Financial Aid For Students  
  Education loans are available to all GIIP course participants from HDFC Bank.  
     
 
Loan Amount
Minimum Rs. 50,000 - Maximum of 75% of the course amount (the final amount approved is decided on case to case basis by the bank)
 
     
 
 
     
 
Initial down payment
25% of the course fee
 
     
 
 
     
 
Rate of interest
13% Simple Interest
 
     
 
 
     
 
Moratorium
For Full-time Courses - 6 Months (during which Co-applicant will service the Simple Interest only) – Rs. 1083/- per lac per month for first 6 month (irrespective of the term of loan).

No Moratorium for working professionals (Part Time Courses)
 
     
 
 
     
 
The EMI for 1 lac will be as follows
24 months: 4754/-
36 months: 3370/-
48 months: 2683/-
 
     
 
 
     
 
Processing fee
Nil
 
     
 
 
     
 
Repayment Schedule
The borrower will have the choice of repayment in 12, 24 or 36 Equal Monthly Installments (after Moratorium, if applicable). (The loan tenor will be based on the employment of the co-applicant and at the sole discretion of HDFC Bank)
  • Prepayment fee will be 4% of the Outstanding amount


  • No part prepayment possible


  • Education Loan Terms
 
 
 
     
 
Co-applicant Detail
Any earning member of the family such as Mother / Father / Brother / Sister / Spouse
OR
Mother-in-law / Father-in-law / Brother-in-law / Sister-in-law / Maternal / Paternal Uncle / Aunt provided the following conditions are fulfilled:
  • Valid Collateral as per policy is brought in by the co-borrower's mentioned above


  • Relationship Proof with the applicant is established
 
     
 
List of Documents Required
 
 
  • Applicant and co-applicant loan Application forms (with Photographs) to be submitted


  • Letter from the Institute detailing the fee structure and payment schedule. (to be provided by GIIP directly to the bank)


  • All mark sheets of the borrower from SSC / 10th Std onwards including the Degree Certificate of the Applicant


  • Residence proof, photo id proof & signature proof of the Applicant and Co-applicant


  • Income documents of the co-applicant such as Last 3 month salary slips, 6 month's bank statement and last 2 yr's form 16 in case of salaried or


  • 3yr's ITR, Balance sheets, Profit & loss a/c and Computation of income along with owner ship proof of the business are required in case of self employed


  • Loan Agreement. (HDFC bank to process)


  • Non-dated security cheques as per the Repayment Process


  • Standing Instructions / ECS from the customer to debit the Bank a/c for the EMI payable
 
     
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