SMU-DE > FAQs > Education Loan


Education Loan 

  1. Who is eligible for an Education Loan?
    • A student who has the eligible as per the guidelines laid down in the university prospectus to join a SMU programme
    • A letter from the university that the student has joined the programme
    • Co-borrowers eligibility criteria laid down by HDFC Bank
  2. Which courses can I take an Education Loan for?
    • All programmes offered under SMU - DE
  3. Do I have to pay part of the fees?
    • You have two options 
      • Pay the first semester fees in full to secure admission, which would be refunded once the bank disburses your loan amount. 
      • You could apply to the Bank for the Loan and wait for the confirmed admission till the disbursement of Loan
  4. When does my Re-payment start?
    • Re-payment starts immediately after the disbursement
  5. What would be the mode of repayment?
    • ECS
    • PDCs
  6. What would be the tenure of the 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?
    • 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 in favour of the University
  10. Is there any documentation required post the sanction of the loan?
    • Completed Loan Agreement, ECS Mandate / PDC’s
  11. What if I repaid the Bank Loan and then want to discontinue?
    • You could get the refund after receiving 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 student after the loan is disbursed.
  13. What if the admission is rejected by the University?
    • If any admission taken under this finance option by the student, is cancelled, for any reason then Sikkim Manipal University, will immediately inform HDFC Bank to take required corrective action.