I am thinking of taking an educational loan(Unsecured) from either Axis Bank or HDFC Credilia. However, I read some negative reviews about HDFC Credilia how they increase the interest rate without prior notice and demand for collateral to disburse the loan amount. Is it the same with Axis bank(their website mentions something about Repo Rate which I’m not sure what it is)?
Could you please suggest some other alternatives?
Thank You.
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Hey, @rakeshchandramandava
Thanks for reaching out to us!
We understand that availing of an abroad education is a strenuous task, it might lead you into the dilemmatic situation of which lender to choose. Don’t worry we are here to help you out.
Both Axis Bank and HDFC Credila are reputable financial institutions that offer unsecured abroad education loans, While HDFC Credila is one of GyanDhan’s partners which assists students in availing the best and low-cost education loans as per evaluating the case profile for studying abroad in the most manageable way possible.
Regarding Axis Bank, the Repo Rate is the rate at which the Reserve Bank of India lends money to commercial banks, and it is used as a benchmark for determining lending rates by banks such as Axis Bank, ICICI Bank, etc. This means that if the Repo Rate decreases, the interest rates on loans may also decrease. Conversely, if the Repo Rate increases, the interest rates on loans may also increase. However, in case the rate of interest that is (floating in nature) changes lenders usually provide prior notice regarding the same.
When considering, it is important to compare rates, repayment terms, and other terms and conditions across different lenders. You can surely consider seeking assistance from us as we are India’s first education financing marketplace, that aims to equalize and expand access to education. Providing end-to-end education loan assistance, Don’t worry we will connect you with one of our expert education loan counselors who will suggest you the best loan product with the minimum rate of interest as per your profile.
To get started with our personalized and free education loan counseling services, please tap the link mentioned below. 
Hope this assists you well!
Good Luck 
Warm Regards
Rhythm
Hi,
I’ve heard similar concerns about HDFC Credila and their practices. When it comes to Axis Bank, the mention of the Repo Rate refers to the interest rate at which the central bank (RBI) lends to commercial banks. Changes in the Repo Rate can affect your loan’s interest rate, potentially causing it to fluctuate.
For alternatives, I highly recommend checking out GradRight. It’s a platform that helps students compare various education loan options from multiple lenders, ensuring you get the best terms possible. This way, you can find a loan that suits your needs without the uncertainties you’ve mentioned.
You can explore more here: fund.gradright.com
Hope this helps, and best of luck with your studies!