Credila — False brands | |||
very year number of stduents,collegians and professionals in india pursue higher studies or MBA in India or abroad. Famous destinations like USA, Canada, UK and Europe have great quality of life and education to fulfill their dreams. As the educational expenses around the globe continue to grow ,they require some form of financial aid or loan. However, there are number of loan approving bodies in India and US both. In USA, usually federal loans, perkins loans like FAFSA etc are quite sufficient but have obligations and require a US co-signer. Moreover,these financial aids are not available to international students. Hence, indigenous financial bodies like CREDILA has tied up with HDFC Ltd, to provide indian students the loan facility. But Are these institutions living upto the expectations? Recent studies of CFA (Chartered Finacial Analysts) have revealed that such institutions levy a big collateral security from applicants, in form of tangible and fixed assets such as Home and fixed deposit etc. Usually parents act as co-signer for approval of students loan and repayment go upto a period of 20-25 years. The collateral security is 4X value of loan and much less than MV (market value) of the house property , home etc. Also, repayment amount comes out to be 4X loan amount with interest added compounded anually for 20-25 years.CREDILA never ever release a single penny to students who dont satisfy any of the above mentioned obligations. Hence, in hindsight, students and their parents in a quest to secure better future are so much drowned in debt that theres no coming back!! Similar instances have been drawn from US institutions such as Salie Malie back or GSRC. But with a vibrant economy and revised reforms by President Obama has eased out things a bit. But countries like India and Pakistan are still to come to terms with it. Indian govt. has unleashed a lot of reforms for students who are meritorious and looking for need based finance but real picture is that its all on papers only. Indian Banks and profit making bodies have devised a way to exploit the conditions. Such financial banks have actually become money shops where they never care for students and their future. However, SBI and some famous banks might be an exception to this.. Hence, a potential education loan applicant should consider all options and short & long-term disadvantages and benefits before going for a student loan in india. Was this information helpful? | |||
 7 Comments | |||
Comments
In fact due to such institutes thousands of Indian students were able to fulfill their dreams of Higher Education Abroad in the last two years alone. I know of many students who got loan from Credila without any collateral security upto 20 lakhs. The Rate of Interest are less than SBI approach is friendly.
Reply
I completely disagree with the above comment that "credila gave loan without security and interest rates are low" .BIG FAT LIE..
I have applied for loan from credila in April. According to them the loan will get pass in 10 days. I first waited for seven days and then gave them a call to know how is the process going, then only I got to know that they didn't started the process yet. I told them that I have to start with the VISA process so can they do it bit faster?
I called them again in second week ...still the same thing that the office is shifting from noida to mumbai so they will start the process after 4-5 days. This things almost continues for few more weeks that they are working on my file only and in the end they rejected my loan without giving me a valid reason. They took almost one and a half month to reject my file.
Initially i was sad that they wasted my almost 1 and1/2 months when my each week was important. But now i am happy that they rejected because as i involved more with credila i got to know the hidden conditions, how they earn from giving a long repayment period.
Credila works even worst then a Govenment bank. So for all those who are reading my comment on CREdila, i would sincerly suggest you even though the credila lure you by displaying how easy there process is, don't go for there loan.
No matter how much time the government bank take but they don't have hidden conditions and its risk free too.
I WON't SUGGEST CREDILA AT ALL..
I have applied for loan from credila in April. According to them the loan will get pass in 10 days. I first waited for seven days and then gave them a call to know how is the process going, then only I got to know that they didn't started the process yet. I told them that I have to start with the VISA process so can they do it bit faster?
I called them again in second week ...still the same thing that the office is shifting from noida to mumbai so they will start the process after 4-5 days. This things almost continues for few more weeks that they are working on my file only and in the end they rejected my loan without giving me a valid reason. They took almost one and a half month to reject my file.
Initially i was sad that they wasted my almost 1 and1/2 months when my each week was important. But now i am happy that they rejected because as i involved more with credila i got to know the hidden conditions, how they earn from giving a long repayment period.
Credila works even worst then a Govenment bank. So for all those who are reading my comment on CREdila, i would sincerly suggest you even though the credila lure you by displaying how easy there process is, don't go for there loan.
No matter how much time the government bank take but they don't have hidden conditions and its risk free too.
I WON't SUGGEST CREDILA AT ALL..
Hey SRSS,
I am planning to apply for a loan from credila, and wat do u mean by hidden charges ? and wat r those hidden charges.. can u elaborate ?
I am planning to apply for a loan from credila, and wat do u mean by hidden charges ? and wat r those hidden charges.. can u elaborate ?
Hey,
I totally agree with SRSS. I took loan from Credila Bangalore in year 2009 and till year[protected] I am suffering. NEVER EVER DO ANY DEAL WITH CREDILA.
There interest rate is double than normal banks. If that doesn't sucks you out then, in their Agreement they mention that their rate of change is flexible with market rate and may chage with or without prior notice. It means even when your interest is too high they will change rate of interest as ans when they wish. In last 2 year they have already done 3 time to me.
If you are still okay then, listen this, they charge you some additional interest on the name of handling fees or charges which goes as high as 2-3 %. For God sake 2-3% is hell high on total Money that you lend and for what, I have not understood till now.
If you are still thinking to lend money from Credila then, you know what, nothing will be ever informed or communicated with you by Credila. Not in the beginning, and not even while changes are enacted.
So whoever reading this, I assure you will be cheated by Credila in all means possible so, NEVER EVER DEAL WITH CREDILA.
I totally agree with SRSS. I took loan from Credila Bangalore in year 2009 and till year[protected] I am suffering. NEVER EVER DO ANY DEAL WITH CREDILA.
There interest rate is double than normal banks. If that doesn't sucks you out then, in their Agreement they mention that their rate of change is flexible with market rate and may chage with or without prior notice. It means even when your interest is too high they will change rate of interest as ans when they wish. In last 2 year they have already done 3 time to me.
If you are still okay then, listen this, they charge you some additional interest on the name of handling fees or charges which goes as high as 2-3 %. For God sake 2-3% is hell high on total Money that you lend and for what, I have not understood till now.
If you are still thinking to lend money from Credila then, you know what, nothing will be ever informed or communicated with you by Credila. Not in the beginning, and not even while changes are enacted.
So whoever reading this, I assure you will be cheated by Credila in all means possible so, NEVER EVER DEAL WITH CREDILA.
Credila is a horrible service provider. The staff is indifferent and you will be push from one department to other. The sales person whom you would contact for the loan will sweet talk you and then later you will be asked to submit a dozen documents without any explanation given.
I struggled with them for over a month without any positive results and that when the education loan was for a Tier 1 Education institute (which is among the top 10 in India), for which Credila supposedly offers a non-collateral loan with special rate of interest.
And what was an even bigger surprise was even sending emails to the country head and marking him on emails makes no difference. Not one response is received.
-Ashutosh Tewari
I struggled with them for over a month without any positive results and that when the education loan was for a Tier 1 Education institute (which is among the top 10 in India), for which Credila supposedly offers a non-collateral loan with special rate of interest.
And what was an even bigger surprise was even sending emails to the country head and marking him on emails makes no difference. Not one response is received.
-Ashutosh Tewari
Hello my friends dont take the loan from CREDILA.. FOR 7LAKHS TIL NOW I PAID MORE THAN 10LAKHS.. After i cleared all the amount they gave me foreclosure receipt... after 3weeks they charge me extra 16616/-... i paid that also to take my documents
pls dont apply or dont take the loan from CREDILA BANK MATES...
NEVER EVER DEAL WITH CREDILA please
pls dont apply or dont take the loan from CREDILA BANK MATES...
NEVER EVER DEAL WITH CREDILA please
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