All Education Loans provided by HDFC Credila are covered in the restructuring scheme, subject to meeting the below eligibility requirements
On the basis of the documents / information provided by the customers which establish reduction in the income and/or cash flow / financial impact due to COVID-19, HDFC Credila will assess the viability of the customer to pay the restructured PMIIs/ EMIs over extended tenure, before granting the restructuring. Further to the viability calculations, the repayment track record of the customer will also be factored in the restructuring decision.
In order to assess your application to avail restructuring, you need to submit the following documents giving details about the pre-COVID and current status of your employment or business.
For salaried borrowers - salary slips (both for the pre-COVID period i.e. February 2020 and the latest salary slips for last 3 months), bank account statement (in which the salary is credited) from February 1, 2020 to date, in case of loss of job, letter of discharge / termination or declaration of job loss, etc. will be required.
For self-employed borrowers - bank statements, GST returns, declaration to the effect by the borrower that their business has been adversely impacted by COVID 19 will be required intimating the status of their cash flows pre COVID and post COVID, etc.
Further documents relating to the Students’ course, visa, work permit, employment, contact details, etc. will be required. You may contact your branch or write to us on firstname.lastname@example.org for further details.
As per regulatory guidelines, your loan will be reported to the credit bureau as “Restructured”.
Please note that as per regulatory guidelines, restructuring has to be reported at a borrower level to the credit bureaus and hence all the loans of the borrower with HDFC Credila will be classified and reported as “Restructured” even if the borrower has taken restructuring for only one loan.