How long does it take to pass education loan?

It is best to know as much as possible about the course and the institutions that you have chosen. It takes around 15 days for an educational loan to be sanctioned. Once it has been sanctioned, you will get a promissory note which you will have to sign. In most cases, banks pay the institution directly and or to you.

How long does it take for student loan to get approved?

Most applicants hear back quickly. However, in some cases it can take up to 45 days. You’ll receive one of the following in your Student Aid account inbox: An award letter indicating how much loan and/or grant money you’ll receive, or.

Do education loans get rejected?

Your loan gets rejected if you provide the wrong collateral such as agricultural land which isn’t acceptable by the lender for an education loan. The bank will accept house, fixed deposit, insurance, or any tangible collateral which is on the borrower’s name.

How long does it take to get an education loan?

Nationalized banks tend to take 15–17 days as they evaluate the collateral pledged, which takes time. If you select a Non-Banking Financial Company (NBFC) then the process takes about 7–10 days. Confused Between Education Loan from Bank or NBFC?

How can I Check my eligibility for education loan online?

Procedure to check eligibility Visit the official website of Bank Bazaar. Go to the ‘Loan’ section and click on ‘Education Loan’ tab. Alternately you can also hit the ‘Apply Now’ tab present on the website to get redirected to the education loan page.

How long does the education loan process through NBFCs take?

Education loan process through NBFCs will be quite quick, as there won’t be any property/collateral related procedures. But selecting an NBFC according to your profile might be a tough task. Processing usually takes about 7–10 days. Due to the ongoing NBFCs issue, they might charge heavy interest n education loans.

What is the basic education loan eligibility?

Find Education Loan interest rate here. Since these loans are offered to brilliant students who are unable to meet the expenses of their higher education, the basic education loan eligibility is the academic excellence and achievements of the students.