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Everything you want to know about Credila, and whether you should go for it
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sriee Offline
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Post: #256
RE: Everything you want to know about Credila, and whether you should go for it
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If I have my loan sanctioned from Credila - which includes tuition and living expenses mentioned in our I-20 and it will be disbursed directly to the university.

Now I am staying off campus, how can get the money disbursed under living expenses to the university.

I am a bit confused. Can anyone throw some light on this.

06-05-2015 10:58 AM
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gauravprakashsah Offline
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Post: #257
RE: Everything you want to know about Credila, and whether you should go for it
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(06-05-2015 10:58 AM)sriee Wrote:  If I have my loan sanctioned from Credila - which includes tuition and living expenses mentioned in our I-20 and it will be disbursed directly to the university.

Now I am staying off campus, how can get the money disbursed under living expenses to the university.

I am a bit confused. Can anyone throw some light on this.

Plz update the miscellaneous section of your Infobank.

I will be giving the information on the basis of the talks I had with Credila guys. I haven't taken a loan from Credila.

Tuition fees will directly be transfered to the university. As far as living expenses is concerned, they will transfer the money (rent + other living expenses) for six months at one go to the bank account. Then they will repeat the process in the next semester.

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How to create InfoBank (The purpose of InfoBank is to help others help you in a precise manner. It will immensely help future applicants too. Note: Infobank is considered incomplete without detailed Misc section.)
(This post was last modified: 06-05-2015 11:23 AM by gauravprakashsah.)
06-05-2015 11:19 AM
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ashishmach Offline
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Post: #258
RE: Everything you want to know about Credila, and whether you should go for it
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Hi everyone,

I have also got my loan sanctioned through credilla, I don't want the money in the first semester. But they are saying that they will transfer atleast the tuition fee amount. Can anyone help me? What should be done?

07-03-2015 03:31 PM
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ajeyaajeya Offline
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Post: #259
RE: Everything you want to know about Credila, and whether you should go for it
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(07-03-2015 03:31 PM)ashishmach Wrote:  Hi everyone,

I have also got my loan sanctioned through credilla, I don't want the money in the first semester. But they are saying that they will transfer atleast the tuition fee amount. Can anyone help me? What should be done?

1 possibility - >take the loan money . repay with money in hand

(06-05-2015 10:58 AM)sriee Wrote:  If I have my loan sanctioned from Credila - which includes tuition and living expenses mentioned in our I-20 and it will be disbursed directly to the university.

Now I am staying off campus, how can get the money disbursed under living expenses to the university.

I am a bit confused. Can anyone throw some light on this.

can get international dd from credila which you can put in your american bank account

My infobank

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(This post was last modified: 08-05-2015 04:52 PM by ajeyaajeya.)
08-05-2015 04:51 PM
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sajinsabu Offline
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Post: #260
RE: Everything you want to know about Credila, and whether you should go for it
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The_Chharraa
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Hi,
Please clear my doubts on this.

I found in some threads that SBI would not give us a sanction letter unless we have an i20.

Is it possible to get a sanction letter from Credila just for the process of showing bank statements to the university for i20 dispatch and then not disbursing the loan?
Will I lose only the money I paid as processing fees, or will they impose some penalties?

I don't want to pay higher interest as is the lase with Credila, and feel that I could get enough loan sanctioned from SBI or Canara Bank at much lower interest rates.

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11-27-2015 08:47 AM
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sanchvi Offline
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Post: #261
RE: Everything you want to know about Credila, and whether you should go for it
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Maximum how much loan does credila sanction ? What do we need to give as collateral?

11-27-2015 11:46 PM
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The_Chharraa Offline
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Post: #262
RE: Everything you want to know about Credila, and whether you should go for it
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(11-27-2015 08:47 AM)sajinsabu Wrote:  @[The_Chharraa]
@[perplexed]

Hi,
Please clear my doubts on this.

I found in some threads that SBI would not give us a sanction letter unless we have an i20.

Is it possible to get a sanction letter from Credila just for the process of showing bank statements to the university for i20 dispatch and then not disbursing the loan?
Will I lose only the money I paid as processing fees, or will they impose some penalties?

I don't want to pay higher interest as is the lase with Credila, and feel that I could get enough loan sanctioned from SBI or Canara Bank at much lower interest rates.
sajinsabu
Yes, it is possible. But they are going to charge you for the letter. You can bargain for the processing fees, and do bargain. They might say 5% of the processed loan, or anything absurd.

Yes, the money for processing is down the drain (this was the case with me).
Also, if you do not want to disburse money after getting an approved letter, make sure you understand pre-closure process.
Govt. banks might not agree for loan unless you show I-20.

PS: I didn't opt to get letter (sanction) later. I didn't pay processing fess as well, for I backed off not to take letter.

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Until you understand this thread, keep reading it. Unless, and until you understand it, please try avoiding to apply to US.
11-30-2015 08:04 AM
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The_Chharraa Offline
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Post: #263
RE: Everything you want to know about Credila, and whether you should go for it
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(11-27-2015 11:46 PM)sanchvi Wrote:  Maximum how much loan does credila sanction ? What do we need to give as collateral?

sanchvi How much do you plan to apply for?
Collateral can be home, shop, etc. Property chiefly.

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.
11-30-2015 08:06 AM
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saurabh.gupta Offline
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Post: #264
RE: Everything you want to know about Credila, and whether you should go for it
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(10-11-2014 08:10 AM)ankush010289 Wrote:  If you can get a loan from nationalized bank i would suggest go for that. Keep credila as last option.
hi ankush

can you name some nationalised banks which offer loans at good ROI?
02-04-2016 06:14 PM
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Hari Prasanth Offline
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Post: #265
RE: Everything you want to know about Credila, and whether you should go for it
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Ever since I wrote GRE, an agent from Credila has been in contact with me ( since october 2015 ). He has come to my house and has explained the entire process briefly.
After listening to him and going through this thread, I feel that taking a loan from credila is to be considered as a last resort and is best for when we require a loan sanction letter before we receive an I-20 / do not have collateral to show.
Also it seems processing takes place faster at the beginning before we submit the documents and it becomes slow after that.
I feel that the interest rate offered by Credila is not fixed and depends on how well we bargain with the agent.

I have an I-20 from ASU and my parents have the collaterals to show for the loan amount. At this point of time I think I should opt for nationalised bank instead of Credlia. If I begin the loan process in a nationalised bank how long would it take for completion ?

Kindly advise if I am correct in this decision
03-05-2016 12:26 PM
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kirti30 Offline
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Post: #266
RE: Everything you want to know about Credila, and whether you should go for it
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Hi Guys,

I am in bit of a situation here, since I can't declare a collateral. So credila was my only solution since they might provide loan till 20L without collateral. But are there any other options, that you guys know of?
04-04-2016 10:49 AM
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johnnyg88 Offline
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Post: #267
RE: Everything you want to know about Credila, and whether you should go for it
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Will credila charge me around 30k as processing fee for a 30 lakh loan?
Also if I take a 20 lakh loan from bank, do they charge any processing fee or are there any related expenses which would amount to 20k?
Is it possible to get a loan sanctioned and later use only a small part of it i.e. for personal expenses only?

I just need a loan for my visa interview, my relatives in US would be financing me. What options can I avail in such a situation?
05-13-2016 11:47 PM
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jmanishkr Offline
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Post: #268
RE: Everything you want to know about Credila, and whether you should go for it
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05-27-2016 10:24 AM
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ishan945 Offline
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Post: #269
RE: Everything you want to know about Credila, and whether you should go for it
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(05-13-2016 11:47 PM)johnnyg88 Wrote:  Will credila charge me around 30k as processing fee for a 30 lakh loan?
Also if I take a 20 lakh loan from bank, do they charge any processing fee or are there any related expenses which would amount to 20k?
Is it possible to get a loan sanctioned and later use only a small part of it i.e. for personal expenses only?

I just need a loan for my visa interview, my relatives in US would be financing me. What options can I avail in such a situation?


Credila will charge 1% of loan amt + service tax
If you take loan of 30 lacs, processing fee comes to 43k.

However, you can negotiate this processing fee. Some people have bought it down to 0.8%. They can go lower if you know how to negotiate and have a good profile.

Banks also charge processing fee but it differs everywhere.

You can do that but its better to clarify with the institution from which you're taking the loan.

No one will give you a loan sanction letter for free. You'll have to pay the processing fee.
11-08-2016 08:19 PM
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VMEHTA Offline
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Post: #270
RE: Everything you want to know about Credila, and whether you should go for it
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I got a loan sanction letter of 25 lacs for 10k. Bargain as much as you can. You can even bring the rate down to comparable with the sbi rates. In the end credila was ready to give me 25 lacs at the same rate at which sbi agreed, plus with no security/property papers.

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11-08-2016 08:57 PM
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