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FAQ's

• If any document is missing, can you still help?

  WeMakeScholars has an expert team of Financial Officers who are well trained in handling the entire Study Abroad Education Loan process. They will guide you one on one in arranging your documents and in case any documents are missed, most of the time, an alternative solution can be offered. Somehow our team will try convincing the lender to accept your application with the available documents so that our motto of funding every genuine student is met. 

• How do you protect my data? Is my data safe?

  As highlighted in the previous question, WeMakeScholars is an initiative officially supported by the Ministry of IT, Government of India. Hence the entire process is fully transparent and compliant. All the documents you uploaded along with your personal data are stored in a secured manner in our servers and only the authorised personnel will have the access to use it during the course of your education loan process.

• Can I change the institution or course after my loan is sanctioned?

  If you have applied for your Study Abroad Education Loan via WeMakeScholars, then yes! We can request on your behalf and negotiate with the lender to re-sanction the loan quickly using the latest university admit letter. When students approach the bank’s directly, the bankers will inform them about starting the whole process once again- wasting a lot of time for the student. 

• What exactly is meant by the moratorium period or repayment holiday?

  The course period plus 6- 12 months duration is called a moratorium period. It is also called a repayment holiday as there is no requirement for the student to pay anything during this period, in case of public banks. While, in the case of private banks and NBFCs, students are mostly required to pay the partial interest every month. However, if the student’s or co-applicant's profile is not up to the mark, then the lender may require you to pay the full interest or even the EMI (Equated Monthly Instalment) immediately from the 1st month onwards.

• Once the loan is sanctioned, is it disbursed directly to my account or to the university account?

  The tuition fee is directly disbursed from the bank to the university. While, the living expenses and other miscellaneous expenses are usually disbursed to the student’s account. If the student has already paid the fee on their own in the past 6 months, then the lender can give the refund to the student’s account.

• Should I arrange a co-applicant or collateral for the loan?

  Every bank/ NBFC in India requires the student to add a co-applicant into the loan structure. But, depending on the student’s academics and profile, the need for having a great financial profile for the co-applicant may not be mandatory.

  On the other hand, adding collateral to the loan process is completely optional. However, the rate of interest greatly reduces when an education loan is taken by adding a collateral.

• Does WeMakeScholars charge for its services?

  WeMakeScholars is an initiative funded and supported by the Ministry of Electronics and Information Technology (MeitY) under the Digital India Campaign. Hence, all the services are provided at no cost to the student in the most transparent manner.

• What is the timeline to get my Study Abroad Education Loan sanctioned via WeMakeScholars?

  Please understand that the loan processing time greatly depends on how quickly the student can arrange the required documents. So, once you arrange all the required documents and upload them on WeMakeScholars portal, then we can help you get the sanction within 3 working days also. If  you are processing a secured Education Loan with a collateral, then the time required will be 12-15 working days. 

• What are the advantages of applying my Study Abroad Education Loan through WeMakeScholars?

  There are exclusive advantages of applying for your Study abroad Education Loan via WeMakeScholars:

  • Get up to 2% instant discount on Interest Rate
  • Get up to 50% discount on Bank’s Processing Fee
  • Get loan sanction in 3 working days
  • Get Interest Rate Protection Scheme up to 10 years
  • Get up to Rs. 3000 cashback
  • Get complete Disbursement & Repayment support

   

• Do WeMakeScholars assist with both the secured (collateral based) and unsecured (non-collateral based) Education Loans?

  Absolutely! WeMakeScholars is the official national digital partners with 16+ public/ private banks and NBFCs. Hence, we help you in comparing 16+ lenders and finding the best education loan matching your profile.

• What is WeMakeScholars, and how does it help with education loans?

  WeMakeScholars is an initiative funded and supported by the Ministry of Electronics and Information Technology (MeitY) under the Digital India Campaign. We fund study abroad aspirants by comparing 16+ lenders and finding the best education loan matching their profile- assisting them in the entire process ranging from documentation to securing loan approvals, disbursement, and even post-sanction support.