Education Loan for IITs

✓ Upto 2 Crores can be provided for IIT students

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

Funded By

Govt. of India

Supported By

IT Ministry, Govt. of India

1 Lakh+

Students Assisted

ZERO

Service Charge

Funded By

Govt. of India

Supported By

IT Ministry, Govt. of India

1 Lakh+

Students Assisted

ZERO

Service Charge

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, accommodation 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 up to 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 up to 40 lakhs unsecured to students who received an admit top premier institutes in India and up to 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 been admitted to IIT

Union Bank of India education loan for IITs

You can receive up to 40 lakhs unsecured and up to 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 & stationeriesTravel Expenses
Accepted co-applicant	Parents or Spouse
Rate of Interest	Starts from 9.55%
Moratorium Period	Course duration + 12 months
Repayment Duration	Up to 15 years
Eligibility Criteria	Students should have been admitted to IIT college
Loan margin	NIL

HDFC Bank education loan scheme for IITs

HDFC Bank offers education loans of up to 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 up to 50 loans With collateral up to the requirement of the applicant
Expenses covered	Course fees Purchase of books, instruments, uniforms Travelling 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	Up to 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

Documentation required for Education Loan

Loan Parameters	Details
Basic documents for the Applicant (student) and co-applicant and/or Guarantor	An application form from WeMakeScholars is to be completed by their financial officer with all the required information. 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. 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. 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 GREs. 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	A letter saying that the co-applicant would be chargeable for any residual costs beyond funding by the loan. The processing fee will be payable with a cheque for Rs. 11,800. additional checks for lawyer and evaluator costs (If they were performed by the bank itself) 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	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 co-applicants Income tax return

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.

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.

Frequently Asked Questions

Education loan questions, answered

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.
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.
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.
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.
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%.
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.
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.

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

Direct vs. WeMakeScholars

The same loan, handled two ways

Category	Direct with Bank	Via WeMakeScholars
Application Support	Branch visits and tedious follow-ups	Dedicated financial officer for timely updates and online coordination
Bank and Scheme Selection	Restricted to the selected bank	Compare options from 20+ lenders
Post-Sanction Support	Limited support	Dedicated post-sanction team
Cashback and Offers	No offers or rewards	Cashback up to ₹3,000

Financial Tools

Calculators For Your Need

Education Loan Calculator

Loan Amount

1L1Cr

Rate of Interest

9.5%15%

Loan Tenure

1Y10Y

Course Duration

1Y5Y

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This calculator is a self-help tool for illustrative purposes only. Figures shown above are indicative, and actual values may differ based on the applicant's profile. All loans are subject to the bank's policy and approval.

Real students, real stories

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WHAT STUDENTS WROTE ON THEIR OWN PLATFORMS

“I would like to express my sincere gratitude to the entire ** WeMakeScholars team**, especially my financial officer, **Saumya**, for her tremendous support and dedication in getting my education loan sanctioned through **HDFC Credila**\. The timeline was extremely tight, and I had very little time to get my study loan approved\. However, Saumya went above and beyond, putting in tremendous effort, following up consistently, and pushing things forward to ensure everything was completed within the required timeframe\.”
BV
Betkekar Vibhav SudhirWest Bengal · Test University

“It genuinely helped me a lot, financial officer, post sanction officer, everyone is very friendly in nature also supported me very well in my process”
R
Rishil Madhya Pradesh · Ernst-Abbe-Hochschule Jena (University of Applied Sciences Jena - Jena)

“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

“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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