The educational loan decision of approval or rejection is made by the bank based on the student’s application and documents submitted. The bank will not assess the student/guarantor application if it is incomplete, i.e missing any docuument required by the bank.
A loan is rejected mostly if the guarantor does not satisfy the bank’s requirement for loan eligibility as per bank’s applied policies. The student may then have the option to find another guarantor and repeat the process as per regular procedures.
A loan is considered in process when all required documents have been submitted and while it is still under review in the bank.
A loan is flagged as incomplete if the student did not complete all the required steps and did not submit all the required documents. In this case the loan will be cancelled 2 weeks following the bank’s feedback if the student does not rectify the situation.
When the loan is approved, the bank shall contact the students to notify them of its decision and ask them to visit the bank with their guarantors to open an account (only for the first year) and sign the educational loan contract. The Bank shall provide a free of charge life insurance policy for each student, upon the signature of the educational loan contract.