Features and details of education loans become important to comprehend to successfully avail of the loan. The process to change the university once you have received your loan sanction depends on the loan amount requirement and the type of loan you have taken.
When you want to change the university name or country but your education loan details concerning the loan amount remain the same
Request the lender to modify the details. You need to fill a form and submit it to the lender to update the same in their system. Lenders are bound to reject the request for superficial reasons. The process is easier with GyanDhan. We push the lender to make the required changes and ensure that there are no delays in loan disbursal.
When you want to change the university and also require an additional loan amount to finance your studies at the new university or country
The process will vary if there is a change in the loan amount.
- If the loan amount is less than the sanctioned amount - in this case, you only need to inform the lender of the change in the amount, and the lender will modify the details in their system.
- If the required loan amount is more than the sanctioned amount - you will need to take a top-up loan. In case you took a secured education loan, the value of the collateral should be sufficient to accommodate the additional loan requirement. If you took an unsecured education loan, the income and the profile of the co-applicant should be enough to cover the additional liability.
This is a companion discussion topic for the original entry at https://www.gyandhan.com/blogs/university-change-after-loan-sanction
please advice if I should cancel my education loan if I got admission to another university but the loan was for some other university??
Instead of canceling your education loan, request the lender to change the name of the university to the one you want to attend.
As explained in the thread, the request process depends on the fee of the new university. If the fee is the same and you do not want to increase the loan amount, you only need to request the name change.
If the loan amount has increased, then there are further steps you need to follow.
Depending on the type of loan you have taken, you will have to provide additional security for the final amount you need.
For example, if you applied for a loan with collateral or security, the value of the collateral should be enough to cover the amount you require now. If the value does not cover the loan amount, you can pledge additional collateral to cover the loan amount.
If you have taken an unsecured education loan, the co-applicant income should be sufficient to cover the added liability.
If you still face any issue with the process, get in touch with GyanDhan and we will resolve it for you.
Hope this helps. All the best!
I have taken education loan 6months i continued in that school but now i want to change the school is it possible for the bank to change my school
You can change the university but it depends on the lender. In most cases, the change in university happens before the loan amount is disbursed. Since you have already used the loan amount for 6 months (one semester), it would be difficult to change the university. High possibility of rejection.
However, I would say, get in touch with GyanDhan before you dismiss the situation. We can find a solution for you.
Hi i am tilak
I am doing pilot training
You can get in touch with GyanDhan through its website - GyanDhan
Alternatively, you can check your loan eligibility on our portal - GyanDhan > Loans > Check Loan Eligibility.
Hope this helps.