Education Loan for the USA

✓ Up to 1.5 Cr Education Loan

✓ At a starting interest rate of 8.50% 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

Unsecured or without collateral loan for the USA

Parameters	Details
Loan Limit	Upto Rs 75 lacs A higher amount can also be offered on the basis of students loan profile and co-applicants income
Expenses covered	Tuition Fees Living Expenses Health Insurance Premiums All the expenses mentioned in your i20 will be covered under an education loan
Eligible courses	Bachelor’s in STEM and Management Programs PG and UG Certification courses Masters courses in business management and law studies
Interest rate	Starts from 10.50% The effective interest rate can be reduced depending on the applicant's loan profile and co-applicant income details
Moratorium Period	Course duration + maximum upto 1 year
Repayment Duration	Maximum upto 10 years
Repayment policies	Applicants may need to pay interest on the loan during the moratorium period Students can opt to add their payable interest amount during the moratorium period, with the total loan amount and pay later with EMIs In some cases, EMI may start immediately after the disbursement
Eligibility Criteria	The student should be an Indian national Applicant must have secured admission in their preferred college or university in the USA Co-applicants income should be more than Rs 4.5 LPA

Banks that offer unsecured loans for the USA

Here is the list of banks and NBFCs that offer education loans without collateral, to students planning to pursue their higher education in the US:

Axis Bank
ICICI Bank
IDFC Bank
HDFC Credila
Auxilo
Avanse
Incred

Note: Public banks like State Bank of India, Bank of Baroda etc also offer unsecured loans but only upto Rs 7.5 lacs, under the VidyaLoans scheme

EliteScholars funding to study in the USA

EliteScholars is a special education loan funding initiative of WeMakeScholars. No financial co-applicant is required to apply for a loan from EliteScholars. Students planning to pursue higher education in STEM courses in countries like the USA, Canada, Germany, and the UK can take loans as per the following criteria:

Parameters	Details
Loan Amount	Upto Rs 75 lacs
Rate of Interest	11% - 11.5%
Moratorium Period	Course Duration + 1 years
Processing fees	0.75% - 1% of the loan amount
Loan Insurance	2% or more, it is mandatory
Repayment Tenure	Upto 10 years

How to get an unsecured loan for the USA?

Step 1 Request a callback or fill out the common application form online to speak to your financial officer at WeMakeScholars

Step 2 Give your loan requirements and profile details to your assigned financial officer, over a call

Step 3 After your loan profile analysis, upload your documents on WeMakeScholars documents portal as per the documents checklist shared by your financial officer

Step 4 You will be informed about the progress of your loan file at every step, if required you can contact your financial officer to take updates

Step 5 Sign the necessary formalities and collect your loan sanction letter from the bank/ lender within 2-6 days of submitting the required documents as per documents checklist.

Why Choose WeMakeScholars for an Unsecured Education Loan?

WeMakeScholars is funded and supported by the Ministry of Electronics and Information Technology, under the ‘Digital India Campaign’. We have experience handling thousands of loan files every day. Here are the reasons why you should choose WeMakeScholars to apply for your unsecured education loan:

Lesser Rate of Interest - When processed through us, you will get a 0.5%-2% discount on the effective interest rate on your education loan.

Negotiation support - Your financial officer has the authority and will negotiate on your behalf to further bring down your effective rate of interest or ease out the policies.

Faster processing - With WeMakeScholars your unsecured education loan will get sanctioned within 2-6 days of submitting the documents.

Free-of-cost service - WeMakeScholars, a government-funded initiative, offers all its education loan sanctioning services free to all students.

Documents required for a loan without collateral for USA

To start your loan process from any lender, you will need to submit the following documents:

Education Loan Application form

Hard copy of loan application form filled on the WeMakeScholars Website along with 2 passport-size photographs

Documents of applicant, co-applicant and if required guarantor

Address proof - Aadhar card, Voter ID card, Bank passbook front page copy, Passport, Telephone Bill, Electricity Bill (any 2 if current and permanent address are different)
Proof of Identity - PAN Card, Aadhar card, Passport of the applicant, Election Commission ID card, Ration card with photo, for the person whose photo is affixed
Statement of assets and liabilities, verified by the lenders team
Salary and personal bank account statement of the co-applicant of the last 6 months. If self employed, then statement should reflect business transactions of the last 1 year

Academic documents of the applicant

Fees details and payment deadlines as given by the college or university.
Proof of admission into the course (showing the course duration)
Certificates and marksheets of class 10th, 12th and degree certificates.
Scorecard of qualifying examinations like GRE, TOEFL, IELTS etc (whichever required)

Income documents of Co-applicant

If Self-employed

Proof of address of the business
Last 3 years Income Tax Returns
Profit & loss statement and balance sheet of last 3 years

If Salaried

Last 2 years Income Tax Returns
Form 16 details of last 2 years
Office ID card
Last 3 month’s salary slip

Miscellaneous Documents

Statement in written that any other expense apart from those covered in loan will be taken care of by the co-applicant only.
Agreement from the applicant and co-applicants side in the standard format given by WeMakeScholars financial officer.

Additional docs (if required)

Past 1 year’s loan account statement of the pending loan
A Certificate of the gap on Rs 100 stamp paper for students who have had a break in their studies. (as per the format given to you by your financial officer)
Receipts of payment (done in last 6 months)

You can skip the hassle of visiting the bank, again and again, to submit your documents by directly uploading them on WeMakeScholars documents portal as per the documents checklist that your financial officer will be sending you after your loan profile analysis. To get your loan profile analyzed, speak to your financial officer.

Note: Only self-attested documents will be acceptable.

Repayment plan for unsecured loans in USA

If you get an unsecured education loan of Rs 60 lacs to pursue a 2 years masters course in the USA from a private bank at interest rate of 11% and choose the repayment period to be 10 years then your loan repayment plan will be as per the following table:

Repayment Cycle	EMI	Interest portion	Principal portion	Loan Outstanding
End of Year 1	94014	59242	34773	6427955
End of Year 2	94014	55218	38797	5984965
End of Year 3	94014	50728	43286	5490713
End of Year 4	94014	45719	48295	4939266
End of Year 5	94014	40131	53884	4324007
End of Year 6	94014	33895	60119	3637550
End of Year 7	94014	26938	67076	2871658
End of Year 8	94014	19176	74838	2017137
End of Year 9	94014	10516	83498	1063732
End of Year 10	94014	854	93160	0

If your loan conditions are different from those given above, use the WeMakeScholars Education Loan EMI Calculator to get your own amortization table as per your loan parameters.

Secured or with collateral loan for the USA

Parameters	Details
Loan Limit	Upto Rs 1.5 Cr Students can get a higher amount, as per their eligibility and loan profile analysis
Expenses covered	All the expenses mentioned in the i20 will be covered in the education loan
Eligible courses	Bachelor’s degree programs in STEM courses Masters degree programs in Management courses and MBA PG and UG Certification courses
Interest rate	Starts from 8.50%
Moratorium Period	Course duration + maximum upto 1 year
Repayment Duration	Maximum upto 15 years
Repayment policies	Interest during the moratorium period is also charged and required to be paid Students can opt to add their payable interest amount during moratorium period, with the total loan amount and pay later with EMIs
Eligibility Criteria	Student should be an Indian national Applicant must have secured admission in their preferred college or university in the USA
Types of Collateral	Immovable properties - House, flat, non-agricultural land, commercial properties Liquid Securities - Fixed deposit, LIC Policies, Government Bonds
Value of collateral	The value of collateral should be at least half of the asked loan amount (Maximum loan amount = collateral value X 2)

How to get a Secured loan for the USA?

Step 1 Request a callback or fill out the common loan application form to start your loan process with WeMakeScholars.

Step 2 On receiving a callback from your assigned financial officer, give your loan requirement and co-applicant details.

Step 3 As per your loan profile analysis, choose your lender from the lenders suggested by your financial officer, also ask for the documents checklist from them.

Step 4 Upload your documents on the WeMakeScholars documents portal as per the documents checklist to start your loan process at the earliest

Step 5 Collect your education loan sanction letter from your chosen lender within 15-20 days after signing the loan agreement documents

Why Choose WeMakeScholars for a Secured Education Loan?

Save your time, money and efforts by choosing WeMakeScholars as we are partnered with 14+ public and private banks in India, we are familiar with every step of the loan sanction process, and here are the other reasons why you should choose WeMakeScholars to get your secured education loan:

Tax saving plans - Your financial officer will let you know about the various income tax benefit schemes under section 80E, 80C and also about the tax collected at source to help you save more.

Online application process - You can not just apply online for an education loan but also can complete your loan sanctioning process online, this saves time.

Documents checklist - You will have a proper documents checklist specially customized for your loan profile and sent to you by your financial officer, this will reduce your burden of collecting and submitting a range of documents in the bank

Cashback - You can win a cashback of up to 3k from our side when your loan is disbursed

You will get all these benefits and even more, all at absolutely no cost because all our services are totally FREE of COST for all the students. To start your loan process with WeMakeScholars, request a callback or fill out the common application form.

Documents required for loan with collateral for the USA

You will have to submit all the above-mentioned applicant, co-applicant and guarantor documents along with the below-listed Collateral Documents:

Registered sale agreement / Gift Deed
Registration receipt of the agreement
Property title deed
The building plan or plot’s layout copy approved by the municipality
Latest property tax receipt and an electricity bill
Previous sale deed chain of last 30 years is necessary
Property allotment letter by municipality corporation or authorized government authority like MHADA, HUDA, DDA, CIDCO, etc

The above-given documents checklist is general, but if you want to get your personalized documents checklist, ask your financial officer over the call and upload all your documents on the WeMakeScholars documents portal online.

Repayment plan for Secured loans in the USA

If you have to repay a secured education loan of Rs 40 lacs, in 10 years after the moratorium period, which you have taken at 10% rate of interest, then your repayment plan will be as follows:

Repayment Cycle	EMI	Interest portion	Principal portion	Loan Outstanding
End of year 1	62441	37170	25271	4435160
End of Year 2	62441	34524	27917	4114970
End of Year 3	62441	31601	30840	3761251
End of Year 4	62441	28371	34070	3370494
End of Year 5	62441	24804	37637	2938819
End of Year 6	62441	20863	41579	2461943
End of Year 7	62441	16509	45932	1935131
End of Year 8	62441	11699	50742	1353155
End of Year 9	62441	6386	56055	710238
End of Year 10	62441	516	61925	0

Use the WeMakeScholars Education loan EMI Calculator to know your education loan repayment plan and schedule and also tips to save money while repaying the loan. Request a callback or fill the common application form.

Expenses covered for education loans in the USA

Education loan in the USA covers all the expenses mentioned in the immigration letter, i20, refer the table below:

Purpose	Amount
Tuition fees	As given by the university
Cost of Living	Rs 10 - 12 lacs annually (Given by the embassy)
Health Insurance	As required for the loan

Mostly all the necessary expenses will be covered in the above-mentioned purposes only, but if still there is any study-related expenses like study tours, thesis or projects, laptop, uniform, instrument or study equipment purchasing cost, everything will be covered in the education loan itself.

For more clarity on this, ask your financial officer in WeMakeScholars.

Special Education loan scheme to Study in the USA

SBI Education loan for MS in the USA
State Bank of India offers secured education loans with special interest rates starting from 9%, to study in the USA under its Global Ed-vantage Scheme.

Education loans for MS
Indian students also apply for an education loan for MS in the USA without collateral. SBI education loan for MS in USA is also available, however to get the best education loan for MS in the USA, process your loan with WeMakeScholars.

Education loan for MBA
Student loan for MBA in the USA for Indian students is provided by public and private lenders in India, at interest rates starting from 8.5%

HDFC Credila education loan for USA
HDFC Credila is the largest education loan lending NBFC that provides need-based education loans at interest rates starting from 12% and depending on students' loan profile.

Scholarships for studying in the USA

Pursuing a 2-year course in the United States of America would cost at least around Rs 50 lakh on average. Of Course, taking an education loan to arrange funds is a safe option, but if you are a meritorious student who has excelled in every exam with flying colours, or meet any other eligibility criteria, then you have another option: partially funded or fully funded scholarships.

Here is the list of the top 9 scholarships to study in the USA:

- Education Future International Scholarship
- University Of Tulsa International Student Scholarships
- University Of California, Berkeley - Conference Travel Grants
- IGlobal University Academic Merit Scholarship
- University Of Wisconsin Scholarships For Incoming Students
- Community College International Student Scholarships
- Robertson Scholars Leadership Program
- Women In STEM Scholarship Program
- Fulbright U.S.-ASEAN Visiting Scholar Program
Choose and apply for the scholarship to study in the USA that best fits your educational requirements and eligibility through the WeMakeScholars Scholarship portal

Universities recognized for Education loan in USA

Banks have a list of colleges and universities labeled as category A, B, and sometimes C or prime and non-prime universities list. Each bank might have different universities in their list of institutes, and they offer loans accordingly.

WeMakeScholars being a government of India-funded start-up and the largest education loan partner of 14+ public and private banks in India has access to all the prime institutes list for all the banks. To know if your preferred university falls in the list or not, get in touch with your financial officer at WeMakeScholars by requesting a callback or filling up the common application form.

Frequently Asked Questions

Education loan questions, answered

There are two types of education loans available in India for study in the USA i.e Secured and Unsecured education loans. In a secured education loan you are required to pledge collateral to take a loan against it. Whereas for an unsecured education loan, as the name suggests, you don't need to pledge any security, albeit there are certain eligibility criteria set by the lenders and only those who deem eligible will get the unsecured education loan.
There are mainly 4 types of lenders that provide education loans to Indian students for education in the USA: Government-sector banks, Private-sector banks, Non-banking financial companies (NBFCs), and International lenders.
While applying for an education loan, students are expected to have an acceptance letter/ offer letter from any US university. Based on the lender you are going with you either have to visit the banks to submit the loan application form along with the required documents or apply directly online by uploading the document. If the loan criteria are met and the student deems eligible, the loan is sanctioned. The sanctioned letter can then be sent to the university as proof of funds which is required for an I-20.
It depends on the lender you opt for and if deemed eligible you can get up to - 1.5 crore secured education loans from Government banks - 40 lakhs unsecured education loans from Private banks - 60 lakhs unsecured education loans from NBFCs - 80% of your loan requirement from Foreign lenders (Unsecured education loans)
On any given day, Government banks are the best for education loans for the USA. An overview of an education loan by Government banks Loan limit -Up to 7.5 lakhs (Non-collateral) / Up to 1.5 crore (with collateral) Interest rate -8-9% Processing fee- 0 to 10,000 Repayment period- Up to 15 years Payment free moratorium period- Yes, course duration + 6-12 months
No, Indian students already residing in the USA do not qualify for federal education loans. But, NRI students are eligible to avail an education loan in India. They would need a co-signer who resides within the country and is a citizen of India. A student would have to transfer the power of attorney so that the person who holds the power of attorney can sign the necessary legal documents for financial transactions on the student's behalf.
Most banks provide education loans to study in the USA due to good scope of employment after graduation. But, usually public banks are preferred as they provide education loans at interest rates starting from 8.50% on education loans to study in the USA. You can apply for your education loan for free through WeMakeScholars.
The secured education loan interest rate for the United States of America starts from 8.50% while the unsecured education loan starts at 10.5%. However, the interest rate depends on the bank/ lender, the loan scheme under which the loan is being taken. To get the best interest rate deal process your loan with WeMakeScholars.
You can get an education loan of upto Rs 60 lacs, without collateral to study in the USA from private banks and NBFCs as per their different loan schemes and products. To apply for an unsecured education loan, visit WeMakeScholars website and apply online for an education loan.
The process of education loan application to arrange funds to study in the USA can be completed online, with WeMakeScholars, by requesting a callback or filling up the loan application form online. Moreover you get complete support from your assigned financial officer throughout your education loan sanctioning process.
Public banks offer lower rates of interest, starting from 8.50% and high credibility, but, if the applicant lacks any collateral but needs the loan on an urgent basis then private banks and NBFCs are the best option. The loan process from private banks and NBFCs can be completed in 2-6 working days after your documents are uploaded on WeMakeScholars documents portal.
You can get a secured education loan of upto Rs 1.5 crore or even higher, from public banks in India by pledging any acceptable collateral. If not, then you can get an unsecured education loan of amount upto Rs 60 lacs or even higher depending on your loan profile, to study in the USA
You will need to have a bank balance of 1.5 times the i20 amount for a 2 years course, while applying for a VISA. If the amount is beyond your bearing capacity approach WeMakeScholars to apply online for secured or unsecured education loan at cheaper rate of interest.
It is better to take education loans from Indian lenders because US lenders generally charge higher processing fees, students cannot take benefit of interest subsidy schemes and tax benefits. Moreover, even though their interest rates may appear less numerically but due to currency change rates, the interest amount charged by foreign lenders is much higher than charged by Indian lenders.
Yes, you can get an education loan to pursue your bachelors in the US, provided your stream falls in the category of acceptable bachelor courses and you clear all other eligibility criterias to get an education loan. Fill the eligibility check form or talk to your financial officer at WeMakeScholars regarding your loan process.
You will be required to show proof of funds to get the i20 for the USA. Proof of fund can be either a bank's attested fixed deposit certificate or papers of the property to be pledged as collateral or bank’s savings statement or balance certificate attested by bank or PF/PPF- bank statement or account passbook, or if arranging funds by education loan, loan sanction letter will be required to get the i20.
The best time to apply for an education loan is as early as possible, once when you are sure that you will get admission in the university of your choice in the USA then you should simultaneously start your loan process.

*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.

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WHAT STUDENTS WROTE ON THEIR OWN PLATFORMS

“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

“I had a very good experience with WeMakeScholars during my overseas education loan process for my higher studies in Australia. I would like to extend my sincere thanks to Mr. Mukeshkanna Rajaram for his continuous support, guidance, and assistance throughout the entire loan process. He patiently clarified my doubts, guided me through the financial documentation, and helped me at every stage until my education loan was sanctioned. His timely updates and professional approach made the process much easier and less stressful. I truly appreciate his dedication and the support provided by the WeMakeScholars team in helping me move forward with my dream of studying in Australia. I would definitely recommend WeMakeScholars to students looking for guidance with overseas education loans. Thank you, Mukeshkanna, for all your support!”
HM
Harish Muthukumar ShanthiTamil Nadu · Monash University, Australia

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