1.Who is eligible for an Education Loan?

Education loan is offered by HDFC Bank to those aspiring students who wish to pursue higher education under distance learning mode of SMU. To become eligible to seek HDFC Bank loan the candidate is required to fulfill the following:
 
•A letter from the university stating that the student fulfill the eligibility criteria prescribed to join the program of SMU-DE.
 •Mandatory Co-borrower - Parent / Blood Relations / Spouse and the income documents of the co-applicant would be of primary consideration and must meet the required bank policy.

2.For which program can I apply for Education Loan?

To all programs offered under distance mode by SMU.

3.Do I have to pay part of the fees?

There are two options -
•First Option - Pay the first semester fees in full to secure admission, which would be refunded once the bank disburses your loan amount.
•Second Option – The candidate can apply to the Bank for Loan and wait for the confirmed admission till the disbursement of Loan amount.

4.When does my Re-payment start?

Re-payment starts immediately after the disbursement of Loan amount or as communicated by the Bank from time to time.

5.What would be the mode of repayment?

•ECS – Electronic Clearing Service
•PDCs- Post Dated Cheuqes

6.What would be the tenure of the Bank loan?

Depending on your co-borrowers eligibility, you would have a choice of repayment in 12, 24, 36 EMI after moratorium.

7.Is there a need of a co-applicant?

Co-applicant/ Co-borrower is mandatory as per the bank policy.

8.What is the quantum of the loan can be availed under Education Loan Scheme?

•Minimum : Rs.50,000/-
•Maximum : Rs.1,50,000/-

9.Would the loan be disbursed in favour of the Institute/ University?

The loan would be disbursed by the Bank in favour of the University.

10.Is there any documentation required post the sanction of the loan?

Duly filled in Loan Agreement copy along with ECS mandate / PDC’s. For more details the candidate is advised contact HDFC Bank.

11.What if I repaid the Bank Loan and then want to discontinue?

You can claim for refund along with the NOC from the Bank.

12.What if I paid the fees before the sanction of the loan?

The first semester fees paid will be reimbursed to the candidate after the loan is disbursed.

13.What if the admission is rejected by the University?

If admission is taken by the student under this finance option is cancelled for any reason, then Sikkim Manipal University will immediately inform HDFC Bank to take required corrective action.