DBS Bank leads USD 100 Million Syndicated ECB Loan for HDFC Credila, India's Largest Education Loan Focused NBFC

India.09 Apr 2024

DBS Bank is the sole mandated lead arranger and book-runner for the loan through its IFSC banking unit in GIFT City

DBS financing to enable HDFC Credila to capitalise on increased demand for education loans in India

India, 09 Apr 2024 - DBS Bank Ltd. has led a syndicated External Commercial Borrowing (ECB) loan for HDFC Credila Financial Services Limited (HDFC Credila) through the DBS IFSC banking unit in Gujarat International Finance Tec-City (GIFT City). HDFC Credila is an erstwhile subsidiary of HDFC Limited (now HDFC Bank) that focuses on the education loans business. As the sole mandated lead arranger and book-runner, DBS Bank completed a USD 100 million transaction, which will support HDFC Credila’s growing retail education loan franchise.

HDFC Credila is the country's first and largest dedicated education finance company which has assisted over 168,000 Indian students to date. With an expansive portfolio covering 4,500 universities in 61 countries, HDFC Credila has focused on supporting students aspiring to pursue their education in India as well as in countries including the U.S., Canada, the U.K., and Australia. The loan will be utilised by HDFC Credila to diversify its funding resources and reinforce its prominent position in the education finance sector. DBS Bank acted as the exclusive structurer and arranger of the transaction, leading the end-to-end market scoping, credit analysis, due diligence, transaction structuring and execution as a part of the deal process.

Rajat Verma, Managing Director and Head of Institutional Banking Group at DBS Bank India said, "With the demand for education loans gathering pace, HDFC Credila is poised to play an important role in nurturing the country’s talent by enabling access to learning for India’s students. In line with our focus on responsible banking, DBS is proud to support HDFC Credila, the country’s leading education loan company as they empower youth to be future ready.

Arijit Sanyal, Managing Director & CEO of HDFC Credila, commented on the partnership, "HDFC Credila looks to borrow funds from diversified sources at competitive rates, which, in turn, allows us to continue offering competitive education finance products to aspiring students. We are pleased to have concluded a USD 100 million ECB transaction with DBS Bank as the lead arranger and appreciate the strong support demonstrated by DBS. The successful completion of this ECB loan is a testament to the trusted relationship between HDFC Credila and DBS Bank. As market leaders in the education finance domain, these funds will help us support growth and thereby strengthen our position."

In March 2024, HDFC Bank completed the sale of its stake in HDFC Credila to private equity firms BPEA EQT and ChrysCapital. This was an outcome of the regulatory requirements that were mandated prior to the merger of the Housing Development Finance Corporation (HDFC) with HDFC Bank in June 2023.

DBS has been named 'Safest Bank in Asia' by Global Finance for 15 consecutive years since 2009. In 2023, the bank announced the launch of its IFSC Banking Unit (IBU) in GIFT City Gandhinagar. As a different kind of bank, DBS goes beyond traditional banking to enable responsible solutions for enterprises, empowering them to streamline operations for enhanced efficiency. DBS combines a strong global lineage with deep understanding of the Indian market to offer a full range of institutional banking, SME, and retail banking services. 


About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia, and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. In 2024, CRISIL Ratings reaffirmed its ‘CRISIL AAA/Stable’ rating on the corporate credit facility of DBS Bank India Ltd (DBIL). The rating on the certificate of deposits programme was also reaffirmed at ‘CRISIL A1+’.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney, and “Global Bank of the Year” by The Banker. As a different kind of bank, DBS is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 15 consecutive years from 2009 to 2023. In line with its focus on responsible banking, DBS was named the Best Bank for Sustainable Finance – India by Global Finance in 2024. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022.

DBS Bank has been present in India for 29 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. As a trusted partner, DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India, focusing on a seamless customer experience that helps them ‘Live more, Bank less’. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. DBS Bank India now has a network of ~530 branches in 19 Indian states.

DBS is committed to building lasting relationships with customers as it banks the Asian way and understands the intricacies of doing business in the region’s most dynamic markets. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

Media Contacts:

DBS Bank India

Rohini Rego 


99305 49207

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