Frequently Asked Questions
- EduLoan platform connects parents/ students with our partner financial institutions in order to facilitate requests for educational loans and credit cards for payment of school/course fees to partner educational institutions/ schools
- Convenience, easy and simple
- Potential for savings
- Potential preferential rates and discounts (may vary from institution to institution)
- Take advantage of potential Credit Card Easy Payment Plans offered for education
- Parents, guardians and students of our partner schools/ educational institutions can request a loan/ credit card from partner financial institutions
- Minimum age to apply is 18 years
- Payment of annual school fees and admissions fees directly from the financial institution to partner schools
- Payment of exam fees, course/ program fees, registration fees directly from the financial institution to higher education institutions
- If your school is not onboarded to EduLoan, you can ask your school to connect with us on +94 716 868 255 or email [email protected] and we will assist the school with the onboarding
- Click “Request a Facility” button and complete the simple online request form with your details
- You can request loans from up to 3 financial institutions (FIs) and your loan request will be assessed in sequential order by each FI. What this means is that FI number 1 will be the first to assess your request and if it is denied then your request will be sent to FI number 2 for assessment and so on.
- You can request credit cards from up to 3 financial institutions (FIs), simultaneously.
- NO. The information you submit would be sent directly to the financial institutions (FI s) you select
- If your request is shortlisted by the FI, you would receive a communication from them along with their documentation requirements
- Your loan/ credit card request would be evaluated by the Financial Institutions (FI) as selected by you, and would be subject to their respective policies
- Approval or rejection of your facility request would be at the complete discretion of the respective FI
- In the event your facility is approved, the FI will notify you directly. The particulars of your facility, including (without limitation), the final interest rate, monthly installment, repayment period, credit card limit etc would be communicated to you directly by the FI along with any other terms and conditions governing the facility will also be notified to you by the FI.
- Any and all disbursements of approved loans will be made by the FI directly to the partner school/higher education institution.
- PLEASE NOTE: All timelines are indicative only and no reliance should be placed on the Turn Around Times (TATs) set out below.
- It may take the Financial Institution (FI) 3 -5 working days for the FI to initially respond to you.
- If your facility request is shortlisted, it may take the FI 5 -7 days working days for the FI to complete the assessment after you have submitted all the requirement documents
- Above TATs are FI specific, and may vary between FIs
- Yes, you may submit multiple request forms
- For the multiple loans with the same educational institution, you may submit one request form
- Yes you may re-apply with new Financial Institutions (FI s) other than the ones you applied initially
- If you want to apply to the same FI s, we recommend you apply after 6 months
- We will maintain a record of the information you submit for the purposes of facilitating your loan/ credit card request. Your information would also be shared with the financial institutions (FI s) you select in the request form. The FI may verify your information with relevant 3rd parties in order to validate your request
- Does NOT provide financial advice
- Does NOT engage in assessment of the facility/ loan disbursement
- Does NOT handle document verification
- Does NOT coordinate documents with the applicant
- Does NOT provide tracking
- Does NOT provide call center support facilities for application
