Overseas Education Loan Extension in India

The coronavirus pandemic has hit just about everyone in some way or the other. Be it working professionals, students or overseas education aspirants, the pandemic has been hard on everyone. Aspirants who have applied for a foreign education loan to fund their international degree, are now in a dilemma if they can opt for a loan extension or not. In this article, we are going to talk about the extension of an overseas education loan and how is it applicable for both secured overseas education loan and unsecured overseas education loan. 

Majority of the international universities have closed for the time being or are recommending students to study one semester online and then move to the university location when things are normal. In such a scenario, students are left with the questions like if they should defer their overseas education loan or what should be done in this scenario.

Deferment in Education Loan: 

Deferment in an overseas education loan means an extension of an education loan. After the sanction of an overseas education loan, public banks, private banks and NBFCs have made it compulsory to be used within the six months of sanctioning the loan. If a student fails to do this, the education loan automatically gets cancelled. But if the student defers overseas education loan, the financial lender decides to extend the disbursement of the education loan by few more months, depending on the chosen financial institution.

Loan Extension for Secured Education Loans:

Secured Education Loans is the type of education loan for higher studies abroad where the borrower must pledge an asset while availing an overseas education loan. Considering the current situation, if the course that you have applied for has been postponed to the next year, you will be required to begin your overall education loan process one more time.

Students will have to pay half the processing fee and submit a new legal report for the collateral that a student is planning to pledge. In this way, your Secured Education Loan will be revalidated at the processing center easily. Now, all the financial institutions including private banks and NBFCs are providing the deferment for an already sanctioned secured education loans.

Loan Extension for Unsecured Education Loans:

An Unsecured Education Loan is that kind of overseas education loan, where the applicant is not required to pledge security. If a student has received an offer letter from the university but if the intake year has been postponed due to the pandemic, then the students are required to pay the processing fees once again to the financial institution and get the education loan sanctioned for the next year. We would recommend the students book a free consultation with us for more detailed information.

The process of an education loan extension in India can be quite daunting as there are a lot of formalities attached to it. If your university has also postponed its intake year due to which you are willing to defer your overseas education loan, contact us at E’LAN Loans. Our overseas education loan experts will guide you in the entire education loan extension process and make it easier for you.

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