Bombay: Credila, the education loan arm of Housing Development Finance Corp. Ltd (HDFC), partnered with the Snapdeal shopping portal on Tuesday to provide education loans. The partnership will allow Credila to 100% fund eligible students using Snapdeal’s network.
Students can apply for a loan through Snapdeal and Credila will arrange a home pickup service for the documents, Credila said in a statement.
The repayment of these loans could be extended for up to 10 years with equivalent monthly installments, while applicants can benefit from such financing with less than 100% collateral, Credila said.
“A loan against a property mortgaged with HDFC Ltd” will also be available to clients, the statement said. Students can also benefit from flexible co-borrower agreements for these loans.
Apart from that, Snapdeal also partnered with the State Bank of India (SBI) in May to fund small and medium businesses. The e-commerce portal also offers online home loans and has a co-branded credit card with HDFC Bank.
Snapdeal also announced that it will launch an open mobile wallet service through its FreeCharge utility charging and payment unit.
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