YES Bank is a reputed Indian Bank that provides many kinds of loans, including education loans to study abroad. Their education loan disbursement process is very smooth. The fast-paced document verification process, allows students to receive the education loan amount without any hassle. They provide financial assistance of up to 1.5 crores at interest rates ranging from 12-14% to cover tuition fees and living expenses. The bank charges a processing fee of 1-2% to process and sanction education loans to the students.
| Quantum of Finance | Up to 1.5 crores to study abroad |
| Interest Rates | 12-14% |
| Moratorium Period | 6 months to 1 year |
| Repayment Tenure | 12 months to 120 months |
Also Read: Check our blog on education loans and other related details like interest rates to avail YES Bank education loan to study abroad.
What is Education Loan Disbursement?
Education loans to study abroad can be availed easily with YES Bank. It has three different stages- submission of the application form along with the required documents, loan sanction and loan disbursement.
Once the application and necessary documents are submitted to the bank, it will analyse the student profile and share a sanction letter. This means that the bank is willing to provide the student an education loan based on the agreed terms and conditions stating that their loan is approved.
The education loan disbursement is the last step of the process which means receiving the the funds to finance your study abroad dreams. This includes transferring the funds from the lending institution to the borrower. Most banks consider directly transferring the loan amount to the university instead of the applicant’s/ co-applicant’s personal bank account.
The education loan disbursement can be made in instalments or in a lump sum.
YES Bank Education Loan Disbursement Process
YES Bank Education Loan Disbursement process is simple. Students need to follow these steps to start the disbursement process after receiving the loan sanction letter from YES Bank.
Step #1: Document collection for Disbursement
Banks require certain documents like the fee structure of the university and cost of living expenses as proof of expenses. As a first step of the YES bank education loan disbursement process, students must keep these documents handy. Based on these documents, banks will decide the actual amount that needs to be disbursed.
Step #2: Education Loan Disbursement Letter
Once the proof of expenses has been submitted to the bank, the bank issues a loan disbursement letter which states the final loan amount to be paid to the borrower. In this step, the student needs to sign this document before the education loan disbursal.
Step #3: Education Loan Disbursement
After the student has signed the disbursement letter, the bank transfers the tuition fees directly to the university’s account. The accommodation expenses are also directly paid by the bank if a student chooses on-campus housing facilities.
However, the loan amount is disbursed to the student’s personal/ savings account if the student accommodation is off-campus. This amount also includes living expenses and other related expenses to be covered.
Note: If a student is travelling to Canada or Germany, they must show proof of funds in GIC Account and Blocked Accounts respectively. In such cases, YES Bank education loan disbursement takes place accordingly.
- Students also have options to load funds in a prepaid forex cards if they are able to provide a clear breakdown of expenses before the education loan disbursement process.
Also Read: If you wish to avail an unsecured education loan, explore all the features of Yes Bank Education Loan without collateral in our blog.
Documents required for YES Bank Education Loan Disbursement Process
Banks do not directly disburse the education loan amount. There is a process that is followed. To ascertain the amount of education loan students require, banks demand a list of documents (as discussed in Step#1 above). Based on their analysis, the YES Bank Education Loan Disbursement Process is completed. Here’s the list of documents that are required-
- University’s offer letter with a stated fee structure
- Accommodation fee breakup (in case of on-site accommodation)
- Rent agreement documents (in case of off-site accommodation)
- Guess estimate of average living costs like food, clothing, electronic gadgets, books, and other study materials
- Guess the estimate of miscellaneous expenses including health insurance, travel costs, study aids, and incidental expenses.
FAQs on YES Bank Education Loan Disbursement Process
YES Bank education loan to study abroad covers tuition fees, accommodation fees, living expenses, and other related expenses.
After receiving the loan sanction letter, it is necessary to visit the branch and sign the loan sanction letter. The next step is to request the YES Bank education loan disbursement process.
After submitting the disbursement-related documents, the bank will issue the disbursement letter. Once the applicant has signed it, the bank will later disburse the tuition fee amount directly to the university’s account. The rest of the amount is disbursed to the student’s account.
Yes, YES Bank is one of the most preferred and reliable options amongst students when considering education loans to study abroad. It offers competitive interest rates against education loans and the education loan disbursement process is simple and quicker.
For the YES Bank education loan disbursement process, the following documents are required- the university’s offer letter with a stated fee structure, accommodation fee break up, rent agreement documents, an estimate of average living costs and miscellaneous expenses (like food, clothing, electronic gadgets, books, study materials, health insurance, travel costs, study aids, and incidental expenses).
This was all about the YES Bank Education Loan Disbursement Process. To know about education loans, the loan application process, the best international 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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| Haryana Government Education Loan Scheme To Study Abroad |
| FAQs on Personal Loans for Debt Consolidation |
| FAQs on Education Loan Repayment |
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can i change the university after the loan disbursement in yes bank
Yes, you can change the university after loan disbursement with Yes Bank, but it requires proper communication with the bank. You will need to provide a valid reason for the university change and submit the new admission documents. The bank may reassess the loan terms based on the new university’s tuition fees, course duration, and overall eligibility criteria. It is essential to inform Yes Bank promptly to avoid any complications with the loan process.