Friday, July 2, 2010

Credila’s Differentiator – Why Credila and not banks?

Credila Financial Services, an HDFC Ltd. Venture, underwrites education loan applications and issues education loan Approval letters to credit- worthy students even before their admission to the US Universities.
This is the first ever time in India that the loan approval process is completed prior to admission which means that thousands of creditworthy students from India will now be able to fulfill their dreams of higher education in countries like the USA.
The Catch-22 Dilemma of US Bound Indian Students: There are severe restrictions that are based on The US Federal Immigration laws and policies on funds that an Indian student can receive at U.S. universities. In fact, universities will not confirm admission unless students can demonstrate their ability to bear the cost of an American Education.
American Education and the I20
An US University can conditionally admit the student for a particular course based on various parameters, ranging from Standardized Test Scores (GRE, GMAT, etc) to Leadership Qualities. However, it does not release the official document confirming a students’ admission until and unless the student is able to demonstrate financial ability to pay for the first year of the course and continued funds to support the remaining years of education.
This official document of admission, also called the Form I20, is in fact a legal document tied to US Immigration Services. The I20 is not only the only proof of secured admission but also forms the basis of that student’s US student visa claim and attempt to enter the US for education. In a nutshell, if you don’t have an I20, you don’t go to the US for education.

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