Eligibility

Student Borrower Indian citizen over 18 years old accepted at an eligible institution

Co-Borrower (mandatory) Indian citizen over 18 years old with an Indian bank account. May be parent, guardian, or other relative. Both borrowers must meet Credila underwriting criteria.

Loan Amounts

Minimum 100,000 Indian rupees (approx. $2,200 US*)

Maximum


Cost of Education (Maximum borrowing without collateral dependent on underwriting, grade level and institution attended**)
Multiple year borrowing allowed

Accepted Collateral House, apartment, non-agricultural land, commercial land

Interest Rate

Rate Credila Benchmark Lending Rate (CBLR) + percentage based on underwriting criteria (currently 10.95% – 12.95%)

Adjusted Quarterly

Accrual & Capitalization Simple interest, paid from first disbursement, thus no capitalization

Origination Fee

Amount Amount 0.5 to 1.5% based on underwriting criteria

Payable By check prior to receiving loan approval letter

Disbursement

Dates • Tuition & fees: As determined by institution
• Living expenses: As determined by student

Method • Tuition and fees wired directly to institution
• Living costs disbursed to student/co-borrower in the bank account from where the re-payment will be drawn

Repayment

Term Term 7 – 10 years

Interest Payment Begins Interest payments begin in the month after initial disbursement,
charged only on amount(s) disbursed

Principal & Interest Begin 6 months after completion of studies or 3 months after student withdraws

Method Automatic monthly electronic debit from bank account

Application



Credila Indian Student Loan Program GEMS through GEMS
192 South Street, Suite 250, Boston, MA 02111 T: 617. 933.8134 F: 617. 532.0725
email address: students@myglobaled.com
* Dependent on currency exchange rates.
** Maximum amounts allowable without collateral available upon borrower request.
Terms and conditions current as of 29 March, 2011. Terms and conditions may change at the discretion of the lender.


193 South St., 2nd Floor, Boston, MA 02111
617.933.8134 | © 2011 GEMS
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