Welcome to the viewing of episode 16 of Loanflix. This episode will tell you all about the steps you need to take if you have already taken an abroad studies education loan but your student visa was rejected.
Loanflix InShorts is a series of really small duration, three-minute episodes which cover some of the niche topics of the abroad education loan process. The major aim behind introducing Loanflix InShorts is to provide knowledge of the education loan process at a deeper level, thus enabling you to have a hassle-free experience.
It is a well known fact that a majority of students in India who wish to borrow an education loan for abroad studies face several hurdles along the process. Now, even if students manage to get a study loan for abroad education without a lot of hassles, it is important to note that embassies often look at factors other than funding while processing a student’s application in the student visa process. With the COVID-19 pandemic reaching its peak, several countries have tightened their immigration policies, thus increasing the scope for higher rates of student visa rejection. In such a case, what actions should be taken by students who have already availed an abroad studies education loan? This is the topic of discussion of today’s article and the subject of episode 16 of the Loanflix Inshorts series, which has been embedded below for your reference.
Some Common Reasons Behind the Rejection of Student Visas
The chances of a student visa being rejected is pretty less under general circumstances. This part of the episode tells you about some of the most common reasons behind why embassies reject student visa applications.
Situation 1: Re-applying for a visa to study in the same country, university & course with an abroad studies education loan
One of the best policies adopted by most Indian lenders is that students can hold on to their sanction letters of an abroad study education loan for up to six months’ time. This is applicable to students who have borrowed a collateral-based, abroad studies education loan from government banks. This part of the episode will throw light on whether re-applying for student visa for the second time to stay in the same country and for the same course affects your study loan for abroad.
Situation 2: Re-applying to a Different Country & Course/University Post Student Visa Rejection With an Abroad Studies Education Loan
When their student visa application is rejected in the first attempt, such students often change their minds about re-applying to study in the same country and university as before and apply for a student visa to study in another country for another course or in another university. This part of the episode will teach you about the steps necessary to be implemented so that you can avail your abroad study education loan even when you decide to change your country/university while re-applying for a student visa.
Situation 3: Dropping Plans To Pursue Higher Education With an Abroad Study Loan
If you plan on dropping your study abroad aspirations on being rejected the first time, it is important to act according to the steps mentioned in this part of the episode. This will make your transition to a debt-free time, easy.
This point marks the end of the episode. Do keep a lookout for updates regarding the latest episodes of Loanflix Inshorts. Getting an abroad studies education loan is not a cakewalk. There are very few sources which give out useful information to students regarding the harsh realities of securing an abroad study education loan. The Loanflix web-series on YouTube is one of them. It is perhaps one of the only channels which is dedicated to providing a detailed picture of every small aspect of the abroad education loan process.
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Timezone : (GMT+05:30) Chennai
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Damini is the Cofounder & CEO of WeMakeScholars.com. It’s a BITS start up supported and funded under the IT Ministry, Govt. of India. The organisation’s motive is to offer unbiased collateral/non-collateral based education loan support to students who are planning for studying abroad. As this initiative is under the digital India campaign, it's at free of cost. WMS works with 14+ banks (public/pvt) in India and help you get the best edu loan matching your profile.
Prior to launching WeMakeScholars, Damini had done her masters from the University of Sheffield, UK. Her education was funded under the Developing Solutions Masters Scholarship which covered her full tuition fee ($ 38,000). Damini is also a gold medalist in her Bachelors and also won the outstanding student award from the Vice president of India.
She was the speaker at TiECon 2016 at Silicon valley, San Francisco in the social entrepreneurship segment. She was also covered in the Asian Entrepreneur magazine in the “Women on Top in Tech”, a global series of Women Founders, CEOs & Leaders in Tech.