Credila has no upper cap on the quantum of loan or margin money, says Chandini Sehgal of HDFC Credila
Sreetama Datta, 31 Jan 2017, #NMAT by GMAC
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Finance is, perhaps, one of the most important elements to consider while planning to pursue a management programme, given the high cost. However, the presence of various options, most popular of which is an education loan, has helped ease the process of studying in the most sought after business schools across the country. Banking and financial companies are, in fact, taking it a step further by collaborating with institutions to smoothen the education loan process. For instance, HDFC Credila, one of the widely known loan disbursement organisations in India, has collaborated with NMAT by GMAC- a national level MBA entrance test conducted by the Graduate Management Admission Council- to offer customised loan services to test takers.


In an interview with Careers360, Chandini Sehgal, Head- Marketing & Channels, Credila shares the nitty gritties of availing education loan through HDFC Credila. Sehgal also shares the criteria and procedure to be followed in order to be eligible for loan.


Read the excerpts of the interview below.


Careers360: HDFC Credila is one of the well-known agencies for education loan. What are the criteria which have to be fulfilled by the applicants?

Chandini Sehgal: The borrower and co-borrower(s) must be Indian citizens. Both must meet Credila’s credit and underwriting norms, which evaluates the application holistically. Multiple parameters get evaluated which include, but is not limited to, academic background of the student, co-borrower, collateral security offered, course, college and university selected for higher education etc.


Careers360: What kinds of programmes and institutes do you cover in India and abroad?

Chandini Sehgal: Credila takes a holistic call based on the overall candidate profile, when the student or the parent applies for education loan. Each country has its educational system and university structure. There are universities and institutes which are fully or partially funded by various Government of semi government agencies, but even they have many components where fees and expenses are chargeable to students. Typically, each university has multiple courses offered by various ‘Schools’ or ‘Departments’ at each university. In many cases, they have lots of operational autonomy. Other than sharing the same university or the same Institute, these courses and schools have their own nuances. It is, therefore, important for Credila to evaluate each case separately. Till date, Credila has funded students studying over 1000 courses in more than 2100 Institutes across 35 different countries.


Careers360: Credila would be collaborating with NMAT by GMAC test to offer exclusive product for the students taking the exam. Please share some details about it.

Chandini Sehgal: This is first of a kind partnership between the loan provider and management entrance test conducting body in India. Over 45 per cent of the NMAT by GMAC test takers have expressed interest in availing education loan to fund their management education. This association will help test takers to focus on taking the exam and take help of Credila to finance their MBA aspiration. This will also help NMAT by GMAC accepting institutions to select candidates through NMAT by GMAC score without worrying about providing education loan solutions to their prospective students.


As a part of this collaboration, MBA aspirants taking the test will have the liberty to fund their education with Credila customising their loan package at reasonable interest rates. Students can also avail tax benefits under Section 80 E of the Income Tax Act. Credila will also refund the fee paid to register for the exam.


Careers360: Which stream of education do you receive maximum loan applications for?

Chandini Sehgal: Credila receives applications for a variety of courses. We have funded courses ranging from MBA, M.Tech, MS, MMS to PGDBM; numerous undergraduate courses and are now witnessing a surge in unconventional and unique courses like Bachelor Of Arts-Sports Management, Bachelor Of Media Arts-Commercial Music, Bachelor and Masters Of Physiotherapy, Bachelor Of Science-Music, Sports Events Management, etc.


Careers360: Please mention the ratio of national and international institute/programme applications?

Chandini Sehgal: Credila is popular for its education loan offering for programmes in both India and overseas. The ratio is about 50:50. For studies abroad, the cost of education is comparatively higher. Therefore, a large percentage of students planning their education abroad require education loans. However, for studies in India, depending on fees and cost of education, not every student requires education loan.


Careers360: What are the ROI factors of an institute which you assess before sanctioning a loan and how do you gauge it?

Chandini Sehgal: There are many parameters and dynamic factors which affect credit analysis of education loans. There are over 650 universities and over 30,000 educational institutes in India. Each institute offers courses, which present varied employment opportunities to students. Accreditation is assigned at the course level. Within the same university, various institutes might have different accreditations. In addition to this, different credit variables need to be applied when reviewing for a loan for studies overseas, too. Depending on the country of study, laws related to international students, immigration policies, state of the economy at the time of graduation, employment opportunities of the industries are taken into consideration. While evaluating education loan application, multiple parameters get evaluated which includes but not limited to academic background of the student, co-borrower, collateral security offered, course, college and university selected for higher education etc. Credila doesn’t have one fixed interest rates fits all kind of an approach. Depending on the holistic credit evaluation of each education loan application, loan approval decided.


Careers360: What are the eligible expenses covered through the education loans offered by Credila?

Chandini Sehgal: Credila's Education Loan covers up to 100 per cent of the cost of attendance, including tuition fees, living expenses and other expenses like books, laptop, mobile tools, cost of travelling, etc. Credila has no upper cap on the quantum of loan it can sanction and does not take margin money either. The loans are structured in easy EMIs making it convenient for students to pay back the education loan.


Careers360: What is the procedure to apply for loan?

Chandini Sehgal: Credila has a student friendly education loan application process and offers a simple convenient and quick service with the facility to apply online. Post this, Credila offers door step service to clear queries and pick-up documents.


Careers360: What are the points which a student should keep in mind while applying for loan?

Chandini Sehgal: The education loan product must be thoroughly evaluated on multiple parameters to choose the one best suitable for you. Cost of attendance is rising. It is, therefore, important to see that the education loan covers the entire cost of attendance and not just tuition fees. Most students end up spending lots of money for entrance test preparations, application process related expenses etc. It is also important to find a lender which does not require any margin money. Also, it is critical to find a gazetted lender to ensure that the interest paid on education loan can qualify for Income Tax deduction. Long tenured education loan results in lower EMIs, thus reducing the burden on students. The ease of applying and processing the application is an important one. It is quite a delight for the applicants when education loan is literally ‘home-delivered’ to them. It is also good for students to evaluate the online web support during the repayment period.


Stay tuned to for more updates on MBA education loan.

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More like NMAT by GMAC

Questions related to NMAT by GMAC

Showing 714 out of 714 Questions

what is nmat cut off at tapmi ?

Ronak Gala Student Expert 17th Oct, 2019

Following overall minimum percentile in the CAT 2018/ XAT 2019/GMAT entrance exam should be scored by the applicants to get shortlisted for the final admission process by TAPMI Manipal. These TAPMI Manipal cutoff 2019 are applicable for the candidates with less than 24 months of Work experience.

Components TAPMI Manipal Cutoff 2019
CAT 2018 85 percentile
XAT 2019 85 Percentile
GMAT 650 Score

TAPMI Academic Profile

Qualification Percentage
Graduation 60%
Class XII 60%
Class X 60%

TAPMI Profile-Based Shortlisting

For the candidates with work experience of two years or more TAPMI follows a Profile-Based Shortlisting. Following are the parameters for shortlisting:

  • Valid CAT 2018/ XAT 2019/ GMAT scores.
  • Academic Profile (10th, 12th, Graduation).
  • Quality and Duration of Work Experience.
  • Extra-curricular Achievements.

Students will be informed on the shortlist decision through email / SMS to their registered email id and mobile number.

Best wishes. Thank you.


preparation for nmat and cat are same

Priyaanka Sarkar Student Expert 17th Oct, 2019
NMAT has 3 sections namely Language, Quantitative and Logical Reasoning Skills. Now CAT has QA, VARC and DILR. The exam pattern might be different but the preparation is more or less the same. The syllabus also pretty much covers the same topics. So we can give you preparation strategy for CAT and this can be applied for NMAT as well.

First things first, know the syllabus. And go through the previous papers to analyse and prepare a comprehensive plan and set priorities according to the importance of different topics across sections.Customise your own study plan based on your strengths and weaknesses. Gauge your preparation from time to time by taking mock tests. Solve questions to check your levels of preparation but not to set any targets. Remember, its ok to have cheat days and relax. But make sure you have a plan and stick to it for the next few months because even Rome wasnt built in a day.

NCERT books will sharpen your basics and you need strong basics for preparing for any entrance examination. Once your basics are in place, because the time period for preparation is quite less, your preparation should be extensive and thorough.

Quantitative Aptitude covers almost 30% of the CAT question paper. QA can be categorised into Arithmetic, Algebra, Geometry and Advanced Mathematics. Practise chapter by chapter and develop mental calculations. Like practise more of basic summation, subtraction, fractions and tables. Numbers, Percentage, Profit and Loss, Simple and Compound Interest, Ratio, Proportionality, Time-Distance, Time-Work, Mixtures, Averages, Partnership, Permutation and Combinations, Probability, Set Theory, Progression and Series, Line, Angles, Triangles, Quadrilaterals, Polygon, Circles, Ares, Volume, Height and Distance, Coordinate Geometry, Basic Trigonometry are few important topics.

Preparation tips:

Because this section involves mathematics and takes most of your time, your focus should be on solving the problems efficiently in the beginning. Even if it takes time, practise upto perfection. Practise as many questions as you can in the conventional way. As and when you get a grip on the subject, you can go for short cuts. Memorise tables, square roots, cube roots, conversion from percent to fraction, etc. Solve sample papers on Mathematics. In the beginning, do not worry about the time it takes. As you practise, you will get the hang of the subject and it will be easier for you.

In Verbal Ability session, command on your English, Grammar, Vocabulary, Understanding of the given paragraph are of more importance. Reading English NewsPaper will also help you in your preparation.

Preparation tips:

Read articles from time to time. Follow newspapers, magazines, and watch the news channels and browse the internet to keep yourself updated. You will need a lot of reading to help you in the comprehension section. You will need speed to help you in this section and you can achieve that only by thorough practise and reading. Take time to understand the question because most answers are interlinked.

Data Interpretation and Logical Reasoning needs to be practised as much as possible. Comparison of data, Data Analysis, taking clues, interpreting missing data, coming to conclusions and making future projections will be covered under this Category. The questions here are interlinked and so if you get one formula correct, cracking the next few questions will be easy. So it's important to memorise and practise formulae. You should cover topics like Data tables, Data Charts, Bar Diagrams, Pie Charts, Graphs, Data Comparison and Analysis.

Preparation tips:

As this is the most tricky section, this needs a lot of practise. Solve as many sample papers as possible to get the hang of the section. Make notes when required. Regular practise can help you understand and solve the questions easily as time goes on.

Overall,once you know the syllabus, it's easier from there on.Go through the previous papers to analyse and prepare a comprehensive plan and set priorities according to the importance of different topics across sections. Customise your own study plan based on your strengths and weaknesses. Gauge your preparation from time to time by taking mock tests. Solve questions to check your levels of preparation but not to set any targets. Remember, its ok to have cheat days and relax. But make sure you have a plan and stick to it for the next few months

nmat cutoff for nmims indore and bangalore

Shudhanshu Gupta Student Expert 15th Oct, 2019
As per the previous year records the NMAT cutoff for NMIMS went overall about 208 for full time MBA program /MBA  banking / MBA capital Market/ MBA HR.
And it went overall about 169 for pharmaceutical Management.
And for more precise details you can go on the below link:
Best of luck.

Will there be a chance to apply for NMIMS mumbai campus for the retake of NMAT exam, If at all in the first take not applied for NMIMS mumbai campus????

Shudhanshu Gupta Student Expert 15th Oct, 2019
Retaking of any examination is just like to make more hope for the  selection , don't worry you definitely can apply for NMIMS but for that you need to be sure that you will score at least their cutoff marks in NMAT and then you can have more chances , if you are asking me for chances so firstly I will recommend you to go with previous year cutoff list of NMAT for NMIMS and see in yourself did you attempted such that you could score at least these marks then be sure about this and else you can mentioned your score I will give you a right way and link for previous year cutoff of NMAT is given below:
Best of luck.

I want list of names of colleges in India accepting the scores of CAT NMAT SNAP CMAT IIFT.

Papeya Dubey Student Expert 14th Oct, 2019


Colleges that accept SNAP scores-

  • Symbiosis Institute of Business Management [SIBM] - Pune
  • Symbiosis Centre for Management and Human Resource Development, Pune
  • Symbiosis Institute of Telecom Management, Pune
  • Symbiosis Institute of Business Management, Hyderabad
  • Symbiosis School of Banking and Finance, Pune (SSBF)
  • Symbiosis Institute of Business Management [SIBM] Bengaluru

IIFT Scores are accepted by Indian Institute of Foreign Trade (IIFT) with their campus in New Delhi, Kolkata, Kakinada.

Go through the following to know about colleges that accept scores of different entrance test-

For CAT-



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