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 call back from the team. Advantages of applying for abroad education loan are listed below:
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!
I applied for 26 lakhs study abroad education loan for masters studies in the USA through WeMakeScholar (WMS). Once I started my abroad education loan process with WMS, the loan got sanctioned within 11–12 days (at that moment I was done with search and valuation report) so there it saves me few days. My education loan of 26 lakhs was sanctioned in SBI bank (Chandrapur) with ROI 9.7% (If I pay interest right after disbursement then SBI will give me 1% rebate so it will be an even lower interest rate of 8.7% after moratorium period). Firstly, I started my SBI education loan process via offline (In offline you directly approach the bank and start the process without any mediator). The bank told me they are not eligible to give me 20+ lakhs loan. But, the bank was eligible to give 20+ lacs loan under SBI global ed-vantage scheme. Though the bank was aware of it, they didn’t know the process. Once I showed them that the branch is eligible for the SBI Global EdVantage education loan scheme, they started with my valuation and search report. They gave me some contact and I was done with reports within 3–4 days. When I collected all the documents and visited the bank to submit an application, the 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 made me run for my SBI education loan process. After a few days, I came to know about WMS in the group as it’s online process and WMS helps students who are struggling to get the loan from PSU’s. Since the process was free I submitted my details on Website and next day I got a 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 SBI bank and SBI head office in Mumbai & sorted all the matter. I got a 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 the loan process and got my SBI education loan sanction letter quickly. I was facing much delay but with the help of WMS, SBI acted very quickly.
WMS is there to help students who are facing problems and fasten the study abroad education 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 on Quora itself.
Having already been frustrated with nationalized banks for my study abroad 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 a private NBFC. Within 3–4 days, that NBFC took over my case and they processed the loan amount of INR 13 Lacs within the next 20days, with an interest rate of 13.1% after a few rounds of negotiation by my family.
Especially, when post-Brexit scenarios in the UK are yet to hit back its previous glory, processing the abroad education loan without the collateral security, was, indeed a tough deal.
To be honest, I did face some difficulties after my education 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 that NBFC by WMS, the NBFC was liable to them at every possible aspect. It is only because of their partnership with various financial organizations, 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 organization, 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 education loan from SBI, I was facing a great deal of difficulty to understand how everything works, but since I was in constant touch with We make scholars, I was able to get my abroad education 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, especially at national banks, offer incomplete information and most of the time offer only superficial information regarding 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 misled or from being duped.
For instance, I was not aware of the rate of interest and the SBI Global advantage scheme 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 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 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 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.
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:
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
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
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. Apply for Prodigy Finance 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.
MPower is a US-based NBFI which offers unsecured/non-collateral education loan for Indian and International students. They work with 200+ universities in the US and support abroad education loan for both undergraduate and graduate programs.
The offer non-collateral education loan with no co-borrower/ co-applicant requirement. They offer a repayment time of max 10 years. MPower abroad education loan covers college tuition fee, on-campus or off-campus living/housing expenses, health insurance and much more. They offer abroad education loan anywhere between $2,000 to US $50,000, with a maximum of US $ 25,000 for each academic period. Apply for MPower education loan online aplication form
STILT offers education 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. Apply for STILT education loan online aplication form
HDFC Credila is part of the HDFC Bank Ltd. Credila claims to be India's First Dedicated Education Loan Lender. It offers study abroad education loans for all the degree levels. Credila offers unsecured/ non-collateral loans to meritorious students planning to study in the US. The WeMakeScholars team can help you with HDFC Credila eligibility criteria, HDFC Credila education loan interest rate. WMS also help students with the HDFC Credila documentation process and in negotiating on your behalf for the HDFC Credila processing fee and other associated charges. Check out HDFC Credila education loan interest rate and apply for HDFC Credila education loan online aplication form
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