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How to Get Credila Student Loan Without Collateral?

Credila Student Loans in India are pretty popular and I know several students who received education loan for studying abroad.

Note –  Happy Schools Blog is an affiliate with Credila. Having said that, views in this articles is not biased.

I received the following question from an very active fan Alagiavanan Saravanan ( and Dollars and Dreams member) about possibility of about getting Credila student loan without collateral.

Is it true that Credila offers loan without collateral for specific Top Univ. like CMU, UPenn, GATech etc.

I reached out to my Credila Student Loan contact to find out if   its even possible to Credila Student Loan without collateral. I had my doubts about a bank in India offering education loan for studying abroad without collateral.

I received the following reply

Dear Raghu – Credila do offer loans without collateral for some universities but they are subject to conditions like University Ranking, Co applicant profile, his/her Location etc.

Now, you know how to get Credila student loan without collateral.

Credila Student Loan Process – Reviews

I posted the following question in Facebook to learn about student’s experience with Credila

How would rate your experience using Credila for Studying Abroad student loan?

Responses  were either extreme positive or extreme negative.

Meyy Arun ( Studying in New York )

My experience was fantastic and def a 10/10. I changed my career when I was 27 (From engineering to medical side) Most banks refused to give me loans coz I was already 27, some banks capped off the loan amount that didnt meet my tuition expenses. Credila accepted to give me a student loan and disbursed them on time with no issues to my school in Syracuse. Infact towards the end of my education, I needed more $$ and Credila accepted that request as well.

Shru Gobs (Studying in New York)

Not a pleasant one. This was my experience in Hyderabad. They don’t give us the accurate initial details. And considering the stress for preparing about financials and you contact an agent, he was not really truthful. Promised that an EL of 40 lakhs is usual to the company , but didn’t sanction one at the last minute. No coordination among the employees. Each one gives you different Input about the status of your EL application. Would give a rating of just 1/10.

I observed the following  – Experience with Credila student loan approval process is either rated 10/10 or 1 out of 10.

I don’t know what could be the reason for difference in experience.  I can think about the following reasons ( I could be wrong )

  • Credila Employee handling your loan is inexperienced
  • Your expectations is different from what you experienced
  • You Failed to ask right questions
  • Credila failed to disclose all the fees and hidden charges

Here is my suggestion about Credila student loans for studying abroad.

Credila Student Loans might be good fit for your financial and family need. For some, it may not be a good option.

Credila is extremely useful in one way, that you can get loan approved even before getting admission or without I-20.

For those who are struggling to show bank balance to get I-20, Credila Student Loan is very good option.  Unless, you want to pay an agent who will deposit money in your account for few days, so you can get the bank statement and pay him  huge amount of money in fees.

credila student loan without collateral

Ask the right questions when you talk to Credila loan processing agent. Try to get deeper understanding about their loan process.

If  their program and policies align with your financial needs, then get loan from Credila. If not, you walk away and look for options with other banks.

Only way to find out if  Credila Student Loan will be good option for you is to complete this online application and talk to them.


  1. ABHIJEET SHUKLA on November 27, 2015 at 4:31 AM

    I read all the comments very carefully and I can sense that Mr. Raghuram Sukumar is from Credila marketing team. Not to mention, I have had terrible experience with Credila, I would suggest everyone to go with Nationalized banks, I know that they will take some time as the process itself is cumbersome but at the end all the hard work will pay off.

    • Raghuram Sukumar on December 1, 2015 at 9:05 AM

      Refer to Terms and Conditions in the site. I do promote products and services here in the blog. Just because you had a bad experience, means Credila is not bad. I had a terrible experience when I got my loan 15 years back in SBI and I can give examples of people who had good experience in Credila. Some people don’t have money to send bank statement and nationalized bank will not even start your loan without I-20. To get I-20 you need bank statement. Getting loan via credial is far batter then paying an agent to get fake statement.

      • Aashish on April 18, 2018 at 10:52 AM


        Credila Chennai tells me that without any collateral they can process loan. But during time of loan sanction, they ask me either my relatives or friend’s house proof for security reasons. Clearly they are fooling everyone.

        • Raghuram Sukumar on May 14, 2018 at 11:57 AM

          I heard the same from several others as well.

  2. raj.. on August 28, 2014 at 7:46 AM

    Is credila a credible thing for edu loans abroad…pls do let me knw by ur experiences!!!!

    • Raghuram Sukumar on August 28, 2014 at 10:15 AM

      I have been recommending them for few years now. They are HSB’s affiliate partners.

    • Raghuram Sukumar on August 28, 2014 at 10:15 AM

      I have been recommending them for few years now. They are HSB’s affiliate partners.

  3. Shobana Gunasekaran on June 18, 2014 at 4:06 AM

    State Bank of Mysore is really good.The rate of Interest is reasonable and in fact lesser compared to Credila or IOB.The procedures are pretty simple and the managers are humble.Personally I would recommend SBM.I just took me few weeks to get my loan sanctioned completely 🙂

    Personal Statement :
    Advisable Banks : State Bank of Mysore or any state banks for that matter.
    Considerable Bank : Credila
    Not to be approached : #1 Punjab National bank
    #2 Indian Overseas bank
    I had bitter experience with PNB and I know few more people who approached IOB 😐

  4. Ajay on May 23, 2014 at 9:38 AM

    Experience with Credila is the worst. They are people who are good with making “false promises”. I showed collateral worth nearly 40 lacs and so many other stuffs too (pay stubs, FD and what not). They said everything will be approved. Initially I had asked for Rs25 lacs but they sanctioned only Rs20 lacs, and it was informed very late. I got the sanction letter on the day of my visa interview, They made me run behind them till the last minute. Bunch of inexperienced and pure marketing people ! I wouldnt refer Credila to anyone. Plan before in hand and go for a Nationalized bank. CREDILA ARE BIG MONEY LOOTERS

    • Raghuram Sukumar on May 23, 2014 at 10:10 AM

      Question – Would you be able to get 20 lakhs loan from other banks from the same properties you showed?

  5. nivethithasri on May 17, 2014 at 2:23 AM

    hai i’m just finished 12th i want to go U.S for my u.g i want to go in scholarship and i just now apply 4 loan in cedilla can anyone help me

  6. Satish Arvind on April 11, 2013 at 1:05 AM

    I also had a bad experience with Credila. I got an admit from a good university and I went to them for the loan with collateral. I inquired with their agent 4 times before getting ready the documents necessary for my collateral and the amount of loan. In the beginning they said your loan will definitely be sanctioned and then after submitting all the documents and evaluation, another agent said we can’t give you the loan. This agent told me different set of requirements. There is no co ordination between the employees and they say anything to get people to apply for the loan and once you apply, there starts the problem. Rating 1/10

  7. Ranganath on April 2, 2013 at 5:28 AM

    I had the worst experience with Credila. Even though I had given them a collateral of 42 lac property for a 20 lac loan, they were hesitant to give the loan. Their concern was about income of my co-borrower. They always tell about income levels and play with me. Screw this Credila!

  8. S. M. Raihanun-Nabi on April 1, 2013 at 1:02 AM

    I want to a scholarship in Masters degree in Agriculture in Canada, Australia, USA, UK, France etc..

  9. NS on March 19, 2013 at 1:49 AM


    I would never recommend Credila to anybody. They asked for too many documents and dragged the process. Half way through, I realised it was waste of time and approached a Nationalised bank and to my surprise they were less bureaucratic and the loan was sanctioned in a fortnight.

    • GameOfT on April 28, 2014 at 10:41 AM

      Which bank was this?

  10. Shirlene on March 18, 2013 at 7:12 AM

    “Credila has a robust system of education loan sanctions and disbursements. They have put together a great team work.I would personally rate their service to be of the highest quality and would definitely recommend Credila as a service provider.”

    • Akshay001 on March 18, 2013 at 10:34 AM

      @Shirlene, on what basis? i mean to give such an evaluation 10/10, you should also provide the facts on which ur judgement is based!

  11. Akshay001 on March 17, 2013 at 11:58 AM

    This sucks! we need credible resources that wont stab in the back at very crucial time! @ Tarun so sorry to know u have to extend one sem. its unbelivable!

  12. Tarun Bhaskar on March 15, 2013 at 5:40 PM

    I am currently studying in University of Dayton, Ohio and I had worst experience with Credila. They wasted my time and asked for half of fixed deposit for the amount I applied for loan with upgraded rate of interest. In the beginning , they convinced me that my loan will be approved. They kept on repeating it but in the end , when I had very few days left for my departure to US , they asked for fixed deposit and told about upgraded rate of interest. I had to cancel my tickets and I had to extend a semester. I would never suggest Credila to other people. If somebody is approaching Credila , they should have second option ready for education loan.If they say that we are giving loan without colleteral , it means you should be ready with enough fixed deposit, as they will ask it in the end.

    • Raghuram Sukumar on March 15, 2013 at 9:15 PM

      Thanks for your reply. This is useful info.

      • Joy on May 22, 2018 at 1:29 PM

        Are you crazy how you said that people giving 10 or 1 rates.
        All are giving 0 rates to credila loan system.
        Stupid ?.

        • Raghuram Sukumar on May 22, 2018 at 10:39 PM

          There are thousands of students who are studying abroad. Here’s the bottom line – Loan process is messed-up in India. You can walk straight into a bank in the US, give your SSN and walk out with loan approval (for intl students you need co-sponsor). That’s not the case in India. No one gives loan without collateral. If you think Credila is tough, try loan in nationalized banks. It took over 30 days to get the loan even with large deposits. And that bank manager asked Rs 20 as his commission for signing the bank letter while applying. That’s the nature of the system. For some, credila is the only hope when they don’t have money to send for I-20. They thought bank will give loan after admission. But banks want I-20. Schools want bank balance for I-20. Try getting a loan from banks other than credila to get a loan without I-20.

  13. Dinesh on March 15, 2013 at 9:30 AM

    Credila may have promised some ad on your website but remember that trust and students positive experience will help HSB better

    • Raghuram Sukumar on March 15, 2013 at 11:06 AM

      Dinesh – As I said in the post. People either give 10 or 1. Which means there are people with positive experience as well.

  14. Dinesh on March 15, 2013 at 9:22 AM

    Worst in handling student loans credit to credila
    they will just advertise saying loan without collateral and I20 they will make you cry. And I can assure you that they wont process your loan without processing fees no need to mention about collateral.
    Loans are possible without collateral only if the amount is less than 6-8 lakhs dont just advertise and make false points for students to waste time in Credila.

    • Raghuram Sukumar on March 15, 2013 at 11:08 AM

      I think the processing fee is listed in their website right?

  15. Saif Alam on March 14, 2013 at 3:12 PM

    When I contacted Credilla for loan amount of 6lakh for an University which placed in top 10 of world, they told me that they will approve my loan without any COLLATERAL and that too within 3 days, So I submitted my application but after that they asked for the collateral without any reason.
    My father is first class gazetted officier in Govt. of India and earn handsomely …. When I provided Collateral security they turned down that and asked for Fixed deposite …..Worst experience… This is how they treat each and every one.
    TOTAL FRAUD : Rating 0/10

    • rajarshi ray on March 15, 2013 at 2:23 AM

      same for me.

  16. Bhaskar on March 14, 2013 at 2:44 PM

    Hi I have talked to Credilla on three different occasions and for three different universities. I only needed a loan of amount upto 5 lacs INR and this is what they have to say to me:-

    “You need to submit collateral without that we don’t provide loan even for amount of 3 lac.” I would rather say nothing comes free in the world you need to pay something and don’t go by advt or what any financial institution says. Check the credit history and other terms before actually going ahead.

  17. Sai Sanjeev Kalluri on March 14, 2013 at 2:33 PM

    I would like to add to the negative experience side. I had an admit from a university raked number 5 all over the world, and my co-applicant was my dad, whose pay was well above their requirements. When I inquired about the loan process, many details were attractive. So I decided to apply through them and didn’t consider any other banks. But when the process started, there were many problems. The biggest one being, COLLATERAL. Even though we were assured no collateral was needed, we were asked to submit one and that rules changed a bit. The rates they provided were far higher than what they promised. Later, I found that, this was the case with more than half of the customers of Credila in Hyderabad (where I applied for the loan).

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