HDFC will now issue loan guargntee which can then be used as proof of funding to obtain I-20.
First Time in India: Education Loan Approval before admission for students going to the USA: "Credila Financial Services, an HDFC Ltd. Venture, is a specialized education loan lender. Credila announces a special benefit to the students who plans to pursue higher studies in the USA. Credila will, underwrite the education loan application file and issue education loan Approval letters to the credit- worthy students even before their admission to the US Universities."
This addresses the Chicken and Egg situation that several Indian applicants with limited financial means face every year
Indian Students that plan on obtaining an education loan to fund their US studies face a typical “Chicken-Egg” syndrome every year: The US University requires proof of assured funds to confirm the admission and release the I20; Indian banks do not Approval or authorize education loans until the student has confirmed admission and received the I20. So what comes first—the I20 or the bank loan authorization? Chicken or Egg?
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