India's First Online Education Loan on an E-commerce Platform

September 22, 2015

Snapdeal, India’s largest online marketplace in partnership with educational loans specialists HDFC Credila - An HDFC group Company, has launched the country’s first customized education loans offering on an e-commerce platform. With increasing need for personalized loans for a variety of educational needs, the partnership will usher faster loan process, at the click of a button. Customers will have the opportunity to avail exciting benefits, like up to 100% finance of their education with no upper cap on loan and easy EMI repayments at attractive rates of interest.

Speaking about the partnership, Tony Navin, Senior Vice President, Partnerships and Strategic Initiatives, Snapdeal said, "Our aim is to create a digital commerce platform that caters to diverse consumption needs of our consumers. With rising costs of education, student fees has become one of the highest spends that a household incurs. With a trusted partner like HDFC Credila that specializes in education financing, the customized study loan will be a great addition to Snapdeal’s portfolio of financial services offerings. We are consistently expanding our financial services offerings for our customers, providing hassle-free application and disbursal services through our partners, in line with our overarching vision of creating the most impactful digital commerce ecosystem in the country."

Chandini Sehgal, Head - Marketing & Channels at HDFC Credila commented, "This association marks a historic beginning of having education loan accessible through an e-commerce platform. From a student population of 30 million in the country, less than 10% avail education loans. Factoring in specific consumer requirements, HDFC Credila has developed customized loan plans which have made us one of the most trusted education loan providers in India. Our synergistic partnership with Snapdeal will enable us to extend our reach to a vast audience, enabling convenient access and seamless loan application through the online marketplace."

HDFC Credila has a simplified online application process, a convenient doorstep document-collection and delivery service in multiple cities across the country and has funded thousands of students studying in over 35 countries across the globe. The special privileges & benefits on allied products relevant for students makes Credila’s Loan offering even more exciting. This education loan is the latest addition to Snapdeal's expanding portfolio of financial services which includes personal loans, home loans and co-branded Snapdeal HDFC credit card.

Features of HDFC Credila Education Loan on Snapdeal:

  - Up to 100% finance
  - Doorstep service
  - Loan amount over Rs. 20 lakhs available
  - Repayment tenure of up to 10 years (Easy EMIs)
  - Less than 100% collateral
  - Co-borrower flexibility
  - Loan against property mortgaged with HDFC Ltd.
  - Loan Sanction before admissions
  - Attractive rate of interest
  - Tax benefit under Section 80-E of Income tax Act

About Snapdeal

Snapdeal’s vision is to create India’s most impactful digital commerce ecosystem that creates life-changing experiences for buyers and sellers. In February 2010, Kunal Bahl along with Rohit Bansal, started Snapdeal - India’s largest online marketplace, with the widest assortment of 15 million+ products across 500+ diverse categories from thousands of regional, national, and international brands and retailers. With millions of users and 200,000 sellers, Snapdeal is the shopping destination for internet users across the country, delivering to 5000+ cities and towns in India. In its journey till now, Snapdeal has partnered with several global marquee investors and individuals such as SoftBank, Alibaba, Foxconn, BlackRock, Temasek, eBay Inc., Premji Invest, Intel Capital, Sequoia Capital, Mr. Ratan Tata, among others.

About HDFC Credila:

HDFC Credila, an HDFC Ltd. Company, is India’s first dedicated education loan company. HDFC Credila Financial Services pioneered the concept of "Specialist Education Loan lender" and became India’s first dedicated education loan company. Founded by Anil and Ajay Bohora in 2006, HDFC Credila is an HDFC Ltd. subsidiary since 2010, with HDFC holding majority stake.

HDFC Credila has invested time and resources to set up appropriate systems, processes and know-how related to the education industry. The credit scoring model for the approvals of loans, is designed specifically for student loans. With specialized focus, in-depth understanding of the requirements of students who wish to pursue higher education, HDFC Credila offers Customized Education Loans Home Delivered!

Apart from customized solutions, HDFC Credila offers it’s loan applicants benefits on multiple allied products that they wound need during their transition from campus to corporate. Exciting offers on end-to-end products like airfare, calling cards, baggage, test-preps, internships, vaccinations, gadgets, hostel accommodation etc is available, worth discounts over INR 50,000.HDFC Credila has funded Indian students studying over 1000 different courses in 2500+ Institutes across 35 different countries and has disbursed over 2500 crs. of education loan in this short span of time, making us a one of the most familiar and trusted names in the higher education sector.