Education Loan for Diploma

✓ Avail upto 40 Lacs Unsecured 

✓ With a Complete Online Process

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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!

SBI 50 Lakhs Non-Collateral Abroad Education Loan Launch Event


- Instant Pre-Approval Letter Will Give

- Rate of Interest Starting at 9.65%

- Funding 15+ Countries


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.

Banks

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.
Banks

Education Loan For Abroad Diploma Course

Loan Parameter 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
Document

Documents Required For An Education Loan For Diploma

Loan Parameter 

Details 

Basic Documents

  • The WeMakeScholars education loan form is 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 the form for university ranking  

 

Financial Co-applicant Income Documents 

 

  • If Salaried:
    • 3-month salary slips 
    • Form 16 of the previous 2 years 
    • ID card of the employer 
    • ITR of previous 2 years 
  • If Self-employed:
    • ITR for the previous 3 years 
    • Profit & Loss account and balance sheet of last 3 years 
    • Business address proof 

Other Documents

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

Additional Docs 

  • An invoice for expenses such as travel, laptop, etc has to be brought if a loan is being asked for it. 
  • Receipt for any transactions made in advance.
  • Any remaining loan statements from the preceding year.
  • Letter explaining the gap. Sample- on Rs. 100 stamp paper. 
  • 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.
  6. (If you have owned the property for more than 30 years, then the previous sale deed is enough)
  7. The newest property tax bill and latest electricity bill bearing the same address 
  8. 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 learn more about the city-specific documentation required.

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

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.

FAQs:

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


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


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


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


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


Our Education Loan team will help you with any questions

2 Comments

  1. musaba

    How does this loan work
    30 Jul, 2024 at 08:06 PM REPLY
    1. Nasser  Scholarship Expert Image Scholarship Expert

      Hi Musaba,

      Once you receive your admission from an international university or a university in India, you can start applying for your education loan with the banks mentioned above. Please note that the loan process is only for Indian national students, as WeMakeScholars is partnered with Indian banks only. To start your loan process, click on the "Request a Callback" option and fill in your basic details. A financial officer will be assigned to you and will call you once you've completed the callback request form.

      31 Jul, 2024 at 12:41 PM REPLY
Snigdha Paravasthu
WeMakeScholars- supported by IT Ministry, Govt. of India.
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