What banks provide student loans?
Higher education loans are accepted by almost all aspiring students who wish to move to different countries for their postgraduate studies. Tell me about the long process and struggle I had to go through to get my education loan approved for COVID.
I was happy when I received my offer letter from Saint Mary’s University, Halifax, Canada, because I was also contemplating all the steps required to get my visa. I began researching banks that had a lower interest rate starting in March of 2020 and have worked my way through the bank portals of almost all Indian banks. What I could find is 3 to 4 small banks, with the exception of these banks, every bank has the amount of the loan margin that I needed.
Initially, I considered HDFC Credila and ICICI because of their RoI, but now that I’m considering their ROI, I’m stuck deciding between going or not. I’m sure I would have Visa if I did use any of them. However, because the course was rescheduled, I spent a lot of time searching for other banks as well.
After this, it occurred to me that it is the Bank of Baroda, which has a lower interest rate. I proceeded to BoB’s nearest branch to discover how they help education loan applicants ( I actually went through the bank loan portal and all things on my own by that time). Everything was easy to follow, and the documents you will need to submit are available for you to keep as collateral if you have a house to use as collateral. After filling out the application form and submitting all the required documents, I submitted them to the bank.
Within less time, a legal opinion by a lawyer advocate is obtained and the legal valuation of the property is finished. When I was waiting for the mortgage registration process to begin, I received a phone call from the company BOB advising me that my loan had been cancelled due to the lack of a Pre-Visa disbursement from COVID. I was shocked by this and couldn’t leave my bedroom for one week. The idea of applying to other banks in order to get a lower RoI is nerve-wracking.
I was suggested to speak with WeMakeScholars about this topic by a friend from my SMU cohort (Hem Sai Charan). After explaining what happened to me with Bank of Baroda, I immediately went up to them and said everything. Meanwhile, while I was finding out that SMU has online classes to begin in January, I held off on applying for admission until September 2021, as I have LASIK to contend with.
I need to express my gratitude to Ms. Prathyusha of WeMakeScholars for resolving my problem. After BoB and WeMakeScholars discussed the issue, they had only one question for me. The insurance provided by the University affirms that, if my visa is denied, then I will have to return the money that I paid to the University, thanks to SMU. I returned to the bank for the second time, and resubmitted the loan. This time, I obtained it from the Bank of Baroda via WeMakeScholars. This time the process went much more smoothly as the pre-existing legality of both opinion and valuation had already been established. Also, I must thank Durga and Anand from the Bank of Baroda SMS team, as they assisted in the process of processing my documents.
The wait time was longer because of the COVID time, but Bank of Baroda is a good loan source. I received my Loan Sanction Letter two days ago, and I am eagerly anticipating disbursement and Visa processing.