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Advantages of applying for collateral/non-collateral education loan via WeMakeScholars

WeMakeScholars (WMS) is an organisation supported by the IT Ministry, Govt of India. Our motive is to offer unbiased abroad education loan support to students who are planning for studying abroad. As this initiative is under the digital India campaign, it's at free of cost. We are associated with 14+ banks (public/pvt) in India and help you get the best abroad education loan matching your profile. Interested students can request a callback from the team. Advantages of applying for abroad education loan are listed below:

Incase of collateral based abroad education loans from public banks like SBI, the benefits are:

  • Multicity cases can be tackled easily: Which means if your permanent resident of a city A and if the property belongs to city B, such study abroad education loan cases are not done/takes a lot of time if applied directly to the bank. Via WeMakeScholars, it can be done faster/on time.
  • Negotiation on your behalf: WMS team can negotiate on your behalf with the bank for the best ROI and also we see that you are charged nominal for the complete process, including the lawyer’s fee etc.
  • Best customer service/support: You can avail a complete customer support from the WeMakeScholars team for any of the doubt you have, anytime.
  • Digital tracking: Those applying via WeMakeScholars will get a 16 digit reference number to track your study abroad education loan application online from the SBI education loan portal.
  • Cashback offered:You will be rewarded with a cashback on multiple disbursements to a maximum of INR 3000, as you are supporting the Digital India campaign by applying for your study abroad education loan via WeMakeScholars.

Incase of non-collateral based abroad education loans from pvt banks/NBFCs the benefits are:

  • Better Interest rate: It is better to apply for your study abroad education loan via WeMakeScholars, than going directly to NBFCs/ private banks. Because, you get at lower interest rates as WMS is the pan India partner for these banks and financial institutions.
  • Deviations possible in your case: Also, deviations are possible as WMS team will negotiate with the lender on your behalf. Deviations like- if your GRE score is slightly lower than the bank’s requirement etc. WMS can help you with upto 40 lacs without collateral. The ROI will be b/w 10.99-13.99% depending on your profile (scores) + co-applicant profile + uni going to.
  • Best customer service with end-to-end coordination: If you go directly to the bank/NBFCs, you get education loan rejections without any proper explanation. While, the WMS team will negotiate with the lender to find other ways of getting your education loan sanctioned, which otherwise is not possible when you interact with them directly. This is because, the WMS team is associated directly with the Head office of these lenders.
  • Cashback offered: You will be rewarded with a cashback on multiple disbursements to a maximum of INR 3000, as you are supporting the Digital India campaign by applying for your study abroad education loan via WeMakeScholars.

Irrespective of the bank, you get referral reward of upto ₹3000 for every successful referral. Now, you have a reason to share with friends too. Refer now!

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Supported by the Government


WeMakeScholars is recognized as the top social impact initiative by Amitabh Kant, CEO of the NITI Aayog, Digital India along with Sam Pitroda, Former Advisor to the Prime Minister. (January 2016)


WeMakeScholars signing a MoU with Prof. Anil D. Sahasrabudhe, Chairman, AICTE (All India Council for Technical Education), Govt. of India to spread awareness on higher education in Indian colleges. (October 2017)


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Education Loan FAQs

What is WeMakeScholars?

WeMakeScholars is a BITS Pilani startup funded and supported by the Ministry of Electronics and Information Technology, Government of India under the Digital India campaign. We help study abroad aspirants in arranging their financials on time, without any hassles.

How does WeMakeScholars helps students to secure education loans for abroad studies?

We work end-to-end with public/private banks and NBFCs to facilitate the foreign education loan processing and approvals on time. Students apply to us and we do the required pre-qualification, a process which suggests the right fit of education loan option based on the the student’s profile i.e. students get genuine and unbiased loan option. The required documentation procedure is also explained and a proactive customer support is offered, until the student secures the loan, gets disbursement and even beyond that.

Do you help with both Collateral and non-collateral education loans for abroad studies?

Yes. As we work with 14+ banks/NBFCs in India and abroad, we can help students with both collateral and non-collateral education loans. However, we recommend students to go for a collateral (if you have one) as the rate of interest is at least 2-3% lower to collateral based loans.

How many days does it take for me to get an education loan via WeMakeScholars?

  • We help get you a sanction in 5-7 days from a private bank or NBFC
  • While it can go upto a maximum of 2 working weeks (14 working days) for getting a sanction from a public bank. There are may cases where the approvals were done in a week time too.

Is there any fee for the services offered by WeMakeScholars?

NO. We donot charge any fee for our services as this initiative is supported under the Government of India. Incase someone demands you on our behalf, please report to us immediately.

Does WeMakeScholars help only with public bank, or with other private and NBFCs too?

Yes. We do offer our end-to-end services to 14+ banks including public, private and NBFCs.

What is the step-by-step process of sanctioning my education loan if I apply via WeMakeScholars?

Below is the process we follow for a public bank, explained step-by-step for your understanding:

  1. Step 1: You apply to us.
  2. Step 2: Our team calls you and does the pre-qualification.
  3. Step 3: All the required docs to be arranged by the you will be explained. This largely depends on the profile yours and the your co-applicant’s profile.
  4. Step 4: You collect all the docs ASAP.
  5. Step 5: You report back to us after documents collection.
  6. Step 6: WeMakeScholars checks the branch database of the respective bank and then assigns your application to the nearest and the fastest branch. Note: Not all the nearest branches are the fastest. The team will assign accordingly seeing the previous track record of the branch. Infact this is the most important step which drastically reduces the application processing time. Our team will also help you in scheduling an earliest appointment with the respective branch manager.
  7. Step 7: You will visit the branch for document submission and verification. Please note that you need not submit any of your docs to WeMakeScholars. Everything is submitted by you to the assigned branch.
  8. Step 8: By any chance, anything goes wrong at the branch, you can tell us then and there, and our team will speak with the branch manager on your behalf.
  9. Step 9: In most of the cases, the file is transferred to the approval body by the branch manager.
  10. Step 10: Meanwhile WeMakeScholars will assign you a unique 16 digit reference number to track your loan application. This online reference number system is not available when applied to the bank directly/ via offline application.
  11. Step 11: WeMakeScholars team will regularly follow up with the approval body to fasten your process and get the sanction on time.

What are the benefits I get if I apply for my education loan via WeMakeScholars?

Our motive is to offer unbiased education loan support and our key goal is to ensure a student should never defer their admission due to financial concerns. Applying via WeMakeScholars ensures the 4 following benefits:

  1. Faster sanctions: We ensure loan gets approved in 14*- 18 days from public banks and approx 7 days from private banks/NBFCs from the day of documents submission. (*if all the documents comply with the norms)
  2. Convenient processing: For unsecured loans, the complete processing is online and even for secured loans from Govt. banks, we have on-field relationship managers who visit the branch and processing centers on customers' behalf, limiting the applicant's visits to 2-3 for the whole process which otherwise used to take approx 15-20 visits.
  3. Multi-city cases: Govt. banks do not usually accept applications wherein customers permanent address and the location of collateral is in different cities. But it is possible with WeMakeScholars.
  4. Less Rate of interest: We directly negotiate with the bank/NBFC for offering the best interest rates and terms.
  5. No fee: As WeMakeScholars is an initiative under the Digital India campaign, there is no fee charged for any of the services
  6. Cashback: A cashback reward of up to INR 3000 will be offered for choosing and supporting the Digital India initiative.

Does WeMakeScholars’ team negotiate with the banks/lenders with the interest rates?

When you apply to the bank/NBFC on your own, the rates can be slightly higher when compared to your application processed via WeMakeScholars.

Does WeMakeScholars team directly speak with the branch managers on the applicant's behalf?

Yes. The WeMakeScholars team speaks with the branch managers and even the higher approval bodies regarding your case to get it done faster, on time. So, there is lesser chance of your case getting struck at some stage.

Currently, it takes 60 days on an average to get an education loan sanction from a public bank. Then how does WeMakeScholars promise a 14 day approval?

We intervene at every step of the process and cut down the processing time by coordinating between you and the bank. We make sure you have all the documents and prerequisites required by the bank, beforehand. As we work with 14+ banks/NBFCs, we make sure you get the second best bank option if you are not eligible for the first best bank option, and so on.

I heard WeMakeScholars team is better updated with the latest schemes and policies of the banks than the branch managers. Is that true?

Yes. As we directly work with the Head offices of banks, we are the first ones to get updated about any new/ amendment on the bank’s policy.

Is there any cap on the maximum education loan amount, I can request via WeMakeScholars?

As such there is no limit on the loan amount. But, the usual cap is 1.5 Crores. Anything above this also can be sanctioned on case to case basis.

I’m going for a diploma program. Can I still apply to WeMakeScholars for an education loan for abroad studies?

Yes, you can.

Can I use agricultural land as a collateral to take an education loan for abroad studies?

No bank accepts agricultural land as collateral for an education loan. Its under the RBI mandate.

What are the types of collateral accepted by the banks for abroad education loan?

Various types of collateral accepted include: Flat/ House/ Open land with boundaries/ Fixed deposit (FD)/ Gold/ LIC policies/ Bonds.

Unfortunately, I don’t have a collateral. But, my uncle has. Does bank accept such third-party collateral for education loan?

Yes. We have banks which accept third party collateral too.

Can I use multiple collaterals to meet my abroad education loan requirement. For ex: Flat A plus House B, both?

Yes, it is accepted.

WeMakeScholars only helps with education loan for abroad studies or also to study in Indian universities/colleges?

This initiative is primarily to help students with arranging their abroad education financials.

Will WeMakeScholars team speak to my parents if required? Incse they have some doubts?

We understand this is one of the most important decisions in your life. So, your parents will also be concerned about it. It’s our pleasure to discuss with your parents too.

I have already started my application with a bank and its struck due to some issue and I have no clear update. Can You guys help me now?

Yes, you can apply to us and we can carry forward the same application and help you with the sanction.

If I refer my friends to WeMakeScholars, do I get anything?

Yes, we are offering a cash reward of INR 3000 for every successful referral.

I asked to my branch manager about WeMakeScholars and he had not heard about this initiative before. Then how can I believe this is true?

This is relatively a new initiative and not all the branch managers might be aware about it. Some of them would also have forgotten. Nothing to panic in this situation. We can directly speak with your branch manager and introduce ourselves, if necessary.

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Why did WeMakeScholars launch Study abroad education loan?

Every year, more than 30% study abroad aspirants drop even after getting an admit to their dream university. The reason is not being able to “Arrange finance”. WeMakeScholars took its first step to solving this issue by listing all the "International Scholarships" after its founders won fully funded scholarships for their Masters in the UK. For them, it was impossible to take up an international degree without a scholarship.

Since our launch in April 2015, over 1500+ study abroad aspirants achieved their dream by applying and winning International scholarships through Unfortunately, due to high competition, there is a significant number of students who couldn’t win scholarships. With an aim to help these study abroad aspirants to achieve their dream, WeMakeScholars had started the “Study Abroad Education Loan” product, with support from the IT Ministry, Govt of India.

By partnering with the top banks and NBFCs in India and worldwide, WeMakeScholars facilitates the study abroad education loan application process and makes sure that it runs smoothly and on-time. Its current partners include State Bank of India (SBI), Bank of Baroda (BOB), Punjab National Bank (PnB), Canara bank, Prodigy Finance, Incred, Avanse, MPower, Stilt, HDFC Credila and more banks and financial partners. Though a majority of these current partners offer loans only to Indian nationals, WeMakeScholars is adding on various loan providers from the US, UK, Malaysia to help its global community.

How to apply for a study abroad education loan on WeMakeScholars in just 5 minutes?

If you are not sure, you can request a callback and the study abroad education loan team will call you and guide you throughout the education loan process, until sanction.

Or else, you can check your eligibility for a study abroad education loan by:

  • Providing the details of the loan amount and degree you are requiring loan for- including degree level, country of study and course duration
  • Considering your eligibility, you get the list of loan providers with the details of interest rate, approximate EMI and processing fee.
  • Choose one or multiple banks which suit your needs and click “Apply”. Provide the required details to submit the application.

Current Study abroad education loan providers:
  • State Bank of India (SBI) is the largest education loan provider in India. SBI Global Ed-vantage scheme offers education loan for abroad studies from ₹ 20 lacs to ₹ 1.5 Cr. This overseas education loan is primarily for those who wish to pursue a full-time regular course at a recognized foreign college or University. You can also apply online directly for quick processing. Apply for SBI education loan online aplication form

    Check out: SBI education loan for abroad studies and application form details

  • Bank of Baroda offers education loan for abroad studies. They have multiple schemes for the education loan- Baroda Gyan for higher education in India, Baroda Education loan for premier institutes in India and Baroda Scholar scheme offers education loan for studies abroad. The Baroda Scholars scheme is eligible for undergraduate, Masters, Ph.D., Diploma and aviation-related programs. Apply for BOB education loan online aplication form

  • Punjab national bank (PNB) offers four schemes under the education loans- PNB Saraswati, PNB Pratibha and PNB Kaushal are for education loans in India. While the PNB Udaan scheme is to provide financial support as abroad education loan to meritorious students for pursuing the higher education abroad. Apply for PNB education loan online aplication form

  • Canara bank offers abroad education loans under the IBA Model Education Loan scheme. This includes the tuition/course fee, equipment, living expenses, travel expenses. Canara bank usually offers up to 20 lacs for abroad education. The margin percentage for the Canara bank abroad education loan is 15%. Apply for Canara bank education loan online aplication form

  • Incred finance is a relatively new NBFC offering abroad education loan for Indian students. Incred offers non-collateral education loan up to 40 lacs. They offer abroad education loan to over 700 universities and 250+ programs globally. WeMakeScholars team directly works with the Head office of Incred Finance and would be able to offer discounted interest rates with the best customer service experience. WMS also helps to check your eligibility for Incred finance, Incred's documentation process, help negotiate with the Incred processing fee and charges etc. Apply for Incred education loan online aplication form

    Check out: A guide to education loan without collateral

  • Avanse is an NBFC offering non-collateral abroad education loans. Their tagline is "Aspire Without Boundaries", helping study abroad aspirants to fulfill their dream. They require basic GRE score of 260 to be considered for the education loan processing. A co-applicant is mandatory for the Avanse study abroad education loan processing. WeMakeScholars is directly associated with the Avanse Head office which allows us to offer a lower interest rate when compared to what you get if you apply directly to Avanse. The other major benefit is that WMS team assists you with checking your eligibility for Avanse. We also help students with the Avanse documentation process and in negotiating on your behalf for the Avanse processing fee and other associated charges. Check out for the Avanse education loan review. Apply for Avanse education loan online aplication form.

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About Padho Pradesh interest subsidy scheme for education loans to minority community students:

The Padho Pradesh scheme is a central sector scheme launch by the central government. This scheme offers interest subsidy to the students belonging to the minority communities (as mentioned in section 2 (C) of National Commission of Minorities Act, 1995. The interest subsidy under the Padho Pradesh is on the interest which is payable during the moratorium period for the education loans for abroad education/ overseas studies/ foreign education. The Padho Pradesh scheme is applicable for Masters and Ph.D. degree levels. Apply for Padho Pradesh education loan aplication form

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