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.
Hi,
I also had a bad experience with Credila. I got an admit from a good university and I went to them for the loan with collateral. I inquired with their agent 4 times before getting ready the documents necessary for my collateral and the amount of loan. In the beginning they said your loan will definitely be sanctioned and then after submitting all the documents and evaluation, another agent said we can’t give you the loan. This agent told me different set of requirements. There is no co ordination between the employees and they say anything to get people to apply for the loan and once you apply, there starts the problem. Rating 1/10
I had the worst experience with Credila. Even though I had given them a collateral of 42 lac property for a 20 lac loan, they were hesitant to give the loan. Their concern was about income of my co-borrower. They always tell about income levels and play with me. Screw this Credila!
I want to a scholarship in Masters degree in Agriculture in Canada, Australia, USA, UK, France etc..
Hi,
I would never recommend Credila to anybody. They asked for too many documents and dragged the process. Half way through, I realised it was waste of time and approached a Nationalised bank and to my surprise they were less bureaucratic and the loan was sanctioned in a fortnight.
“Credila has a robust system of education loan sanctions and disbursements. They have put together a great team work.I would personally rate their service to be of the highest quality and would definitely recommend Credila as a service provider.”
10/10
@Shirlene, on what basis? i mean to give such an evaluation 10/10, you should also provide the facts on which ur judgement is based!
This sucks! we need credible resources that wont stab in the back at very crucial time! @ Tarun so sorry to know u have to extend one sem. its unbelivable!
I am currently studying in University of Dayton, Ohio and I had worst experience with Credila. They wasted my time and asked for half of fixed deposit for the amount I applied for loan with upgraded rate of interest. In the beginning , they convinced me that my loan will be approved. They kept on repeating it but in the end , when I had very few days left for my departure to US , they asked for fixed deposit and told about upgraded rate of interest. I had to cancel my tickets and I had to extend a semester. I would never suggest Credila to other people. If somebody is approaching Credila , they should have second option ready for education loan.If they say that we are giving loan without colleteral , it means you should be ready with enough fixed deposit, as they will ask it in the end.
Thanks for your reply. This is useful info.
Credila may have promised some ad on your website but remember that trust and students positive experience will help HSB better
Dinesh – As I said in the post. People either give 10 or 1. Which means there are people with positive experience as well.
Worst in handling student loans credit to credila
they will just advertise saying loan without collateral and I20 they will make you cry. And I can assure you that they wont process your loan without processing fees no need to mention about collateral.
Loans are possible without collateral only if the amount is less than 6-8 lakhs dont just advertise and make false points for students to waste time in Credila.
I think the processing fee is listed in their website right?
When I contacted Credilla for loan amount of 6lakh for an University which placed in top 10 of world, they told me that they will approve my loan without any COLLATERAL and that too within 3 days, So I submitted my application but after that they asked for the collateral without any reason.
My father is first class gazetted officier in Govt. of India and earn handsomely …. When I provided Collateral security they turned down that and asked for Fixed deposite …..Worst experience… This is how they treat each and every one.
TOTAL FRAUD : Rating 0/10
same for me.
Hi I have talked to Credilla on three different occasions and for three different universities. I only needed a loan of amount upto 5 lacs INR and this is what they have to say to me:-
“You need to submit collateral without that we don’t provide loan even for amount of 3 lac.” I would rather say nothing comes free in the world you need to pay something and don’t go by advt or what any financial institution says. Check the credit history and other terms before actually going ahead.
Hi,
I would like to add to the negative experience side. I had an admit from a university raked number 5 all over the world, and my co-applicant was my dad, whose pay was well above their requirements. When I inquired about the loan process, many details were attractive. So I decided to apply through them and didn’t consider any other banks. But when the process started, there were many problems. The biggest one being, COLLATERAL. Even though we were assured no collateral was needed, we were asked to submit one and that rules changed a bit. The rates they provided were far higher than what they promised. Later, I found that, this was the case with more than half of the customers of Credila in Hyderabad (where I applied for the loan).