BWI: Credila Becomes the First Ever Lender in India to Offer Education Loan via Live Text Chat

Press release from Business Wire India
Source: Credila Financial Services Pvt. Ltd
Friday, July 09, 2010 02:28 PM IST (08:58 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Education & training, Information technology
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Credila Becomes the First Ever Lender in India to Offer Education Loan via Live Text Chat


Mumbai, Maharashtra, India, Friday, July 09, 2010 -- (Business Wire India) -- Credila is India's First Dedicated Education Loan Company, introduced Live Text Chat! For education loan. Credila has thus become the First ever lender in India to offer Education Loan using the consumer friendly Text Chat as the new medium of getting education loan process started.

Students or parents can simply log on to www.credila.com and have a web enabled Live Text Chat and get their process of Education Loan started with Credila. It's quite convenient for parents and students who can't or don't want to either visit a lender or can't call from the office or college for education loan, while they are busy with their routine office or college work.

It's quite well received by students and parents.

Unique Selling Points of Credila are :

. The only lender who can provide Education Loan of more than Rs. 20 lacs
. Competitive rate of interest
. Education Loan is Home Delivered
. Flexible choices of repayment terms
. Loan up to 100% of educational expenses. No margin money required.
. Partial collateral is accepted
. Multi location co-borrower accepted
. Customized loan products for individual needs
. Customized loan products with due consideration to academic credential & need
. No Account Opening
. Any Relatives can be co-borrower
. Quick Loan Approval
. Repayments Tenure up to 10 years
. Loan approval before admission
. Web enabled billing & servicing

The reason Credila is preferred overbanks is because the company underwrites education loan applications and issues education loan Approval letters to credit- worthy students even before their admission to the US Universities.

Also, This is the first ever time in India that the loan approval process is completed prior to admission which means that thousands of creditworthy students from India will now be able to fulfill their dreams of higher education in countries like the USA.

The Catch-22 Dilemma of US Bound Indian Students: There are severe restrictions that are based on The US Federal Immigration laws and policies on funds that an Indian student can receive at U.S. universities. In fact, universities will not confirm admission unless students can demonstrate their ability to bear the cost of an American Education.

Converting Dreams into Reality

Credila over the years is making the dreams of students in India a reality by providing them the means of pursuing higher education in a university of their choice.

Credila is a professionally managed company with the top brass having stints in well known Indian and MNCs. The company is headed by Prashant Bhosale who has over 16 years experience in diverse industries like Financial Services, Office Automation, Telecom, FMCG and Pharmaceuticals. He has held various positions in Sales, Marketing, Business Development, Credit, Customer Service and Operations across different geographies in the country.

Banks understand loans, but Credila understands students and their needs! Students face many challenges while securing education loans. Some of the issues faced by students include:

. For students going to the USA, UK, Canada, Australia, etc. there are number of activities and formalities which take away the time. Running around from one branch to the other and doing multiple rounds for education loans get very difficult
. Visa interview deadlines keep approaching fast and the education loan approval letter is required well in time to set up the visa interview. Hence, there is a tremendous time pressure to get education loan in time
. Flexibility in terms of loans which need to be customized to the requirements of the students and their respective courses
. Ability to find the required margin money (portion of the fees that is to be paid by students/parents which is not covered by the loan)
. Required loan amount is more than the value of the collateral security
. Ability to prove that the University, College and the applied Course is appropriate. (This can be quite challenging if the decision maker is not aware of the thousands of valid and accredited educational choices available in today's fast changing world of education)
. Ability to repay the loan from the USA
. Ability to have customer service from the USA with a toll free number
. Ability to get web-based access to the loan account with web enabled transaction processing inclusive of electronic payments, etc.

On all of the above issues, Credila is different than Banks and work with students to find a solution to the best of its ability within the underwriting and regulatory framework

Credila has funded students from Cornell Univ., Purdue Univ., Columbia Univ., Carnegie Mellon, Univ. of Oxford, Symbiosis, CBS, Univ. of Pune, Amity Univ., INSEAD, Indian School of Business, IIPM etc.

ABOUT CREDILA

Credila is India's First Dedicated Education Loan Company. Credila is an HDFC Ltd. backed Education Loan lender.

Over 50,000 potential aspirants and their parents have already applied to Credila.

Credila is a specialized lender for Education Loans. Credila has invested time and resources to set up appropriate systems, processes and know-how related to the education industry. Credila has numerous databases on education sector. Credila's credit scoring model for the approvals of loans is designed specifically for education loans.

Credila, therefore, understands problems, challenges and issues faced by the students and their parents. Credila's objective is to work closely with students and parents to try to identify the appropriate education loan programs for them.


CONTACT DETAILS
Trishul Sawant, Credila Financial Services Pvt. Ltd, +91 9822124542/ +91 9325865918, loan@credila.com, trishuls@credila.com

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, EDUCATION, IT

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