Education Loan for IITs

✓ Upto 2 Crores can be provided for IIT students

✓ With an interest rate starting at 8.30% P.A.

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Table of content

  1. Top Education Loan Lenders for IITs
  2. Documentation required for Education Loan
  3. How to apply for an Education Loan for IITs?
  4. Benefits of WeMakeScholars
  5. FAQ's
  6. Need Help? Ask Here!

The academic costs of studying in an IIT can become a financial burden for many students, to overcome this the aspirant can go for an education loan to pay for the tuition fee, living expenses, accomodation fees, etc. The student can secure an education loan of up to INR 1.5 Crore or more to cover their expenses during their studies. These loans, with interest rates that start from 8.30% Many banks provide special education loan schemes designed to help fund their graduation or post-graduation in an IIT. Keep reading to find out more about the said education loan schemes. 

Top Education Loan Lenders for IITs

Many banks provide special education loan schemes designed to help students fund their graduate or post-graduate degrees in an IIT.

SBI Scholar Scheme for IITs

The SBI Scholar loan scheme offers upto 50 Lakhs without collateral and places no upper limit on education loans if the collateral is provided. 

Loan Parameters 

Details 

Loan Limit

Upto 50 Lakhs Unsecured 

Expenses covered

- Tuition or course fees
- Accommodation charges
- Travel Expenses
- Cost of instruments and study equipment
- Cautionary deposits
- Fees of Examination

Accepted co-applicant

Parents, Parents in law, Siblings, Spouse

Rate Of Interest

Starts from 8.35%

Loan Margin

Up to Rs. 4 lacs - 0%

Above Rs. 4 lacs - 5%

Moratorium Period

Duration of Course + 12 months

Repayment Duration

Up to 15 years post-moratorium duration

 

Baroda Education Loan to Students of Premier Institutions

Bank of Baroda offers upto 40 lakhs unsecured to students who received an admit top premier institutes in India and upto 80 Lakhs with collateral, with a loan margin of 0% loan margin for a loan greater than 7.5 Lacs 

Loan Parameter 

 Details 

Loan Limit

Up to 40 Lacs unsecured 

Expenses covered

- tuition fees payable to the institution 

- Charges for laboratory, library, and examination

- Costs of books, instruments, uniforms, and equipment

- Caution fee (only if it's Less than 10% of the loan amount)

- the cost of a laptop/ computer

- insurance premium for the applicant 

- other miscellaneous expenses

Accepted co-applicant

Parents, parents-in-law, siblings, parent’s siblings, spouse or first cousins 

Rate of Interest 

Starting from 8.85%

Moratorium Period

Duration of the course + 1 year

Repayment Duration

10-15 years 

Eligibility Criteria

- Applicant must be an Indian citizen

- Have got admission to IIT

 

Union Bank of India education loan for IITs

You can receive upto 40 lakhs unsecured and upto 2 crores with collateral to fund your education loan for a premier institute such as an IIT by going through with WeMakeScholars, at an interest rate of 9.55% and zero processing fee. 

Loan Parameter 

 Details 

Loan Limit

Upto 40 Lacs unsecured 

Expenses covered

- Tuition fees for the course
- Hostel & mess fees
- Expenses of instruments, uniforms, and equipment
- Expenses of study thesis, project work, and tours 
- 1.50 lakh for the purchase of a two-wheeler
- Purchase of a computer or laptop
- Purchase of books & stationeries
- Travel Expenses

Accepted co-applicant

Parents or Spouse

Rate of Interest 

Starts from 9.55%

Moratorium Period

Course duration + 12 months

Repayment Duration

Upto 15 years 

Eligibility Criteria

Students should have taken admitted to IIT college

Loan margin

NIL

 

HDFC Bank education loan scheme for IITs


HDFC Bank offers education loans of upto 50 Lacs without collateral and no upper limit on education loans with collateral offered. At an interest rate that generally ranges from 9-11%. 

Loan parameter 

Details

Loan Limit

Without Collateral upto 50 loans

With collateral upto the requirement of the applicant

Expenses covered

- Course fees 
- Purchase of books, instruments, uniforms

- Traveling cost
- Accommodation expenses

Accepted co-applicant

Parents, Parents in law, Siblings, and Spouse

Rate of Interest 

Between 9-11%

Moratorium Period

Course duration + 1 year or 6 months after getting a job (whichever is earlier)

Repayment Duration

Upto 15 years

Eligibility Criteria

- Applicant and Co‐applicant(s) should meet HDFC Credila's underwriting and credit norms
- Indian residents, between 16 and 35 years of age
- Students should secure admission into higher education institutes in India through merit-based tests.

Acceptable collaterals

Immovable Property - Residential Property, house, flat, non-agricultural land
Liquid securities - HDFC Bank Fixed Deposit, Debt Mutual Funds, Insurance Policies, NSC / KVP

 

Canara bank education loan for IITs

Loan Parameters 

 Loan Details 

Loan Limit

Without collateral up to Rs 40 lacs

With collateral up to - 100% value of the collateral 

Expenses covered

- Insurance Premium
- Course fee payment
- Purchase of uniforms, books & stationery, instruments & equipment
- Travel cost
- Purchase of a Laptop or computer
- Examination fees
- Cautionary deposit

Accepted co-applicant

Parents, Parents-in-law, siblings, spouse

Rate of Interest 

One year MCLR of the bank, currently 7.75%

Loan Margin

NIL

Moratorium Period

Course duration + one-year

Repayment Duration

Up to 15 years after the moratorium period

Eligibility Criteria

- The student should be an Indian national

- Should have obtained admission into IIT

 

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

Documentation required for Education Loan

 

Loan Parameters 

Details 

Basic documents for the Applicant (student) and co-applicant and/or Guarantor

1.  An application form from WeMakeScholars is to be completed by their financial officer with all the required information.
2. PAN card and Passport of the applicant and co-applicant as identity proof. 
Proof of residency: 
- Telephone Bill
- Aadhar Card 
- Electricity Bill
- Voter ID Card
- Passport
- Ration card
- Bank account statement
Note: If the present and permanent address of the applicant is different two address proofs are required. 

3. The co-applicants 6-month bank statement (either personal or for salary purposes) needs to be submitted, which should include:

- A 1-year record of salary deposits, if the co-applicant is a salaried individual
- A 1-year record of business transactions, if the co-applicant is self-employed.

4. Personal Asset & Liability Statement

All the documents should be self-attested.


 Applicant academic documents

 

- The applicant must provide the following academic documents: reports or marks sheets and certificates from 10th, and from 12th, and degree levels.
- Evidence of admission into the course, including proof of enrollment and the total duration of the program.
- Information on the program fee structure, including the I-20 form for students in the USA.
- Scorecard for IELTS, GMAT, or GRE exams.
- A printout of the university's ranking from an official source.

Financial Co-applicant Income documents 

For Salaried Individuals:

Three months' worth of salary slips.
Two years worth of Form 16.
An identification card from the employer.
Two years worth of filed income tax returns.

For Self-Employed Individuals:

Three years' worth of Income Tax Returns (ITR).
Three years' worth of Profit and Loss account and Balance Sheet.
Proof of address for the business.

Other Documents

1. a letter saying that the co-applicant would be chargeable for any residual costs beyond funding by the loan.

2. The processing fee will be payable with a cheque for Rs. 11,800.

3. additional checks for lawyer and evaluator costs (If they were performed by the bank itself)

4. Property collateral owner’s affidavit on Rs. 20 or 100 stamp paper. 

Note: If the property is owned by more than 1 owner then each of them has to bring an affidavit.

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 co-applicants Income tax return

 

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

How to apply for an Education Loan for IITs?


The WeMakeScholars initiative is supported by the Indian government as part of their Digital India Campaign. Its purpose is to help students finance their higher education, either in India or abroad by simplifying the process of applying for an education loan. 

Step 1: You can get in touch with us by either requesting a callback or filling in the common application form which will be available to you on our website. 

Step 2: You need to give all the necessary information to the financial officer in charge. Once the financial officer has looked at your information, they will suggest and connect you with appropriate lenders that fit your financial needs.

Step 3: Once the financial officer has found some suitable lenders for you, you can look at their offers and compare them. After considering the different choices, you can pick the lender that works best for you and let the financial officer know your decision.

Step 4: After you have chosen a lender, the financial officer will give you a customized list of documents.  It's important that you get and send all the required papers to the WeMakeScholars portal or the bank promptly. This will make the loan application process quick and easy.

Step 5: After you've sent in the papers and started the loan process, you can sit back and let the financial officer handle it. You may get calls from the lender or financial officer during the process to keep you informed about the process. 

Step 6: The lender typically takes around 7 working days to approve and sanction the loan. Once your loan is approved, you will receive a loan sanction letter which will include all the details of the loan such as the loan amount, interest rate, repayment period, and other terms and conditions.

 

Let us help you navigate your education loan process with our fast and reliable service.

Benefits of WeMakeScholars

Negotiation: WeMakeScholars can help students lower the interest rate for their unsecured loans, potentially reducing it by 2% from the original offer from the lender. This can save the students money on their loans.

Experience in solving complex cases: We are experienced in dealing with complex cases with multiple people, which can sometimes make the loan process harder. By using WeMakeScholars, students can trust that their loan application will be handled by experienced professionals. experts who have the expertise and experience to overcome any challenges and secure a loan for them. 

Transparent process: We will keep you updated on the progress of your loan application and make sure you understand every step of the process. We are always ready to answer any questions you have. Our goal is to make the loan application as simple and easy as possible for you.

Cashback: We provide a reward for students who take out a study abroad loan through their platform, which includes cashback added to the first loan disbursement. The highest cashback amount available is INR 3000.

 

Let us help you get the education loan you need to achieve your academic dreams.

Education Loan FAQs

  • What is the Vidyalaxmi scheme for IIT students?

    Under the Vidyalaxmi scheme, students can apply for loans to cover the costs of tuition fees, living expenses, and other associated costs. The loan amount, interest rate, repayment period, and other terms and conditions will vary based on the bank and the student's financial situation.

  • Can I get an interest-free loan for studying at IIT?

    Getting an interest-free education loan is not possible. Education loans are usually given out by banks or financial institutions and have an interest rate, which represents the cost of borrowing the funds. But, there may be certain banks that provide interest subsidies or reductions to students from economically disadvantaged backgrounds or those with outstanding academic achievements.

  • What does an education loan for studying at the IIT fund?

    An education loan for studying at IIT is a type of loan provided by banks or financial institutions to help students finance their education at the Indian Institutes of Technology (IITs). The loan covers tuition fees, living expenses, and other associated costs.

  • What are the eligibility criteria for an education loan for studying at IIT?

    The eligibility criteria for an education loan for studying in IIT may vary from bank to bank, but generally include factors such as the student's age, academic performance, financial background, and the course of study. Some banks also require a co-signer or collateral.

  • How much loan can I get for studying at IIT?

    The amount of loan you can get for studying at IIT will depend on factors such as your course of study, your academic performance, your financial background, and the bank's loan policy. You can receive upto 50 Lacs unsecured and upto 2 crores with collateral at an interest rate starting from 8.30%.

  • What is the interest rate for an education loan for studying at IIT?

    The interest rates for an education loan in IIT start from as low as 8.30% and can offer upto 50 Lakhs unsecured. You can request a callback to know more.

  • What is the repayment period for an education loan for studying at IIT?

    The repayment period for an education loan for studying in IIT may vary from bank to bank, but is typically 5-15 years after the completion of the course. Many public banks also offer moratorium periods, during which only the interest on the loan is required to be paid.

NEWS

IIT Guwahati Introduces Professional Certificate Program in Cloud Computing and DevOps

Simplilearn, a global digital skills training provider, has partnered with IIT Guwahati's E&ICT Academy to introduce an exclusive professional certificate program focusing on Cloud Computing and DevOps. This collaboration aims to meet the growing demand for modern digital skills in the Indian market.

The six-month blended learning program includes live online sessions, self-paced videos, hands-on assignments, and industry-oriented Capstone projects. It targets individuals aspiring to enter the technology industry or current Cloud and DevOps professionals seeking to enhance their expertise.

Participants can choose from three Capstone projects and access sandboxed cloud labs. Additionally, they have the option for a three-day campus immersion at IIT Guwahati's E&ICT Academy. The curriculum covers essential tools like AWS Cloud Formation, SQL, Azure Resource Manager, AWS IAM, Virtual Machines, and DNS, among others.

Anand Narayanan, Simplilearn's chief product officer, expressed the program's relevance in India's corporate landscape. The aim is to equip learners with sought-after skills, increasing their competitiveness in the job market.

This partnership strives to bridge the gap between industry demands and professionals' skillsets, contributing to India's technological advancement and economic growth. The program aspires to create a talented workforce well-prepared to meet the challenges of the digital era amidst the surging demand for digital expertise.

Our Education Loan team will help you with any questions

Snigdha Paravasthu
WeMakeScholars- supported by IT Ministry, Govt. of India.
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