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15 Sep

By 99loans_admin

Category: Education, Financial Aid, Overseas Education, Scholarships

FAQ’s on Education Loans No Comments

FAQ’s on Education Loans

1. How can I reduce my education loan sanctioned amount? My need is less than the sanctioned amount.

Ans. In terms of Education Loan once the Limits are Sanctioned these are intact and you need to pay the Processing Fee for the sanctioned amount and this is not final process. However, you have every right to take whatever amount you need within the sanctioned limits during disbursement process and you can have the EMI’s as per the amount you received.

2. Can a education loan be paid without actually visiting the branch from which it was sanctioned?

Ans. Yes, you can pay loan amount or EMI online through your account via NEFT / RTGS mode in any working days and IMPS mode if allowed you can pay 24/7. Prior to your payment you need to register the loan account as a beneficiary.

3.How can we apply for an education loan due that is already sanctioned by the bank?

Ans. You can approach the Bank branch or Relationship Manager whose contact number or eMail given in your sanction letter. Request the bank to disburse the sanctioned amount or your required amount within the limits before the sanction expiry time. Normally, the sanction letter is valid for 90 – 180 days.

4. What are the documents of a sanctioned educational loan given to a customer by the bank?

Ans. After due verification and due diligence of your profile you will be considered to sanction certain limit of amount to that effect Bank issues a Sanction Letter / Credit Sanction Letter to you.

5. What happens if I can’t repay my education loan worth Rs 150,000?

Ans. We suggest never do this. Irrespective of the amount you are obliged to payback to the Bank has to be paid at any cost. If you failed to do so, your documents were endorsed by your Parents or Blood Relatives as Guarantors during loan application process hence, they are liable to pay on your behalf else face legalities as per RBI guidelines.

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