After getting an education loan sanctioned, many students stay under the impression that an education loan sanction is the end of the road for the entire loan process. But did you know how many candidates face several issues even after the loan is sanctioned? 

This article will cover all the issues faced by students after their loan is sanctioned like disbursement issues, interest rate issues, repayment issues, etc, and will give you a brief insight on how WeMakeScholars can help you circumvent these education loan sanction issues. 

You can also watch our 8th episode of the Loanflix series where we've covered the same education loan post-sanctioned issues-

Issues faced by students after their loan is sanctioned

1. Disbursement issues

When a student takes a portion of their loan amount from a bank of their choice to meet their expenses abroad is known as the education loan disbursement process. 

So, many times students who directly approach banks for loans later face several issues like banks not disbursing the loan amount, delay in the disbursement of loans, etc.    

This happens mostly because not every official at every bank branch is aware of the pre-visa disbursement which requires students to transfer a certain amount (1-year living expenses or 1-year tuition fee) before the visa process to be eligible for the student visa.

Now, when you apply for your education loan via WeMakeSchlolars, our team will talk to the bank on your behalf and resolve your disbursement issue in no time.

2. Unnecessary charges put up by the bank

Students must keep track of their loan account statements and understand how they are paying the loan amount. Students face issues where unnecessary charges have been put up by the bank, and they struggle to connect with their respective bank lenders. 

This is because most bank managers usually get transferred after 1 to 3 years of their service, and the loan amount will run approximately for 7-8 years. But, with us, you can expect any sort of issue to be resolved by our team till your entire repayment period. 

3. Repayment issues and queries

This is one of the major education loan sanction issues faced by students. This is because education loan repayment is one of the most crucial parts of the education loan process. 

So, before commencing your repayment period you get a 6-month post completing the course as a moratorium period in government banks which you can extend to 12 months. Now students may also face issues in extending their moratorium period (if circumstance demands) from abroad as they will be overseas for their studies. 

In a few cases, students who have applied directly to the bank, after facing issues approached WeMakeScholars but unfortunately, we are not authorized to speak on behalf of the student if he/she has not applied via us.

4. Interest rate issues

Students often encounter an issue of a sudden increase in their interest rate when they take a loan from a private bank or NBFC and seek to refinance their education loan from different lenders. 

Again, our team at WeMakeScholars is here to pull you out of the bog, especially for the students who are abroad. Students who are abroad may face issues if they directly approach banks as banks demand the presence of the applicant and the co-applicant as a prerequisite but if you go via WeMakeScholars our team will help you in the education loan takeover process in India under professional guidance and expertise. 

These are the common education loan sanction issues faced by the students after their loan is sanctioned. So, before directly approaching bank staff to take an education loan, ponder upon the fact who will help you when such issues arise after your sanction or when you are abroad.