Is Education Loan Extension Possible in India?

Deferment means an extension of the education loan. Public banks, private banks as well as NBFCs all mandate that the borrower applies for the first disbursement of the education loan within six months of sanction of the loan application. Failing to do this results in the education loan getting canceled. But in the case of education loan deferment, the lender decides to extend the disbursement of the loans by a few months. 

Let us now discuss the possibility of extension for secured education loans as well as unsecured education from public banks, private banks as well as NBFCs. Let us keep in mind that the below discussion is meant for students who got their education loans sanctioned via GyanDhan. 

A number of Universities have asked students to complete their first semester online. If your University too has issued such a direction, then you would be happy to know that our partner lenders have said that studying online would not affect the disbursement of the loan. 

Having explained that education loan deferment is possible in the current Covid situation, the entire process can be a very tedious process for students. This coupled with the fact that most students are unaware of the nitty-gritty related to education loan deferment makes it even harder to convince the lenders. It is here that GyanDhan can come to their rescue. 

We at GyanDhan have always been at the forefront of helping students make their study abroad dream come true- right from helping them get an education loan for studies abroad at the best terms and conditions to providing services even after their education loan has been sanctioned. Even during these testing Covid-19 times, we remain committed to helping our students with their study abroad mission and hence had approached our partners - public banks, private banks as well as NBFCs - to help such stranded students with education loan deferment.

Our students need not go through the whole process of re-applying and paying the processing fees for an education loan again. Even if you are a student who has not taken our help and have got your education loan sanctioned but are unable to travel abroad because of Covid induced travel restrictions, then you can approach GyanDhan and get the best possible solution. As the countries are gradually opening their borders and normalcy is returning slowly, you must not dampen your spirits and with GyanDhan’s timely help, we are sure that you will rise and shine and make your study abroad dream come true.