Eligibility
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.
| Student Borrower | Indian citizen over 18 years old accepted at an eligible institution |
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| 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. |
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| Loan Amounts |
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| Minimum | 100,000 Indian rupees (approx. $2,200 US*) |
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| Maximum |
Cost of Education (Maximum borrowing without collateral dependent on underwriting, grade level and institution attended**) Multiple year borrowing allowed |
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| Accepted Collateral | House, apartment, non-agricultural land, commercial land |
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| Interest Rate |
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| Rate | Credila Benchmark Lending Rate (CBLR) + percentage based on underwriting criteria (currently 10.95% – 12.95%) |
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| Adjusted | Quarterly |
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| Accrual & Capitalization | Simple interest, paid from first disbursement, thus no capitalization |
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| Origination Fee |
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| Amount | Amount 0.5 to 1.5% based on underwriting criteria | |
| Payable | By check prior to receiving loan approval letter |
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| Disbursement |
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| Dates | • Tuition & fees: As determined by institution • Living expenses: As determined by student |
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| 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 |
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| Repayment | ||
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| Term | Term 7 – 10 years |
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| Interest Payment Begins | Interest payments begin in the month after initial disbursement, charged only on amount(s) disbursed |
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| Principal & Interest Begin | 6 months after completion of studies or 3 months after student withdraws |
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| Method | Automatic monthly electronic debit from bank account |
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| Application | ||
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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.
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193 South St., 2nd Floor, Boston, MA 02111
617.933.8134 | © 2011 GEMS |
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