Education and Career Forum

Hello Everyone,
I am going to apply for an education loan for doing MBA in Abroad. Suppose if I get an education loan then how the bank will verify and provide loan amount to the college?

There are various kinds of verification processes undertaken by the bank. The bank will verify the presence of the concerned individual first. Then it will check the authenticity of the documents provided like the admission letter, recognition of the concerned college, income tax and house tax proof, etc. Then it will send a representative to your residence to check the assets of your household. The bank will seek fee structure letter from your college. Whenever, you need to deposit fees in your college, you need to write an application to the branch manager to make the requisite disbursement giving the account details wherein the bank will transfer the money. The bank will make the disbursement as per your sanctioned loan amount and other terms and conditions of the education loan.