Many students rely on education loans to fund their higher studies in India as well as abroad. Students should regularly check the outstanding balance on their education loans. Regularly checking your education loan balance helps to manage your finances efficiently. Tracking your student loan balance assists with the repayment of the loan and also helps resolve issues during the tenure.

This article provides a step-by-step guide on how you can check your education loan balance, along with how it can help. We have also covered what students need to check in the loan statement to help you understand how to check your student loan balance.

Key Takeaways

  • Checking your education balance helps in planning repayment, tracking interest, and avoiding late payments.
  • Regularly monitoring your education loan balance can help you detect issues in the loan statement.
  • The process for checking the education loan balance varies by lender.

Why do you need to Check Your Education Loan Balance?

Before knowing about how to check an education loan balance, let’s understand why a student should check their student loan balance. Here are the 4 reasons why you should monitor your education loan balance regularly:

Helps in Repayment Planning

Knowing the current outstanding balance on your student loan can help you in repayment planning. It helps you understand the EMIs on your loan. Tracking your education loan balance also provides information about the loan tenure. This is how checking student loan balances helps in repayment planning. 

Track Interest on the Loan

The interest on education loans can add a financial burden to students. Students should regularly monitor the interest paid on their education loans. Checking an education loan balance helps you track how much of the EMI is going towards the interest part and the principal amount of the education loan. 

Avoid Missed or Late Payments

Making a late payment or missing an EMI on the education loan can lead to penalties and even impact the credit score of both the student and their co-applicant. Hence, students should avoid such missed or late payments on their education loans. Monitoring your education loan balance regularly helps you stay informed about your upcoming EMIs, which can help you avoid penalties and credit score issues. Understanding the outstanding principal also helps when you are planning to make pre-payments or pre-close the loan. 

Helps to Identify and Resolve Errors

Students should look out for any errors in the loan statements during repayment. While rare, banks can sometimes make errors on education loan repayments. This adds a huge financial stress to students and their families. Checking your education loan balance regularly helps you detect such errors and resolve them by contacting the lender on time.

You can avoid such issues by going through WeMakeScholars, an organization funded and supported by the Ministry of IT, Government of India. When you apply for an education loan for abroad studies through us, our dedicated team of financial officers will help you get the best education loan based on your profile. We also have a dedicated post-sanction team to help students solve any issues they face after the sanction of the loan. Request a callback today, and one of our experienced financial officers will help you solve your education loan issues.

What to check in the Education Loan Statement?

Look out for the following terms in the loan statement while checking your education loan balance:

  • Outstanding Principal Amount: The remaining portion of the loan amount, excluding the interest, that the applicant needs to repay.
  • Accrued Interest: The accumulated interest on the student loan over time
  • Upcoming EMIs: This helps you understand when your next EMI is going to be.
  • Overdues: Check if any payments are pending or overdue.

Understanding these terms can assist you in your education loan repayment. Also, check whether the lender charges any pre-closure charges if you are planning to pre-close your loan.

How to Check Education Loan Balance?

The process to check your education loan balance varies by bank. The following are 4 methods you can use to check the outstanding balance on your student loan, along with their step-by-step process:

Visit the Branch

This method requires either you or your family to visit the bank to request the loan balance.

Steps to check the education loan balance by visiting the branch:

  • Go to the bank directly along with your loan number and a valid ID proof.
  • Request for a loan statement for your education loan.
  • Provide the loan number and other documents according to the lender.
  • The bank will verify the details and provide you with the loan statement, either in a printed form or digitally, accordingly.
  • The loan statement contains information about the outstanding loan balance.

You can check your education loan balance using these methods. However, students studying abroad can find these methods difficult as they are out of the country. WeMakeScholars is here to help in such situations. When students apply for a foreign education loan through us, we can negotiate with the banks on the students' behalf. Our team will help you solve your issue without requiring you or your family to visit the branch. You can contact our team by requesting a callback.

Contact the Lender

This method doesn’t require you or your family to visit the branch directly. However, you should contact the bank’s customer support and request the outstanding loan balance.

Steps to check the education loan balance by using customer support:

  • Contact the bank by sending an email or making a call to the bank’s customer support.
  • Request the customer support agent a loan statement for your education loan.
  • Provide the details specified by them.
  • After verifying your details, they will send you the education loan statement containing your outstanding loan amount.

Through the Bank’s Online Portal

It is one most common ways to check your student loan balance. You can check your education loan balance by simply visiting the bank’s official online portal.

Steps to check the education loan balance using the bank’s online portal:

  • Visit the bank’s official website and log in using your customer ID and password.
  • Go to the loans section and select education loans.
  • Select your education loan and click on the outstanding balance to view your student loan balance.

Through Mobile Banking Apps

This is a convenient way to check your education loan balance. Most banks in India, including SBI, ICICI Bank, and Axis Bank, have mobile banking apps where you can easily check your education loan balance.

Steps to check the education loan balance through mobile banking apps:

  • Download and open the bank’s official mobile banking app.
  • Log in using your customer ID and password and go to the loans section.
  • Tap on your education loan to view the loan details, including the education loan balance.

You can also use our Student Loan Balance Calculator to calculate your EMIs and find out how much the outstanding loan amount will be after each payment of EMI.

Conclusion

Monitoring the education loan balance can help students detect issues in the loan statement. Whether you are still studying or have started repaying the loan, regularly checking your student loan balance can help in repayment planning. It allows you to track the EMIs, interest payments, and also avoid issues during the repayment.

In this article, we have discussed the various methods to check education loan balance, along with how it can help. We have also covered the step-by-step process of each method to help understand the process of checking the education loan balance.