Poonawalla Education Loan Application Process

Higher education is expensive, and one of the most practical ways to fund it is through an education loan. If you are considering applying for a loan and find that Poonawalla Education Loan features align with your needs, this guide will walk you through the entire process.

We have detailed each step of the application process and explained how you can apply using different platforms. You can choose the one that feels most convenient and appropriate for your situation. Read on to learn the process in a detailed and easy-to-understand manner.

How to Fill the Application Form Directly Through the Website?

If you are applying directly through the website portal, then you should know the following steps.

1. 
   Visit the official website of Poonawalla Fincorp and, under the "Loan" section, click on the "Education loan".
2. 
   You will be redirected to the bank page where you need to provide the Aadhar number and the OTP.
3. 
   After verification, fill in the personal details.

   • 
     Name, Email ID, Mobile Number
   • 
     Date of Birth
   • 
     PAN Card and Aadhaar Card details
   • 
     Course name, duration, and university details
   • 
     Admission letter or offer letter (upload if available)
   • 
     Cost of education (tuition, living expenses, travel, etc.)
   • 
     Co-applicant’s income and employment information
4. 
   Recheck all the details and submit the form, and await communication from Poonawalla’s loan officer.
5. 
   When processing is done from their end, you receive the call. 
6. 
   Visit the branch for the document verification. 
7. 
   Within 7-10 days, receive the confirmation and the loan amount. 
8. 
   After the discussion, you get the sanction letter, and formalities take place. 
9. 
   The disbursement form is requested, and thus, you get the money in your university account. 

How to Fill the Application Form Through the PM Vidya Lakshmi Portal?

The PM-Vidya Lakhsmi portal is the website that is a government initiative that provides all the loan options in the same place. However, it allows only three applications at a time. Below is the detailed process to apply for the loan through the PM-Vidya Lakhmi Portal:

1. 
   Go to the official website of the PM-Vidya Lakshmi Portal. 
2. 
   Sign up as a student and create your profile. Use a valid email ID and mobile number.
3. 
   Log in and fill out the Common Education Loan Application Form (CELAF). It includes:

   • 
     Personal details
   • 
     Academic background
   • 
     Loan requirement
   • 
     Course and institution details
4. 
   After you have filled in your details, recheck them once because you won't be able to edit them later. 
5. 
   Also, you can select up to 3 banks/NBFCs (Poonawalla Fincorp being one of them) to apply simultaneously.
6. 
   Once submitted, you can monitor the application status directly through the portal.

How to Apply Through GyanDhan?

If you're tired of official portals and the waiting time feels never-ending, switch to GyanDhan. It offers a simple one-step process, explained below:

• 
  Go to the GyanDhan homepage and click on the "Study Abroad" option. 
• 
  Under the "Tools" section, find the "Check Your Loan Eligibility" option.
• 
  Fill out a short form about your course, university, and finances. GyanDhan’s real-time tool will show eligible lenders, including Poonawalla Fincorp.
• 
  A loan counselor will call you and help guide you through the entire process.
• 
  After understanding your requirements, a GyanDhan representative will visit your house to collect the documents. For Tier 2 cities, if a branch is far away, students may have to visit it themselves.
• 
  Documents are collected and verified by the branch officer and forwarded to the loan department.
• 
  The partnership between GyanDhan and lenders accelerates the application and reduces the wait time.
• 
  Regular follow-ups by the GyanDhan representative with both the branch and the student help ensure a smooth process.
• 
  Students receive loan approval and benefit from a hassle-free disbursement process.

Conclusion

The loan application process may seem short when reading it, but the formalities involved can be extensive. So, just check your eligibility and if you're still unsure about admission, use our Admission Portal too. With GyanDhan, you can leverage a variety of services free of cost and enjoy fast and easy loan processing.

Now, the decision is yours, and whatever you decide, we wish you the very best. All the best for your journey abroad!

Frequently Asked Questions