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Generally, lenders approve study loans after you secure admission to a college abroad and have the acceptance letter. But the approval letter is required before admission. In such situations, a pre-approved approval letter is helpful.
What is a pre-approved sanction letter of bank? It is a provisional approval letter that you get before admission and is only to prove your financial ability during the visa process. It is a temporary approval, which helps you during the visa process.
You can apply for a pre-approved study loan only after getting the entrance language proficiency test results. However, only a few lenders offer this facility. If your loan provider finds any issues with your loan application documents, this pre-approved education loan can be cancelled. So, fill in your details carefully and review the same to be eligible for pre-approved loans.
Lender Name
To,
Date
(Your Name)
(Your Address)
(Contact Number)
(Your Co-Applicant’s Name)
(Your Co-Applicant’s Address)
Dear Sir/Ma’am,
Subject: Study loan approval of (Amount)
We are happy to notify you that your application for a student loan of (amount) with (loan provider’s name) has been sanctioned under the following terms and conditions:
| Applicant Name | Your name |
| Co-Applicant Name | Cosigner name |
| Guarantor Name | Name of the guarantor |
| Course Information | Your chosen course program and college |
| Approved Amount | Loan Amount |
| Interest Rate | Yearly rate of interest |
| Interest Rate Type | Fixed or floating |
| Margin | Percentage of margin |
| Credit Insurance Premium | The loan provider will specify the number |
| Repayment Term | The repayment tenure and EMIs are mentioned |
| Grace Period | Moratorium period |
| Documentation Charges and Other Fees | XXXXXX |
| EMI Amount | Amount of EMI |
| Disbursement | When the student receives the visa, the amount will be disbursed. All terms and conditions are met. |
| Security Information | Information about collateral, guarantor, and future income for the payment instalment |
| Processing Charges | The processing fee mentioned |
| Loan Account Number | XXXXXX |
| Loan Account Branch | Your loan provider’s address |
| Penal Interest, if any | In the case of any defaults or non-adherence to loan terms and conditions, the applicant must pay a penal interest of (interest percent) of the defaulted amount |
The approval above, moreover, is subject to the following:
Please acknowledge the terms and conditions.
Thank You
Manager, Bank Name
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