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 organisation. 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 loans for abroad studies and how we have been successful in doing so.

What is An Education Loan For Studying Abroad?

A study abroad education loan is a financial aid instrument that enables you to pay for your tuition fees, accommodation, travel, and other essential expenses while pursuing education in a foreign country. These loans are available with varying rates of interest, margins, and securities from public banks, private banks, and NBFCs.Education loans help students achieve their global academic aspirations without financial concerns, as studying abroad generally involves significant expenses.

Why Indian Students Need An Abroad Education Loan in 2025

The fees for the course, as well as living expenditures in countries such as the USA, UK, Canada, Australia, and Europe, will keep increasing, making the cost of studying abroad higher. With fluctuating currencies and more strict visa rules, funding yourself just isn’t feasible for most families.

Education loans are now a must in 2025 for getting admission, arranging funds, and fulfilling embassy/visa requirements for financial proof. Loans are also eligible for tax benefits under Section 80E, which makes it a financially smart option for students. 

Types of Education Loans Available For Abroad Studies

Students need to know the types of loans before they apply:

1. Secured Education Loans:

  • Demand collateral (property, FD, LIC, etc).
  • Give lower interest rates and a more likely approval.
  • Ideal for large amounts of loans or for top global universities. 

2. Unsecured Education Loans:

  • There is no need for a security deposit. 
  • Provided by corporate banks and non-banking financial companies. 

Top Banks & NBFCs Offering Education Loans for Studying Abroad

Several lenders in India provide study abroad loans, each with its own set of benefits. The top ones include:

State Bank of India (SBI)

Bank of Baroda

Canara Bank

Karur Vysya Bank

Axis Bank

IDFC First Bank

ICICI Bank

Avanse

Credila

Auxilo

Incred

WeMakeScholars makes your comparison work easier with more than 15 banks to help you get maximum eligibility and the best ROI. 

Common Challenges Students Face in the Loan Process

A lot of students have a hard time with:

  • Processing time by banks is slow.

  • Uncertainty about who can apply.

  • Interest rates are high

  • Loan rejections due to poor CIBIL scores

  • Uncertainty in collateral assessment

  • Miscommunication with bank branches

  • Wrong or incomplete documents

These hurdles often delay admissions, or worse, visa approval. 

How WeMakeScholars Simplifies the Study Abroad Loan Journey

WeMakeScholars, a Ministry of IT, Government of India-funded organisation, is the largest education loan platform in the country. It streamlines the whole loan process by:

  • Bringing students and the best lenders together.
  • Allowing you to process faster than you could with offline banking
  • Giving genuine information on who can apply
  • Helping to choose the best loan scheme option
  • Recourse till disbursement: WeMakeScholars enables continuous support till the disbursal of the money
  • Transparency at every stage

And best of all, WeMakeScholars services are free for students anyway. 

Why Choose WeMake Scholars for Your Education Loan

1. The interest rates are as low as possible

With strong ties to the banks, WeMakeScholars makes sure that the students receive lower interest rates than they would get from banks.

2. 100% Transparency

Students have visibility over the processing fee, interest, and lending policies.

3. Assistance With Unsecured and Secured Loans

WMS helps students to the right loan category based on their profile & financial background.

4. Government Trusted Platform

It is a good thing that it is now supported by the Digital India initiative, which lends credibility and trust. 

5. Faster Loan process

WeMakeScholars processes the entire loan journey quickly through priority processing and direct coordination with the bank, which enables faster approvals as compared to the traditional branch route. 

6. Interest Rate Protection Scheme

WMS protects students from unnecessary hikes in interest by tracking loan rates and making sure they are always charged the correct, lowest interest rate possible. 

WeMakeScholars vs Going Directly to Banks: What’s the Difference

For an abroad education loan, the WeMakeScholars experience is smoother, faster and much more transparent than visiting bank branches. Most students who attempt to approach banks individually experience delays, misinformation and multiple rounds of submissions of documents, because branch officers have not been adequately updated about the latest education loan guidelines. This is where WeMakeScholars comes into the picture. Below is a neat breakdown: 

Parameter

WeMakeScholars

Approaching the Bank Directly

Processing Speed

Priority processing through direct communication with the bank offices

Files often get stuck at the branch level due to the workload

Interest Rates 

Students get access to negotiated interest rates and concessions.

Students receive only the standard rate communicated by the branch, with no negotiation.

Accuracy of Communication

Our financial officers work only on education loans and are updated with the latest policies, documents required and eligibility criteria for every lender.

Many branch staffa re not fully aware of updated education loan rules, leading to confusion and unnecessary rejections.

Documentation Guidance

We pre-verify your documents, correct errors, and prepare your file.

Students often face multiple visits and repeated document submissions due to missing or incorrect paperwork.

End-to-End Protection

Guidance continues beyond sanction - disbursement scheduling, loan margin money, etc.

Once sanctioned, students are usually left on their own to navigate the next steps.

Interest Rate Protection

We monitor your loan post-sanction to ensure banks do not apply unnecessary rate hikes.

No post-sanction monitoring is provided; students often don’t know if their ROI was increased.

With WeMakeScholars, you’ll get speedy loans, lower interest rates, right guidance, and full transparency—all for free.

Going directly results in slower processing, more errors and no expert support. 

How We Help Students Secure Better Interest Rates

WeMakeScholars utilises:

  • Centralised banking partnerships

  • Bulk negotiation with lenders

  • Profile-based interest rate optimisation

This is to make sure that students avail the lowest ROI in secured as well as in the unsecured. Many students save lakhs of rupees throughout their repayment tenure. 

Eligibility Criteria for Study Abroad Loans

Banks and financial institutions typically consider:

  • Indian citizenship

  • Admission to a recognised university abroad

  • Academic Performance in 10th, 12th, UG

  • Income stability of the co-applicant

  • Value of collateral [in case of secured loans]

  • Type of course (STEM, management, etc.)

High-ranked universities may improve the chances of approval and decrease the rate of interest. 

Documents Required For an Education Loan Abroad

Students typically need to submit:

  • Admission letter

  • Academic marksheets

  • Passport and proof of identity

  • Supporting documents of the co-applicant’s finances

  • Proof of income (ITR, Salary Slips, Bank Statements)

  • Security documents (secured loan)

  • Fee structure of the university

Preparation of documents in advance greatly helps in expediting the procedure. 

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Step-By-Step Education Loan Process With WeMakeScholars

  1. First, request a callback on the official website of WeMakeScholars.

  2. Within 1-2 working days, you will receive a call from our financial officer.

  3. Your financial officer will be able to assist you in selecting the right lender for you after receiving some further information about your education loan requirements.

  4. You will be shared a link to a portal where you are required to upload all the documents online.

  5. Once you’ve uploaded all the necessary documents, your financial officer will connect you with numerous lenders that are most suited to your needs.

  6. Our financial officer also negotiates the rate of interest offered by the respective banks and the processing fee on your behalf.

  7. As soon as the student is ready with the agreement, the student can head towards the payment of the processing fee and get the sanction letter.

Processing time will vary according to loan type, but the total procedure takes 7–15 working days.

How Long Does It Take To Get An Education Loan Through WeMakeScholars

Generally:

Unsecured loans: 4 - 7 working days

Secured loans: 7 - 15 working days (depending on property evaluation)

Because of specialist assistance and direct communication with lenders, processes are streamlined at WMS.

Why Students Across India Trust WeMakeScholars

Getting the platform right can be the difference between success and failure for your study abroad plans. With thousands of students facing challenges amid delays, misinformation and high rates of interest at bank branches, WeMakeScholars has emerged as the most reliable and trusted source for students in India.

Here’s why more students prefer WeMakeScholars:

Skilled Guidance in Education Loans: Each student is assisted by financial officers who specialise solely in study abroad loans – unlike branch officers who are not equipped with the most recent information on education loan schemes.

Access to 15+ Banks: Instantly compare multiple lenders from the government and private banks to ensure you get the right kind of match and the maximum loan eligibility.

Special Concessions & Lower Interest Rates: Through bulk negotiations and being partners centrally, WMS negotiates better ROIs and concessions which students can never dream of if they try attending directly.

Government-supported and entirely free: Powered by the Digital India Initiative, all the services are free, transparent, and aimed at safeguarding the interests of students.

Faster & Priority Processing: Direct escalation channels with banks significantly speed up the approval process and result in faster processing, unlike in the case of delays at the branch level.

End-to-End Support till Disbursement: From document uploads, sanction letters, and disbursement follow-ups, students get complete hand-holding.

Interest Rate Protection Scheme: Even after the post-sanction period, WMS continues to keep an eye on your loan account to ensure that banks are not overcharging you and that you aren’t paying more than you actually should.

No misinformation or hidden charges: From the start, WMS guides you clearly on everything so you don’t fall into pitfalls like submitting incorrect documents, miscommunications or unexpected charges. 

Thousands of Students Trust: With a high success rate and speedy approvals, WMS has emerged as the most reliable platform for education loans in India. 

Conclusion

Securing an education loan for studying abroad becomes simple with the appropriate platform. WeMakeScholars offers faster processing, lower interest rates, and complete expert support to make your loan journey smooth and transparent. Supported by the Indian Government and linked to over 15 lenders, it helps students find the best loan choices at no cost. For study abroad funding, consider WeMakeScholars.