Education Loan for Diploma

Loan Parameters

Loan Limit

• Up to 40 Lacs Unsecured 
• Up to 2 Crores Secured

Expenses Covered

Academic expenses: 

• Tuition and Fees payable to the institute
• Examination/Library /Laboratory fees
• Purchase of books / Equipment /Uniforms
• Living expenses (including Hostel fees)

Additional expenses:

• Travel expenses
• Purchase of computers/ laptops
• Overseas insurance
• Cost of health insurance

Accepted Co-applicant

Interest Rate 

• Collateralized: Starts from 8.35%
• Non- Collateralized: Starts from 9.55%

Moratorium Period

Repayment Duration

Value of Collateral 

• The minimum value for liquid security should be 1.1 times the requested loan amount.
• Immovable property should have a minimum value of 1.25 times the requested loan amount.

• Up to 40 Crore without collateral  
• Up to 1.5 Crores with collateral

Academic expenses

• Tuition fee for the course
• Fee for examinations
• Library & Laboratory charges
• Cost of books, uniforms, and equipment
• Living expenses (Accommodation fee included) 

Additional costs 

• Travel expenses
• Cost of laptop or computer
• Overseas Insurance premium
• Cost of medical insurance premium

• Collateralized: Starts from 8.35%
• Non- Collateralized: Starts from 9.55%

• Interest payment is optional if the university is included in the prime list
• Simple interest is to be paid if the university is not on the prime list

Loan Parameter 

Basic Documents

• The WeMakeScholars education loan form is filled in with all the required details.
• Identity proof - PAN card and passport
• Proof of residency (any of the following):
  • Voter ID card
  • Bank account statement passport
  • Electricity bill
  • Aadhar
  • Ration card
  • Passport
  • Telephone bill

Note: If permanent and current addresses are not the same two different address proofs are required.

• The 6-month bank account statement of the co-borrower (Salary or Personal)
  If the co-borrower is, 
  • Salaried:
    • 1 year of salary credits
  • Self-employed:
    • 1 yr business transactions
    • Personal asset & liability statement

All the documents should be self-attested.

Applicant Academic Documents

1. Marksheets and certifications received in 10th, 12th, and degree
2. Proof of enrollment into the institution
3. Cost/ Fee structure of the course
4. IELTS/GMAT/GRE scorecard.
5. Print out the form for university ranking  

Financial Co-applicant Income Documents 

• If Salaried:
  • 3-month salary slips 
  • Form 16 of the previous 2 years 
  • ID card of the employer 
  • ITR of previous 2 years 
• If Self-employed:
  • ITR for the previous 3 years 
  • Profit & Loss account and balance sheet of last 3 years 
  • Business address proof 

Other Documents

• A letter confirming that any extra amount (which is not covered by the education loan would be covered by the co-applicant). 

Additional Docs 

• An invoice for expenses such as travel, laptop, etc has to be brought if a loan is being asked for it. 
• Receipt for any transactions made in advance.
• Any remaining loan statements from the preceding year.
• Letter explaining the gap. Sample- on Rs. 100 stamp paper. 
• If relevant, a letter explaining the lack of a co-applicant Income tax return