How to Track Education Loan Status?

Track Education Loan Status
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Tracking education loan status is much easier today than it was before. One can check their loan status online through the bank’s official website, Vidya Lakshmi Portal, or by visiting the nearest bank branch. This ensures you can check your education loan approval/ rejection status anywhere at any point in the situation. Let’s go through the details of various ways of checking the education loan status.

Ways to Track Education Loan Status

Various banks like ICICI Bank and SBI and NBFCs like Auxilo, HDFC Credila, etc. maintain transparency throughout the loan process. Their online and offline loan tracking system enables applicants to check the loan approval status, EMI payments, and other details.

Various ways like the bank’s online portal, customer support service team, and mobile app make it easier for applicants to check their loan status online. It is also easy to check the education loan approval status through the Vidya Lakshmi Portal.

Top BanksLoan Status Link
State Bank of IndiaClick Here
ICICI BankClick Here
Bank of IndiaClick Here
HDFC BankClick Here
AuxiloClick Here

Visiting the Bank Branch

One of the ways to track your education loan status is by visiting the bank’s branch. Visit them in person, contact the bank representative, and ask for the status. This is an offline tracking system and might require you to stand in a queue. It also doesn’t offer as much convenience as online systems do.

However, by visiting the nearest branch, you may also resolve other related issues besides education loan tracking. For example- if any additional documents for education loan are required for submission or not.

Also Read: Check out the details of Chase Bank international student account and enjoy multiple benefits of this account which is designed specifically for international students studying in the US.

Through the Bank’s Online Portal

If you wish to check the loan status online, then the bank’s online portal offers you convenience and quick response. You can do this in simple steps-

  • Visit the bank’s official website.
  • Navigate to ‘Loan Application Status’/ ‘Track Application Status’/ ‘Track my Application’ under the Education Loans section.
  • Enter your loan application number, mobile number, email address, and other details as asked.
  • Submit and enter the OTP received on the registered mobile number.
  • You will be redirected to the dashboard where you can check loan status online.

Through Mobile App

Banks allow users to download mobile banking apps through the Play Store and App Store on Android and iOS devices. Download the bank’s mobile app to easily track the loan status. Follow the steps given below-

  • Download the bank’s mobile application.
  • Register with your email address, contact number, or other KYC details like Aadhaar Number.
  • Log in to the mobile banking app.
  • Navigate to the ‘Loans’ section and check your education loan status.
  • The dashboard will display details ‘Under Review’, ‘Approved’, “Rejected’ or others based on the education loan status.

Through Vidya Lakshmi Portal

If you applied for an education loan through the Vidya Lakshmi Portal, checking education loan approval status is much easier. The portal updates the education loan status for the applicant to track the progress of their loan application. Here’s how one can check the status of an education loan through the Vidya Lakshmi Portal-

  • Login to Vidya Lakshmi Portal using your email address, and password and entering the captcha code.
  • Click on ‘Application Status’.
  • You will see the list of banks and the subsequent education loan scheme you have applied for.
  • Click on the bank you wish to check for on the application status page.

Via Customer Support

Applicants can simply contact customer support if they are unable to track their education loan status online. You can talk to the customer support representative to check the application status and confirm other details like how long it can take for the bank to update the details.

  • Call or email the bank’s toll-free number.
  • Provide your loan account number and registered mobile number, as asked.
  • Once done, you’ll know the education loan status within minutes.

Also Read: Check out the blog on student loan debt and understand the relief process, application, calculator, and different plans.

Understanding Loan Application Status

By following any one of the above ways, applicants can check the loan status online or offline. Monitoring your loan application status, and other steps is extremely crucial for the applicants to stay informed of any progress. Here’s what the dashboard will show you about your education loan status-

Under Review- If the dashboard shows ‘Under Review’, it means that the education loan application is being reviewed by the bank. The document assessment is in progress and the bank may soon update it as in when done. This process might take some time as the applicant’s eligibility, financial status, creditworthiness and other important information are under verification.

Approved- Congratulations if you see ‘Approved’ on the dashboard when checking the education loan status. It means that your loan application is successfully reviewed and approved by the bank. The bank agrees to provide you with an education loan and the applicant will likely receive the education loan sanction letter.

Disbursed- It means that the loan amount has been credited to your account. In most cases, it is credited to the university account. The specific time taken for this process may vary on factors like date, mode and amount of loan disbursement.

Rejected- This is an unfortunate situation of education loan rejection if the portal shows ‘Rejected’. You may contact the bank to understand the reason for rejection. You might explore alternative loan options from other lenders, apply for scholarships and bursary programs, and follow the tips to avoid education loan rejections.

This was all about checking and tracking your education loan status through banks’ online and offline tracking systems. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.

FAQs

Can I track my education loan status online?

Yes, you can check their loan status online through the bank’s official website or via Vidya Lakshmi Portal.

How can I check my loan status online?

If you wish to check the loan status online, then the bank’s online portal offers you convenience and quick response. Visit the bank’s official website and navigate to ‘Loan Application Status’. Enter your loan application number and other details as asked. Enter the OTP and you will be redirected to the dashboard where you can check loan status online.

How can I track my education loan status?

One can check their loan status online through the bank’s official website, Vidya Lakshmi Portal, or by visiting the nearest bank branch. This ensures you can check your education loan approval/ rejection status anywhere as per your convenience.

How to check education loan status via customer support?

To check the loan status via customer support, you can call or email the bank’s toll-free number. Provide your loan account number and registered mobile number, as asked by the representative. Once done, you’ll know the education loan status within minutes.

How much time does it take to approve an education loan?

Education loan approval usually takes 15-20 days to be processed. This includes document verification, based on which the bank updates the applicant about the loan status if approved or rejected.

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About Shubhika Garg

Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.

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