Change in University after Education Loan Sanction - What is the process?
Nowadays, students are keen on receiving the best of education and experiences to lead a successful life. To achieve this goal majority of the students, wish to pursue their higher education from an international university situated overseas. But studying overseas come with its own cost. Hence, to fund the higher education overseas, aspirants usually opt for a foreign education loan.
While applying to the overseas universities for higher education, students generally submit the application to at least five to seven potential institutions. If they meet the entry requirements, the university releases the offer letter.
However, the timeline of this process is not similar for all the universities. Some educational institutions release the offer letter early on while few others take time. In such circumstances, when students receive the offer letter from another potential institution after the sanctioning of an education loan, they are often found in a dilemma. So, they look if there are any kind of modifications that can be done for an overseas education loan process.
Modifications in an Overseas Education Loan after the Loan Sanction
The overseas education loan process is sanctioned based on the details provided by the applicants in an overseas education loan form. However, there can be certain cases where, in the meantime students receive the letter of acceptance from other universities and hence, they wish to make certain modifications in an education loan for better opportunity.
In such cases, let us know the process for modification in an education loan.
• Scenario 1: Modification at the time of Education Loan Processing
If students want to change the university or do any modifications in the education loan at the time of processing, they are required to submit the new offer letter, updated statement of expenses, fill in the online application form once again and replace with new one in the hard file that is submitted to the bank.
• Scenario 2: Modification After Getting the Loan Sanction Letter
After getting the loan sanction letter from the bank, if students want to change the university, they should fill the fresh loan application for change of university followed by the steps mentioned in the scenario one. At this stage, students will be required to pay modification charge of INR 10,000 + GST.
• Scenario 3: Modification After Disbursement of Education Loan
In some cases, when students wish to do modifications in an education loan after the disbursement process, they are required to close the loan account of the previous university.
Now, students must submit a fresh loan file to the bank and begin the complete loan process right from the start. At this stage, students will be required to pay modification charge of INR 10,000 + GST.
So, this is a complete process of the education loan modification at various steps. If you are stuck in any such situation, do get in touch with us. At E’LAN Loans, we have a huge team of overseas education loan experts who can assist you in such cases.
Our experts have delt with such complicated cases over the years and have worked closely with the financial institutions including government banks, private banks, NBFCs and International lenders.
One of the advantages of processing the loan for higher education abroad via E’LAN Loans is this that we get the work done from the bank officials as we are aware of its implications on the student’s overall career. The change in an overseas education loan after the sanction can happen at all the financial institutions like government banks, private banks, NBFCs and International lenders. However, the loan sanction depends on the university and differs from case-to-case. Students can reach out to us at any step of their overseas education loan for modification and we will take care of the rest.
In this way, we offer loan modification assistance from the experts and make sure that the applicants are not misguided at any step by the officials. Many a times there can be change in the policies as well that the students are not aware about, hence it is recommended to apply for an education loan via E’LAN Loans. Book a FREE counseling session today!