How many days does it take for Education Loan to be approved?

Posted In education loan On June 4, 2019
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Taking an Education loan means you need to be well acquainted with the terms and process of disbursement of loans in India. An adequate amount of documentation and requirements are necessary to avail the Education loan. The bank requires verifying the documents before granting the Study loan to the borrower.

Steps to follow in order to process the Education loan in India:

  1. First of all, finalise the bank from which you want to take a loan. Talk to the bank representatives or loan guidance experts in order to help you about the same.

  2. Next, fill the loan application form of the corresponding bank and submit all necessary details as per the document checklist.

  3. The loan will be sanctioned after proper verification by the bank within the Education loan processing time depending upon the amount to be sanctioned.

After the loan has been granted to the borrower, paying out of the loan by the bank is Loan disbursement. Generally, banks disburse loans directly to the college funds. Your college fund will receive the payment of fees by the bank as soon as the semester of the college starts. Other important points to keep in mind while the loan amount is being processed:

  1. The disbursal date is to be set by the borrower.

  2. Decide the disbursal amount breakup, i.e. the amount required for personal expenses and the amount for university fees.

  3. Also, provide the disbursal account details to the bank.

  4. The loan can be cancelled if required within the cancellation period set by the bank.

As soon as the loan is granted by the bank, they start to disburse the loan within the due date set by your college. The loan is generally disbursed within a maximum of 120 days of its sanction depending on the cancellation period set by the bank.
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