Education Loan For Abroad Studies

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 14*- 18 days from public banks and approx 7 days from private banks/NBFCs from the day of documents submission. (*if all the documents comply with the norms)
  2. Convenient processing: For unsecured loans, the complete processing is online and even for secured loans from Govt. banks, we have on-field relationship managers who visit the branch and processing centers on customers' behalf, limiting the applicant's visits to 2-3 for the whole process which otherwise used to take approx 15-20 visits.
  3. Multi-city cases: Govt. banks do not sanction loans for multi-city cases but WMS has a solution for that too.

• 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.