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Everything you want to know about Credila, and whether you should go for it
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Abhimuna Offline
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Post: #226
RE: Everything you want to know about Credila, and whether you should go for it
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Hi guys.I am also in similar situation. Whatever property i have is in non city (village) so cannot put in collateral. Credilla agreed for loan of 25 lakh without collateral (13.5 % , 2% till now).

Few questions
1. What are the tier 1 universities (currently i have only admit from NCSU)
2. I had taken a loan from SBI previously(for undergraduate studies) which my parents will start paying (probably 8K/month). Will it be a problem ? My cousin will sign as cosigner also.
03-23-2015 02:08 AM
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aurne123 Offline
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Post: #227
RE: Everything you want to know about Credila, and whether you should go for it
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Can anyone clear my issue ?

Credila has sanctioned my loan of 17 lacs, but they are saying that they can give me a sanction letter of 20+ lacs amount if needed (my i-20 amount is around 25 L) so that there won't be any problem for Visa interview because of less funds.

So is it okay to show sanctioned letter of greater amount from Credila to U.S Visa consulate ? Or no ?

Plz reply anyone...
03-30-2015 06:44 PM
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rajar Offline
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Post: #228
RE: Everything you want to know about Credila, and whether you should go for it
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hi, pls ask me any doubt about the credila , as i have taken a loan for my cousin

(03-30-2015 06:44 PM)aurne123 Wrote:  Can anyone clear my issue ?

Credila has sanctioned my loan of 17 lacs, but they are saying that they can give me a sanction letter of 20+ lacs amount if needed (my i-20 amount is around 25 L) so that there won't be any problem for Visa interview because of less funds.

So is it okay to show sanctioned letter of greater amount from Credila to U.S Visa consulate ? Or no ?

Plz reply anyone...

have u got any mail from credila regarding your education loan.. if yes then how much they approved
(This post was last modified: 04-04-2015 10:52 PM by rajar.)
04-04-2015 10:50 PM
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saurabhpatil8989 Offline
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Post: #229
RE: Everything you want to know about Credila, and whether you should go for it
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Hi,
I have applied for a loan at credila. I have got a loan sanctioned for Rs.30L.
I have an admit for TAMU with the i20 amount being $34090=Rs.21135862. So the Loan amount should suffice i think for the VISA interview.
Now here is the question.

When i had a chat with the credila guys, they are asking that i get the loan dispensed right now and show it in a form of FD for the VISA interview. As per them, showing a loan creates a problem with VOs and it increases the likelihood of the VISA being rejected.
However, from what i read on edulix, a loan sanction letter shall suffice to get you through the VISA interview.

So is it true that we need to get the amount dispensed early on and should be shown it as FD or is it just their strategy to scare people into getting the loan dispensed earlier. [Mind it, that they will start charging me 13.5% from the day the amount is dispensed].

Please help me. I am in a real dilemma.
Seniors please pitch in.
(This post was last modified: 04-07-2015 08:24 PM by saurabhpatil8989.)
04-07-2015 07:21 PM
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lekhaemerlad Offline
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Post: #230
RE: Everything you want to know about Credila, and whether you should go for it
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(04-07-2015 07:21 PM)saurabhpatil8989 Wrote:  Hi,
I have applied for a loan at credila. I have got a loan sanctioned for Rs.30L.
I have an admit for TAMU with the i20 amount being $34090=Rs.21135862. So the Loan amount should suffice i think for the VISA interview.
Now here is the question.

When i had a chat with the credila guys, they are asking that i get the loan dispensed right now and show it in a form of FD for the VISA interview. As per them, showing a loan creates a problem with VOs and it increases the likelihood of the VISA being rejected.
However, from what i read on edulix, a loan sanction letter shall suffice to get you through the VISA interview.

So is it true that we need to get the amount dispensed early on and should be shown it as FD or is it just their strategy to scare people into getting the loan dispensed earlier. [Mind it, that they will start charging me 13.5% from the day the amount is dispensed].

Please help me. I am in a real dilemma.
Seniors please pitch in.

saurabhpatil8989 I'm sure having a loan is not a problem during VI
04-08-2015 07:04 PM
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shreeharshas Offline
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Post: #231
RE: Everything you want to know about Credila, and whether you should go for it
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Hi All, I have a stupid but basic question:
I am getting my finances ready. My parents have liquid funds which may suffice for one year (depending on i20). I am planning to show liquid for 1st year and loan from credila for the second. The loan will be against the property as collateral.
Now, I would first want to use the loan for the first year and also the second depending on the situation there in the US.

My doubts is this:
Say the i20 shows 25lakh for 12 months which means 25 × 2 for two years.
Will credila disperse 25 lakh for the first year and 25 again the second year? Or do they automatically sanction 25 × 2 = 50 lakhs initially itself and disperse whenever needed?

IUB and Illinois Inst of Tech
GRE 311(163 quant + 149 verb) 4.5 AWA Toefl 105
5.5 years work exp
04-10-2015 12:00 AM
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ashishmach Offline
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Post: #232
RE: Everything you want to know about Credila, and whether you should go for it
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You can ask them to disburse whatever amount is required and you will be charged only on the disbursed amount. But they say you have to get some minimum amount disbursed.
(04-10-2015 12:00 AM)shreeharshas Wrote:  Hi All, I have a stupid but basic question:
I am getting my finances ready. My parents have liquid funds which may suffice for one year (depending on i20). I am planning to show liquid for 1st year and loan from credila for the second. The loan will be against the property as collateral.
Now, I would first want to use the loan for the first year and also the second depending on the situation there in the US.

My doubts is this:
Say the i20 shows 25lakh for 12 months which means 25 × 2 for two years.
Will credila disperse 25 lakh for the first year and 25 again the second year? Or do they automatically sanction 25 × 2 = 50 lakhs initially itself and disperse whenever needed?

IUB and Illinois Inst of Tech
GRE 311(163 quant + 149 verb) 4.5 AWA Toefl 105
5.5 years work exp

04-13-2015 02:59 PM
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JP3490 Offline
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Post: #233
RE: Everything you want to know about Credila, and whether you should go for it
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Hi All,

Does Credila offer flexible repayment terms? More specifically, do they provide concession for making interest payments after graduation instead of during my studies? Kindly let me know
04-13-2015 03:54 PM
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ashishmach Offline
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Post: #234
RE: Everything you want to know about Credila, and whether you should go for it
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Yes they do allow you to pay very minimal during your studies. But it's preferable to pay the interest as your amount does not get compounded. And if you don't pay during your studies the interest rate goes up by approx. 0.5%. Keep in mind, they ask for only interest to be paid during your studies(moratorium period they call it I think) and that too on the disbursed amount.

(04-13-2015 03:54 PM)JP3490 Wrote:  Hi All,

Does Credila offer flexible repayment terms? More specifically, do they provide concession for making interest payments after graduation instead of during my studies? Kindly let me know

04-13-2015 04:44 PM
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singhsrb Offline
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Post: #235
RE: Everything you want to know about Credila, and whether you should go for it
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Hi guys,

I just wanted to know what happens if you get a loan sanctioned from Credila but never disburse any of it. The idea is to basically show the loan amount to procure the I20 and visa.

I know that the sanction letter has a non refundable 1% of the loan fee. Is there any other other cost apart from this?
04-16-2015 10:31 PM
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singhsrb Offline
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Post: #236
RE: Everything you want to know about Credila, and whether you should go for it
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(04-16-2015 10:31 PM)singhsrb Wrote:  Hi guys,

I just wanted to know what happens if you get a loan sanctioned from Credila but never disburse any of it. The idea is to basically show the loan amount to procure the I20 and visa.

I know that the sanction letter has a non refundable 1% of the loan fee. Is there any other other cost apart from this?

Never mind. I went through the thread as I should have earlier and found out this is indeed possible.
04-17-2015 03:33 PM
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vaggar4 Offline
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Post: #237
RE: Everything you want to know about Credila, and whether you should go for it
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The_Chharraa
perplexed

I have 2 months back applied for HDFC Credila bank loan and today it got sanctioned of 20 lacs. Now to give loan sanction letter, they are asking me to pay processing fees of 28000.

1) Isnt the fees too much? They never mentioned about any such fees. Can I bargain on the fees so that they agree on around 10000?
2) Chharraa - which bank you opted for then? I read that you dint take Credila loan and just gave VI with provisional letter.
3) I want to give my VI around 20th may. So there isnt much time left. What should I do? Which bank can give me a provisional letter?
05-07-2015 09:50 PM
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perplexed Offline
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Post: #238
RE: Everything you want to know about Credila, and whether you should go for it
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(05-07-2015 09:50 PM)vaggar4 Wrote:  @[The_Chharraa]
@[perplexed]

I have 2 months back applied for HDFC Credila bank loan and today it got sanctioned of 20 lacs. Now to give loan sanction letter, they are asking me to pay processing fees of 28000.

1) Isnt the fees too much? They never mentioned about any such fees. Can I bargain on the fees so that they agree on around 10000?
2) Chharraa - which bank you opted for then? I read that you dint take Credila loan and just gave VI with provisional letter.
3) I want to give my VI around 20th may. So there isnt much time left. What should I do? Which bank can give me a provisional letter?

1. Thats the standard charge from Credila, you can talk to them to lower it.

05-07-2015 11:37 PM
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Post: #239
RE: Everything you want to know about Credila, and whether you should go for it
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vaggar4
1- Yes, that is processing fees. You can pull him down to 1%, i.e 20k

2- I went ahead with Union bank of India.
3- Do not panic.
20th May? You can delay (if you wish to) to Mid June, and get a work around for this.
Or, you can pay whatever Credila (after negotiations), take approval letter, and proceed.
Later you might want to apply for another bank. But before that, consider every possibility of Loan Closure from Credila if you would like close Loan (without taking any money).
Be careful about their conditions, loops.


(05-07-2015 09:50 PM)vaggar4 Wrote:  @[The_Chharraa]
@[perplexed]

I have 2 months back applied for HDFC Credila bank loan and today it got sanctioned of 20 lacs. Now to give loan sanction letter, they are asking me to pay processing fees of 28000.

1) Isnt the fees too much? They never mentioned about any such fees. Can I bargain on the fees so that they agree on around 10000?
2) Chharraa - which bank you opted for then? I read that you dint take Credila loan and just gave VI with provisional letter.
3) I want to give my VI around 20th may. So there isnt much time left. What should I do? Which bank can give me a provisional letter?

Will not answer any PM, instead tag.
Until you understand this thread, keep reading it. Unless, and until you understand it, please try avoiding to apply to US.
05-08-2015 03:14 AM
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vaggar4 Offline
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Post: #240
RE: Everything you want to know about Credila, and whether you should go for it
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The_Chharraa

Looks like we are in the same boat. Smile
Even I have applied for Union Bank of India loan.

They are asking me for 13k cheque:
Cheque of Rs 13000 which includes 5000/- fees which is refundable and Rs 8000 legal charges for two properties.

Should I go ahead with them? Their interest rate is 12% which is good. and I have given them all my documents. But I remember that the guy said that we cant provide any sanction letter or in principle sanction letter. In how many days will they approve?
05-08-2015 02:17 PM
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