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Everything you want to know about Credila, and whether you should go for it
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kvk55555 Offline
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Credila Discussions
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Hey Folks!

Everyday we see new threads created for the same purpose on Credila. Most of the queries have already been covered up in this thread itself which w'd reduce the time and effort in answering them again. So, have all the Credila related discussions in this thread itself. Any other redundant credila thread w'd be locked for the aforementioned reasons.

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DK

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I went through this website http://www.credila.com/ and i applied for their loan .. They are promising to give the loan before getting i20 itself ! And, they can give it after getting the i20 as well ...
I'm not sure whether i should go for it or not ? They are asking me to submit original documents of any immovable property !
What are the other options of getting a loan ?
I heard getting a loan from bank's like SBI is more hectic than the whole admission process for getting into a univ! Mad
And is thr a thread which summarizes all that has to be done for the VI after getting an I20 ?

Regards,
Venkat Krishna

(This post was last modified: 05-31-2012 07:28 PM by Dark Knight.)
04-09-2009 05:34 AM
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Tesla Offline
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RE: Any one heard of Credila ?
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Does any one knows any info about this?
04-25-2009 04:20 PM
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poiulk Offline
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RE: Any one heard of Credila ?
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(04-09-2009 05:34 AM)kvk55555 Wrote:  I went through this website http://www.credila.com/ and i applied for their loan .. They are promising to give the loan before getting i20 itself ! And, they can give it after getting the i20 as well ...
I'm not sure whether i should go for it or not ? They are asking me to submit original documents of any immovable property !
What are the other options of getting a loan ?
I heard getting a loan from bank's like SBI is more hectic than the whole admission process for getting into a univ! Mad
And is thr a thread which summarizes all that has to be done for the VI after getting an I20 ?

Regards,
Venkat Krishna

yes search around u shud b able to find a few.

I had considered credila too. But not any more. Their interest rates are variable and avg interest rates (including all sorts of additional charges) come in at about 15-17% which is much higher than wat indian banks offer at.

Only benefit is u can actually have a sanction letter in your hand before the i20, but it is not too significant as u can always get a letter from the bank saying that ur loan of XX has been approved subject to issuance of i20 by the univ.

Personally I found too many cons for credila than pros for my need, but wat doesn't suit me does not necessarily mean it won't suit u too. So shop around for the deal that best fits ur need.
(This post was last modified: 04-25-2009 04:42 PM by poiulk.)
04-25-2009 04:40 PM
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hoping Offline
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RE: Any one heard of Credila ?
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Even I too approached credila and found that they are very flexible.
One bad thing about credila is that their whooping interest.

Credila is preferable for those who needs just the loan sanction letter without availing it ( like me ) ....

They even provides the loan sanction letter before seeing the I20 .. Very Happy
(This post was last modified: 04-25-2009 06:37 PM by hoping.)
04-25-2009 06:37 PM
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poiulk Offline
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RE: Any one heard of Credila ?
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(04-25-2009 06:37 PM)hoping Wrote:  They even provides the loan sanction letter before seeing the I20 .. Very Happy

True. but they charge u abt 10k or 1-2% of ur loan amt as fees for it
04-25-2009 06:46 PM
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Tesla Offline
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RE: Any one heard of Credila ?
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(04-25-2009 06:37 PM)hoping Wrote:  Even I too approached credila and found that they are very flexible.
One bad thing about credila is that their whooping interest.

Credila is preferable for those who needs just the loan sanction letter without availing it ( like me ) ....

They even provides the loan sanction letter before seeing the I20 .. Very Happy

Machi can you explain more about it? How did you got your sanction letter? Did they took the surety documents for sanction itself? Please shed some more light on this..
04-30-2009 09:16 AM
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virtualkunal Offline
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RE: Any one heard of Credila ?
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Even I have a loan approved from Credila worth 20 lacs. Its a variable loan depending on individual profiles considering the university factor and the tax papers you give them. The interest varies from 13.5 - 14.5%(I got it at 14% after bargaining Very Happy Cool). It also charges you a processing fee at 3% of the total loan .. There are different stages where u will be paying this processing fees in installment .. like 1% (20000 of 20 lacs) during the Visa interview for the sanction letter.

Credila offers you loan before getting the I20. So you can take the help of Credila even while submitting your financial document to the university for I20(I had received my i20 though before applying). All the paper work and stuff is carried out by them from home. There is a pickup service. I submitted all my papers from home and I didn't have to go n e where. Its a hassle free process where you just need to show proper guarantors and co-signors for the loan.

It is true that Credila gives you loan at a high interest rate compared to other banks. But its a loan worth when you don't have proper security in place.I gave them security in form my Kalyan property(which may be worth 25 lacs), but still they approved it. The original papers of the property are still lying with me as they need only xerox for sanction. They will take the original while disbursement. Another good thing is Credila doesn't sign an agreement with us for morgaging this property like banks do. They will just deposit the property docs in a bank.

Talking about the processing fees.. its like they charge you for that because they do the property evaluation and stuff by themselves and don't ask for single rupee from us. You pay for the processing fees only if you take the loan in the end. Other banks takes these charges before processing for property evaluation and stuff. So its going to be the same in the end.

I checked for the reliability of this institute by calling some known names in the counselling industry like Madhavi Desai in Mumbai, where they said its totally approved during VI. Applause

I am still thinking about taking this loan from Credila as I am searching for options from US banks or Paras Education where the interest rate is very low, but the problem is that you need a US co signor Sad
(This post was last modified: 04-30-2009 11:25 AM by virtualkunal.)
04-30-2009 11:21 AM
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dudedulix Offline
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RE: Any one heard of Credila ?
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@kunal

Dude do they give loan without security too?? I don't think i can manage to arrange a 20L house so soon, i was thinking if they offer loans to students without collateral, and if so to what extent?

I can manage to show a house, but its in a town, not city, will that do too?

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04-30-2009 08:37 PM
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shemz Offline
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RE: Any one heard of Credila ?
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Its written on their website that a life insurance policy assigned on name of that company worth the loan amount is accepted as collateral. What is this option ? Does this mean that if you open an insurance policy on their name and pay two years advance premium, they would give you the loan without any physical property ?
04-30-2009 09:21 PM
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poiulk Offline
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RE: Any one heard of Credila ?
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(04-30-2009 08:37 PM)dudedulix Wrote:  @kunal

Dude do they give loan without security too?? I don't think i can manage to arrange a 20L house so soon, i was thinking if they offer loans to students without collateral, and if so to what extent?

I can manage to show a house, but its in a town, not city, will that do too?

Without security, NO. Some or the other form of security is required.
They even need a security for loans <4L (which indian banks give without security)
04-30-2009 09:56 PM
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RE: Any one heard of Credila ?
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I have alreaady been sanctioned a loan amt of 20L from Credila Corp.. As for Credila, u need to pay the emi even while you are studying. Of course ur parents have to pay while you are studying.

As for 1-2% even banks like HDFC canara ask for that as they need to get the collateral checked from experts..

As for without collateral, you can get 7.5 Lacs from HDFC ..so check it out with different banks.

But personally HDFC people responded like $**t when i enquired with them.. theey were not willing to specify the exact amount i will be repaying
04-30-2009 09:58 PM
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RE: Any one heard of Credila ?
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(04-30-2009 09:21 PM)shemz Wrote:  Its written on their website that a life insurance policy assigned on name of that company worth the loan amount is accepted as collateral. What is this option ? Does this mean that if you open an insurance policy on their name and pay two years advance premium, they would give you the loan without any physical property ?

Afaik, NO again. U need to have an existing policy which is atleast two years old. Also, you can club multiple such policies to make up the amt reqd as security
(04-30-2009 09:58 PM)sithlord Wrote:  I have alreaady been sanctioned a loan amt of 20L from Credila Corp.. As for Credila, u need to pay the emi even while you are studying. Of course ur parents have to pay while you are studying.

As for 1-2% even banks like HDFC canara ask for that as they need to get the collateral checked from experts..

As for without collateral, you can get 7.5 Lacs from HDFC ..so check it out with different banks.

But personally HDFC people responded like $**t when i enquired with them.. theey were not willing to specify the exact amount i will be repaying

Nope. U do not have to pay EMI. Please check with them again.
For the course duration (and mostly even during the moratorium period b4 u get job after graduating) you(your parents i.e.) have to pay only simple interest not EMI. EMI comes out to approximately two times SI/month for 5yr loan between 4-8L
(This post was last modified: 04-30-2009 10:06 PM by poiulk.)
04-30-2009 09:58 PM
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RE: Any one heard of Credila ?
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a big NO from my side
04-30-2009 11:26 PM
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RE: Any one heard of Credila ?
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(04-30-2009 11:26 PM)sudhakar0828 Wrote:  a big NO from my side

Can you please explain why you say NO sir? Any reasons? Will be helpful for us to decide sir.
05-01-2009 10:25 AM
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RE: Any one heard of Credila ?
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(04-30-2009 09:58 PM)poiulk Wrote:  Nope. U do not have to pay EMI. Please check with them again.
For the course duration (and mostly even during the moratorium period b4 u get job after graduating) you(your parents i.e.) have to pay only simple interest not EMI. EMI comes out to approximately two times SI/month for 5yr loan between 4-8L

Thats right.. EMI starts only after you complete your graduation or after you get a job..whichever is earlier... till then you have to pay your simple interest. LIC bonds are also acceptable.. I dont know what is the exact criteria for bonds though.
(04-30-2009 08:37 PM)dudedulix Wrote:  @kunal

Dude do they give loan without security too?? I don't think i can manage to arrange a 20L house so soon, i was thinking if they offer loans to students without collateral, and if so to what extent?

I can manage to show a house, but its in a town, not city, will that do too?

They need any kind of collateral for giving loans.. be it property or lic bonds. But they do need one. You can also combine two things if your total value is not enough. I had done the same thing, I live in ghatkopar, Mumbai and I showed a property in Kalyan, which is much far off from Mumbai.. they did accept it.
(This post was last modified: 05-01-2009 10:48 AM by virtualkunal.)
05-01-2009 10:44 AM
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