HDFC Credila: India’s First Dedicated Education Loan Company

The trends emerging in India in terms of newer NBFCs entering various segments are highly encouraging. HDFC Credila is India’s First Dedicated Education Loan Company. HDFC Credila pioneered the concept of a ‘Specialist Education Loan lender.’ HDFC Credila is facilitating the Education Finance in terms of specialization, customization and understanding, though not to the scale and size of HDFC’s operations.

HDFC Credila has devoted time and resources to set up appropriate systems, processes and know-how related to the education industry and has numerous databases on the education sector and their credit scoring model for the approvals of loans, designed precisely 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!

They have funded Indian students studying over 1000 different courses in 2500+ Institutes, across 35 different countries and disbursed over Rs. 4500 crore for education loan in this short span of time, making them one of the most familiar names in the higher education sector.

Creative Leaders of HDFC Credila

Founded by Mr. Anil and Ajay Bohora in 2006, HDFC Credila is an HDFC Ltd. subsidiary since 2010, with HDFC holding a majority stake. Co-Founder and Chief Executive Officer of HDFC Credila, Ajay Bohora, has started his career with Tata Exports Ltd. and then went to New York to pursue his MBA. After his MBA, Ajay worked in the field of Finance at various positions for six years at MetLife Insurance Company in its New York offices. He is also a Certified Financial Planner from the states of New York and Connecticut.

Ajay served as the Member of the Sub Committee on “Student Financial Aid” of Government of India, Delhi. He has served as the member of the Senate of 125 years old prestigious Engineering Institute: VJTI, Mumbai. He has also served as a special invitee to one of the committees of the University Grants Commission UGC. Ajay was also a member of Higher Education Network, FICCI, Federation of Indian Chamber of Commerce and Industries, Delhi. He is a recipient of “Engineering Achievement Award” by The Institute of Engineers (India) for the year 200708. He is the recipient of “Emerging Leader of the Year Award” in 201213.

Co-Founder and MD of HDFC Credila, Mr Anil Bohora is also Member of Board Of Directors of HDFC Credila. His professional experience includes diverse technological and managerial areas. He has held senior management positions from startup to large corporations including AOL Time Warner, Pitney Bowes, etc. where he was responsible for successfully managing the design, development and implementation of large complex systems to reduce cost and increase efficiency by outsourcing critical business processes. At AOL Time Warner, he was responsible for managing large business relationships. He earned his Master of Science (Electrical and Computer Engineering) degree from Ohio University, USA.

After spending over 8 years in the USA, Anil & Ajay returned to India, to start a joint venture. It was in the field of Business Process Outsourcing (BPO) where the US based company owned 51% and remaining 49% was owned by Ajay him and his brother Anil. After the expansion of the healthcare focused BPO, it got acquired by the global BPO giant WNS Global Services. Ajay then served as one the Board of Directors of WNS Global Services.

With a track record of success, in 2006, Anil along with his brother Ajay, founded India’s First Dedicated Education Loan Company, HDFC Credila (formerly known as Credila Financial Services Pvt Ltd.), India’s 1st dedicated Education Loan Company.

Encouraging the Student by Aiding their Financial Needs

Being a specialist, HDFC Credila created multiple benefits in the conventional products and processes. Education Loans with competitive lending rates as NBFC model was possible with a disruptive business model. Keeping cost to income ratio low for sustained profitable growth, the strategy to build end to end technology platforms for high operational efficiencies & high impact customer experience has been followed.

HDFC Credila engages with the eco-system to add value at each touch point in the life cycle of students for higher education. An unconventional approach has been adopted & a value proposition matrix has been created for the eco-system with HDFC Credila’s deep insights & domain expertise. A global network of partners has been hand-crafted with strategies & passion. Apart from ease of applying & customized loan solutions, special privileges and offers have been curated under the CredilaOneStop platform, as a value added service for students.

HDFC Credila focuses on one asset class and builds the domain expertise over the years. This domain expertise of the specialized NBFCs can enable them to get real insights of the market requirements and compliment the banks in meeting the credit and funding requirements of various segments of society.

Enthusing Future Panoramas

HDFC Credila has devoted time and resources to set up appropriate systems, processes and know-how related to the education industry and has numerous databases on the education sector and their credit scoring model for the approvals of loans, 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 loan solutions.

HDFC Credila provides pre-approved loans to eligible students, instilling confidence to confidently apply to the Universities, of their choice, without worrying about the finances.

Also, they have been rolling out various initiatives to create awareness among students and parents on the Income Tax benefit of Education Loan under section 80 E of the Income Tax. Under that clause, the repayment of Interest paid on Education Loan is eligible for the deduction, without any cap on the amount to be deducted.

The company is committed to this vision and the mission. HDFC Credila’s  team has been and will continue to be zealous about empowering as many students as possible within the given framework of risk and credit assessment. Education is the biggest enabler of dreams. HDFC Credila wants to continue to help more and more students and parents towards transforming their lives through higher education and in the process play very crucial role towards the nation building!

Source :- The 10 Most Valuable Nonbanking Financial Companies