In terms of repayment, Credila offers flexible options that cater to different financial capacities and career trajectories. Students can opt for simple interest payments during the study period and transition into EMIs post-graduation. Additionally, Credila offers tenure extension, partial prepayment, and foreclosure options, giving borrowers more control over their financial commitments. The repayment schedules are designed to be aligned with projected income levels, making repayment manageable and non-burdensome.
Another key benefit is the tax advantage under Section 80E of the Income Tax Act, which allows for a deduction on the interest paid on education loans. Since Credila is recognized under this provision, borrowers can save substantially over the repayment period. This becomes particularly useful for students pursuing long-duration or high-cost programs where interest outgo is significant. The tax savings, when calculated over the years, add to the affordability and attractiveness of Credila loans.