Education Loan for Diploma

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Table of content

  1. Education Loan For Diploma Course In India
  2. Education Loan For Abroad Diploma Course
  3. Documents Required For An Education Loan For Diploma
  4. The General Eligibility Criteria For Education Loan For Diploma
  5. Scholarships To Study Diploma
  6. FAQ's
  7. Need Help? Ask Here!

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In India, students who want to obtain a diploma have the option to apply for education loans, either secured or unsecured. The maximum amount available for an unsecured loan is 40 Lacs, while the maximum amount for a secured loan is 2 crores. The interest rate for a secured loan, which requires collateral, starts at 8.55%. Meanwhile, the interest rate for an unsecured loan, which does not require collateral, starts at 9.55%. For those who wish to pursue a diploma abroad, they can avail of an unsecured loan of up to 1.5 crores.

 

Education Loan For Diploma Course In India

Loan Parameters 

Details 

Loan Limit

Up to 40 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 8.35%

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.

Worried about the cost of education? Let us help you get the right education loan for your need.

Education Loan For Abroad Diploma Course

Loan Parameters 

Details 

Loan Limit

Up to 40 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 8.35%

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

-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 

We provide you with all the guidance and support you need to secure the best education loan till you repay

Documents Required For An Education Loan For Diploma

Loan Parameter 

Details 

Basic Documents

The WeMakeScholars education loan form, filled in with all the required details. 
Identity proof - PAN card and passport
Proof of residency (any of the following): 
Voter ID card
Bank account statement passport
Electricity bill
Aadhar
Ration card
Passport
Telephone bill
Note: If permanent and current addresses are not the same two different address proofs are required.

The 6-month bank account statement of the co-borrower (Salary or Personal)
If the co-borrower is, 

Salaried:

1 year of salary credits 

            Self-employed:

1 yr business transactions

Personal asset & liability statement 
   All the documents should be self-attested.

Applicant Academic Documents

1. Marksheets and certifications received in 10th, 12th, and degree

2. Proof of enrollment into the institution

3. Cost/ Fee structure of the course 

4. IELTS/GMAT/GRE scorecard. 

5. Print-out form for university ranking  

 

 

Financial Co-applicant Income Documents 

 

If Salaried:

1. 3-month salary slips 

2. Form 16 of the previous 2 years 

3. ID card of the employer 

4. ITR of previous 2 years 

If Self-employed:

1.  ITR for the previous 3 years 

2. Profit & Loss account and balance sheet of last 3 years 

3. Business address proof 


Other Documents

1. A letter confirming that any extra amount (which is not covered by the education loan would be covered by the co-applicant). 

Additional Docs 

 

1. An invoice for expenses such as travel, laptop, etc has to be brought if a loan is being asked for it. 

2. Receipt for any transactions made in advance.

3. Any remaining loan statements from the preceding year.

4. Letter explaining the gap. Sample- on Rs. 100 stamp paper. 

5. If relevant, a letter explaining the lack of a co-applicant Income tax return

On going ahead with a secured education loan you would also need some mandatory collateral documentation. 


1. Property Title Deed 

2. Registered Sale Agreement / Gift Deed / Will

3. The original receipt of registration for the above-mentioned agreement

4. If applicable, a letter of allotment by the Municipal Corporation / Authorized Govt. Authorities like MHADA, CIDCO, HUDA, DDA, JDA, GIDC, etc. 

5. Link documents for 30 years or Past chain of sale deed establishing title or EC is required.

(If you own the property for more than 30 years, then the previous sale deed is enough)

6. The newest property tax bill and latest electricity bill bearing the same address 

7. A copy of the municipality-approved building plan or plot layout.


This is the general list of collateral documents required to process an education loan. Some states require specific documents relating to the collateral. You can reach out to us by requesting a callback to know more about the city-specific documentation required.

Get the best possible interest rates and repayment policies on your education loan with our service.

The General Eligibility Criteria For Education Loan For Diploma

- The applicant must be 18 years or older 
- The applicant must be a citizen of India 
- The applicant must have received admission into the preferred university 

Our service is designed to provide you with the most convenient and efficient funding for your studies.

Education Loan FAQs

  • Q: What is an education loan for a diploma?

    A: An education loan is a type of loan specifically designed to help students pay for their education, including the cost of obtaining a diploma.

  • Q: Is collateral required for an education loan for a diploma?

    A: It depends on the type of loan. Some education loans require collateral, while others do not.

  • Q: What is the maximum amount I can get for an education loan for a diploma?

    A: The maximum amount available for an education loan for a diploma varies and depends on several factors, such as the type of loan, the student's financial situation, and the lender's policies.

  • Q: What is the interest rate for an education loan for a diploma?

    A: The interest rate for an education loan for a diploma varies and depends on several factors, such as the type of loan, the student's financial situation, and the lender's policies. However, interest rates typically start at 8.55% for secured loans with collateral and 9.55% for unsecured loans without collateral.

  • Q: Can I get an education loan for a diploma abroad?

    A: Yes, you can get an education loan for a diploma abroad. Some lenders offer education loans specifically for students who wish to pursue their education abroad.

Our Education Loan team will help you with any questions

Snigdha Paravasthu
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: