The cost of education has significantly increased all over the world. This is why many students rely on education loans to fund their higher studies. These loans help students pursuing higher studies in India and abroad.

Students should regularly check the loan status on their education loans. Regularly checking your education loan status helps to manage your finances and track your repayments. It helps you identify and resolve any issues during the loan process and the repayment tenure.

This article provides various methods for checking the student loan status, along with how it can help. We have also covered how you can check the loan status for education loans from prominent public and private lenders in India.

Understanding Education Loan Status

Before learning how to check your student loan status, let’s understand how it works. So, what is an education loan status? A student loan status indicates the stage of an education loan application. It indicates whether your education loan is approved, rejected, or still in process.

There are typically four statuses for a student loan application, i.e., under review, approved, disbursed, or rejected. Let’s learn about these student loan statuses and what they mean for your loan application.

  1. Under Review: An ‘Under Review’ status on your education loan indicates that all the necessary documents are successfully submitted, and the bank is currently reviewing your loan application. In this stage, the bank will verify the student loan application before approving or rejecting the loan.
  2. On Hold: On education loan applications, an  ‘On Hold’ status indicates that the loan is not actively being processed. This happens when the bank requires additional documentation or verification of the applicants. Banks will resume processing after the required documents and information are provided.
  3. Approved: If you see an ‘Approved’ status on your student loan application, it means that the bank has successfully verified your loan application and sanctions the requested student loan funds.
  4. Rejected: If you see a ‘Rejected’ status on the education loan means that the bank has declined your loan application. Banks can reject your student loan application for several reasons, such as a low credit score, documentation issues, or not meeting their eligibility criteria. 
    Students often struggle to get their loans approved without the right guidance. WeMakeScholars can help you in such situations. Our team is dedicated to assisting students in getting their education loan approvals on time. We provide complete education loan assistance to students applying through us. Request a callback today, and one of our experienced financial officers will contact you at your earliest.
  5. Disbursed: A ‘Disbursed’ status on the education loan application refers to the disbursement or transfer of the loan funds. This means that the bank has transferred the student loan funds directly into the university’s or the student’s account to cover their educational expenses.
  6. In School and Grace: The ‘In School’ status on education loans indicates that the student is currently studying. And usually, a grace period starts after the in-school period. The repayments of the loan do not start during these stages, providing financial relief to students. Although the repayments don’t start, most lenders charge interest during these periods.
  7. In Repayment: This comes after the in-school and grace stages. The ‘In Repayment’ status indicates that the repayments of the loan have begun. This means that students start repaying their education loans during this stage. Students can track their student loan payments by checking their loan status during this stage.
  8. Forbearance: A ‘Forbearance’ status on an education loan is given when the applicants are unable to manage their student loan repayments due to financial hardships. Forbearance on education loans reduces the financial burden of the applicants. It lowers or delays the student loan repayments for a certain period. However, interest continues to accrue during this period.
  9. Closed: After repaying their education loan, the student will receive a no-due or loan closure certificate indicating that the student has fully repaid their loan, according to the loan agreement. The student loan is then given a closed status.

Why You Should Check Your Student Loan Status?

You can understand the current stage of your education loan by checking your loan status. It helps you manage your finances and make the right decisions. Here’s why you should regularly check your student loan status. 

  1. Track Your Loan Application: Checking your education loan status helps you track your loan application. By regularly checking the loan status, you can stay informed about your student loan to ensure your loan gets approved on time.
  2. Avoid Issues: Tracking your loan status allows you to identify any issues during the loan process. It helps you resolve any issues in the application to get your loan approved. 
  3. Resolve Issues during Disbursement: Oftentimes, students face many disbursement issues, as many lenders delay the disbursement. As a result, students face late payment penalties, cancellation of admission, and visa application issues. Monitoring your education loan status helps you disburse your loan on time to avoid such issues.
  4. Manage Repayments: Checking your loan status during the repayment period allows you to track your student loan payments. It helps you make timely payments and manage your repayments during the repayment period.

Many students struggle to manage their finances when faced with issues during the repayment period. WeMakeScholars is here to help you solve such issues. We have a dedicated post-sanction team to help you resolve your repayment issues. Contact our team by requesting a callback and get a stress-free education loan journey till the end of your tenure. Since WeMakeScholars is supported by the Ministry of IT, we offer our services for free to students.

How to Check the Loan Status of Student Loan Applications?

The process of checking education loan status varies from bank to bank. The following are several ways you can use to check your student loan status.

  1. Visiting the Branch: One of the most basic ways to check the loan status on your education loan is by going to the branch. Visit the branch directly and ask your loan officer about your student loan status. The loan officer will then check and let you know of your student loan status.
  2. Customer Support: You can also check your student loan status by contacting your bank’s customer support. Provide the details required by the bank’s customer support and ask them to check your loan status. They will then check and let you know of your student loan status via call or email.
  3. Through the Bank’s Online Portal or Mobile Banking App: Many banks offer online services for education loans, simplifying the loan process. You can check your education loan status using your bank’s official online portal or mobile-banking app. Log in to your bank’s online portal or mobile banking app and navigate to the loans section. Select your education loan to check the loan status.
  4. Through Vidyalaxmi Portal: If you have applied for the education loan through the Vidyalaxmi portal, you can check your loan application status on the portal. To check your loan status, log in to the Vidyalaxmi portal using your credentials and check your loan application status.

Now that we have learned about the several ways of checking the loan status of education loans, let’s look at how to check the student loan status from different banks.

How to Check Student Loan Status from Different Banks?

As discussed earlier, the process of checking the student loan status varies from bank to bank. The table below outlines the steps to check the student loan status with prominent public and private education loan providers in India.

Lender 

 Visiting the Branch

 Customer Support

Through the Bank’s Online Portal or Mobile Banking App 

Through Vidyalaxmi Portal

Through WeMakeScholars

SBI Education Loan Status

 Yes

Yes

Yes 

Yes 

 Yes

HDFC Credila Education Loan Status

Yes 

 Yes

Yes 

Yes 

 Yes

Axis Bank Education Loan Status

Yes 

Yes 

Yes 

Yes 

Yes 

ICICI Bank Education Loan Status

 Yes

 Yes

 Yes

 Yes

 Yes

IDBI Education Loan Status

Yes 

 Yes

Yes 

 Yes

 Yes

Avanse Education Loan Status

Yes 

 Yes

 Yes

 Yes

 Yes

Incred Education Loan Status

 Yes

 Yes

 Yes

 Yes

 Yes

Auxilo Education Loan Status

Yes

Yes

Yes

Yes

Yes

Conclusion

Understanding how to check the education loan status improves your chances of approval. It helps you track your student loan application. Students can use the Vidyalaxmi portal to check their education loan status when they have taken the loan through the Vidyalaxmi portal. You can also check the loan status by visiting the branch or simply using the bank’s online portal and mobile banking app. 

Regularly checking your student loan status enables you to identify and resolve any issues in your loan application. It helps you manage your finances by keeping track of your student loan repayments.