Education Loan For Masters

✓ Get access to an unsecured education loan of up to 40 Lacs or secure one for up to 2 Crores

✓ Interest Rates start from 8.55%

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Pursuing a Master's degree in India or abroad can be a costly endeavor, and many students find themselves in need of financial assistance. Education loans can be a great way to finance a Master's degree program in India, as they often come with additional benefits such as a 

  • Moratorium period
  • Low documentation requirements
  • A Convenient online application process.   

The education loans for a Master’s degree generally begin at an interest rate of 8.55% and finance upto 50 Lacs Unsecured and 2 Crores Secured for studies in India and around 1 crore unsecured for abroad.

Education Loan For Masters Degree In India

Loan Parameters


Loan Limit

    • Up to 50 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 8.55%

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 Masters Degree In Abroad




Loan Limit

    • Up to 1 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 8.55%

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

    • The 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 


Take a leap towards your higher education - check your eligibility for a loan now.

Documents Required For An Education Loan For Masters



Basic Documents

    1. The WeMakeScholars education loan application form is completed with all the necessary information. 
    2. As proof of identity, a PAN card and passport must be provided.
    3. To prove residency, any of the following documents can be submitted:
      • Voter ID card
      • Bank account statement passport
      • Electricity bill
      • Aadhar
      • Ration card
      • Passport
      • Telephone bill

Note: If the permanent and current addresses are different, two separate proof of address documents are needed.

 4. The co-borrowers 6-month bank statement (salary or personal) is also required. 
If the co-borrower is, 


        1.  1-year record of salary credits must be presented.


        1. 1-year record of business transactions is needed.
        2. The co-borrower must provide a personal asset and liability statement.
             All the documents should be self-attested.

Applicant Academic Documents


1. Transcripts and diplomas earned from 10th, 12th, and degree-level studies.

2. Evidence of admission to the educational institution.

3. Tuition and fee structure for the course of study.

4. IELTS/GMAT/GRE scorecard. 

5. Print-out form for university ranking  


Financial Co-applicant Income Documents 


If Salaried:

1. Three months worth of pay slips.

2. Tax form 16 from the past two years.

3. Identification card from the employer.

4. Income Tax Returns from the past two years.

If Self-employed:

1. Three years' worth of Income Tax Returns.

2. Three years of Profit & Loss statements and balance sheets.

3. Proof of business address.

Other Documents

A letter of assurance that any additional costs not covered by the education loan will be covered by the co-applicant.

Additional Docs 


1. An invoice for expenses such as travel and laptops must be presented if a loan is requested to cover these costs.

2. Proof of payment receipts for any advance transactions.

3. Statements for any outstanding loans from the previous year.

4. A letter explaining any gaps in coverage, written on an Rs. 100 stamp paper.

5. If necessary, a letter explaining the absence of a co-applicants Income Tax Return.


If you are going for a secured education loan, you would also need the following documents 

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.
(If you own the property for more than 30 years, then the previous sale deed is enough.)
6. The newest property tax bill and latest electricity bill bearing the same address 
7. 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 know more about the city-specific documentation required.

Discover the benefits of a personalized document list - get in touch with us today!

The General Eligibility Criteria For Education Loan For Masters

  • 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/ course.

Education Loan Bank Interest Rates For Master Studies

Bank Name

Interest Rate

Interest Rate Concession

State Bank of India 

Starts from 8.30% 

0.50% - For Female students,

0.50% - Rinn Raksha

Bank of Baroda 

Starts from 10.60%

Upto 2% on going through with WeMakeScholars 

Union Bank of India 

Starts from 11.15%

0.5% for female students

1% if the SI is paid in full 

Karur Vysya bank 

Starts from 10%

Upto 2% on going through with WeMakeScholars 


Starts from 11% 

Upto 2% on going through with WeMakeScholars 


Starts from 11% 

Upto 2% on going through with WeMakeScholars 


Starts from 11% 

Upto 2% on going through with WeMakeScholars 


Starts from 11.5%

Upto 2% on going through with WeMakeScholars 


Starts from 10.5%

Upto 2% ongoing through with WeMakeScholars 

IDFC First Bank 

Starts from 8.5%

Upto 2% on going through with WeMakeScholars 

At WeMakeScholars, we're here to help you save on your education loan - choose us for automatic ROI reduction and expert negotiation.

Special Education Loan Schemes For Masters

Below mentioned are the details of a few special schemes available for doing master's in India or Abroad 

Education Loan For Masters In UK

Education loans for a Masters's degree in the UK are available from various sources, including government-backed student loan programs, private lenders, and financial institutions. You can receive upto 50 Lacs unsecured and upto 2 crores secured for an education loan for Masters's in the UK.

Education Loan For Aloysius Master Degree College

Aloysius master's degree college offers Masters's courses and PG diploma courses in various fields such as Arts, Biochemistry, Biotechnology, Mathematics, Big Data Analytics, Food science, etc. As the college is located in India, you can get upto 40 Lakhs unsecured and upto 2 Crores secured at an interest rate that starts from 8.55% for pursuing your master’s in Aloysius master's degree college.  

Education Loan For Masters In Canada Without Security

Master's degrees in Canada typically take one to two years to complete and require the completion of coursework and a thesis or research project. Some programs may also include an internship or practical component. On going through with WeMakeScholars, you can receive upto 1 crore unsecured and upto 2 crores secured for Canada at an interest rate starting from 8.55% for secured education loans and 9.55% for unsecured education loans.

Education Loan For Masters In Poland

A Master's degree in Poland typically takes two years to complete. The Master's degree program is offered in both Polish and English, depending on the university and the field of study. The maximum amount that can be obtained by going through WeMakeScholars is INR 1 crore for unsecured loans and INR 1.5 crore for secured loans, with interest rates starting at 8.55% for secured loans and 9.55% for unsecured loans. This can be a viable option for those who require additional funding to support the costs associated with their postgraduate education in Canada.

Education Loans For Masters In Germany     

Students have the opportunity to obtain education loans of up to 1.5 crore rupees from both public and private banks/financial institutions in order to study in Germany. These loans can be used to cover the costs of tuition fees, living expenses, and blocked account deposits. These expenses can be financed through either an unsecured loan, which does not require collateral or a secured loan, which requires collateral such as property or other assets.

Make the education loan disbursement process simple with our post-sanction assistance.

Education Loan FAQs

  • Can I get an education loan for data science masters?

    Yes, you can get upto 50 Lacs unsecured and up to 2 crores secured to study in India and upto 1 crore unsecured and 1.5 crores secured for pursuing your master’s in data science abroad depending on your profile. Request a callback from us to know about the courses you are eligible to get a loan for.

  • Can I get an education loan for doing a master's from IIT?

    Yes, as IIT is a premier educational institution in India you can receive funding of upto 50 Lacs to pursue your master’s in IIT. To find out if any other university in your shortlist is in the list of premier institutes, request a callback from us or fill in the common application form.

  • Non-Collateral and Non-Co-Signer education loan for Master-abroad?

    Under the EliteScholars initiative started by us here at WeMakeScholars, you can receive upto 75 Lakhs in funding without any collateral or without any financial co-applicant. To see if your profile is eligible for EliteScholars you can request a callback.

  • Can I get an education loan for Masters?

    Yes, you can receive an education loan for Masters both in India and abroad. The two most commonly known education loans given out to students in order to pursue their post-graduation are secured and unsecured education loans. You can find a detailed analysis of all the available options in the article above. Or you can also request a callback to check your eligibility for an education loan.

  • How much education loan can I get for my master's?

    You have the potential to receive up to 50 Lacs for unsecured loans and 2 crores for secured loans if you choose to study in India. If you decide to pursue your master's degree in data science abroad, you may be eligible for up to 1 crore for unsecured loans and 1.5 crores for secured loans, depending on your individual profile. If you are interested in learning more about the courses you may qualify for, request a callback and we will be happy to provide you with more information.

  • Does Masters's loan depend on parents' income?

    The income of the co-applicant does matter in the case of an education loan because the co-applicant is responsible for paying back the education loan in case the student fails to repay the loan. But when you go through your education loan with EliteScholars you don’t need a financial co-applicant in order to obtain an education loan. Request a callback to know more about Elite scholars and to know if you are eligible to get a loan from Elite scholars.

  • Who is eligible for an education loan?

    In order to be considered for a loan, the individual applying must meet certain requirements. Firstly, they must be 18 years of age or older. Additionally, they must be a citizen of India. Lastly, they must have already been accepted into their desired university or course of study. This means that they must have received official admission from the institution they wish to attend. It is important to note that these are the basic requirements and there may be additional eligibility criteria that the applicant must meet as well.