Process of getting an Education Loan after 12th

Students look for quality education from top universities after completing their 12th  as that decides their career path. However, gaining quality education from top universities is not easy as it requires students to have good academics or to write competitive exams.

The exams aren’t enough as the students also will have to arrange a good sum of money to pay the fees of the university. That is where education loans come into students’ lives as their saviour. However, getting an education loan isn’t easy and so we have written below a detailed guide for the students who are looking for an education loan after the 12th.

Students can apply for an unsecured education loan to study in India or abroad. You can get up to 2 Cr unsecured education loans with an interest rate of 10.5 to 12.5%.

Top Lender for Unsecured Education Loan after 12th

Here is a list of lenders that can provide you with the best unsecured education loan after the 12th.

• EliteScholars
• ICICI Banks
• IDFC First Bank
• Axis Bank
• HDFC Credila
• Auxilo
• Incred 
• Avanse

Students who can pledge collateral and want to have an education loan at a lower rate of interest can go for a secured education loan for graduation or a diploma.

Top Lender for Secured Education Loan after 12th

Here are the top lenders for getting a secured education loan after the 12th to study in India or abroad.

• SBI 
• BOB
• Karur Vysya Bank
• IDFC Bank
• Axis Bank
• ICICI Bank
• Incred
• Auxilo
• Avanse
• HDFC Credila

The quality of education offered by universities in countries like Australia, the USA, and the UK is unmatchable and hence students try for education loans to study abroad.

Education Loan for the USA

Top banks in India prefer students who are going to the USA for higher education as the return on investment for the USA is very high. Students can get an education loan from the USA at attractive rates of interest. 

Most banks also have designated education loan products for the USA. You can get unsecured as well as secured education loans to study in the USA. Banks offer up to 1.5 Cr or more if needed to study in the USA.

Education Loan for the UK

Banks offer education loans for the UK which cover all their expenses like living expenses, tuition fees, travel expenses, down payment for CAS, etc. Banks will cover all the expenses that you mention for your studies in the UK. Banks offer up to 1.5 Cr for the UK, however, they can also increase the amount depending on the requirement.

Banks also have designated education loan products for study in the UK. You can compare and apply for the best education loan scheme in the UK.

Education Loan for Australia

Banks or lenders can offer up to 1.5 Cr secured education loans for Australia and up to 50 lacs unsecured education loans for Australia. Australia asks students to submit 1-year tuition fee and show 1-year of living expenses for COE, which is an immigration letter. You will be provided with these expenses before Visa by your lender. 

Compare different education loan schemes for Australia both secured and unsecured and apply for the best scheme.

Education Loan for Canada

Countries like Canada require students to arrange GIC by submitting living expenses and 1-year tuition fee. A normal student cannot arrange this amount from his/her pocket, which is close to 15 to 20 lacs. Hence students can go for education loans in Canada.

Students can get up to 1.5 Cr secured education loan and up to 75 lacs unsecured education loan for Canada from NBFCs and up to 1 Cr from private banks. The pre-visa disbursement option too can be availed by processing your education loan for Canada through WeMakeScholars.

Education Loan for Germany

Germany mostly has public universities that offer free education. However, even if you do not have fees for the university, you will have living expenses and other fee expenses like admission fee. Depositing your 1-year living expenses is a pre-requisite for studies in Germany, which you need to submit in your blocked account.

Students need to deposit around 10 lacs as a blocked account in one of the German banks or in Kotak Mahindra Bank which has a tie-up with a German bank. These expenses can be managed by taking an education loan from Germany.

Different states of India have different requirements for students regarding an education loan and hence you can go through the article for details about education loans in different states.

Education Loan in Karnataka

Students from Mysore, Bangalore, and other cities of Karnataka can go for an education loan if they are struggling to manage their study expenses for India or Abroad. Students can avail unsecured as well as secured education loans for Karnataka through one common portal, that is WeMakeScholars.

Education Loan in Kerala

Kerala is a state that mostly has gram panchayats rather than municipalities and hence getting an education loan can be tougher for students. However, most students of Kerala do not have an idea that the gram panchayats of Kerala too are accepted as collateral by banks. 

Students can also go for unsecured or non-collateral education loans in Kerala. However, get assistance regarding this from a professional to understand all the requirements for a loan. 

Education Loan in Delhi

Students looking for quality education in Delhi can expect the amount of expenses to be 15 lacs for India and about 45 lacs abroad. These expenses can be arranged by taking an education loan in Delhi from private or public lenders.

Students can get up to 1.5 Cr secured education loan and up to 1 Cr unsecured education loan for studies in India or abroad. However, the requirements for collateral in Delhi differ from the requirements in other states of India.

Education Loan in Goa

Students from Goa seek quality education in India or abroad and hence they start looking for education loans. They can get up to 1.5 Cr secured and up to 1 Cr unsecured education loans in Goa from banks or lenders.

The interest rates for education loans in Goa start from 8.30%. The Goa government is also encouraging students to pursue quality education and hence has come up with various government education loans, scholarships, and interest subsidies. 

Education Loan in Pune

Banks and lenders offering secured education loans in Pune have different requirements regarding collateral documents compared to the rest of Maharashtra and India. When you apply for an education loan in Pune go through the requirements carefully to have the best chance at loan sanction. 

Students can get an education loan at starting interest rate of 8.30% p.a. They can get an unsecured education loan of up to 1 Cr.

Below are the details to get an education loan in the top institutes of the country like the IIMs, IITs, BITS Pilani, NIT, and the VIT.

Education loans for IIM

IIMs are the best management institutes in India. The cost of education in these institutes is high compared to other management institutes because of the quality of education that it offers. Students who can get admission into IIMs are eligible for attractive education loan offers.

Students can opt either for secured or unsecured education loans for IIM. Banks have designated education loan schemes for IIM which offer attractive offers like a lower rate of interest, flexible repayment, etc.

Education loans for IIT

IITs have produced some of the best engineers who are working in India and abroad. The IITs have a very high standard set for themselves. Students who get admission into IIT will easily get funding from education loans from Indian banks as the banks too know the value of education in the IITs.

Get different options of education loan schemes for IIT from different lenders by applying for an education loan through the WeMakeScholars portal. 

Education loan for BITS Pilani

BITS Pilani is a very known name in the circle of startup founders as it has probably produced the most successful startups in India. Banks prefer giving education loans to students who get admission into the BITS Pilani. They have designated schemes for education loans for BITS Pilani.

Education loan for NIT

NIT ranks among the top institutes in the country for quality education. Banks and lenders have designed special education loan schemes for NIT. As the student is going to NIT, the banks see this as a positive investment and hence provide education loans at a lower rate of interest. 

Education loan for VIT Vellore

Vellore Institute of Technology was started in the town of Vellore but spread across the country providing quality education. Students can get up to 1.5 Cr to study at VIT, however, I doubt students will need that much of an amount. Consider taking an education loan for VIT rather than going through self-funds as it will be easy for you to get an education loan. 

Several courses are given priority by universities and banks as well as professionals from such courses are preferred by employers. Students can get education loans for these courses at a relatively lower rate of interest.

Education Loan for BBA

BBA is a 3-year program with a lot of potential if pursued by a top-ranked university. If you get admission for BBA in a reputed business school, then the lenders will be more than willing to offer you an education loan at a lower rate of interest. Education loan for BBA is offered at a relatively lower rate of interest and other special conditions.

Education Loan for BDS

BDS is short for Bachelor of Dental Surgery and is an in-demand degree for medical aspirants. Students can attain an education loan of up to 2 Cr for BDS, however, BDS can be completed in an amount way lesser than that. Students can get unsecured as well as secured education loans for BDS to study in India or Abroad.

Education Loan for B Pharmacy

B Pharmacy is a growing industry and hence the professionals in this field too are in demand. A field like B Pharmacy can never run out of demand which is rightly perceived by banks and lenders. Banks or lenders provide special education loans for B Pharmacy at a lower rate of interest and special benefits.

Education Loan for Diploma

Students who want to attain education in a specific field in lower time can opt for a diploma. Banks or lenders also provide education loans for diplomas in addition to other high-level courses.

Education Loan for Engineering

Engineering is among the most preferred fields of education in India. Most students opt for engineering after their 12th. Some by passion, the others due to peer pressure. Getting quality education in the field of engineering requires a lot of finances, which can be tough for students to manage. Hence students can take education loans for Engineering from private or public lenders, who will provide them with unsecured or secured education loans depending on their preference.

The banks will require you to submit an application form along with your signature and a passport-size photograph. You can get this form from a WeMakeScholars financial officer. Apart from the application form you will require the following types of documents.

• Documents for proof of identity
• Documents for address proof
• Documents for the co-applicant like the income proof documents
• Other documents include the gap certificate, or receipts of advance fee payment to claim reimbursement.
• Collateral documents if you are opting for a secured education loan.

The above is an overview of documents that you will require for an education loan. Get a detailed list according to your profile, like according to the place you are applying from by talking to a financial officer from WeMakeScholars.

Students can opt for an offline or an online process to apply for an education loan.

Offline process

Step 1: Locate a nearby branch of the bank you want to apply from and visit the bank.

Step 2: Look at the education loan products of the bank by asking the manager about it.

Step 3: Once you choose the education loan scheme, you will be provided with a list of documents to submit to the branch.

Step 4: Your documents will be manually checked and will be verified.

Step 5: If all the documents are right, then your loan will be approved.

Online Process

Students opting for the online process through WeMakeScholars have the best chance of an education loan as they have the option of choosing from  Follow the below steps to apply for an education loan through the online process from WeMakeScholars.

Step 1: Fill in the common application form available on the website or request a callback from the website.

Step 2: You will receive a callback from the WeMakeScholars financial officer who will ask you a few basic questions to check your eligibility for an education loan.

Step 3: Once you provide the details, your financial officer will connect you to suitable public or private lenders. You can talk to those lenders and choose the best possible education loan offer.

Step 4: Your financial officer will be in touch with you throughout the process and will help you in any regard like negotiation regarding interest rates with the lender.

Step 5: You will get a loan sanction in the time promised by your financial officer. 

WeMakeScholars is an organization supported by the Ministry of IT, govt of India under the Digital India campaign. We are partnered with 14+ banks(Public/Pvt) and hence students have multiple options of lenders for an education loan when going through us. Here are the other benefits of going through WeMakeScholars.

• Lower rate of interest: We are partnered with banks and hence they provide education loans at a relatively lower rate of interest than when you go through them.
• Faster process: We provide education loan sanction in 50% lesser time than when you go directly through banks.
• Negotiation support: Banks provide education loans at a higher rate of interest which students are unable to afford. WeMakeScholars financial officer talks to the bank employees about the interest rate and negotiates it on behalf of students.
• End-to-end support: We provide students with support right from education loan sanction until the full repayment of the loan, even in 12hrs different timezone.
• Cashback: Students are eligible for up to Rs 3,000 cashback for taking an education loan through us.