Loanflix is the most comprehensive web-series on abroad education loans. The motive is to empower students and their guardians so that they can take an informed decision about the education loan.
Education loan disbursement is a crucial phase in the entire education loan process. Many candidates are under the impression that an education loan sanction marks the end of the road of the entire loan process. This is not the case. Did you know that most candidates face problems while trying to get a disbursement of the loan than getting an education loan sanction? Students have very little idea about loan disbursement in the education loan process. Here are some of the major points which our education loan expert, Ms Damini Mahajan clarifies in this episode.
Education loan sanction process - an overview
Before diving into the whole education loan disbursement process, we debunk certain myths related to the education loan sanction process. How is your loan sanctioned? What happens between an education loan sanction and the disbursement process? How does the transition occur? Do banks and NBFCs charge interest on the sanctioned amount or the disbursed amount? Get to know the answers to these questions at the beginning of the 28th episode.
Education Loan Disbursement Process - Tuition Fee Disbursement
A lot of students are confused about how banks transfer their tuition fees. Do applicants have to submit a disbursement letter to their lending institution? Do government banks transfer the tuition fee directly? What is the procedure for application for disbursement of education loan in government banks? How do banks allot a disbursement date? Our education loan expert and the speaker for this 28th episode, Damini Mahajan, breaks down the entire tuition fee disbursement process for you in this part of the episode.
Transfer of Tuition Fees via Third-Party Payment Services
Off late, a few universities in the USA require students to make their tuition fee payment through private third-party services. One of the major hurdles faced by students who look forward to study in the USA with the aid of abroad education loans is getting their banks to transfer tuition fees according to this requirement. In the past (till about a couple of years ago), most government banks did not provide this facility. In this part of the episode, you will get to know whether government banks perform the education loan disbursement of tuition fees via third party services to universities in the USA.
Disbursement of Education Loan - Living Expenses ( Disbursement of Food & Accommodation Expenses)
Your education loan has been sanctioned. Now, what happens next? Will government banks transfer your living expenses according to your convenience? How do students avail their loan amount to fund their living expenses once they reach abroad for their higher studies? Is the education loan disbursement time longer for living expenses as compared to tuition fees? In this part of the episode, you will get to know all about the education loan disbursement process for living expenses done by most government banks.
Process of Disbursement of Education Loan - Reimbursements
Now, this is an interesting section. Assume that your education loan disbursement time is taking longer than expected and that you are desperate need of funds to fulfil your conditions to study abroad. In such cases what steps do you take? Supposing that you contribute towards your funds by yourself, can you apply for reimbursement from your lending bank? Do government banks have such a provision where students get this money reimbursed from their loan amount? Food for thought, right? Watch out for this part of the episode to find the answers.
Education Loan Disbursement - Disbursement of other Miscellaneous Costs
Apart from tuition fees and accommodation, students are also required to meet certain other expenses like health insurance, study aids, travel costs, etc. So how do government banks go about it? Are students required to submit an education loan disbursement letter to banks separately to request for disbursement to fund these expenses? In this section of the episode, you will get to know the answers to the above questions and come more information on the entire disbursement process.
Education Loan Disbursement Process - How Do NBFCs Disburse Loan Amounts?
In the final, concluding part of this 28th episode, Damini explains how NBFCs (Non-Banking Finance Companies) conduct the disbursement of education loan in case of unsecured education loans.
With this section, you come to an end of the 28th episode. Do look forward to the next episode of Loanflix which will give you complete information about the education loan repayment process. The video of the 28th episode is attached at the end of this description.
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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.