Education Loan For Masters

Loan Parameters

Loan Limit

• • Up to 50 Lacs Unsecured 
  • Up to 2 Crores Secured 

Expenses Covered

Academic expenses

• • Tuition and Fees payable to the institute
  • Examination/Library /Laboratory fees
  • Purchase of books / Equipment /Uniforms
  • Living expenses (including Hostel fees)

Additional expenses

• • Travel expenses 
  • Purchase of computers/laptops
  • Overseas insurance
  • Cost of health insurance

Accepted Co-applicant

Parents, Parents-in-law, Spouse, Sibling 

Interest Rate 

Collateralized: Starts from 8.55%

Non- Collateralized: Starts from 9.55%

Moratorium Period

Course duration + 12 months 

Repayment Duration

15 years including the moratorium period

Value of Collateral 

- The minimum value for liquid security should be 1.1 times the requested loan amount.
- Immovable property should have a minimum value of 1.25 times the requested loan amount.

Parameter

Details

Loan Limit

• • Up to 1 Crore without collateral  
  • Up to 1.5 Crores with collateral 

Expenses Covered

Academic expenses

• • Tuition fee for the course
  • Fee for examinations 
  • Library & Laboratory charges
  • Cost of books, uniforms, and equipment 
  • Living expenses (Accommodation fee included) 

Additional costs 

• • Travel expenses
  • Cost of laptop or computer 
  • Overseas Insurance premium
  • Cost of medical insurance premium

Accepted Co-Applicant

Parents, Siblings, Spouse, Parents-in-law 

Interest Rate 

Collateralized: Starts from 8.55%

Non- Collateralized: Starts from 9.55%

Moratorium Period

The total duration of the course plus 1 year 

Repayment Duration

Including the moratorium period of 24 months 

Repayment Policies

• • The interest payment is optional if the university is included in the prime list
  • Simple interest is to be paid if the university is not on the prime list 

Parameter

Details

Basic Documents

1. 1. The WeMakeScholars education loan application form is completed with all the necessary information. 
   2. As proof of identity, a PAN card and passport must be provided.
   3. To prove residency, any of the following documents can be submitted:
      • Voter ID card
      • Bank account statement passport
      • Electricity bill
      • Aadhar
      • Ration card
      • Passport
      • Telephone bill

Note: If the permanent and current addresses are different, two separate proof of address documents are needed.

 4. The co-borrowers 6-month bank statement (salary or personal) is also required. 
If the co-borrower is, 

Salaried

1. 1. 1. 1.  1-year record of salary credits must be presented.

Self-employed

1. 1. 1. 1. 1-year record of business transactions is needed.
         2. The co-borrower must provide a personal asset and liability statement.
               All the documents should be self-attested.

Applicant Academic Documents

1. Transcripts and diplomas earned from 10th, 12th, and degree-level studies.

2. Evidence of admission to the educational institution.

3. Tuition and fee structure for the course of study.

4. IELTS/GMAT/GRE scorecard. 

5. Print-out form for university ranking  

Financial Co-applicant Income Documents 

If Salaried:

1. Three months worth of pay slips.

2. Tax form 16 from the past two years.

3. Identification card from the employer.

4. Income Tax Returns from the past two years.

If Self-employed:

1. Three years' worth of Income Tax Returns.

2. Three years of Profit & Loss statements and balance sheets.

3. Proof of business address.

Other Documents

A letter of assurance that any additional costs not covered by the education loan will be covered by the co-applicant.

Additional Docs 

1. An invoice for expenses such as travel and laptops must be presented if a loan is requested to cover these costs.

2. Proof of payment receipts for any advance transactions.

3. Statements for any outstanding loans from the previous year.

4. A letter explaining any gaps in coverage, written on an Rs. 100 stamp paper.

5. If necessary, a letter explaining the absence of a co-applicants Income Tax Return.

Bank Name

Interest Rate

Interest Rate Concession

State Bank of India 

Starts from 8.30% 

0.50% - For Female students,

0.50% - Rinn Raksha

Bank of Baroda 

Starts from 10.60%

Upto 2% on going through with WeMakeScholars 

Union Bank of India 

Starts from 11.15%

0.5% for female students

1% if the SI is paid in full 

Karur Vysya bank 

Starts from 10%

Upto 2% on going through with WeMakeScholars 

Auxilo  

Starts from 11% 

Upto 2% on going through with WeMakeScholars 

Avanse 

Starts from 11% 

Upto 2% on going through with WeMakeScholars 

Incred 

Starts from 11% 

Upto 2% on going through with WeMakeScholars 

Axis     

Starts from 11.5%

Upto 2% on going through with WeMakeScholars 

ICICI

Starts from 10.5%

Upto 2% ongoing through with WeMakeScholars 

IDFC First Bank 

Starts from 8.5%

Upto 2% on going through with WeMakeScholars