HDFC Credila Education Loan Features & Benefits
|S.No.||Features||Credila Education Loan Details|
|2.||Interest Rate (ROI)||11% to 12.5%|
|3.||Processing Fee||1 % to 1.25% of the loan amount|
|4.||Margin Money||NIL; Finance up to 100% of the expenses|
|5.||Loan Tenure||Up to 10 years|
Then, can I get 20 lakhs education loan?
The Credit Guarantee Fund for Education Loans (CGFEL) Scheme provides a guarantee for education loan dispersed by banks under the Model Education Loan Scheme of Indian Banks’ Association (IBA). … Under the CGFEL scheme you can get a loan up to Rs 10 lakh for study in India and up to Rs 20 lakh for studying abroad.
Furthermore, how do I calculate interest?
Simple Interest Formulas and Calculations:
Use this simple interest calculator to find A, the Final Investment Value, using the simple interest formula: A = P(1 + rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods.
How do you calculate monthly interest rate?
To calculate a monthly interest rate, divide the annual rate by 12 to reflect the 12 months in the year. You’ll need to convert from percentage to decimal format to complete these steps. Example: Assume you have an APY or APR of 10%.
So, if you take an education loan of Rs 10 lakh with an average interest rate of 12%, for 2 years the EMI will be: P = 10 lakh, R = 12/100/12 (You convert to months), N = 2 years or 24 months EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073.
Yes, you can get an educational loan of
|Bank Name||Loan Amount|
|IDBI Bank||Up To Rs.30 Lakhs|
|SBI||Up To Rs.30 Lakhs|
|Axis Bank||Up To Rs.75 Lakhs|
|Bank Of Baroda||Up To Rs.80 Lakhs|
Embassy accepting HDFC Credila Education Loan:
An overseas education loan from HDFC Credila is the only NBFC that is accepted by all the country embassies. Right from USA, UK, Canada, Australia, New Zealand, Germany the education loan from HDFC Credila is accepted by all the major study overseas destinations.
Generally the interest rate for educational loans is a percentage (usually around 1.5 % to 2.5 %, termed as spread) that is added on the existing MCLR (marginal cost of lending rate).
SBI Scholar Loan covers expenses like fees payable to college, school or hostel, examination, library or laboratory fees, purchase of books/equipment/instruments, caution deposit, building fund or refundable deposit supported by institution bills/ receipts and purchase of computer or a laptop.
6.5% to 9.55% p.a. 8.50% to 9.00% p.a. 7.25% to 9.25% p.a.