Getting a study loan for abroad can be a harrowing experience, especially in India. Government banks have some of the best schemes that offer a study loan for abroad. However, not many bank officers are aware of the exact details of the education loan product endorsed by their organization. With so many problems surrounding the process of getting a study loan for abroad in India, does funding your higher studies abroad look like an impossible task? This is where WeMakeScholars steps in. 

The team of WeMakeScholars has been responsible for bringing about some revolutionary changes in the way most government banks deal with student loans. This blog is dedicated to explaining how we have managed to bridge the gap between students and institutions that lend study loan for abroad studies and how we have been successful in doing so.

Or better yet, get to hear about it all from Damini Mahajan, the co-founder of WeMakeScholars, in the 26th episode of Loanflix, a comprehensive web-series on abroad education loans which is developed and presented by our team on YouTube.

Who are we?

Before delving into the details of how our team helps students in various different ways to find the right source of funding with respect to a study loan for abroad, here’s a little sneak peek into our story.

WeMakeScholars is the brainchild of two University of Sheffield graduates, Damini Mahajan and Arjun Krishna. We started out as an online scholarship listing platform in 2015 and received funding from the Ministry of IT,  Government of India, in the same year.

After having helped many students find the right scholarships for their higher education abroad, our team realized that apart from scholarships, a lot of students faced multiple problems while trying to find the right education loan for abroad in India.

After conducting thorough research, our team was able to find out that, although their product had better services to offer, there was very little awareness amongst government banks about education loan for abroad in India. This is why a lot of students found it difficult to get their study loan for abroad from government banks

NBFCs, on the other hand, did endorse education loans, however, many candidates approached them out of desperation, without having researched well about the pros and cons of borrowing unsecured education loans. All in all, our founders came to realise that banks did not care much about education loans and due to very limited information on education loans being available, students sometimes happened to take the wrong decisions regarding the funding of their abroad education

This is when the founders of WeMakeScholars decided to bridge the gap and put an end to students’ misery and today, we can proudly say that we have been able to help close to 5000 students realise their dream of studying abroad in a cost-effective way. All this at no extra charges. Getting to process close 5000 sanctions in a span of three years is no small feat, given the kind of support and response given by government banks for abroad education loan applications.

HDFC Credila was the first lending institution with whom we had started working. Unfortunately, this association was short-lived due to multiple problems such as the sudden increase in the education loan interest rate without any prior communication and rejection of abroad education loan application without valid explanations, etc. Such practices by Credila compelled our team to discontinue our association with them. Today, we are closely working with prominent banks such as SBIBank of Baroda, etc.

There are multiple reasons why you stand to gain when you apply for education loans through our team. All the reasons will be explained in two perspectives, one is how we provide assistance to students who need an education loan for abroad from government banks and the second category covers how we help those in need of an education loan without collateral through NBFCs.

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Why you should apply to government banks for a study loan for abroad through us?

Applying for secured loans through government banks becomes a cakewalk

Out of the thousands of abroad education loan applications received by government banks, only a few hundreds are sanctioned. This is the case with even a major bank like SBI. Have you ever wondered why? If you have spoken to anyone who has borrowed student loans from government banks to aid their studies abroad, you may come to realize that most government banks show very little interest in customers who have applied for abroad education loans. Most of their loan officers have very little or no information about their education loan products. Applying for a study abroad education loan in Indian government banks has become a nightmarish experience for most candidates.

At WeMakeScholars, our team understands the importance of a student’s time and effort. We are aware of how time-critical the entire process of applying for higher studies can be. This is why all the information relevant to your abroad education funding process is just a phone call away when you apply through us.

One of the major highlights of our service is that students get to know their loan options without having to approach multiple lenders and wasting their time. Our team members help them make the right decision by comparing the education loan policies of the various lenders and by giving a direction to their entire thought process regarding the education loan process.

Make well-informed decisions with the help of our team’s expertise

Here’s a small fact. The total number of SBI branches in Telangana is close to 1000 and the total number of abroad education loan applications processed by SBI Telangana in the financial year 2018- 2019 was only 600. The numbers don’t match, right? 

The financial team of WeMakeScholars alone has sanctioned close to 250 abroad education loan applications and every day, at least one application gets escalated to our experts. These statistics tell you that our team’s knowledge about the entire abroad education loan process in India is better than what any government bank employee can provide. 

This gives us the upper hand in helping students find different solutions to their funding problems, no matter how unique their case is.

Cut down on your processing time when you apply for abroad education loans through our team

Government banks are known to take their own sweet time to process abroad education loan applications. Most candidates hesitate to apply with government banks because they are confident about never getting their abroad education loans sanctioned on time. 

One of the biggest hurdles faced by most candidates is getting their pre-visa disbursement approved from government banks. This is where the WeMakeScholars steps in. Our team has been part of many of the important abroad education loan policy changes made by banks like SBI. Also, our rapport with the concerned government bank makes it possible for us to help our students get their abroad education loan application sanctioned even before their visa process commences. This is just one of the many reasons why you should be applying with us if you are looking for an abroad education loan through government banks. The other reasons are as listed below.

Is Your Property Located in a City other than the one you are residing in?

Don’t worry. In case of secured loans from government banks, it is essential to pledge collateral of some kind against your education loan for abroad studies. Usually, all government banks, certain private banks and NBFCs lend secured loans. Generally, most applicants prefer pledging immovable properties as collateral.

Now, if this particular property lies in a city/state other than the one in which the applicant is residing, most branches of government banks hesitate to process the loan application or the process is delayed. WeMakeScholars, again, intervenes here and ensures that all the legal formalities related to the collateral being pledged are completed within a stipulated time frame, thus enabling students to get their abroad education loan sanctioned exactly at the moment when they need their funds. So if you are sceptical about whether your property can be considered as collateral for an abroad education loan, do not hesitate to get in touch with our team for assistance. You can request a callback here.

Some miscellaneous issues faced by students while applying for abroad education loans 

You will seldom find bank officials who are well aware of the education loan product being endorsed by the respective banks that they work for. Due to this factor, a lot of students who directly approach government banks for a student loan for abroad education are often misguided about a lot of things regarding their abroad education loan process. When you apply for an abroad education loan from any bank through the WeMakeScholars team, you can rest be assured that all information about the right education loan will be explained to you in a systematic manner. Our team will also help you clear any doubts that you may have, regarding the overall education loan process.

Why apply with private banks/NBFCs for unsecured education loans for abroad via WeMakeScholars?

NBFCs (Non-Banking Finance Companies) are the biggest providers of unsecured education loan in India. There are numerous NBFCs who cater to the funding requirements of different candidates. If you personally happen to go to each of these companies, they will obviously try to endorse their product. So how do you select the right one? How do you decide which lender suits your financial needs? Read on to find out.


The financial team at WeMakeScholars has complete information on the unsecured education loan schemes of every major NBFC functioning in India. As a result, we can help you weigh the pros and cons of applying with a particular NBFC for an education loan without collateral. Once you involve the WeMakeScholars team to borrow your study loan from abroad you can rest assured of our team’s assistance along every step of the way in the process of getting a study loan for abroad. This factor played a major role in 2018 when all major NBFCs happened to face a major financial setback. A good percentage of them had asked their customers to deposit the processing fees for their study abroad education loan, but none of their applications was processed. It was solely because of our interference that all our students were refunded their processing fees in this scenario.

Education Loan Interest Rate Waiver

One of the biggest plus-points of approaching us for an education loan without collateral from NBFCs is that, depending on your profile, we can negotiate on your behalf with the respective NBFC, for at least 1% reduction in your education loan interest rate.  As mentioned in the previous paragraphs, our team has helped process many unsecured education loan applications and our experience is our biggest resource for information. The rapport shared by our team with all the major NBFCs is what enables us to negotiate the education loan interest rates.

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Become Eligible for Cashback When You Apply Through Us

All our students who have applied for a study loan for abroad with NBFCs through us are eligible for a cashback of up to Rs.3000 after their loan disbursement is done.

Borrowing a study loan for abroad to support your higher studies may seem like an overwhelming process. But if you happen to go about it in the right way, this need not be the case. The team of WeMakeScholars continuously strives to get their students the better end of any scheme that offers a study loan for abroad. And if you go by the reviews posted by our students on Google and Quora, you will see that every single claim mentioned here is true to the word. So what are you waiting for? If you are looking to borrow a study loan from abroad from any lender, both private and public, you can request a callback and our team will ensure that you get the best deals on a study loan for abroad. The next Loanflix episode will elaborate more on how you can apply for an education loan to study in India with the help of the Vidya Lakshmi Portal. So stay tuned and look out for the events page on our website for more updates regarding future Loanflix episodes.

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 at 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, France among others.