Why Should Students take Education Loans via GyanDhan?

    Updated on: 11 Aug 2022

    Education Loans have over the years helped lakhs of students fulfil their dream of obtaining a world-class education at the most premier universities of the world. However, it is not easy to get an education loan as the whole process is fraught with documentation issues, numerous delays and an inordinate amount of red-tape. There are two ways of getting an education loan.

    The first way is that the student directly approaches the various lenders and hopes to get the loan disbursed on time. The second way is the easy and the hassle-free way - via GyanDhan.

    GyanDhan is an education loan marketplace, which helps students to get loans from multiple lenders. In this regard, GyanDhan has tied up with numerous banks and Non-Banking-Financial Corporations like State Bank of India, Bank of Baroda, Axis Bank, Sundaram Finance, Credila, InCred, ICICI Bank, Auxilo and, Avanse in order to help students to get the best loan product according to their profile and requirements.

    Check Your Education Loan Eligibility Apply Here

    When a student wants an education loan then they can approach the various lenders themselves also, so why should they avail loans via GyanDhan? That is because, GyanDhan takes care of all the issues, roadblocks and also helps them to get the best interest rate, thus saving you a substantial amount over the years.

    Below we have listed out different phases of the education loan process and how GyanDhan adds value for the students without charging them even a single penny

    Stage 1: Enquiry

    Without the aid of GyanDhan, students would have to enquire at numerous financial institutions about the possibility of attaining a loan. On the other hand, when they are securing a loan with GyanDhan, then they can simply Check Loan Eligibility on GyanDhan’s website sitting in the comfort of their home. They just have to enter some basic information and get the on-the-spot decision on the possibility of the education loan. Moreover, GyanDhan’s dedicated education loan counselor will also call the student to discuss their profile in detail, in order to guide them towards the most-suited education loan option.

    Stage 2: Documentation

    Lenders require a lot of documents (especially Indian banks), and it is quite a task to secure a loan if all the documentation is not complete at the time of the application submission process. GyanDhan is aware of this crucial step and it, therefore, sends students a tentative document checklist after their initial conversation with the education loan counsellor. This helps them to check, if they have all the documentation in place or not. Also, in case any document is not available, then GyanDhan’s dedicated education loan counselor will suggest an alternative solution or ways to get it.

    Step 3: Decision to Start the Loan Process

    Once the student receives an admit letter, then GyanDhan’s education loan counselor suggests the best option to start the loan process according to their requirement.

    For Example:

    • If the student wants a loan against property, then GyanDhan would note the property value and will evaluate if it is enough to get the loan from Public Sector Undertaking (PSUs) or not. Some PSUs give 70% of the property value as loans whereas some go up to 100%. So, if you need INR 50 Lakhs on a property worth INR 55 Lakhs, then GyanDhan would suggest you start the process from the Bank of Baroda (BOB) and not the State Bank of India (SBI).
    • However, if your property value is 80 Lakhs and you require a loan of INR 50 Lakhs. But at the same time, your college is not on the BOB’s preferred colleges list then GyanDhan would suggest you start the process with SBI instead.
    • If the student wants a loan without giving any kind of collateral, then GyanDhan would ask for the amount required, co-applicants income, and would evaluate where the student would have the maximum chances of getting their loan approved. Additionally, GyanDhan would also take into account if there are existing EMI’s on the co-applicant's name and take that into consideration while suggesting you the best lender to start the loan process.

    Step 4: Starting the Process

    Once the student decides which lender/s to start the education loan process, then GyanDhan helps them during this stage as well.

    • For unsecured loans, GyanDhan connects with the Lender’s Sales Manager who takes cases via GyanDhan at their utmost priority. Depending on the lenders, the student can share the documents over email or can ask the lender’s executive to come and pick up the documents from their door-step.
    • For secured loans, students have to fill the application form on GyanDhan’s website, which directly goes to bank executive (GyanDhan has technically collaborated with banks like SBI, BOB).
    • Furthermore, if you are in Delhi, Mumbai, Pune, Hyderabad & Bangalore then GyanDhan’s representative can also pick up your documents from your home and submit in the bank.
    • For other cities, GyanDhan shares the contact details of the bank’s executive and make sure that you are able to submit the documents without any hassle.

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    Step 5: Getting the Loan Sanctioned - Escalations / Negotiations

    Submitting the documents in the bank is just the starting of the process, as there is a long way before the money is sanctioned. There can be various issues at the lender's end like:

    • Delay in Sanction - Indian financial players are not known for their customer service, and more often than not the customer faces delay during the sanctioning process. One of the primary advantages of taking a loan via GyanDhan is that we make sure that the loan gets sanctioned on time. We constantly follow up with the Branch/Sales Manager and prevent any roadblocks. In the rare case, the concerned person doesn’t respond then GyanDhan can easily reach out to the lender’s leadership team to get the loan sanctioned on time.
    • Unnecessary Documentation: Working closely with the leadership team gives GyanDhan a better idea of the documentation involved. If the Branch/Sales Manager asks for any unnecessary documents, then GyanDhan’s escalation team resolves such issues in hours, thus preventing delays.
    • Higher ROI: Though ROI in PSUs is fixed when it comes to private lenders then they tend to charge a higher interest rate to their customers. GyanDhan makes sure that the customer gets the best interest rate according to their profile. In case GyanDhan feels that the customer is overcharged then we talk to the concerned sanctioning authority to make the interest rates at par.
    • Unethical Practices: Due to the limited understanding of the financial terms by the students, there are many unethical practices that are followed in the market. For example:
      1. Students may be charged a premium for insurance, which is not mandatory
      2. Students are forced to take life insurance along with loan insurance
      3. Private players increase the interest rate during the studying period

    However, if you are taking a loan via GyanDhan then we will escalate these unethical practices to the concerned authorities and get it resolved fast.

    Step 6: Disbursements

    There have been many cases wherein even after sanctioning the loan, the lenders don’t disburse the money and instead ask for more documents. In such cases, GyanDhan resolves the issue and the loans are disbursed pronto. Furthermore, numerous universities have different requirements regarding money. Some prefer a direct transfer into account whereas some ask for a transfer via the third party. GyanDhan helps the students to make the necessary requests to their lenders and ensure that the fees are paid on time.

    Even after the students go abroad and need their fees-disbursement for the next semester, then GyanDhan ensures that it happens in a timely manner. In case of any issues, our team is always a phone call away, so that students’ parents don’t have to visit the lenders.

    Check Your Education Loan Eligibility Apply Here

    Other Services

    Once the loan gets disbursed, GyanDhan’s association with the students doesn’t end there. We also help students with:

    1. Forex services like getting the best forex card or transferring money to a foreign account
    2. Insurance which is mandatory for foreign universities, at just one-third the price

     

     

    GyanDhan’s relationship with the students starts from the day they log on GyanDhan’s website till the day they repay the entire loan. GyanDhan takes care of all the roadblocks during the entire process and makes it as simple and easy for the students as possible. As mentioned above, GyanDhan doesn’t charge anything from the students for all their services.

    So, are you thinking of getting a loan from industry leaders like SBI, BOB, Axis Bank, ICICI, Avanse, Incred? Get the loan via GyanDhan and experience ease and timely delivery in the most seamless manner. Ready to get started? We can call you and provide you with an instant quote!

    Also, if you are planning to take an education loan via SBI, then we have launched a new service of door pickup of documents (at zero cost) which will reduce your time and effort substantially. 

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GyanDhan is India's first education financing marketplace.

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