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Education Loan for Diploma

✓ Avail upto 40 Lacs Unsecured 

✓ With a Complete Online Process

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Funded By

Govt. of India

Supported By

IT Ministry, Govt. of India

1 Lakh+

Students Assisted

ZERO

Service Charge

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.

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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.

Education Loan For Abroad Diploma Course

Loan ParameterDetails
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-ApplicantParents, Siblings, Spouse, Parents-in-law 
Interest Rate 
  • Collateralized: Starts from 8.35%
  • Non- Collateralized: Starts from 9.55%
Moratorium PeriodThe total duration of the course plus 1 year 
Repayment DurationIncluding 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

Education Loans Simplified by The Experts - LOANFLIX

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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.

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 

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What’s Your Next Step in The Education Loan Journey

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Frequently Asked Questions

Education loan questions, answered

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

*Interest rates and limits shown are indicative samples and change with RBI policy, lender approval, collateral and applicant profile. T&C apply.

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Real students, real stories

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WHAT STUDENTS WROTE ON THEIR OWN PLATFORMS

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“I had a wonderful experience with WeMakeScholars. A special thanks to Pramod for his constant support throughout my education loan process. He was always available, and ready to help whenever I had questions. He answered all the questions I had with patience and quick responses, and constant guidance through out the loan process. I genuinely appreciate his dedication and the effort he put in at every step. Having someone so supportive throughout this journey made a real difference. Thank you, Pramod, for all your help and for making this process SO much easier for me Being a government supported organization, wemakescholars provides genuine and student focused assistance without any unnecessary complications .”

RJ
Rudravaram JagadeeswarAndhra Pradesh · University of Chester
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“Turning a Challenging Education Loan Journey into Reality with We Make Scholars Securing an education loan for my higher studies was not an easy journey. One of the biggest challenges was my father’s business, which operates in a relatively unorganised manner. Arranging and presenting the necessary financial documents in a way that met the lender’s requirements made the entire process complicated and stressful. At a point when getting an education loan seemed increasingly difficult, We Make Scholars stepped in and helped me navigate the process. Their guidance, support, and assistance in handling the challenges made a significant difference in my journey. They helped me move forward with my education plans when the financial documentation process seemed like a major obstacle. I truly appreciate the efforts of the team at We Make Scholars for helping me make progress towards my academic goals. This experience taught me that sometimes, the biggest challenge isn’t a lack of ambition or willingness to work hard, but navigating a complicated process without the right guidance. Thank you, We Make Scholars, for being a part of my educational journey. ???? #WeMakeScholars #EducationLoan #StudyAbroad #HigherEducation #StudentJourney #FinancialSupport #StudentFinance”

KS
Krishna SuralkarMadhya Pradesh · University of Eastern Piedmont
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“I had a very good experience with WeMakeScholars during my overseas education loan process for my higher studies in Australia. I would like to extend my sincere thanks to Mr. Mukeshkanna Rajaram for his continuous support, guidance, and assistance throughout the entire loan process. He patiently clarified my doubts, guided me through the financial documentation, and helped me at every stage until my education loan was sanctioned. His timely updates and professional approach made the process much easier and less stressful. I truly appreciate his dedication and the support provided by the WeMakeScholars team in helping me move forward with my dream of studying in Australia. I would definitely recommend WeMakeScholars to students looking for guidance with overseas education loans. Thank you, Mukeshkanna, for all your support!”

HM
Harish Muthukumar ShanthiTamil Nadu · Monash University, Australia
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“We had a great experience with WeMakeScholars while seeking assistance for our daughter's higher education. The team was extremely supportive and guided us throughout the education loan process. Communication was prompt, the process was explained clearly, and our queries were handled patiently and professionally. Their support made the entire process much more convenient for us. We sincerely appreciate the assistance provided by the team and would highly recommend WeMakeScholars to students and parents looking for education loan guidance. A very special thanks to Mr. Dhruva Gupta. He is really a Gem person, always guided us with every positive thing could be done. Thanks!”

V
VanshikaHaryana · Griffith University, Australia

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