Poonawalla Fincorp Education Loan Disbursement Process

For Indian students aspiring for higher education, financing is a concern. So, many students apply for an education loan; however, even after getting the loan approval, many students get puzzled during the disbursement phase. Suppose you have also received approval from Poonawalla Fincorp Limited (PFL). They are known for their transparent processes, fast-track approvals, and student-friendly repayment terms. Over the years, it has built a strong image and has addressed the financial needs of Indian students across global destinations.

However, if you still face challenges during the disbursement process for any reason, such as incomplete paperwork to confusion around disbursement scheduling. Read the blog and learn everything about the disbursement process at Poonawalla Fincorp. 

Overview of Poonawalla Fincorp (PFL) Education Loan

Poonawalla Fincorp is a non-banking financial company (NBFC) offering secured and unsecured education loans to students pursuing higher education in India or abroad. They have a 100% online process and are known for quick loan approvals, flexible repayment options, and competitive interest rates.

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  Minimum loan up to INR 75 lakhs, which can go up to INR 1 crore (unsecured) and INR 3 crore (secured). 
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  Unsecured loan options are available.
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  Loan coverage includes tuition fees, living expenses, insurance, travel, and many more.
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  Pre-visa disbursement option for select countries is available.

Steps Before the Disbursement

Before you get the money from the bank, there are a few steps that should be followed.

Loan Sanction:

You applied for the loan, and then after a few days of processing. The applicant gets the loan approval, and upon acknowledging the loan amount. PFL will later issue a sanction letter.

Signing of Agreement:

The sanction letter has the loan agreement, which should be acknowledged by the borrower and the co-applicant. 

Fee Payment Plan:

After the loan agreement is acknowledged, students need to submit the bank details of the university account and the fee structure along with the schedule. The applicant can get it directly from the university.

Disbursement Request:

When you have provided all the details, ensure that you provide a formal request for the disbursement.

Documents Required During the Disbursement

While you are requesting formal documentation for the disbursement, lenders (PFL) ask for some of the disbursement documents. The list is below:

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  Signed loan agreement.
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  Disbursement request form.
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  Admission letter from the university.
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  Visa copy (for post-visa disbursement).
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  Fee structure and invoice from the university.
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  Bank account details of the university or the student.
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  Insurance document (if the loan covers it).
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  Any additional documents vary based on the applicant profile.

What is the Disbursement Form?

The last step, where you formally request the disbursement, includes an official request application form. That form is used by the Poonawalla Fincorp to release the sanctioned loan amount. It contains details like:

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  Borrower and co-applicant information.
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  Mode of disbursement (directly to the university).
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  Amount to be disbursed.
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  Purpose of disbursement (tuition, accommodation, etc.).

Note: The form needs to be accurately filled, signed, and submitted with all required documents.

How does the Disbursement Process Work?

The Poonawalla disbursement process also includes certain steps and sometimes causes delays in fund release. 

Student Submits Disbursement Request:

You have to submit the disbursement form and the details of the account where you need the funds. 

Verification by PFL:

The PFL team verifies the documents and checks for any missing information.

Approval for Disbursement:

Once verified, the disbursement is approved internally, and they start the processing.

Funds Transfer:

The sanctioned amount is released to the university’s account. 

Disbursement Confirmation:

A confirmation receipt is shared with the student.

How to Get Pre-Visa Disbursement?

In some countries (like Australia or Canada), students may need funds in their account before visa issuance. PFL offers pre-visa disbursement for eligible applicants.

Steps for Pre-Visa Disbursement:

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  Submit a separate request for pre-visa disbursement.
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  Provide university admission proof, blocked account details (if required), and relevant visa guidelines.
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  The disbursed amount may be transferred to a blocked account or the student’s account for visa processing purposes.

Note: Pre-visa disbursement is subject to internal risk assessment by PFL.

Factors Related to the Disbursement

The disbursement is also related to various factors and influences the timing and amount of loan disbursement:

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  University Fee Schedule: PFL disburses as per the timeline provided by the university.

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  Visa Status: Post-visa disbursement requires a valid student visa.

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  Academic Progress: For multi-year courses, future disbursements may depend on semester performance.

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  Collateral Valuation (if applicable): For secured loans, property verification must be completed.

Conclusion

The disbursement process of every lender requires tracking and needs to be in touch with the authorities; however, you can just reduce this headache and focus on your packaging and other things. Thus, you can take advantage of the GyanDhan eligibility tool. There, you get the education loan counselor who helps with everything. They even ensure a smooth disbursement, and you don’t have to worry. We even help students help more than one lender at a time. Hence, making the funds more accessible to the students. 

Frequently Asked Questions