HDFC Credila raises USD 100 mn through ECB route for loan book expansion

Mumbai: Education loans-focused lender HDFC Credila Financial Services on Tuesday said it has raised USD 100 million in external commercial borrowing (ECB).

DBS Bank's IFSC banking unit in Gujarat International Finance Tec-City (GIFT City) said in a statement that it led the syndicated loan.

The funds will be used for growing the retail education loan franchise, it said.

"We are pleased to have concluded a USD 100 million ECB transaction with DBS Bank as the lead arranger," Credila's Managing Director and Chief Executive Arijit Sanyal said.

DBS Bank India Managing Director Rajat Verma said the education loan company is poised to play an important role in nurturing the country's talent by enabling access to learning for India's students.

The ECB comes on the back of HDFC Bank completing the sale of its stake in HDFC Credila to private equity firms BPEA EQT and ChrysCapital in an over USD 1.15 billion deal in March this year.

DBS Bank had announced the launch of its IFSC Banking Unit (IBU) in GIFT City Gandhinagar in 2023, the statement said.