Education Loan - India (HDFC Credila) - Interest Payment

Question

During the moratorium period the co-borrower needs to pay an interest to service the loan. I understand that this is calculated using Simple Interest. I wanted to know whether the borrower/co-borrower can change the interest payment per month OR is this set in stone by the banks? In my case, the interest per month (for 20 Lakhs) is INR 18,500 but HDFC Credila is asking me to pay INR 3,150 per month - can I increase this per month payment amount?

amanjn24 · Answer

HDFC Credila is an NBFC ( Non-Banking Financial Company ) i.e. they borrow money either from the banks or from private investors which makes them costlier as compare to nationalized banks. If you have collateral applying at nationalized banks like SBI / BOB is recommended. If you are worried about the delay in processes at nationalized banks, apply via marketplace like GyanDhan. They can even pick up the documents from your home free of cost. They guarantee the loan from nationalized banks in 12 working days.

Coming to interest payment, yes you need to pay either the partial or simple interest during moratorium from NBFCs and even from private banks like Axis and international players like Prodigy finance. If you don't want to do it, Nationalized banks are the only options.

Coming to interest payment, yes you need to pay either the partial or simple interest during moratorium from NBFCs and even from private banks like Axis and international players like Prodigy finance. If you don't want to do it, Nationalized banks are the only options.

Education Loan - India (HDFC Credila) - Interest Payment

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