India’s Largest Study Abroad Funding Expo (SAFE) 2024


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- Instant Education Loan-pre approval with the lowest interest rate in India

Pursuing Masters in the US has to be the most common desire in students aspiring to study abroad and for all the right reasons thanks to the sheer size of its education system,international-level tutoring, greater job opportunities, opportunities to experience a new culture, and meeting people from around the world.  It is not hidden from anyone how expensive the tuition fees for US universities are, let alone the living expenses are around 8-10 lakhs per annum. To pursue your masters in the US you may need on average around 56-60 lakhs of funds. This is when the majority of students head to banks/ NBFCs for an education loan.

Assuming, you've come here to know how to get the best deal on an education loan for masters in the US, right? Don’t worry! this article is especially dedicated to that only but before that a brief about the two types of loan you can get -

  1. Secured/ collateral loan- By pledging Immovable property like house, flat, non-agricultural land, and Liquid security like FD, Govt bond, LIC insurance(Term insurance) you get secured loan from Public banks like SBI. BOB, etc. You get the rate of interest between 8-9%.
  2. Unsecured/ Non-collateral loan- A loan without collateral. Here your Financial co-applicants income is the most prominent deciding factor for an unsecured loan as lenders are not taking any collateral, with strong financial co-applicant lenders can stay assured about repayment if a student fails to repay the loan amount. Having strong Financial co-applicants can also get you a better deal. You get a rate of interest of 10.5 or above.

This is a no-brainer that you get the lowest Interest rate for Masters in the US with the public banks on a collateralized loan, but for those who don't have any collateral to pledge, an unsecured education loan is the only option but it is not feasible for students to visit each bank and get their education loan done by themself in these covid and lockdowns situations. So, you can reach out to 'WeMakeScholars' for help, as we try our best to get students the best deal they can get. Since WeMakeScholars is an organization, funded and supported by the Ministry of IT, Govt. of India, and as this initiative comes under the Digital India Campaign, we do not charge any service charges, hence it's free of cost. 

So, after being in the market for 4 years in the service of an abroad education loan, we realized, not everyone has collateral and a good earning financial co-applicant which is important for an unsecured loan. So, EliteScholars Club is an initiative by WeMakeScholars for those who do not have collateral and a financial co-applicant. EliteScholars helps students aspiring to do their masters from the top US universities, in getting the best deal on an unsecured education loan i.e highest loan amount at the lowest rate of interest possible for your MS in USA.

Let's learn everything about the EliteScholars club but before that, watch our 12th episode of Loanflix Series where the whole concept of how to get the lowest interest rate for an unsecured education loan is explained in detail.

What is EliteScholars Club?

EliteScholars club is a community of students going to the top-ranking universities in the US for their masters or MBA. To be a part of it, there's no membership fee but your profile should match the required criteria. To check your eligibility for the same, you can fill the form on the website here.

How EliteScholars function

EliteScholars works on an innovative fintech model, wherein our technology with the help of AI and machine learning instantly checks for the best rates and terms your profile can get in the Indian market. The process is technologically integrated and the system scrutinizes the student's profile with the credit profiling model of many financial institutions and instantly gives the offer. This whole process is quick and requires minimal documentation. All the financial institutions associated with EliteScholars are recognized and accepted by the US embassy. 

Highlights of the loan product

All the loans provided by EliteScholars are unsecured loans, and they do not require financial co-applicant. But you still need a primary co-applicant only for contact purposes when the student is abroad for their MS in USA. The financial stability of the primary co-applicant is not important.

  • Loan amount- The loan amount varies from profile to profile as it depends on the university you're admitted to, the course you're opting for, test score, etc. Still, EliteScholars can get you a minimum of 45 lakhs and a maximum of 75 lakhs as an unsecured education loan. You will be having access to the entire funds once the loan agreement is signed. 
  • Rate of interest- It also varies from profile to profile and will not be the same for all as it also depends on the factors mentioned above. The ROI you get from EliteScholars is 11-11.5% which is the lowest Interest rate for Masters in the US without collateral and co-applicant you can get. 
  • Processing time- As soon as you fill in your details on the website, you get an instant loan offer and after that, you are asked to upload the required documents to verify your details. As soon as EliteScholars receive your document, you can expect your final sanction letter with all the terms within 2-4 working days.
  • Processing fee- This is the fee you need to pay after your final terms but prior to the sanction letter, and it is about 0.75 to 1% of the sanctioned loan amount.
  • Loan Margin- If you get your loan approved through EliteScholars club, you will not have to show any margin money and you will get 100% of your total loan requirement up to the unsecured limit.
  • Repayment tenure- During your Moratorium period which is your course duration plus 1 year, you are required to pay partial interest which is just 2999/- per month, and there is also no prepayment penalty (Post 6 months of the first disbursement). You get up to 10 years to repay your loan amount. 

Features offered by EliteScholars are something very unique in the Indian market. There are few foreign lenders who offer a similar combination of features but in USD, and as we know USD loans are the most expensive option considering currency fluctuation. To better understand USD vs INR loan watch this video of the Loanflix series - USD vs INR Education Loan

Being a member of Elitescholars, you not only get a loan at the best deal but an additional privilege benefits-

1. Complimentary American Express U.S Credit Card

  • You get up to 3% cashback at supermarkets, gas stations, and department stores in the US.
  • You also get up to 1% cashback on other purchases in the US
  • No annual fee/SSN not required

2. Tailored Scholarship Alerts

Since many scholarships are merit-based, many members of the EliteScholars club are going to be eligible for these scholarships. Many miss out on these opportunities due to the lack of awareness. But, don't worry we got you covered with Scholarship Alerts.

3. Free Elite Travel Insurance

  • Personal air accident cover (death only)-INR 10,00,000
  • Missing of connecting international flight during transit-USD 300
  • Loss of travel documents (Passport, Visa, Tickets)-USD 500
  • Plane hijacking- up to USD 3,000
  • Delay in receipt of checked baggage- USD 300

4. Complimentary Forex Card

  • No one-time fee or annual fee
  • 40% forex discount on currency conversion rate
  • INR 10,000 worth of instant discounts in domestic/international- flights/hotels

These are the privilege benefits other than the loan support provided to an EliteScholars member. If you are not an EliteScholars member or you want to pursue your education abroad from countries other than the US, WeMakeScholars can still get you the best deal that suits your profile. So do reach out to our financial officers by requesting a callback. Our team of financial officers assists you with the entire education loan process until sanction, disbursement, and beyond. 

Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it's free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, New Zealand, France among others.