IDBI is one of the major private-sector banks in India and is quite popular for education loans to study abroad. You can get up to INR 75 lakhs in education loans from IDBI Bank. The bank will charge a processing fee of 1% of the total loan amount or a maximum of INR 5000. IDBI education loan processing involves certain stages and the processing time depends upon a lot of factors such as the submission of proper documents, type of university and course, eligibility criteria etc. Let’s check all about IDBI education loan processing time and how it is influenced.
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What is IDBI Education Loan Processing Time?
The students can get an education loan from IDBI bank online. The total time estimated for the processing of education loans is around 15-20 days after the submission of the form. If you are applying for the loan on the Vidya Lakshmi portal, then the bank will communicate with you within 48-72 hours after reviewing the application form. Check more details below:
- The bank will contact you for any further information or documents required and you are supposed to respond quickly for a smooth loan processing
- The education loan sanction letter issued by the bank is valid for 6 months and if you are ready to go ahead, the loan will be processed within 24-48 hours and disbursement will be initiated
- Always keep a regular follow-up with the bank so that the entire process can take place in a timely manner
Also Read: Did you know a gold loan can also be availed for education? Check here all about Gold Loan for Education
Steps Involved in Loan Processing
There are certain steps involved in the IDBI education loan processing. First of all, you need to apply for the loan through the Vidya Lakshmi portal or by visiting the branch. You can also check the IDBI Education Loan interest rate on the portal. After the submission of the form, the bank will start the verification process and initiate the process for sanction subject to the fulfilment of eligibility criteria. Check all the stages in detail below:
Loan Application Form
IDBI education loan application form can be filled and submitted through the Vidya Lakshmi portal on which you can also check all the features of the loan scheme. You also need to submit the necessary documents along with the loan application form so that the bank can initiate the verification process and credit enquiries. If you are unable to fill online application form then immediately visit the nearest branch of the bank and submit the physical application form.
Education Loan Sanction
After successful verification of the profile of the student and checking the eligibility criteria, the bank will initiate the loan sanction process. This may take around 7-10 days subject to the bank’s internal policy. After the sanction of the loan, the bank will provide you with an education loan sanction letter which you can submit to the university for showing financial support. The sanction letter contains the terms and conditions, loan amount, repayment period, interest rate etc. The sanction letter will be valid for 6 months from the date of issuance.
Also Read: Check this blog and know all the major documents required for education loan to study abroad
Education Loan Disbursement
If you are ready to accept all the terms and conditions outlined in the loan sanction letter, then you need to sign and return the letter. This will act as confirmation from your side that you are ready to get the loan. The bank will then check further documents like proof of admission, visa approval letter, air ticket, insurance details etc. After successful verification of such documents, the IDBI Bank education loan disbursement process will be initiated. The quoted loan amount will be transferred directly to the university. This will take around 24-72 hours and the amount will be transferred as specified.
FAQs
The processing time for an IDBI Bank education loan can vary based on various factors, such as the completeness of the application, the documentation provided etc. Usually, the bank processes education loan applications within 15 to 20 working days from the date of submission of the form.
After the sanction of the loan, the bank initiates the loan disbursement process and it takes around 24-72 hours for the amount to be credited to the university account.
IDBI Bank follows a standard processing timeline to ensure fairness and thoroughness in evaluating all education loan applications. If you face any unusual delay, get in touch with the bank personnel who is handling the loan account.
IDBI Bank will keep you informed about the status of your education loan application through various communication channels. You will receive regular updates via SMS, email, and through the online portal. It is advisable to regularly check the status through the provided channels or contact the bank’s customer service for any specific queries.
In case of any unexpected delays in the processing of your education loan, it is recommended to reach out to the nearest IDBI Bank branch or contact their customer service helpline. The bank will provide you with the necessary information, updates, and guidance to address your concerns and ensure a smooth and timely resolution of the matter.
IDBI Bank is a major private sector bank and has a good reputation for customer satisfaction. Always keep a regular follow-up with the bank so that the bank can timely process the education loan.
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.
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