Indian Bank is a leading public sector bank in India. It provides education loans to study abroad under its dedicated scheme. Indian Bank education loan disbursement process is very quick and you can get it done soon after getting the acceptance letter and visa approval. The disbursement process is completely online and the portal is user-friendly. Indian Bank education loan is provided to students who want to study abroad in recognised universities pursuing top-notch courses. Let’s understand how the Indian Bank loan disbursement process is executed.
Table of contents
Understanding Indian Bank Education Loan
Indian Bank provides education loans to study abroad at affordable rates of interest. You can apply for a loan online on the official website of the bank. As per the bank, the student must have secured admission to a recognized university abroad in a top-notch course in order to get the loan. The admission must have been done through an entrance test or any kind of merit-based selection process. The bank will sanction the loan by verifying the above-mentioned eligibility.
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Steps Involved in Indian Bank Loan Disbursement
There are certain steps involved in the education loan disbursement process. First, you need to apply for an education loan. The bank will sanction the loan after verification and run the documentation check. When you will receive the admission letter and visa, then the disbursement will be made. Check the details for all the steps below:
Loan Application
You need to apply for an education loan from Indian Bank through online mode or by visiting the nearest branch. In the loan application form, you need to mention details of course, university, amount required, co-applicant’s details, qualifications etc. Submit the duly filled application form and wait for the bank’s approval.
Note: Always read all the loan-related terms and conditions and all the features of the loan before submitting the application. All such information is mentioned on the official website of the bank.
Loan Sanction
When you successfully submit the application form along with the supporting documents, the bank starts the education loan disbursement process. Details like academic qualification and performance, details of the co-applicant, asset (in case of a secured loan), university and course details etc. If the student is fulfilling all the eligibility criteria and there is a discrepancy in the application form and documents, then the bank will sanction your loan. It will also provide an education loan sanction letter which you can show to the university as evidence of financial support.
Also Read: Know all about how to apply for a Union Bank Education Loan through Vidya Lakshmi Portal
Documents Required
At this step, you are already aware that the bank has agreed to provide the loan subject to the university and visa approval. The student will be required to submit the letter of acceptance received from the university and a copy of the visa approval letter. The bank may also ask for a copy of the air ticket. After submitting all these documents the bank will initiate the verification process.
Indian Bank Loan Disbursement
After successful verification of the above-stated documents, the bank will start the loan disbursement process. The amount which is covering the tuition fee and accommodation expenses will be transferred directly to the university. In case, you have opted for an outside accommodation, the bank transfers the rent and security deposit to the house owner or to the student account. Any other expenses which have been covered under the education loan may be transferred directly to the student’s account subject to the specified terms and conditions. In this way, the Indian Bank education loan disbursement works.
Note: The entire loan amount will not be transferred at once. It will be done parallel with your course i.e. semester-wise payment will be made.
FAQs
After successful verification of the documents and checking the eligibility, the bank will initiate the loan disbursement process. The amount for covering tuition fees and accommodation fees will be transferred directly to the university.
The interest rate on an education loan from Indian Bank starts from 10% approximately. The rate may vary depending on the RBI guidelines on Education loan.
No. The loan amount will be transferred directly to the university where you are studying.
Yes. You can simply apply for an education loan from Indian Bank even if you don’t have a savings account with them.
You can apply for Indian Bank education loan to study abroad by visiting the nearest branch or through online mode through their website.
This was all about how the disbursement process of the Indian Bank education loan. Always go through the terms and conditions of the loan carefully before submitting the application.
To know more about the loan application process, 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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