✓ Post Sanction Modification
✓ Education Loan Details
Getting an education loan for abroad studies in India is a long and detailed process. Students are unaware of the education loan details, which play a rather important role in helping them obtain an education loan successfully. But there is one more issue that students face i.e changing or modifying details of education loans on getting better opportunities. This aspect of education loans for abroad studies is discussed in today's article with detailed solutions.
Many students who plan to fund their education with the help of financial institutions that lend loans may find the education loan information mentioned in the below episode of Loanflix Inshorts helpful.
It is a known fact that students in India love having various options regarding the higher education loan process. Many higher education aspirants apply for enrolment in the same course in multiple universities worldwide before arranging the funds required for their higher education. Once they receive a confirmation of admission, they can choose from any one of these educational institutions.
The best part about applying to multiple academic institutions is the system's versatility, as Students can switch universities if they happen to receive better offers elsewhere.
In the education loan process, especially in collateral loans for study abroad, the loan amount sanctioned is based on the education loan information provided by applicants. However, when students receive a better opportunity from a different institution, they often fall into a dilemma of whether their lending banks would accept their education loan sanction after making a change in the university name or the country's name.
Yes, you can change University and modify the loan details even after your education loan is sanctioned. However, you will have to fill the form with new details like university, country, tuition fee, and other expenses and then submit it to the bank.
Depending on the level of modification of the student's education loan details, we can estimate two unique situations for such an event.
Let's look at two such 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: Loan amount remains unchanged
This is a situation when a Student changes the university or countries, but education loan details regarding the loan amount remain the same for the new university.
Typically, when students request changes in their education loan information, most lenders cite various reasons as to why it is an impossible request and reject such pleas. It is true, especially in the case of students who have borrowed an education loan to study abroad from government banks.
The loan officials of most government banks are infamous for rejecting requests for modifications in the education loan details, especially after the education loan 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 students with some of the best education loans.
When students who had applied for an education loan for abroad studies through WeMakeScholars approach our team with a request to modify their education loan details after their education loan sanction, the following is the timeline:
This way, students can let go of their worries about their lenders stopping the flow of funds for their courses abroad. This way, students can make modifications to their education loan details in the comfort of their own space without having to travel back to India for the same.
Situation 2: Loan amount changes.
It may so often 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 new university's financial requirements are different from those of the former one, such students often face the dilemma of whether this action can be taken after almost six months of availing of their education loan amount.
Well, here is some good news for such students. You can still modify education loan details according to the new university.
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.
For example, Students require an education loan amount that is lesser than the sanctioned value. In this case, all they need to do is inform their respective banks regarding the modifications, which can be updated.
If students need a higher education loan 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.
Can I switch universities if I have already started my classes at the original university?
Yes, you can switch universities even if you have already started your classes at the original university. However, it is recommended that you switch universities at the beginning of a semester to avoid any academic or financial penalties. You will also need to inform the bank about the change and submit the required documents.
How long will it take for the bank to approve my request to switch universities?
The time it takes for the bank to approve your request to switch universities may vary depending on the bank's internal processes and the complexity of your request. It is recommended that you contact your bank as soon as possible to get an estimated timeline. We advise students to get in touch with the WeMakeScholars team for a fast and smooth process.
Are there any restrictions on the countries or universities I can switch to after loan approval?
Some banks may have a list of approved universities and countries, and they may require you to switch to a university or country that is on their list. Therefore, it is important to check with our experts before switching universities they will guide you properly according to your profile.
Can I change my university if I receive a better scholarship offer from another university?
Yes, you can change your university if you receive a better scholarship offer from another university. However, you will need to inform the bank about the change and submit the required documents.
Will I have to repay any of the loan amount if I change my university?
No, you will not have to repay any of the loan amounts if you change your university. However, you have to contact the bank for the recent changes along with that you have to submit the documents like an admission letter from the new university, a scholarship letter (if you received any), and other documents as per the bank's requirements.