Can I Change the University After Loan Sanction?

Getting an education loan in India can be a painstaking task considering the long, complicated, and cumbersome process involved. Features and details of education loans become important to comprehend to successfully avail of the loan. It is a no-brainer that students must apply for more than one college abroad for higher studies to increase the chances of getting an admit.

For the same reason, every year, most study abroad aspirants apply to more than one university or college for the same course. The application is done before applying for an education loan and once the admission letter is received from any of the colleges where the student has applied, he/she applies for the loan. But what if the student wants to change the college or university after the loan sanction? Is it possible? In this blog, we will explore the possible scenarios and scope of changing universities post the loan sanction.

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Modifications needed for a better opportunity

When you apply for an education loan, especially from the public sector banks, the loan is sanctioned as per the education loan information provided by you. But, in case you get a better opportunity from a different university or college than the one mentioned in your education loan details, you can be in a stage of a dilemma of whether you can change the name of college or country after your loan is sanctioned and if it will be accepted by the bank or not. There can be two scenarios of such an event based on the volume of modification needed.

Read More About: How to Write an Education Loan Extension Letter To Bank

Let’s explore the two such unique situations where you are likely to find yourself in confusion whether or not you can submit a request for alterations in your education loan details to the lender.

Case-1: When you want to change the university name or country but your education loan details concerning the loan amount remain the same

Usually, when you request your lender to change the education loan information, the lenders present a horde of reasons explaining why it is impossible to change the details. It is even harder to have your plea accepted if you have applied from a government bank. In many cases, students receive their second admission letter post the sanction of the overseas education loan for the first college.

To provide you a solution, GyanDhan’s works closely with leading financial lenders in India to provide the best abroad education loan options to you. We approach the lender with the bank with a request to modify the loan details after the loan sanction. You can fill a form online and send it to the lender and we push the lender to change the university name or country and update the same in their systems. With this, you will not have to worry about the bank stopping the loan disbursals.

Switching universities after scheduling your US student visa appointment? Watch our video to navigate this situation smoothly!

Case 2: When you want to change the university and also require an additional loan amount to finance your studies at the new university or country

There can be a situation when you are dissatisfied with your university and want to change it after completing one or more semesters. In such a case, when you switch to another university, your financial requirements change from the former one. In such a case, you might face a dilemma whether it can be done after so many months being passed. Well, you don’t need to worry. When you apply for a foreign education loan via GyanDhan, you can modify your education loan details even after months of your study abroad loan sanction. In case, you require a loan amount that is lesser than the sanctioned amount, you can simply inform your bank regarding the modifications and we push them to get it updated. In case, you need a higher amount than the initial sanctioned amount, you can apply for a top-up loan.  For a loan top-up, the value of pledged security (if you have taken a secured education loan) should be enough to cover the additional loan amount.

As the famous adage says “There is no such uncertainty as a sure thing”, there can be a time in your abroad education journey when you wish to change the college or country after the loan sanction and at times, disbursed too. Well, you will not have to worry about the modifications later on if you apply for an overseas education loan via GyanDhan. We leverage our partnership with the banks and NBFCs to provide you the required liberty.

We offer you expert help in getting the foreign education loan free of cost. All you need to do is to check your loan eligibility to see if you are eligible for a loan via us.

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