once held a workshop in our school and I tried asking them the same question ad they assured that they have no upper limit but weren't crumbling down to a point. Thank you! BTW I'm to from Jaipur!
I also applied for non collatral loan. They said their official will visit my house for address varification but it been 5 days no one came. I called the agent, he says he is calling them .but after that no one comes. Will you guide me about this.
Hey Parth! I see that you have recommended SBI for a collateral loan. The thing is I am getting a better interest rate at Credila than SBI for an 80L collateral loan. The processing fee is almost similar at both places. What do you recommend in this situation?
is there any charges if you payback your loan in one year , for example if get a scholarship after you reached to the college so these type scenario happen so do they have any penalty for that ?
Hey Parth! Thanks a lot for this video ! Can you please make a video on loans that education institutions( Universities like berkley UCLA etc) give out !
Although i'm confused how these work. If the uni is offering loans for are they just subsidizing interest rates. I have no idea, so it would be really helpful if you could make a video on this.
@@ParthVijayvergiya Oh shoot! My first comment somehow disappeared. So basically there are unis that offer loans. Like UC berkley Haas, UCLA etc. Here is a link to their loan page : mba.haas.berkeley.edu/admissions/loans
Heyy parth, i want to apply for hdfc credila non collateral loan but the uni total fee is around 20000$ doller and it is a vocational 2 year course I am already in job from last 5 year and I want to keep my brother as co borrower but the problem is that he run a small bussiness and due to covid his bussiness is not doing well from last 2 year as it was, let suppose he makes around 10 lacs per annum what are chances that I'll get sanctioned the loan amount just tution fee i have some saving in my account too.
I have doubt that i have taken loan frm credilla and it is of 13 yrs so i have doubt that if i wanted to repay loan early that is prepayment then is there any penalty or not ?
No, but they will ask for the last 8 months bank statement besides if your co-applicant is businessman then GST number and profit and loss with competence
Hey Parth, great video and couldn't have come at a better time since I'm in the process of applying for the loan. I am in a dilemma regd admits - I have one from Georgia Tech for Masters in Industrial Design and 2nd from IUPUI for MS-HCI with assistantship and scholarship. Tech program is non-STEM but uni is highly reputed and IUPUI program is STEM but not a top-10 uni as Tech. What would you suggest?
I would go with the STEM program. First of all you are not going to pay anything for IUPUI and then STEM adds two years additional visa and makes your life much more comfortable.
What is the minimum income the co-applicant should have? My co-applicant only has 15k per month. And I have applied for the loan. I'm worried it might be rejected. Please reply!
Parth you made this video in the perfect time! Many aspiring students like me are very much confused regarding loan n all. Thank you on behalf of my fellow mates :)
I got mail from hdfc credila... that your loan has been sanctioned.... should I pay processing fees.... they will not deny my loan??? please let me know shortly
I have a tiled house 🏡 with 2 acres of agricultural land(coffee plantation), my father is a farmer and his monthly income is Rs 10000 is I am eligible for HDFC credilla educational loan? I am looking for study in UK
Hi, Vijay I have been following you very closely for the last 7 months and thank god it has helped me heaps in my journey to study in the USA, I have a question related to loans in HDFC credila. Could you please let me know if the interest that has to be paid during the course is calculated on the amount of money that I used for the first term or the entire sanctioned loan amount ??? Awaiting your response at the earliest. Thanks much :)
Hello Sharath how are you going to apply for the loan. Is the process online or through a branch office? Please reply i am also looking forward to hdfc credila
If your are giving a collateral the interest rate shall be 9.5% to 10% where as in non collateral maximum you can negotiate is 10.5%. However, you can negotiate further. All the best !
For aboard When does its interest get started ? After visa or get money in account What happens when someone rejected visa ? Does he pay interest or not
Hey Parth, I had inquired my consultant about non collateral loan and they said me that my visa might get rejected if I show them a non collateral loan.. Please if you can clarify on it.
Hey parth i need your advice. I have bachelors in Mechanical engineering but want to pursue masters in civil engineering and construction from US. Do you think it would be a wise decision ?
My dad is a retired govt. Employee and income is around 51k but we have 26k EMI housing loan which has crossed 50% of overall salary I contacted SBI but they said they cant give bases salary so will I get hdfc credela loan?? Although we have property to show if needed...plz respond if u have any suggestions
- Will not give you loan if your dad is retired - will not give you loan if your mom missed an EMI in 1997 when she's not even your Co signer - you won't hear from them when you're rejected.. When they stop picking up your calls and block you that means you're rejected - their CEO will text you on Linkedin to fight with you when you put a bad experience review
@@ParthVijayvergiya he apologised later and I don't want to make a big deal out of it now. If you want we can get on a call and share the screen for you to see that. But in addition to this now if you want to withdraw your loan application they ask you to share your visa details and tell you that they need to inform your university and visa officer about it. This happened to my friend when he was trying to negotiate the ROI (Leap states that they would give you a month period post your sanction for you to negotiate terms) he said I would rather go for a collateral loan (he was just using it to put the pressure). The person there replied with we'd need you visa details and we would have to inform university and visa officer to cancel your loan. I might be wrong here but to me it sounded like a threat and to my friend as well. He's now not comfortable moving forward with them and now he'd be ghosting them.
Avoid HDFC credila , they are loosers. My admission process got delayed because they are super slow and they will keep asking you irrelevant documents and you will have to keep chasing them .Please avoid , save yourself .
You are right bro because in my family both my father and elder brother run their own businesses so there is no one who has a government job and they are asking for a salary person account and i don't know how to provide it and for colletoral loan my land is in a village which is not good according to them. Can you please tell me some other loan companies with good support for student?
There is a big con on all private lenders/NBFCs that you forgot to mention: one HAS TO pay partial interest while studying aswell as grace period and the amount of acrrued interest you don't pay will be added to the capital and onwards interest will be charged against it (compound interest) I think this is a massive con hardly any one knows.. Prodigy & public banks only charge simple interest (and dont require you pay anything) while studying and grace period
Parth can you address about this!
wrong. Union bank of India has sanctioned me a loan but it asked me to pay simple interest amount during the grace period and said it will convert to compound interest after the end of the grace period
Can you clear about this
Hi ...I was also thinking the same but I am slightly confused about one thing...in official video of credilla on TH-cam, they have specified that it is SI if you agree to pay Principal+interest without any moratorium..is it true...?...is it that most people want moratorium and hence ultimately pay the compound interest and they mention about the previous thing only as SI, right?...
But why is then a lot of people on Reddit ( a community full of intellectuals) prefer credilla over traditional banks...only bcoz they are offering without collateral...that's the only reason...?
@@gruhithakula8979Bro whem u approached union bank for loan did they ask for a building on land?
One point I'll like to add is the customer service is only great if you take the non collateral loan worth 40 lakh. If you ask them to get a collateral loan letter they won't get back to you for 3 months. They won't pick your calls, not reply your emails and messages either. They do not specify the rate of interest in written before paying the processing fees. So they can change it after paying the processing fees. They have higher currency conversion rate too. I am in a process of getting a collateral loan worth 60 lakh from hdfc and it has been a nightmare. Initially they were very good, like you specified they were pushy but once I asked them to get a sanction letter for a collateral loan they stopped contacting me. I think the agents only focus on non collateral loans as they get higher commission. And I have three other friends who are facing the same issue as me.
Thanks for sharing this crucial information ..it is very helpful ...specially as we all know how Indian Bank will Work.
I cannot agree more, Akshada! Initially, they were very benevolent. However, since the day I received admit and asking them for collateral they seem least interested!
Same for me but in my case it's non-collateral. They have stopped contacting and not even picking up calls. Sometimes I feel like going to SBI even though they are messy but i know i can trust them blindly cause they won't scam you..
Hi Akshada,
Now that you have been through the situation, which one do you think is the best bank for a loan of upto 50 lakhs(with partial collateral) and finally from which bank did you get your loan approved from?
is rate of interest higher in non-collateral loan ?
It sounds like a dumb question but how do we calculate the amount of loan we need to take? I have seen a varying amount of loan taken for full COA for the same course and university.
if I'm paying with partial interest, How is interest calculated on education loan during moratorium period? Is this true that from 1st July 2023 policy is changed and CREDILA now charges compound on remaining amount?
there is a system of credila student intranet system there we have to give the co applicant Debit card pin no. The biggest cons can someone explain what is this???
What's the advantage of going through gradicle
Paarth, if you yourself work with prodigy and believe that it is a good service, why did your sister go with SBI and not Prodigy?
I only have 58% in my bachelor's, can I apply for this loan and will I get loan of 20lakh without collateral to study in South Korea.
Let's consider I get in Stanford Univ and the cost of attendance is $250,000 approx for 4 years undergraduate. Will I get a loan without a collateral? Or what is the max amount I can get without collateral?
It's less likely that you would get that big of a loan amount without collateral. I would assume if you had to get it from a private employer, the best you would be able to do is 100k.
@@ParthVijayvergiya they once held a workshop in our school and I tried asking them the same question ad they assured that they have no upper limit but weren't crumbling down to a point. Thank you! BTW I'm to from Jaipur!
I received loan from HDFC Credila with an interest rate of 11.50 with processing fees of 1%....No hurdles as of now❤️
How many days did they take to sanction the loan and for final disbursement.?
Sanction time and Cibil checked ha
@@dheerajkumar9625 they will take 7-10 days to sanction if all docs are proper
@@aykardept1684 loan approval & sanction will be done in 7-10 days...disbursement process takes 2 days
@@Sai_Gamer_OP Bro.My Concern is Will They check My cibil and Co guarantee Cibil also
My Processing Fees was Rs-10,856/-(including S.T, 1.5%+GST) for 1840000 loan amount
what is S.t? also does this includes insurance as well ?
I also applied for non collatral loan. They said their official will visit my house for address varification but it been 5 days no one came. I called the agent, he says he is calling them .but after that no one comes. Will you guide me about this.
@@zubainali495 sorry its gst no ot does not include insurance
what was the rate of interest?
@@shubhamjadhav6114 did they come ?
Hey Parth! I see that you have recommended SBI for a collateral loan. The thing is I am getting a better interest rate at Credila than SBI for an 80L collateral loan. The processing fee is almost similar at both places. What do you recommend in this situation?
SBI is trash. They will take forever to process your loan and then deny you anyway. Don't go with them. Go with axis or credila
How ? Sbi will definitely have lesser interest than hdfc
No, I got a lesser interest rate at Credila
@@priya14884how much and what did u do finally
Wait there was a comment about wemakescholars blacklisting credila. Did it get deleted?
wemakescholars have blacklisted hdfc credila
No. I commented that and its still there. And yes, hdfc credila has been blacklisted by WeMakeScholars.
Yup they blacklisted them like 2-3 years ago.
Why did they blacklisted
is there any charges if you payback your loan in one year , for example if get a scholarship after you reached to the college so these type scenario happen so do they have any penalty for that ?
Yes you can definitely do that. There is no prepayment penalties.
Hey Parth! Thanks a lot for this video ! Can you please make a video on loans that education institutions( Universities like berkley UCLA etc) give out !
Divya, I am not sure about those loans. Can you please tell me more about that?
Although i'm confused how these work. If the uni is offering loans for are they just subsidizing interest rates. I have no idea, so it would be really helpful if you could make a video on this.
@@ParthVijayvergiya Oh shoot! My first comment somehow disappeared. So basically there are unis that offer loans. Like UC berkley Haas, UCLA etc. Here is a link to their loan page : mba.haas.berkeley.edu/admissions/loans
Thnkx!! you are the one who clear my all doubt 🙌❤️
Approx how much amnt shld we pay monthly in the moratorium period for a 40l loan
Heyy parth, i want to apply for hdfc credila non collateral loan but the uni total fee is around 20000$ doller and it is a vocational 2 year course I am already in job from last 5 year and I want to keep my brother as co borrower but the problem is that he run a small bussiness and due to covid his bussiness is not doing well from last 2 year as it was, let suppose he makes around 10 lacs per annum what are chances that I'll get sanctioned the loan amount just tution fee i have some saving in my account too.
Hi Sir, i recently came to know that without collateral, loans have no moratorium. Is this true?
My dad is unemployed rn. But have enough money and asset to cover the loan is there any bank which can give me loan?
I have doubt that i have taken loan frm credilla and it is of 13 yrs so i have doubt that if i wanted to repay loan early that is prepayment then is there any penalty or not ?
Hi, did you get your answer?
Any Update
Did anyone take an educational loan from HDFC credila without any collateral?
Will I get pre approved for an education loan(collateral free) for abroad education (planning to study pg in uk)
You need to ask the bank or nbfc . Depending on your co applicant income they will give you
Yes you will from HDFC CREDILA
@@princechaturvedi7578 did you apply for loan from credila is it safe or fake
Sir, by how many days we can get the loan letter from hdfc credila?
Does HDfC credila provide Education loan without collateral and without co applicant just based on your profile and Work experience?
No they ask co applicant
who do we keep as a reference?
Does HDFC credila gives undergraduate diploma study for Canada ? Reply plzzz sir
Thank you so much for providing this information on hdfc credila.🙏
Hi
Do they have any fixed amount to show in your co applicant ITR
Or they can give you at any ITR?
No, but they will ask for the last 8 months bank statement besides if your co-applicant is businessman then GST number and profit and loss with competence
should we start loan process after receiving decisions
Do hdfc ask 3 blank cheque for hdfc credila and ebixcash world cash???
Hey Parth, great video and couldn't have come at a better time since I'm in the process of applying for the loan.
I am in a dilemma regd admits - I have one from Georgia Tech for Masters in Industrial Design and 2nd from IUPUI for MS-HCI with assistantship and scholarship. Tech program is non-STEM but uni is highly reputed and IUPUI program is STEM but not a top-10 uni as Tech.
What would you suggest?
I would go with the STEM program. First of all you are not going to pay anything for IUPUI and then STEM adds two years additional visa and makes your life much more comfortable.
So guys tell me, do you recommend this hdfc credilla?
Sir i have taken loan from hdfc credila of 1400000 , will there be any penalties if i pay all the full loan amount in one year in moratorium period
So did u get ur answer for it ?
Heyy i need some guidance can you please help
What is the minimum income the co-applicant should have? My co-applicant only has 15k per month. And I have applied for the loan. I'm worried it might be rejected. Please reply!
hi, did you get the loan sanctioned?
Hi did u get your loan sanctioned?
Parth you made this video in the perfect time! Many aspiring students like me are very much confused regarding loan n all. Thank you on behalf of my fellow mates :)
GIC will provide HDFC credila?
I got mail from hdfc credila... that your loan has been sanctioned.... should I pay processing fees.... they will not deny my loan???
please let me know shortly
same doubt
Hi, can I show my PF account as collateral?
I have a tiled house 🏡 with 2 acres of agricultural land(coffee plantation), my father is a farmer and his monthly income is Rs 10000 is I am eligible for HDFC credilla educational loan? I am looking for study in UK
Visit the bank website and chat with them.. they might call you instantly since you are a commission for them
Hi, Vijay I have been following you very closely for the last 7 months and thank god it has helped me heaps in my journey to study in the USA, I have a question related to loans in HDFC credila. Could you please let me know if the interest that has to be paid during the course is calculated on the amount of money that I used for the first term or the entire sanctioned loan amount ??? Awaiting your response at the earliest. Thanks much :)
The amount used.
Hello Sharath how are you going to apply for the loan. Is the process online or through a branch office? Please reply i am also looking forward to hdfc credila
I've been sanctioned 20 lakh from credila with 9.5 % interest
With or without collateral?
@@vishwajeetmagdum4728 with
Also, what is the minimum cibil and monthly income requirement ?
Have you applied directly? Or via wemakescholers or gyan dhan?
@@tjassar directly
Thanks a lot.
Thanks for very clear explanation. I am told by the agent that I would be given loan on the interest rate from 7to 10%. Is it true
If your are giving a collateral the interest rate shall be 9.5% to 10% where as in non collateral maximum you can negotiate is 10.5%.
However, you can negotiate further.
All the best !
Any one suggest me a bank or finance company who give loan for my Masters without collateral property?
Try prodigyfinance
HDFC does but obviously that comes at the cost of interest rate around 0.75 to 1% depending on your case it can be more or less
Avanse too does it. Visit office and get the full details and process will be complete in 14 - 21 days.
Can a pensioner parent be a coapplicant
Sir,
Please help undergrad education loan please...
It's a real need 🙏🙏🙏🙏
Btw loved your content.❤️❤️
Sir hope you will!!
For aboard
When does its interest get started ?
After visa or get money in account
What happens when someone rejected visa ?
Does he pay interest or not
Pls add the tax benefits link.
Hey Parth, I had inquired my consultant about non collateral loan and they said me that my visa might get rejected if I show them a non collateral loan..
Please if you can clarify on it.
Can I get educational loan without collateral upto 20 lakhs for my bachelor's in uk
Yea
Hopeless, they even give feedback weather it's approved or rejected
Hey man , waiting for the avanse video
I have heard that they increase their interest rate after disbursement is it true ?
No collateral is my go.
Hey parth i need your advice. I have bachelors in Mechanical engineering but want to pursue masters in civil engineering and construction from US.
Do you think it would be a wise decision ?
My dad is a retired govt. Employee and income is around 51k but we have 26k EMI housing loan which has crossed 50% of overall salary I contacted SBI but they said they cant give bases salary so will I get hdfc credela loan?? Although we have property to show if needed...plz respond if u have any suggestions
Hey please tell me did you take edu loan from hdfc credila? How is it? Will you recommend this bank ?
Thanks
Sir, You look like Mohd Shami
🙌🏻
Bas bas ...I need it ..finally the video's out
please make a video on Leap Finance as well
- Will not give you loan if your dad is retired
- will not give you loan if your mom missed an EMI in 1997 when she's not even your Co signer
- you won't hear from them when you're rejected.. When they stop picking up your calls and block you that means you're rejected
- their CEO will text you on Linkedin to fight with you when you put a bad experience review
I will try. But I don't know anyone who has taken a loan from them. So can't really do any reviews.
that's interesting Akshay, can you send me some screenshots of your conversation? Please send them to vijayvergiyaparth@gmail.com
@@ParthVijayvergiya he apologised later and I don't want to make a big deal out of it now. If you want we can get on a call and share the screen for you to see that.
But in addition to this now if you want to withdraw your loan application they ask you to share your visa details and tell you that they need to inform your university and visa officer about it.
This happened to my friend when he was trying to negotiate the ROI (Leap states that they would give you a month period post your sanction for you to negotiate terms) he said I would rather go for a collateral loan (he was just using it to put the pressure). The person there replied with we'd need you visa details and we would have to inform university and visa officer to cancel your loan.
I might be wrong here but to me it sounded like a threat and to my friend as well. He's now not comfortable moving forward with them and now he'd be ghosting them.
@@bhatnagaraki Akshay this is a day light threat. Can you please get in touch with me or tell me where I can get in touch with you.
I can spot my chat of discord server 😂👍
Waste of u r time please dont apply hdfc credila waste company ihv good experience
Yeah Bruh 😍
Avoid HDFC credila , they are loosers. My admission process got delayed because they are super slow and they will keep asking you irrelevant documents and you will have to keep chasing them .Please avoid , save yourself .
You are right bro because in my family both my father and elder brother run their own businesses so there is no one who has a government job and they are asking for a salary person account and i don't know how to provide it and for colletoral loan my land is in a village which is not good according to them. Can you please tell me some other loan companies with good support for student?
Have you applied directly? Or via wemakescholers or gyan dhan?
@@kamaal2101 Have you applied directly? Or via wemakescholers or gyan dhan?
:)
1st
You're too close to the cam,man