Modifying Education Loan Details: How To Change University After Loan Sanction
The process of getting an education loan for abroad studies in India can be a long and painstaking process, if students are unaware of the education loan details which may seem unimportant at first but play a rather important role in helping them obtain an education loan successfully. One such aspect of the process of education loan for abroad studies in India is discussed in today’s article. Many students who plan to fund their education with the help of financial institutions which lend bank loans for students studying abroad may find the education loan information mentioned in the below episode of Loanflix Inshorts to be helpful.
It is common knowledge that students in India love having various options to choose from when it comes to the higher education process. Many higher education aspirants apply for enrolment to the same course in multiple universities all over the world before arranging the funds required for their higher education. Once they receive a confirmation of admission from any one of these educational institutions, students generally stick to the same university that they have been accepted to. The best part about applying to multiple educational institutions is the versatility of the system. Students have the option of switching their universities if they happen to receive better offers elsewhere.
Now it is a well-known fact that a major percentage of such higher education aspirants opt to fund their studies with the help of an education loan for abroad studies in India after having fulfilled all the education loan eligibility criteria. Many students often opt to borrow an education loan for abroad studies in India. There are several lenders in India who offer some of the best education loans for students who are in need of one to fund their higher education abroad. The education loan schemes of most lenders who lend bank loans for students studying abroad are designed to offer the best education loans to students if they meet all the education loan eligibility criteria.
When students begin their education loan process, they are required to mention the particulars of their higher education to their respective lenders. Once the education loan details are logged into the bank’s online system, all the further steps taken by the lending banks are on the basis of the education loan information provided by students.
When Does The Need To Modify Education Loan Details Arise?
In the education loan process, especially when it involves a government education loan for study abroad, the loan is sanctioned on the basis of the education loan information provided by applicants. However, when students receive a better opportunity from a different institution than the one mentioned in their education loan details, they often fall into the dilemma of whether making a change in university name or the name of the country post their education loan sanction would be accepted by their lending banks. Depending on the level of modification of their education loan details, we can estimate two unique situations for such an event. Let’s take a look at these situations that students are likely to find themselves in if they are to submit a request for modification in their education loan details to their respective banks.
Situation 1: Students wish to make a change in university name/country, but their education loan details regarding the loan amount remain the same for the new university
Normally, when students put in a request to make changes in their education loan information, most lenders cite various reasons as to why it is an impossible request and reject such pleas. This is true especially in the case of students who have borrowed a government education loan for study abroad. The loan officials of most government banks are infamous for rejecting pleas for modifications in the education loan details, especially after the education loan in question has been sanctioned. In many cases, students often receive their second offer letter after their education loan for abroad studies has been sanctioned. So how do you resolve this problem?
At WeMakeScholars, our financial team works in close cooperation with well-known lenders who provide some of the best education loans to students.
When students who had applied for education loan for abroad studies in India through WeMakeScholars approach our team with a request to modify their education loan details after their education loan sanction, they are provided with a simple form via email. Students are required to fill this form, sign it and send it back to India through courier. The financial team sends this form to the respective lenders and the lending banks change the name of university or country and update the modified education loan details in their systems.
In this way, students can let go of their worries about their lenders stopping the flow of funds for their course abroad. This way, students can make modifications in their education loan details at the comfort of their own space without having to travel back to India for the same. If you are dissatisfied with your university and wish to change it but have doubts about the process, do not hesitate to register a callback with our loan team today.
Also read about Personal Loans to Finance Higher Education Abroad: Good or Bad?
Situation 2: Students wish to switch to another university and also additional education loan to fund their studies at the new university/country
Many a time, it may so happen that students who are not satisfied with their current university wish to switch to another one after completing a semester or so. However, when they see that the financial requirements of the new university are different than those of the former one, such students often rethink their options and continue studying at the same university.
Also, before submitting a request to modify their education loan details, such students often face the dilemma of whether this action can be taken after almost six months of availing their education loan amount. Well, here is some good news for such students.
When you apply through WeMakeScholars, you can rest assured that it is very much possible for students to modify their education loan details even after six months of education loan sanction. If students require an education loan amount which is lesser than the sanctioned value, all they need to do is to inform their respective banks regarding the modifications and the same can be updated. If students need a higher education loan amount to study at the new university, they can apply for a top-up loan. However, they need to keep in mind that the value of their pledged collateral security must be sufficient to cover an additional loan amount.
When students approach their respective government banks with a request for top up loans, the general tendency of the authorities is to either reject such pleas or take a painstakingly long time to process the requests. On the other hand, it is easy for students to borrow a top-up loan when they apply through the financial team of WeMakeScholars.
Why apply through WeMakeScholars?
As you all are aware, the funding requirements of every country is different. In the abroad education loan process, candidates require funds in different phases. One of the most important phases is when they apply for a student visa to the respective country. Sometimes, many students who apply for US and Canada visas are required to show proof of liquid funds in their accounts, even before their visa is processed, for different purposes. This is a requirement asked by the many embassies. Banks disburse these funds in the form of a pre-visa disbursement.
Now, many a time, being unaware of the policy changes made by embassies, government bank officials have been known to hesitate to process this amount to the candidates at the time of disbursement. At WeMakeScholars, our team understands these requirements and helps students secure their pre-visa disbursement and other documents at the right time. So if you are stuck at any point in your education loan process, do not hesitate to pick up that phone and request a callback from our team.
Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it’s free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others