Education Loan for Diploma

✓ Avail upto 40 Lacs Unsecured

✓ With a Complete Online Process

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Table of content

Education Loan For Diploma Course In India
Education Loan For Abroad Diploma Course
Documents Required For An Education Loan For Diploma
The General Eligibility Criteria For Education Loan For Diploma
Scholarships To Study Diploma
FAQ's
Need Help? Ask Here!

In India, students who want to obtain a diploma have the option to apply for education loans, either secured or unsecured. The maximum amount available for an unsecured loan is 40 Lacs, while the maximum amount for a secured loan is 2 crores. The interest rate for a secured loan, which requires collateral, starts at 8.55%. Meanwhile, the interest rate for an unsecured loan, which does not require collateral, starts at 9.55%. For those who wish to pursue a diploma abroad, they can avail of an unsecured loan of up to 1.5 crores.

Education Loan For Diploma Course In India

Loan Parameters	Details
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	Parents, Parents-in-law, Spouse, Sibling
Interest Rate	Collateralized: Starts from 8.35% Non- Collateralized: Starts from 9.55%
Moratorium Period	Course duration + 12 months
Repayment Duration	15 years including the moratorium period
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.

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Education Loan For Abroad Diploma Course

Loan Parameters	Details
Loan Limit	Up to 40 Crore without collateral Up to 1.5 Crores with collateral
Expenses Covered	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
Accepted Co-Applicant	Parents, Siblings, Spouse, Parents-in-law
Interest Rate	Collateralized: Starts from 8.35% Non- Collateralized: Starts from 9.55%
Moratorium Period	The total duration of the course plus 1 year
Repayment Duration	Including the moratorium period of 24 months
Repayment Policies	-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

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Documents Required For An Education Loan For Diploma

Loan Parameter	Details
Basic Documents	The WeMakeScholars education loan form, 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 form for university ranking
Financial Co-applicant Income Documents	If Salaried: 1. 3-month salary slips 2. Form 16 of the previous 2 years 3. ID card of the employer 4. ITR of previous 2 years If Self-employed: 1. ITR for the previous 3 years 2. Profit & Loss account and balance sheet of last 3 years 3. Business address proof
Other Documents	1. A letter confirming that any extra amount (which is not covered by the education loan would be covered by the co-applicant).
Additional Docs	1. An invoice for expenses such as travel, laptop, etc has to be brought if a loan is being asked for it. 2. Receipt for any transactions made in advance. 3. Any remaining loan statements from the preceding year. 4. Letter explaining the gap. Sample- on Rs. 100 stamp paper. 5. If relevant, a letter explaining the lack of a co-applicant Income tax return

On going ahead with a secured education loan you would also need some mandatory collateral documentation.

1. Property Title Deed

2. Registered Sale Agreement / Gift Deed / Will

3. The original receipt of registration for the above-mentioned agreement

4. If applicable, a letter of allotment by the Municipal Corporation / Authorized Govt. Authorities like MHADA, CIDCO, HUDA, DDA, JDA, GIDC, etc.

5. Link documents for 30 years or Past chain of sale deed establishing title or EC is required.

(If you own the property for more than 30 years, then the previous sale deed is enough)

6. The newest property tax bill and latest electricity bill bearing the same address

7. A copy of the municipality-approved building plan or plot layout.

This is the general list of collateral documents required to process an education loan. Some states require specific documents relating to the collateral. You can reach out to us by requesting a callback to know more about the city-specific documentation required.

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The General Eligibility Criteria For Education Loan For Diploma

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Scholarships To Study Diploma

FAQs:

Q: What is an education loan for a diploma?

A: An education loan is a type of loan specifically designed to help students pay for their education, including the cost of obtaining a diploma.
Q: Is collateral required for an education loan for a diploma?

A: It depends on the type of loan. Some education loans require collateral, while others do not.
Q: What is the maximum amount I can get for an education loan for a diploma?

A: The maximum amount available for an education loan for a diploma varies and depends on several factors, such as the type of loan, the student's financial situation, and the lender's policies.
Q: What is the interest rate for an education loan for a diploma?

A: The interest rate for an education loan for a diploma varies and depends on several factors, such as the type of loan, the student's financial situation, and the lender's policies. However, interest rates typically start at 8.55% for secured loans with collateral and 9.55% for unsecured loans without collateral.
Q: Can I get an education loan for a diploma abroad?

A: Yes, you can get an education loan for a diploma abroad. Some lenders offer education loans specifically for students who wish to pursue their education abroad.

Our Education Loan team will help you with any questions

2 Comments

musaba

How does this loan work

30 Jul, 2024 at 08:06 PM REPLY
1. Nasser Scholarship Expert
  
  Hi Musaba,
  
  Once you receive your admission from an international university or a university in India, you can start applying for your education loan with the banks mentioned above. Please note that the loan process is only for Indian national students, as WeMakeScholars is partnered with Indian banks only. To start your loan process, click on the "Request a Callback" option and fill in your basic details. A financial officer will be assigned to you and will call you once you've completed the callback request form.
  
  31 Jul, 2024 at 12:41 PM REPLY

Snigdha Paravasthu
WeMakeScholars- supported by IT Ministry, Govt. of India.

Published: 10 Feb, 2023 | Updated: 20 Jan, 2024