An education loan top-up is an extended loan which you can get from your existing lender as per your requirements and eligibility. Yes Bank offers education loan top-ups on the existing loan depending on the requirement and the eligibility criteria. Usually, the top-up is provided if you want to take admission subsequently to another course or if the university revised the fee structure. The total limit of the top-up education loan will be the total eligible loan amount minus the existing loan amount. Let’s discuss the process, features and eligibility of Yes Bank Education Loan Top-up.
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Features of Yes Bank Education Loan Top-up
Yes Bank has a good track record in providing education loans to study abroad. The bank provides education loans under different schemes like study abroad education loans, personal loans for education etc. You can apply for a top-up education loan from Yes Bank online on their official website.
- The bank will approve the extended loan or top-up loan if the loan repayment has not started yet.
- The repayment period will remain the same as stated in the existing loan.
- The loan will be approved easily by the bank as they already have all your documents and the loan was earlier approved for that particular which you are taking.
- The moratorium period will be adjusted as per the extended loan. The bank will allow a moratorium period as per the policy when you complete the new course.
Also Read: Have you checked the education loan offers of different banks? Check out this blog on Comparing Education Loan Top Up from Different Banks in India
Benefits of Education Loan Top-Up
Education loan top-up is very helpful especially when you decide to take admission to another course soon after you complete your existing course. For example, you finished your undergraduate program at the University of Oxford and now you want to pursue the postgraduate course. In this case, you can contact the bank for an extended loan i.e. top-up education loan.
- The bank will verify the application and sanction the loan. The top-up loan amount will be the difference between the total eligible loan amount and the loan already taken.
- You will get a moratorium period of course duration plus a year and that will start when you complete your new course.
- The loan will easily get approved as the bank is already having your profile.
- Your study will not be hampered as the bank will approve the loan without or presence. The sponsor/co-applicant can visit the branch and complete the formalities.
How to Apply for Yes Bank Education Loan Top-Up
The application process for Yes Bank Loan Top-up is online. You can contact the bank directly and tell them your requirements. If the bank finds you eligible for the loan, they will disburse the amount after completing the necessary formalities. The bank may not even call you to visit the branch for loan approval. However, your parent or the co-applicant can visit the branch and apply directly for the education loan top-up on your behalf. Check the steps to apply for loan top-up from Yes Bank below:
- Visit the official website of Yes Bank
- Go to personal banking and click on education loan
- Find the ‘Apply Now’ button and click on the same
- Select the category ‘top up’ and proceed with the application process
- Upload the supporting documents and wait for approval
- If required, ask your parent/co-applicant to visit the branch. This will help you get fast approval
Also Read: Did you check the list of eligible courses for a top-up education loan? Check this blog and get complete details on Top up Education Loan for Specialised Programs
Documents Required for Top-Up Education Loan
The bank will ask for some important documents which will determine your eligibility for taking the extended loan or top-up education loan. Upload all the documents properly so that the bank can verify them properly and the loan approval can be done quickly. Check the list of documents below:
- PAN Card and Aadhaar Card of the student and co-applicant
- University Acceptance Letter/Confirmation of admission of the student
- Visa approval letter (if travelling from India at the time of applying for the loan)
- Income proof of parent/co-applicant
- Documents showing collateral details
Repayment Period of Yes Bank Top-Up Education Loan
There is a very common query of most of the students who want to continue their studies with education loan top-up about how will it impact the repayment period. Let’s understand this with an example. Rajesh was eligible for an INR 20 lakh loan amount. He took an education loan of INR 10 lakh for his undergraduate course with a repayment period of 10 years.
After finishing the course, he decided to pursue a postgraduate program. He contacted the bank for an extended loan for his admission to the university. As he was already eligible for INR 20 lakh, the bank agreed to approve a top-up education loan of INR 10 lakh. Earlier, the repayment period was 10 years which was supposed to start after 1 year from the date of completing the UG program. Now, the repayment will start after completion of the new course i.e. postgraduate program and the moratorium period will also be extended accordingly.
The maximum amount for a top-up education loan will be the difference between the eligible loan amount and the existing loan amount. For example, you were found eligible for INR 10 lakhs but you took only INR 5 lakh as an initial loan. Now, the top-up loan amount that can be sanctioned will be INR 5 lakhs.
The application process for Yes Bank top-up loans is completely online. You need to enter your phone number linked with your account and the customer ID.
Visiting the branch is not required in most cases as the bank already has your details. However, the bank may call the co-applicant/sponsor to the branch if any physical verification is required.
The repayment period for Yes Bank’s top-up education loan will be adjusted again considering the total loan amount. Also, the repayment will start after finishing the new course for which the top-up education loan has been taken.
The moratorium period will be course duration + 1 year or 6 months after getting the job. In the case of the top-up education loan, the moratorium period will start after completing the new course.
Yes Bank is one of the leading private-sector banks in India. It provides top-up education loans subject to the eligibility criteria and the terms and conditions. It is good to approach the bank directly for any kind of loan enquiry. Always check the terms and conditions regarding the interest rate and the repayment of the loan before applying for a top-up education loan.
To know more about the top-up education 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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