I applied for 26Lakhs eduacation loan for masters studies in USA through WeMakeScholar(WMS). Once I started my loan process with WMS loan got sanctioned within 11–12 day (at that moment I was done with search and valuation report) so there it saves me few days. My loan of 26 Lakhs sanctioned in SBI bank (Chandrapur) at with ROI 9.7% (If I pay interest right after disbursement then SBI will give me 1% rebate so it will be 8.7% after moratorium period). First I started my SBI education loan process via offline process (In offline you directly approach bank and start the process without any mediator), bank told me they are not eligible to give me 20+ lakhs loan but bank was eligible to give 20+ loan under global ed-vantage scheme and bank was aware of it so they didn’t know process about it. Once I showed them as that bank is eligible for loan they started with my valuation and search report it. They gave me some contact and I was done with reports within 3–4 days. When I collected all the documents and visited bank to submit an application, bank was reluctant to take my application instead they were telling me to go to the regional office (Nagpur)and they will process my loan (Regional office was 150KM away from my place). They literally make me run for my loan education process after few days I came to know about WMS in the group as it’s online process and WMS helps student who is struggling to get loan from PSU’s. Since process was free I submitted my details on Website and next day I got call from Ishita Ma’am (She is a loan coordinator for WMS). I told her all my process and problem which I faced. Next day she talked to my Bank and head office in Mumbai & sorted all the matter. I got call from Ishita ma’am telling me to submit my application and if anything delay happens she will help me sort it out. She helped me a lot to fasten loan process and got my loan sanction letter quickly. I was facing much delay but with the help of WMS bank acted very quickly.
WMS is there to help student who is facing problem and fasten loan process. As everything is online you can track your loan process as well and moreover at the end you also get cashback of 10K which is very good. So IMO WMS is legitimate and you won’t regret going with them.
I came to know about WeMakeScholars in early September while simply browsing through the answers here on Quora itself.
Having already been frustrated with national banks for education loan, I was finding one single quick solution to it.
I was almost left with no time to transfer the funds to my university and kickstart my visa application. I contacted WeMakeScholars(WMS) via email & FB and they called me back within a day. Once I briefed the WMS representative about my urgency, she connected me through an NBFC, Incred. Within 3–4 days, Incred took over my case and they processed the loan amount of INR 13 Lacs within 20days with an interest rate of 13.1% after a few rounds of negotiation by my family.
Especially, when post-brexit scenarios in UK are yet to hit back its previous glory, processing the loan without the collateral security, was, indeed a tough deal.
To be honest, I did face some difficulties after my loan got sanctioned and the disbursement was finally done. But both the representatives from Incred and WeMakeScholars had put best of their effort to resolve the hassle of the process.
As I was referred to Incred by WMS, Incred was liable to them at every possible aspects. It is only because of their partnership with various financial organisations, decision making ability, and experience of handling N numbers of cases, they could come up with the least time-consuming solution for me.
I can't thank them enough for helping my career take a shape and am more than happy to encourage everyone who's reading my answer, to go with WeMakeScholars.
If you're in urgency, also, wanna avoid all the hardships of painful banking procedure, WMS is your go-to organisation, undoubtedly. Let them take care of it.☺
Hi i am a student currently pursuing my masters from the states and i would definitely recommend we make scholars to other students, as i got immense help in terms of guidance for my loan from SBI, i was facing a great deal of difficulty to understand how everything works, but since i was in constant touch with me make scholars, i was able to get my loan sanctioned much easily.
The team is very updated with the current schemes offered by private and national banks, and would be able to clear all your doubts, the loan officers specially at national bank offers incomplete information and most of the time offer only superficial information regar the education loan, but since people from we make scholars regularly attend bank seminars and conference can come to your rescue and can save you from being mislead or from being duped.
For instance, i was not aware of the rate of interest and the global edvantage scheme offered by SBI for funding education abroad, we make scholars provided me details on the same and i was able to save my parents a lot of money.
You have landed an offer letter from your dream university but the university fee is too high owing to our exchange rate and now, you are planning on taking a loan. Numerous factors such as the loan amount, and the things covered by it, like tuition fees, admission fees, travel, books, food and living expenses, interest rate, processing fee, margin and moratorium period need to be calculated before deciding upon the bank from which you will take the loan... Read More
With increasing number of Indian citizens planning on pursuing education overseas, the number of student loans being sanctioned is multiplying. Though scholarships act as leeway for evading the burden of repaying the loan, financing for studies abroad is quite a daunting task for most families in India. Education loan in India is becoming easier to avail as more and more banks, both private and public, are providing loans at competitive interest rates with... Read More
As the number of students pursuing education abroad is increasing, many banks have started lending educational loans with attractive schemes to these students for studying overseas. One such popular educational loan scheme was offered by Credila which was recently taken over by HDFC to form HDFC Credila education loan. The HDFC education loan helps students achieve their dream of studying abroad in more than 35 countries.... Read More
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?
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:
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:
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.
Single online application
Choose the best
Transparent information of interest rate, loan terms, etc on various loan providers, to help you compare and choose the best.
Exciting discounts on processing fees, EMI payment waivers etc., which otherwise are not available!
Every year, more than 30% study abroad aspirants drop even after getting 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 full 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 scholarships through WeMakeScholars.com. Unfortunately, due to high competition, there is a significant number of students who couldn’t win scholarships. With an aim to help these students to achieve their dream, WeMakeScholars had started the “Study Abroad Education Loan” service.
By partnering with top banks and NBFCs globally, WeMakeScholars facilitates the education loan application process and makes sure that it runs smoothly and on-time. Its current partners include State Bank of India (SBI), Axis Bank, Prodigy Finance, Credila HDFC, Avanse, STILT. 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 community further.
How to apply for an Education loan on WeMakeScholars in just 5 minutes?
Current Study abroad education loan providers on WeMakeScholars:
State Bank of India (SBI) is the largest education loan provider in India. Global Ed-vantage scheme of SBI offers loan of 20 lacs INR to 1.5 cr INR to study abroad. This overseas education loan is primarily for those who wish to pursue a full-time regular course at a recognised foreign college or University.
Prodigy Finance provides loans to international postgraduate students attending the world’s top universities. Prodigy’s innovative borderless credit model is available to more than 100 nationalities. Disrupting the traditional funding market, Prodigy Finance loans are collectively funded by a community of alumni, institutional investors and qualified private investors who receive a financial and social return; while the student borrower gains access to higher education that they might not otherwise be able to finance.
STILT offers loans to International students studying in the US. These loans are primarily ranged between $5000 to $25000 and can be taken to cover full or partial education expenses in the US.
Avanse with a tagline of "Aspire Without Boundaries" is an education finance company that provides study abroad education loans to the students to fulfil their dreams of pursuing higher education.
Credila, part of HDFC bank Ltd. is India's First Dedicated Education Loan Lender. It offers study abroad education loans for all the degree levels. Credila offers unsecured loans to meritorious students planning to study in the US.
Are you an Education Loan provider?