Education Loan For Masters

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.

Parameter

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 

Parameter

Basic Documents

• The WeMakeScholars education loan application form is completed with all the necessary information. 
• As proof of identity, a PAN card and passport must be provided.
• 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.

• The co-borrowers 6-month bank statement (salary or personal) is also required. 
  If the co-borrower is,
• • Salaried
    • A 1-year record of salary credits must be presented.
  • Self-employed
    • A 1-year record of business transactions is needed.
    • 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 the form for university ranking  

Financial Co-applicant Income Documents 

If Salaried:

• Three months worth of pay slips.
• Tax form 16 from the past two years.
• An identification card from the employer.
• Income Tax Returns from the past two years.

If Self-employed:

• Three years' worth of Income Tax Returns.
• Three years of Profit & Loss statements and balance sheets.
• 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 

• An invoice for expenses such as travel and laptops must be presented if a loan is requested to cover these costs.
• Proof of payment receipts for any advance transactions.
• Statements for any outstanding loans from the previous year.
• A letter explaining any gaps in coverage, written on an Rs. 100 stamp paper.
• If necessary, a letter explaining the absence of a co-applicant Income Tax Return.

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 

Auxilo  

Starts from 11% 

Upto 2% on going through with WeMakeScholars 

Avanse 

Starts from 11% 

Upto 2% on going through with WeMakeScholars 

Incred 

Starts from 11% 

Upto 2% on going through with WeMakeScholars 

Axis     

Starts from 11.5%

Upto 2% on going through with WeMakeScholars 

ICICI

Starts from 10.5%

Upto 2% ongoing through with WeMakeScholars 

IDFC First Bank 

Starts from 8.5%

Upto 2% on going through with WeMakeScholars