Can I change banks for student loans?

1. Can student loans be transferred to another bank?

Please see the details.

1. The student loan funds have been distributed to the account. Of course, the loan bank cannot be changed after the loan is obtained.

2. The student loan application form has only been submitted, and the review and approval is only in progress. Then you can contact the loan bank to see if it can be canceled.

3. If the student loan is extended in the second year, it will be more convenient and faster to go to the original bank. If you change financial institutions again, you will most likely need to submit a series of supporting documents such as the assessment of needy students. It is okay. Required.

4. If the student loan is not a loan from the student’s place of origin, then the application for the loan is usually made to the school where the student is attending. The school also has its own contracted cooperative handling financial institution, so you cannot change it if you want to. Yes, you need to see the clear regulations.

2. Student loan application process

1. Student loan in the place where students originate

Students submit applications and supporting documents to the financial aid center in the place where they are registered. , and then the students will hand over the loan application receipt form to the school teacher for entry, wait for review and approval by the financial institution, and then lend in accordance with relevant regulations.

2. Student loans for colleges and universities

Students clearly apply for loans to the school where they attend, and submit various supporting documents according to the school, and then the school will process the submitted application materials. After preliminary review and making relevant recommendations, the loan will be submitted to the lending bank for verification and review. The bank will then grant the loan in accordance with the regulations based on the review. Is it necessary to convert a mortgage loan into a consumer loan?

In fact, it is not necessary.

The fundamental reasons are as follows:

1. The mortgage loan period will be longer than the consumer loan period, resulting in less financial pressure.

The maximum borrowing period for housing mortgage loans is 30 years, while the period for consumer loans generally does not exceed 10 years. Faced with the high purchase price of a house, the principal and interest of the loan are usually very large. Choosing a longer loan period can better diversify the financial pressure.

2. The interest rate of mortgage loans is lower than the interest rate of consumer loans, so it is not worthwhile to transfer it.

If you apply for a provident fund mortgage loan, the interest rate is extremely low, which is more cost-effective. If the mortgage loan is a profit-making loan, the interest rate of the loan can be at least LPR-0.2 for the same period, while the general interest rate of consumer loans will not be less than the LPR for the same period. There may be an interest rate discount during a certain period of time, which may be lower, but it is not stable. . With such a simple comparison, you can see that there is no need to convert mortgage loans to consumer loans.

3. The process of converting mortgage loans to consumer loans is inconvenient and may involve certain risks.

The inconvenience of the whole process is that the lender must first have sufficient funds to repay the remaining unpaid mortgage loan in advance before he can get the property ownership certificate, cancel the mortgage registration, and then go to the next step. Apply for consumer loans through real estate mortgage guarantee.

The risk is reflected in the fact that consumer loans must establish the purpose of the loan and cannot be used to buy a house. The main purpose is smaller, the loan amount is small, and if the demand for the main purpose is strong, such as the main purpose of business, a business license needs to be submitted. , business place, business conditions and other relevant information, if it is falsified or used in violation of regulations, you will bear great responsibility and risk.

The above is the relevant introduction to "Is it necessary to convert a mortgage loan to a consumer loan?" I hope you can help everyone.