Mumbai: Students aspiring to study abroad are in a fix as their academic year generally begins in September but till now, they are not being offered education loans from banks, the visa process is shut and international travel is suspended due to lockdown. Students fear their academic year will be wasted if the lockdown restrictions are not relaxed soon.
Banks are not processing education loans
Some students have already secured admission and procured an acceptance letter from a foreign university for higher education. But they are stuck as banks are not processing education loans. Eshan Pardesi, a student, said, "I have got an acceptance letter from a public university in the United Kingdom (UK) but I am waiting as I need an education loan. I am visiting my bank almost every day only to get the same response that the education loan process is shut due to lockdown."
Academic year might get wasted
While, Sagarika Banerjee, another student who has secured admission for a master programme in a New York university, said, "My course will begin from September 1, how am I supposed to process my loan, get all my documents checked, complete the verification of collateral and get my loan sanctioned in the next three months? The banks have an online process for loan application then, why are they not starting the loan process? I will lose my academic year if this delay continues."
Loan officers of the State Bank of India (SBI) and some private banks revealed the process will begin only after the lockdown is lifted. A financial loan processing officer of SBI, Goregaon branch, said, "We are not processing any education loans for now till the lockdown is lifted." While a loan relationship manager (RM) of HDFC bank, Andheri branch, said, "The RACPC office that legally verifies documents and checks validity of collateral is shut due to lockdown. We cannot process education loans untill these offices open."
No scholarships due to COVID-19 pandemic
Apart from education loans, students are denied scholarships to study abroad this year. Cathy Pais, a student who has secured admission in a university in Germany said, "I had applied for the Inlaks Shivdasani Foundation Scholarship. But, I received a response from them saying 'After careful consideration of the current prevailing situation and the uncertainty accompanying it, the Foundation has decided that it will not be awarding any scholarships this year.' How are we supposed to study without scholarships or loans?"
International travel and Student Visa process is suspended
In addition, the visa process and international travel is shut due to the COVID-19 pandemic. Zeeshan Siddique, a student who has secured admission for an Erasmus student exchange programme of the European Union (EU) said, "I have passed a difficult and highly competitive selection process to secure admission for an Erasmus programme. The EU is willing to accept entry of students soon but, I can travel only if India opens international travel and begins the student visa process."
source https://www.freepressjournal.in/corporate-corner/mumbai-port-trust/no-loans-scholarships-and-visa-students-aspiring-to-study-abroad-in-jeopardy
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