Education Loan for Diploma

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.

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 

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