BENGALURU: After the disruptions caused by the pandemic, Gayathri Kumar is hoping to finally live her dream this year: flying to the United Kingdom to pursue a master’s programme.
The moment the lockdown was relaxed in Karnataka this month, she rushed to apply for an education loan.
Several other candidates in Bengaluru with admission offers are also approaching banks as the US, UK, and Canada have opened visa appointment slots and their borders for students.
“I postponed my plans from 2020 to this year after losing my grandmother to Covid-19.
I hope to start my studies this year,” said Gayathri.
The Banashankari resident feels her anxiety level will remain high until the loan application is approved.
“When I started the process, I had hoped to hear back from the bank within a few days.
But the response came after two weeks,” she said, adding that she must pay 1,000 pounds (more than Rs 1 lakh) before paying the full fees and applying for a visa.
Vijay L has received an admission offer from a Canadian university, and he is in the process of getting a loan approved.
Though the procedure has taken longer than expected, it has been smooth.
“I had heard from my seniors that it would take a month.
In my case, it’s been over a month.
However, bank officials have been supportive and nice,” he said, adding that more than 30 students in his group had applied for education loans.
Most are joining universities and colleges in Canada, while some are headed for the UK.
“We are all worried about the uncertainty.
What if Covid cases increase and the countries shut borders again? A few of my friends have already quit their jobs and are waiting to fly out in August.
The processes have never been more nerve-wracking,” the Nagarbhavi resident said.
Loan depts working overtimeWhile students are queuing for education loans and coping with what-ifs, bank officials are grappling with their own problems.
They said that the sudden opening of visa slots and borders had led to a rush of loan applications, with students looking to secure funds before the start of the academic year in August-September.
Earlier, applications arrived at a steady rate.
After Unlock, the demand for other banking services has also gone up and staffers are finding it hard to keep up.
A bank official told STOI that loan department staffers were working beyond their office hours.
“With the easing of lockdown restrictions, we are also bombarded with requests from customers on other matters.
Our systems and employees are overloaded.
Our loan team stays back after 4pm to start the application work as the load on servers eases by then.
Many stay back for hours to complete the work,” the official said.
Banks are also facing a staff shortage, with some members recovering from Covid.
“This has also affected the application processing time.
Customers call or visit us and ask why we don’t respond within a day.
How do we explain the various factors to them?” the official added.
An official of a private bank said that some students looking to fly out in 2022 had also sent enquiries and requests.
“With the quarterend, we also have to focus on NPA recoveries and other issues,” he said.
Bengaluru: Rush for education loans as visa slots open
