Credila Student Loans in India are pretty popular and I know several students who received education loan for studying abroad.
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Note - Happy Schools Blog is an affiliate with Credila. Having said that, views in this articles is not biased.
I received the following question from an very active fan Alagiavanan Saravanan ( and Dollars and Dreams member) about possibility of about getting Credila student loan without collateral.
Is it true that Credila offers loan without collateral for specific Top Univ. like CMU, UPenn, GATech etc.
I reached out to my Credila Student Loan contact to find out if its even possible to Credila Student Loan without collateral. I had my doubts about a bank in India offering education loan for studying abroad without collateral.
I received the following reply
Dear Raghu – Credila do offer loans without collateral for some universities but they are subject to conditions like University Ranking, Co applicant profile, his/her Location etc.
Now, you know how to get Credila student loan without collateral.
Credila Student Loan Process – Reviews
I posted the following question in Facebook to learn about student’s experience with Credila
How would rate your experience using Credila for Studying Abroad student loan?
Responses were either extreme positive or extreme negative.
Meyy Arun ( Studying in New York )
My experience was fantastic and def a 10/10. I changed my career when I was 27 (From engineering to medical side) Most banks refused to give me loans coz I was already 27, some banks capped off the loan amount that didnt meet my tuition expenses. Credila accepted to give me a student loan and disbursed them on time with no issues to my school in Syracuse. Infact towards the end of my education, I needed more $$ and Credila accepted that request as well.
Shru Gobs (Studying in New York)
Not a pleasant one. This was my experience in Hyderabad. They don’t give us the accurate initial details. And considering the stress for preparing about financials and you contact an agent, he was not really truthful. Promised that an EL of 40 lakhs is usual to the company , but didn’t sanction one at the last minute. No coordination among the employees. Each one gives you different Input about the status of your EL application. Would give a rating of just 1/10.
I observed the following – Experience with Credila student loan approval process is either rated 10/10 or 1 out of 10.
I don’t know what could be the reason for difference in experience. I can think about the following reasons ( I could be wrong )
- Credila Employee handling your loan is inexperienced
- Your expectations is different from what you experienced
- You Failed to ask right questions
- Credila failed to disclose all the fees and hidden charges
Here is my suggestion about Credila student loans for studying abroad.
Credila Student Loans might be good fit for your financial and family need. For some, it may not be a good option.
Credila is extremely useful in one way, that you can get loan approved even before getting admission or without I-20.
For those who are struggling to show bank balance to get I-20, Credila Student Loan is very good option. Unless, you want to pay an agent who will deposit money in your account for few days, so you can get the bank statement and pay him huge amount of money in fees.
Ask the right questions when you talk to Credila loan processing agent. Try to get deeper understanding about their loan process.
If their program and policies align with your financial needs, then get loan from Credila. If not, you walk away and look for options with other banks.
Only way to find out if Credila Student Loan will be good option for you is to complete this online application and talk to them.