Tata Capital Education Loan

Tata capital offers an education loan of up to 35 Lakhs at an interest rate of 10.99% p.a. For the student to be able to pay their cost of tuition and living while pursuing higher education.

Tata Capital Higher Education Loan

Courses eligible:

• Post-graduation, graduation, or diploma courses offered by accredited institutions 
• Technical or professional courses 
• Management courses 
• Ph.D. courses

Courses eligible:

• Post-graduation or graduation degrees from accredited institutions
• Certification courses conducted by CPA in the USA and CIMA in the UK 
• Ph.D. courses

Tata capital education loan charges a processing fee of 1% of the loan amount + GST. 

This fee is charged by the bank and not WeMakeScholars. We are an initiative supported and funded by the Ministry of IT government of India under the Digital India campaign. Hence, the services we provide are completely free of cost!

Our services are provided to you without any cost at WeMakeScholars. We don't charge any processing fees for our services, and this is made possible by the fact that our organization is supported by the Ministry of IT, Government of India as part of the Digital India campaign, which allows us to offer our services for free to students seeking scholarships and other forms of financial aid.

The loan insurance offered by Tata capital is up to 2% of the loan amount sanctioned. They also offer travel insurance which is mandatory.

Taking out loan insurance can be most useful in unforeseen cases of disability or death of the applicant during the loan tenure. You can make sure that your parents or co-applicant don’t end up bearing the costs of re-payment by taking loan insurance.

For example, if a student has applied for a loan of 50 Lakhs and if the loan margin is 95%, the student has to arrange 5% of the loan amount, which would equal around 2.5 Lakhs.

We recognize that loan margins can greatly affect borrowing costs, and our goal is to assist our clients in obtaining the most favorable loan conditions and rates.

Under these schemes, the interest payable during the moratorium/ grace period i.e, course duration + 12 months will be paid by the government of India. 

Padho Pardesh Scheme

Eligibility:

• Applicant belongs to a religious minority (Muslim, Christian, Sikh, Buddhist, Jain, Zoroastrian) and the net annual Income of the family equates to be less than 6 Lakhs    
• For higher education abroad 

Note: The Padho Pardesh Scheme has been terminated and will no longer be used as of April 1, 2022. However, the beneficiaries who were already receiving the interest subsidy as of March 31, 2022, will continue to do so for the duration of the loan and the moratorium period.

Central Scheme for Interest Subsidy for Economically Weaker Sections

Eligibility:

• Applicant’s family income equates to less than 4.5 Lakhs 
• For higher education in India 

Dr. Ambedkar Central Sector Scheme

Eligibility: 

• The applicant belongs to the economically backward class and their net annual family income is less than 8 Lakhs.
• The applicant belongs to the OBC community and their net annual family income equates to less than 8 Lakhs. 
• For higher education loans abroad.

Offline education loan application process

Step 1: Visit the closest branch of tata capital to you and fill out the application form provided to you by them. 

Step 2: If you meet the bank loan eligibility criteria, you will be asked to submit all the necessary documents. 

Step 3: Visit the branch and submit all the required documents.

Step 4: After which the loan will be processed and the loan amount will be disbursed into your account.

Online education loan application process through WeMakeScholars

Step 1: Fill in your details in the Common Application form.

Step 2: Provide your details to the financial officer from our team to check your eligibility for the loan.

Step 3: After which you will be explained about all the possible lenders you can choose to take a loan from based on your eligibility and the policies of the bank. 

Step 4: You will be provided with a checklist of documents by your assigned financial officer. Submit them in the bank or you can also submit them online on our encrypted WeMakeScholars documents portal 

Step 5: You will be logged in immediately after submitting your documents. The result of your application will be provided to you within 2-6 days in the case of Pvt banks & NBFCs. 

Step 6: You can receive the sanction letter and sign the loan agreement after your loan has been sanctioned. 

Issues while approaching the lenders directly

• When you process your loan directly, it takes you way longer than it needs to take. 
• Many trips around the bank 
• No clarity is provided regarding loan eligibility
• Are not equipped to deal with multi-city cases.
• A document checklist is not provided.
• Negotiations are not done 

Benefits of applying through WeMakeScholars

• Negotiation on your behalf: We negotiate for a lower rate of interest on your behalf and make sure that you only pay what’s needed. (0.5% to 2% lower than the bank’s average interest rate!)
• Best customer service/support: You can contact us during any phase of your loan process for any queries you have between 9 AM to 9 PM
• The cashback offered: You will be rewarded with a cashback of 3000 Rs on multiple disbursements as you support the digital India initiative by processing your education loan through WeMakeScholars.
• Fastest processing time: We take less than half the time to process an education loan. Around 50% lesser time than average. We take a maximum of 21 Lakhs in the case of public banks and 7 days in the case of private lenders.

Why transfer your loan to Tata Capital?

• On transferring your loan, you will be eligible for a lower rate of interest on your existing loan 
• We are connected to most of the leading private banks, public banks, and NBFCs hence the process of loan transfer becomes so much easier!

How to transfer your loan to Tata Capital?

• You can request a callback from our team here at WeMakeScholars 
• Your financial officer will provide you with a list of documents to be submitted, to get your loan transferred to Tata Capital.
• Submit those documents to the Tata Capital branch nearest to you and wait for approval of your loan transfer 

We have financial officers who can guide you through the loan transfer process and answer any questions you may have.

Tata capital education loan repayment process

The education loan repayment process in Tata Capital can last up to 72 months, that is 6 years, during the repayment process students will have to pay their EMI in order to repay the loan within the stipulated timeline. 

For example, if you take out a loan of 27 Lakhs, with an interest rate of 10.25% and with a repayment tenure of 12 years, your repayment schedule will look like this

• Monthly EMI: 38,731
• Total loan payment: 55,77,232
• Total payable interest: 28,77,232

We also offer assistance with the loan disbursement process, helping you to understand the terms and conditions of the loan and the repayment schedule, and answering any questions you may have.