I have a loan of 25L from SBI for masters in UK total fee is 14320 GBP. I have already disbursed 4900 GBP towards my Tution fees.
What is the maximum amount that can be disbursed towards living expenses.
To get the disbursement for living expenses, you will have to submit an estimate.
Rest, I have forwarded your query to our Education Loan Counselor to confirm the maximum amount you can get for living expenses. Iāll update you as soon as I receive a reply. Thank you for your patience.
Shared by our counselor -
Disbursements do not work in that way. Before the loan is sanctioned, the student shares total expenses (Tuition Fees + Living Expenses). At the time of sanction, whatever amount is allotted under living expenses will be provided to the student. These expenses proof is shared by the University/College.
So, whatever estimate you provided during your loan application process, will be disbursed to you for your living expenses.
Hope this helps. All the best!
Hey,
For the SBI global ed-vantage scheme,is the loan amount sanctioned divided equally among the two years(meaning I cannot use the year 1 money for year 2)? Or can I ask for disbursements based on need from the 2 year sanction?
The loan amount sanctioned is not equally divided among the two years. Rather it is based on your cost of education. So the disbursements can very well be based on your needs in the 2nd year.
I have just completed my second semester examinations and I think I might get 1-2 backlogs in this semester as I hadnāt prepared well as I was not well during my examinations. Will I be approved for the next semester loan disbursement if I provide them with a explanation and a last Semester marksheet with 7.4 CGPA.
Hi @Kanik
The answer to your question has already been in the discussion forum (dated 21st January 2021). Scroll a little down or use this link to see a detailed answer:
Let us know if you have any more questions.
Thank you.
For 2nd year fee reembruisment, does the bank officials cross verify our marks( grades) with the college along with the verified documents given by us also? And if they think that our marks are low(according to them), do they have right to cancel my education loan?
Hi Suman,
When a bank approves an education loan, they issue a sanction letter specifying the total approved amount. This sanctioned amount can be disbursed based on your specific needs.
It is important to note that, generally, banks assess academic performance during the initial loan application process. After the loan has been approved and disbursed, banks do not cancel loans. The evaluation of academic performance is typically a part of the initial approval criteria.
Hope this helps.
For second year disbursement, does they verify with college for verification?
Hi suman,
No the bank does not verify your academic details from the college.
Iām studying professional course of pharm D
I have got approval of my education loan for first year but I loan debursement is not done for the first year and I got a back log in first year
How can I borrow loan money after clear my backlog suddenly for debursement of money for 2 nd year pharm D
(Note: Pharm D does not have semesters)
Hello Sumuk,
Your intended program requires a collateral for an education loan. If you require a loan from the same lender where the loan is already approved then you need to clear your backlog and apply for disbursement.
Thank you mam
Hi, I have some doubts about the disbursement process.
As I have taken an education loan in India one year ago and it was a third party guaranteed. My boyfriends father was the guarantor and me as an applicant and my mother as a co applicant. I have paid my first year fees through the loan and taken my living expense. Unfortunately I have signed my cheques for his father as he asked me to do that so he will pay my fees when am out of the country because my parents are not happy with the relationship and just joined with application to get a career for me by my hard request and wont be available all the time to help mr to pay my fees from country. I was not aware that the amount can be paid directly to university as i need to put 25% of my fees as margin and it usually disburse to my account and when am not there his father withdraw and paid from his account. My concern is - After one year me and my boyfriend was not in relationship and choose to seperate but he need the money to pay his fees to the university as he is also a student. without my proper consent and so much pressure I have send an mail like is there is any option to disburse my second year living expense. It was ot even my second year and it only 8 month passed and without my consent they send another ,mail from my mail id as it was being logged in to the laptop which is bought from the educaton loan. the bank has disbursed the amount on next day to my account and his father withdrawed the amount from my account with my signed blank cheque. I was not aware of these and just need to clarify whether there is any option for me to followup the amount, Its my second year and they have also cancelled my loan and blackmailed with the blank cheques to not breakup with his son. I dont know what I need to do. I came with a dream and was not ablt to cmplete my studies with these issues. ans also i havenot taken the amount and was not aware of anything and still the laptop covered under the loan is being with him. I am suffocated of the issue as I cant start repaying the loan right now. I wanted to finish my studies first. Is that okay? can i start repaying it after one year.? He and his father is blackmailing and threatening me like they need their home asap and need to pay evrything otherwise they gonna fire my parents house and put me in jail with the cheque. i have cancelled the cheques, my bank manager was aware of these at the startinga nd now he is transferred and was not able to followup. I am worried and tensed, I ned to complete my stuides, i cant pay all these amount which they have taken or atleast i need the prove or followup of that amounbt which I havenot used for my expenses. What are the consequences which i need to face now as they are saying that the case is filed agianst the loana nd i need to go to jail within a year? please advise me please
Hi, I want to take a loan of 4 lakhs through sbi
but I have some confusion, first, I have paid 1st year payments on my own, so will bank give the reimbursement to me?, secondly, can bank disburse this amount to my account and not University (as it is a small loan without margin or collateral), does it provide some flexibility? as I have some other expenses related to education such as laptops, electronics, travel, etc. too. please help.
Hi Jatin,
The State Bank of India will pay tuition fees directly to the university and will only transfer living expenses to the joint account of the student and co-applicant. Also, the bank does not offer reimbursements.