Education Loan

IIBM and Credila Financial services (The Only Specialised Education Loan Provider in India ) have joined hands to assist students and parents to ensure uninterrupted completion of their education with the unique branchless education loan program. Students can get up to 100% finance for education loan for IMS Indian and Foreign university programme (Domestic and International Programme).


  • Borrower must be an Indian citizen
  • Co-borrower must be an Indian citizen
  • Borrower must be 18 years of age or older
  • Co-borrower must have a bank account in any bank in India with check writing facilities
  • Confirmed admission in the colleges before disbursement
  • Borrower and Co-borrower to meet Credila ' s underwriting criteria

Co-borrower Requirement

  • The loan will be co-signed by a co-borrower in India
  • A co-borrower is mandatory for all the student loans
  • he co-borrower can be parent, brother, sister, guardian, or any other relative
  • Co-borrower's role would be, necessarily, like the primary debtor

What Costs Are Covered?

  • All of the tuition fees as determined by the college/University
  • Up to 75% of other expenses including living expenses, books, etc. as determined by the college/University
  • Up to INR 50,000 for travel to abroad from India, if applicable

Loan Amount

  • Minimum Loan Amount: Indian Rupees 1,00,000
  • Lifetime Maximum Loan Amount: Indian Rupees 20,00,000

Rate Of Interest

  • Rate of interest will be floating rate of interest linked to Credila's Benchmark Lending Rate (CBLR)
  • The floating interest rate will calculated monthly based on the prevailing CBLR at the beginning of the month
  • The interest will be calculated using Simple Interest Rate

Loan Disbursement

  • The loan amount will be disbursed in Indian Rupees
  • Credila's servicer will disburse the tuition fee directly to the educational institute
  • The tuition fee will be disbursed in instalments as per the requirement of the specific educational institute
  • The loan amount related to other expenses will be disbursed in instalments spread over the duration of the study

Loan Re-payment Terms

  • Loan interest re-payment will start immediately after disbursement of the first instalment of the loan
  • Loan Principal Amount Re-payments must commence After 6 months of completion of studies by the borrower or
  • 3 month after borrower getting an employment or starting a business or
  • 3 month after borrower discontinuing the educational program,
    whichever is earlier.
  • The principal and interest is repayable in 90 monthly instalments
  • Monthly repayment amount will be deducted from the bank account of the borrower/co-borrower using Electronic Clearing System (ECS)
  • Post Dated Checks (PDC) to be collected as security cheques from the borrower/co-borrowers


  •  The following types of collateral are accepted
  • Non-Agricultural Land
  • House
  • Apartment/Flat
  • A life insurance policy for the student, assigned in favor of Credila, for the value of at least the amount of loan approved

Contact Information
You can visit us at www.credila.com

List of Credila Representatives and their contact details:
Location Relationship Manager Mobile Number Email
Delhi Ashok Joshi 9990749123 ashokj@credila.com
Mumbai Rajesh Sawant 9987759437 rajeshs@credila.com
Pune Anand Gujarati 9923002402 anurodhy@credila.com
Ahmedabad Ajay Khute 9923002405 hiteshp@credila.com
Hyderabad Anand Gehlot 9000216668 anandgehlot@credila.com
Bangalore Dinesh Gelhlot 9916120012 dineshg@credila.com
Chennai Edicks Bereline 9962297875 edickb@credila.com
Nasik Ajay Khute 9923002405 ajayk@credila.com

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