Getting a study loan can be a scrupulous task considering the long, intricate, and cumbersome process involved. Details of education loans are important to grasp to successfully avail of the loan. It is advisable that students must apply for more than one university abroad for higher studies to surge the chances of getting an admit.
For the same purpose, every year, most students apply to more than one college for the same course. The admission application is done before applying for a study loan and once the admission letter is obtained from any of the institutions where the student has applied, the loan application is done. But what if the study abroad aspirant wants to change the university after the loan sanction? Can this be done? Let’s explore the possible circumstances and opportunities of changing universities post the loan sanction.
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Alterations required for a better opportunity
When a student makes an application for a study loan, especially from the government banks, the education loan is sanctioned as per the information provided by the student. However, in case the student gets a better opportunity from a different college than the one mentioned in the education loan details provided to the bank, the student can be in a stage of a Catch-22 of whether he/she can change the name of college or country after the loan sanction and if it will be accepted by the loan lender or not. There can be two possible setups of such an event based on the volume of adjustment needed.
Let’s discover the two such unique circumstances where a student is likely to find himself in a muddle that whether or not he can submit a request for alterations in the education loan details to the lender.
Scenario-1 Different college, the same amount
In general, when a student requests the lender to change the education loan information, the bank presents a list of reasons explaining why it is impossible to modify the loan details. It is even tougher to have the request accepted if the application is done from a public sector bank. In major cases, students receive their second admit after the sanction of the abroad education loan for the first college.
Students can consult education loan consultants such as GyanDhan that works closely with leading financial lenders in India to help students get the best abroad education loan options. They approach the lender with a request to alter the education loan details after the loan is sanctioned. Students can fill a form online and give it to the bank and they push the bank to alter the university name or country and keep posted the same in their systems. With this, the student will not have to worry about the lender stopping the education loan disbursals.
Scenario- 2: Different university, additional loan amount
There can be a case when the student is discontented with his university and wants to alter it after completing one or more semesters. In this case, when the student switches to another university or college, his financial needs to be changed from the former one. In this, the student might face a dilemma whether it is possible after so many months being passed. When the student applies for an overseas education loan via GyanDhan, he can change the education loan details even after months of the loan sanction. In such a case, the student needs an education loan amount that is lesser than the actual sanctioned amount, he can simply inform the lender regarding the alterations and they push the bank to get it up-to-date. In such a case, the student needs a higher loan amount than one initially sanctioned, he can go for a top-up loan. For this, the value of pledged collateral should be enough to cover the added loan amount. There can be a time in the study abroad journey when the student wishes to modify the college or country name after the education loan sanction and at times, disbursed as well. Students do not need to worry about the changes later on if the loan application is done via GyanDhan. It leverages its partnership with the banks and NBFCs to offer students the required freedom. GyanDhan offers you expert help in getting an abroad education loan free of cost.
