IndusInd Bank is a leading private bank in India and renowned for its financial services. The bank provides education loans to study abroad at affordable interest rates and processes the loan quickly. IndusInd Bank education loan processing time is less as compared to other private banks and the loan disbursement is made quickly to the university’s account. The processing of the loan is a detailed process and includes multiple stages. Let’s check and understand IndusInd Bank’s education loan processing time.
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What is IndusInd Bank Education Loan Processing Time?
IndusInd Bank education loan processing time depends on a lot of factors such as timely submission of loan application, mode of loan application, credit score of the co-applicant etc. Usually, the bank processes the loan within 72 hours after the sanction. However, the entire education loan process may take up to 15 days to complete. Check the important factors of loan processing below:
- IndusInd Bank personal loan for education to study abroad is offered at interest rate starting from 10.25%
- You can apply for an education loan from IndusInd Bank by visiting their official website
- The bank provides collateral-free education loans with flexible repayment period
Also Read: Looking for a safe money transfer? Check here all about IndusInd Bank International money transfer.
Steps Involved in Education Loan Processing
Getting an education loan from IndusInd Bank involves some necessary steps which you need to follow. At first, the students are required to submit the loan application along with the documents. Check details of all major details below:
Submitting Education Loan Application
Education loan applications can be submitted through the official website of the bank or by visiting the nearest branch. Always fill out the loan application form carefully as any mistake or incorrect information may lead to the cancellation of an education loan. You can fill out the online form and track the status of verification and approval.
Documentation
The documents required for an education loan shall be submitted along with the loan application. All the documents should be clearly visible and attested by a gazetted officer of central or state government if required. After the loan sanction, the bank will demand further documents to confirm the admission and the travel of the student.
Verification of Application
After receiving the loan application and the documents, the bank will start the verification process. All the details mentioned in the application form and the documents will be verified properly. The bank will run an enquiry to check your credit score and credit history. This is one of the most important stages of the loan process as after the verification, the bank determines the loan amount, interest rate and repayment period.
Loan Sanction
After verifying all the documents, the bank approves the loan and provides a sanction letter. The loan sanction letter contains major information about the loan such as interest rate, loan amount, details of the university, repayment period and other major terms and conditions. You can also submit this letter to the university to show them evidence of financial sources. You can also apply for an IndusInd Bank Forex card and as you will already be a customer, the bank will approve the same quickly.
Also Read: Check here and understand all the details on Axis Bank Education Loan Processing Time
Loan Disbursement
If you agree with all terms and conditions of the loan, you need to sign the sanction letter and submit the same to the bank. IndusInd Bank education loan disbursement process will be initiated and the funds will be transferred directly to the university where you will be studying. After the loan sanction, it hardly takes more than 24 hours to get the loan disbursed. As Indusind Bank’s education loan processing time is very less and efficient, it takes very little time to complete all formalities.
FAQs
The processing time of an education loan at IndusInd Bank depends on various factors such as timely submission of the loan application, mode of application, and the credit score of the co-applicant. The bank processes the loan within 72 hours after sanction, but the entire process may take up to 15 days.
You can apply for an education loan from IndusInd Bank by visiting their official website or by visiting the nearest branch. Ensure to fill out the loan application form accurately, as any errors may lead to loan cancellation.
To apply for an education loan, you need to submit the necessary documents along with the loan application. These documents should be visible and attested by a gazetted officer if required. Some major documents are an Aadhaar card, PAN Card, admission letter, income proof etc.
The verification stage is the most important step in the education loan processing of IndusInd Bank. During this stage, all details provided in the application form and the documents are thoroughly verified. The bank also conducts an enquiry to assess the credit score and credit history of the applicant and co-applicant and then determines the loan amount, interest rate, and repayment period.
After the loan is approved, a sanction letter containing essential loan details is provided. Upon agreement with the terms and conditions, you must sign the sanction letter and submit it to the bank. The bank then initiates the loan disbursement process, transferring funds directly to the university.
This was all about IndusInd Bank Education Loan Processing Time. Respond to all the prompts of the bank so that the education loan can be processed and disbursed at the earliest.
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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