Apply to the Best study abroad Education Loans

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Course level
  • Bachelors
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  • PhD
  • Diploma
  • MBA
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Course duration
  • 1 Year
  • 2 Years
  • 3 Years
  • 4 Years
  • 5 Years
  • 6 Years
Country of interest
  • Afghanistan
  • Albania
  • Algeria
  • Andorra
  • Angola
  • Antigua and Barbuda
  • Argentina
  • Armenia
  • Australia
  • Austria
  • Azerbaijan
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  • Botswana
  • Brazil
  • Brunei
  • Bulgaria
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  • Central African Republic
  • Chad
  • Chile
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  • Comoros
  • Congo
  • Congo, Democratic Republic of
  • Costa Rica
  • Croatia
  • Cuba
  • Curacao
  • Cyprus
  • Czech Republic
  • Denmark
  • Djibouti
  • Dominica
  • Dominican Republic
  • East Timor
  • Ecuador
  • Egypt
  • El Salvador
  • Equatorial Guinea
  • Eritrea
  • Estonia
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  • Fiji
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  • France
  • Gabon
  • Gambia
  • Georgia
  • Germany
  • Ghana
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  • Guinea
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  • Guyana
  • Haiti
  • Honduras
  • Hong Kong
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  • Iceland
  • India
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  • Iran
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  • Ireland
  • Israel
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  • Ivory Coast
  • Jamaica
  • Japan
  • Jordan
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  • Korea, North
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  • Kosovo
  • Kuwait
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  • Laos
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  • Lebanon
  • Lesotho
  • Liberia
  • Libya
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Macedonia
  • Madagascar
  • Malawi
  • Malaysia
  • Maldives
  • Mali
  • Malta
  • Marshall Islands
  • Mauritania
  • Mauritius
  • Mexico
  • Micronesia
  • Moldova
  • Monaco
  • Mongolia
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  • Morocco
  • Mozambique
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  • Nepal
  • Netherlands
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  • Niger
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  • Peru
  • Philippines
  • Poland
  • Portugal
  • Qatar
  • Romania
  • Russian Federation
  • Rwanda
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Vincent and the Grenadines
  • Samoa
  • San Marino
  • Sao Tome and Principe
  • Saudi Arabia
  • Senegal
  • Serbia
  • Seychelles
  • Sierra Leone
  • Singapore
  • Slovakia
  • Slovenia
  • Solomon Islands
  • Somalia
  • South Africa
  • South Sudan
  • Spain
  • Sri Lanka
  • Sudan
  • Suriname
  • Swaziland
  • Sweden
  • Switzerland
  • Syria
  • Taiwan
  • Tajikistan
  • Tanzania
  • Thailand
  • Togo
  • Tonga
  • Trinidad and Tobago
  • Tunisia
  • Turkey
  • Turkmenistan
  • Tuvalu
  • Uganda
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • United States
  • Uruguay
  • Uzbekistan
  • Vanuatu
  • Vatican City
  • Venezuela
  • Vietnam
  • West Bank and Gaza
  • Yemen
  • Zambia
  • Zimbabwe
 

Advantages of applying for collateral/non-collateral education loan via WeMakeScholars

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:

Incase of collateral based abroad education loans from public banks like SBI, the benefits are:

  • Multicity cases can be tackled easily: Which means if your permanent resident of a city A and if the property belongs to city B, such study abroad education loan cases are not done/takes a lot of time if applied directly to the bank. Via WeMakeScholars, it can be done faster/on time.
  • Negotiation on your behalf: WMS team can negotiate on your behalf with the bank for the best ROI and also we see that you are charged nominal for the complete process, including the lawyer’s fee etc.
  • Best customer service/support: You can avail a complete customer support from the WeMakeScholars team for any of the doubt you have, anytime.
  • Digital tracking: Those applying via WeMakeScholars will get a 16 digit reference number to track your study abroad education loan application online from the SBI education loan portal.
  • Bank’s processing fee refund: Upto 80% of the bank’s processing fee is refunded by the WeMakeScholars. For Ex: SBI’s processing fee is 10K. So upto 8K is refunded as cashback for those who apply via WeMakeScholars (as you’re supporting the Digital India campaign).

Incase of non-collateral based abroad education loans from pvt banks/NBFCs the benefits are:

  • Better Interest rate: It is better to apply for your study abroad education loan via WeMakeScholars, than going directly to NBFCs/ private banks. Because, you get at lower interest rates as WMS is the pan India partner for these banks and financial institutions.
  • Deviations possible in your case: Also, deviations are possible as WMS team will negotiate with the lender on your behalf. Deviations like- if your GRE score is slightly lower than the bank’s requirement etc. WMS can help you with upto 40 lacs without collateral. The ROI will be b/w 10.99-13.99% depending on your profile (scores) + co-applicant profile + uni going to.
  • Best customer service with end-to-end coordination: If you go directly to the bank/NBFCs, you get education loan rejections without any proper explanation. While, the WMS team will negotiate with the lender to find other ways of getting your education loan sanctioned, which otherwise is not possible when you interact with them directly. This is because, the WMS team is associated directly with the Head office of these lenders.
  • Cashback offered: Upto ₹ 5000 is rewarded as cashback as you are supporting the Digital India campaign by applying for your study abroad education loan via WeMakeScholars. This is applicable on every tranche you take from the bank.

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!

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Education Loan FAQs

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Testimonials

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.

Education Loan Articles

Education Loan FAQs

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?

  • We help get you a sanction in 5-7 days from a private bank or NBFC
  • While it can go upto a maximum of 2 working weeks (14 working days) for getting a sanction from a public bank. There are may cases where the approvals were done in a week time too.

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:

  1. Step 1: You apply to us.
  2. Step 2: Our team calls you and does the pre-qualification.
  3. Step 3: All the required docs to be arranged by the you will be explained. This largely depends on the profile yours and the your co-applicant’s profile.
  4. Step 4: You collect all the docs ASAP.
  5. Step 5: You report back to us after documents collection.
  6. Step 6: WeMakeScholars checks the branch database of the respective bank and then assigns your application to the nearest and the fastest branch. Note: Not all the nearest branches are the fastest. The team will assign accordingly seeing the previous track record of the branch. Infact this is the most important step which drastically reduces the application processing time. Our team will also help you in scheduling an earliest appointment with the respective branch manager.
  7. Step 7: You will visit the branch for document submission and verification. Please note that you need not submit any of your docs to WeMakeScholars. Everything is submitted by you to the assigned branch.
  8. Step 8: By any chance, anything goes wrong at the branch, you can tell us then and there, and our team will speak with the branch manager on your behalf.
  9. Step 9: In most of the cases, the file is transferred to the approval body by the branch manager.
  10. Step 10: Meanwhile WeMakeScholars will assign you a unique 16 digit reference number to track your loan application. This online reference number system is not available when applied to the bank directly/ via offline application.
  11. Step 11: WeMakeScholars team will regularly follow up with the approval body to fasten your process and get the sanction on time.

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:

  1. Faster sanctions: We ensure loan gets approved in a max of 14 days from public banks and max 7 days from private banks/NBFCs.
  2. We Negotiate: We directly negotiate with the bank/NBFC for offering you the best interest rate and terms
  3. No fee: As WeMakeScholars is an initiative under the Digital India campaign, there is no fee charged for any of the services
  4. Cashback: A cashback reward of up to INR 8000 will be offered for choosing and supporting the Digital India initiative.

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.

Education loans for for overseas education

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Apply for a study abroad education loan to multiple banks using a single online application form.

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Transparent information of interest rate, loan terms, etc on various loan providers, to help you compare and choose the best.

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Exciting discounts on processing fees, EMI payment waivers etc., which otherwise are not available!

Why did WeMakeScholars launch Study abroad education loan?

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.


How to apply for a study abroad education loan on WeMakeScholars in just 5 minutes?

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:

  • Providing the details of the loan amount and degree you are requiring loan for- including degree level, country of study and course duration
  • Considering your eligibility, you get the list of loan providers with the details of interest rate, approximate EMI and processing fee.
  • Choose one or multiple banks which suit your needs and click “Apply”. Provide the required details to submit the application.

Current Study abroad education loan providers:
  • 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

    Check out: SBI education loan for abroad studies and application form details

  • 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

  • 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.

Are you an Education Loan provider offering education loan for Indian students? Contact us to get associated

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


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