I applied for education loan in pnb
I got sanctioned amount of 3.5L
But i had to submit property papers
According to rule, there is no security needed to be submitted for upto 4L of education loan is it true??
And also, out of those 3.5L, 80k only is the semester fee overall… rest is my local pg stay, food, books, stationery etc charges … So… CAN I GET THAT REMAINING AMOUNT DISBURSED ALL AT ONCE DIRECTLY IN MY ACCOUNT IN PRIOR??
We appreciate you for reaching out to us.
We did some research, and here is what we found out.
It is true that banks provide education loans without collateral or security for amounts up to a specified limit. However, the disbursement process and the sanctioned loan amount vary and can increase or decrease depending on the applicant’s and co-applicant’s profile, Target country, Target course, etc. So, it would be advisable to you that you inquire with PNB about their specific policies and loan regulations. Additionally, it might be possible to get the remaining loan amount disbursed directly to your bank account, but it will depend on the bank’s policies and procedures. Ideally, education loans when availed through Public Sector banks are disbursed in installments directly to your university to cover the tuition fees and the remaining expenses which are further reimbursed on the submission of the proof of funds to the concerned lenders. Nevertheless, some banks may also allow for a lump sum disbursement of the remaining amount, but it is subject to their discretion and procedures.
Thus it would be best to check with PNB regarding their policies for the disbursement of education loans and the procedures for reimbursing the expenses.
Meanwhile, you can check our blog to gain a detailed insight into the PNB abroad education loan, Here is a link below for you.
Hope this assists you well!
Wishing you all the best in your future endeavors