Education loans in Bengaluru face a sudden rush
BENGALURU: After the disturbance caused by the pandemic, Gayatri Kumar now has hopes of living her dreams by flying to the United Kingdom to pursue her master’s degree. As the Lockdown was relaxed, she dashed to apply for a student loan. Many others who share the same dream are approaching banks as UK, Canada, and the US has opened the visa appointment slots and their borders for all the students.
Gayatri said, “She postponed all her plans from 2020 after losing her grandmother to Covid-19 and hopes to start her studies this year,” Gayatri feels her anxiety level will remain high until her loan application is approved.
Vijay L, another student, received an offer from Canadian University right now. He is waiting for his education loan to get approved. The procedure has taken longer than he expected, but it’s been smooth. He heard from his seniors it would take a month, but in his case, it’s been longer than a month. Bank officials are have been supportive and friendly, he said. More than 30 students from his group have also applied for a student loan. Some heading to the UK but most of them are trying for Canada.
The loans departments are working overtime.
While the students are applying for student loans, the bank officials are having trouble. They said the sudden opening of borders and visa slot has led to rising in the loan application as the students are looking for secure funds before the start of the academic year August-September. Earlier, the application was were arriving steadily. As soon as the lockdown was opened, the demand for other banking services has also escalated.
Due to a sudden increase in loan, the loan department staffs are working beyond office hours “ With ease in lockdown restriction we have received a huge request on other matters. Our employees and system are overloaded, and the loan team are staying and working after 4 pm as the server load eases after that, many staff stay back for hours to complete their work,” the official said.