Welcome to the 14th episode of Loanflix Inshorts. This episode will shed light on the topic of how applicants of an education loan for abroad studies in India are allowed to make modifications in their education loan details without it affecting their flow of funds.
Loanflix InShorts is a series of really small duration, three-minute episodes which cover some of the basic, common terms involved in 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.
This latest episode of Loanflix Inshorts will help you understand the process of how applicants can modify their education loan details such as change in university name, change in county and certain other aspects of the education loan information. This topic is discussed with the help of the following points.
When students apply for higher education courses, they submit their application to multiple universities to increase their chances of getting accepted amidst heavy competition from other such aspirants. Now it is a well known fact that a major percentage of such higher education aspirants opt to fund their studies with the help of an education loan for abroad studies in India after having fulfilled all the education loan eligibility criteria. The education loan schemes of most lenders who lend bank loans for students studying abroad are designed to offer the best education loans to students if they meet all the education loan eligibility criteria. However, due to the longer processing time taken by them, most students tend to apply for an education loan for abroad studies in India immediately after having received their letter of acceptance from any one of the institutions that they had applied to.
This episode of Inshorts aims to clarify the steps to be taken by such students if they wish to change their education loan details post their education loan sanction. Students who have availed a government education loan for study abroad especially face a tough time in getting their education loan details modified. Some of the common modifications requested by such students are a change in university name and change of country.
So what happens when a student requests their lending banks to modify some of their education loan information related to a change in university name or a country? Do these lenders reject such requests? Or do students get to modify their education loan details without a lot of resistance? Many students who fund their education with the help of financial institutions which lend bank loans for students studying abroad may find the education loan information mentioned in this episode to be helpful. Do keep reading this space for more updates on the future episodes of Loanflix Inshorts.
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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.