REMITTANCE PROCESS FOR EDUCATION LOAN
After the education loan is sanctioned,it is a fairly simple process for the remittance process to go through.Four attachemnts have to be submitted to the bank/financial institution from where the loan has been procured,in order to facilitate the transfer of funds from the local bank, to the overseas bank account(personal or university) depending if the remitted amount is for personal expenses or for university fees.
Fill in the xxxx with the appropriate information marked in brackets
Beneficiary is the person who is going to recieve the funds
Beneficiary account number is 11 digits.First 4 digits stand for bank transit number and last 7 digits is the account number.
|To,Bank nameAddressReg:Education loan remittance of foreign exchange from my/our savings/current a/c no. xxxx ofxxxx(name of appliacant) I/we, xxxx (name of applicant) have the above mentioned account with your branch.You are requsted to remit xxxx(amount in desired currency) as mentioned in form A-2Beneficiary’s details are as under:Beneficiarys name:xxxx
Beneficiary’s A/c No:xxx
Beneficiary’s Bank name and address:xxxx
Routing Adress & No.:xxxx
Swift Code No:xxxx
Adress of Beneficiary and phone no:xxxx
Purpose:FEES/LIVING EXPENSES etc
Kindly debit my/our above mentioned account no. xxxx for the same along with applicable charges in Indian rupees
I/We confirm that i/we have not exceeded the limit prescribed by RBI for the said purpose from your bank or any other bank during the current year.
From: (name and address of applicant)
DECLARATION CUM UNDERTAKNG
I/We hereby declare that the transaction and details of whih are specifically mentioned in the schedule hereunder does not involve,and is not designed for the purpose of any contravention or evasion of the provisions of the aforesaid Act or any rule,regulation,notification or order made therunder.
I/We also hereby agree and undertake to give such information/documents as will reasonably satisfy you about thie transaction interms of the above declaration
I/We also understand that if I/we refuse to comply with any such requirement or make only unsatisfactory compliance therewith,the bank shall refuse in writing to undertake the transaction and shall if it has reason to believe tha any contravention/evasion is contemplated by me/us report the matter to RBI
I/We further declare that the undersigned has/have the authority to give this declaration and undertaking on behalf of the firm/company.
Signature of the applicant
For foreign Excahnge
Nature/Purpose of Foreign Exchange transaction: EDUCATION LOAN/EXPENSES/FEES
Amount of foreign Exchange: xxxx (in desired currency)
Benificiary:xxxx(Routing number and name)
3. A2 FORM
|Application for remittance abroadI/We wish to purchase/transfer xxxx (name of currency and amount in words)Through xxxx (Name and address of bank) for payment to xxxx (Name and address of beneficiary)
by remitting the amount by credit to the account of xxxx (EDUCATION LOAN/LIVING EXPENSE)
put a tick against apropriate pupose code,in case of difficulty consult your banker.
Name of applicant
Address of Applicant
4. COVERING LETTER
Simply addressed to the Bank Manager from the beneficiary’s name,asking him to release xxxx amount towards living expense/fees etc.Write the name of the account holder and the 11 digit beneficiary number.Also Name and address of beneficiary bank.