Transfer of education loan after changing the college

I had taken admission in a college this year whose fee was 20 lakhs for which i took the same amount of loan out of which 6lakhs were disbursed but now i got a better option and changed the college…the new college’s entire fee and accomodation costs around Rs 6 lakhs now how should i approach this…as i wish to continue the same laon without closing it …please enlighten me the method or the way which can help me go on with the same loan for the new college without closing it

First, contact your lender and explain that you’ve changed colleges. Tell them the new college costs less, and you need to adjust your loan amount. Be ready to show them documents from your new college, like the admission letter and fee details. Ask them to reduce the loan amount to match the new fees, which are around Rs 6 lakhs. Work out a new plan with them for how and when the loan money will be given out. Also, talk about how this change will affect your repayments, like the monthly payments you’ll make. Keep an eye on any messages from your lender, and make sure you have copies of all the updated loan details. Lenders are usually helpful if you explain things clearly.

Sir i have claimed refund from the initial college and the money now rests with me…but there is high chance that the bank will ask me to close the initial loan and apply for new loan… although i took the loan under subsidy scheme of govt where my interest were waived off for the duration Of the course and if i close the loan now i will have to pay excess of interest and others expenses which costs around 70,000 exclusive of the loan amount and apply for the new loan. Is there any way i can continue the same loan without closing it?

First things first I am no sir and I get your situation. Here’s what you can do:

Talk to your lender again and explain that you’ve already received a refund from the first college and have the money with you. Tell them you want to avoid the extra costs and interest that would come with closing the loan and applying for a new one. Remind them that your loan was under a government subsidy scheme where your interest was waived off during the course. Explain how important it is for you to keep this benefit. Ask if they can adjust the loan amount to match the new college costs without needing to close it. Suggest using the refunded amount to pay the new college fees directly.

If needed, ask for advice from higher authorities within the bank. Sometimes speaking to someone more senior can help. Make sure to keep all your communications documented and follow up regularly to make sure your request is being processed.