Education Loan for IITs

Loan Parameters 

Details 

Loan Limit

Upto 50 Lakhs Unsecured 

Expenses covered

- Tuition or course fees
- Accommodation charges
- Travel Expenses
- Cost of instruments and study equipment
- Cautionary deposits
- Fees of Examination

Accepted co-applicant

Parents, Parents in law, Siblings, Spouse

Rate Of Interest

Starts from 8.35%

Loan Margin

Up to Rs. 4 lacs - 0%

Above Rs. 4 lacs - 5%

Moratorium Period

Duration of Course + 12 months

Repayment Duration

Up to 15 years post-moratorium duration

Loan Parameter 

 Details 

Loan Limit

Up to 40 Lacs unsecured 

Expenses covered

- tuition fees payable to the institution 

- Charges for laboratory, library, and examination

- Costs of books, instruments, uniforms, and equipment

- Caution fee (only if it's Less than 10% of the loan amount)

- the cost of a laptop/ computer

- insurance premium for the applicant 

- other miscellaneous expenses

Accepted co-applicant

Parents, parents-in-law, siblings, parent’s siblings, spouse or first cousins 

Rate of Interest 

Starting from 8.85%

Moratorium Period

Duration of the course + 1 year

Repayment Duration

10-15 years 

Eligibility Criteria

- Applicant must be an Indian citizen

- Have got admission to IIT

Loan Parameter 

 Details 

Loan Limit

Upto 40 Lacs unsecured 

Expenses covered

- Tuition fees for the course
- Hostel & mess fees
- Expenses of instruments, uniforms, and equipment
- Expenses of study thesis, project work, and tours 
- 1.50 lakh for the purchase of a two-wheeler
- Purchase of a computer or laptop
- Purchase of books & stationeries
- Travel Expenses

Accepted co-applicant

Parents or Spouse

Rate of Interest 

Starts from 9.55%

Moratorium Period

Course duration + 12 months

Repayment Duration

Upto 15 years 

Eligibility Criteria

Students should have taken admitted to IIT college

Loan margin

NIL

Loan parameter 

Details

Loan Limit

Without Collateral upto 50 loans

With collateral upto the requirement of the applicant

Expenses covered

- Course fees 
- Purchase of books, instruments, uniforms

- Traveling cost
- Accommodation expenses

Accepted co-applicant

Parents, Parents in law, Siblings, and Spouse

Rate of Interest 

Between 9-11%

Moratorium Period

Course duration + 1 year or 6 months after getting a job (whichever is earlier)

Repayment Duration

Upto 15 years

Eligibility Criteria

- Applicant and Co‐applicant(s) should meet HDFC Credila's underwriting and credit norms
- Indian residents, between 16 and 35 years of age
- Students should secure admission into higher education institutes in India through merit-based tests.

Acceptable collaterals

Immovable Property - Residential Property, house, flat, non-agricultural land
Liquid securities - HDFC Bank Fixed Deposit, Debt Mutual Funds, Insurance Policies, NSC / KVP

Loan Parameters 

 Loan Details 

Loan Limit

Without collateral up to Rs 40 lacs

With collateral up to - 100% value of the collateral 

Expenses covered

- Insurance Premium
- Course fee payment
- Purchase of uniforms, books & stationery, instruments & equipment
- Travel cost
- Purchase of a Laptop or computer
- Examination fees
- Cautionary deposit

Accepted co-applicant

Parents, Parents-in-law, siblings, spouse

Rate of Interest 

One year MCLR of the bank, currently 7.75%

Loan Margin

NIL

Moratorium Period

Course duration + one-year

Repayment Duration

Up to 15 years after the moratorium period

Eligibility Criteria

- The student should be an Indian national

- Should have obtained admission into IIT

Loan Parameters 

Details 

Basic documents for the Applicant (student) and co-applicant and/or Guarantor

1.  An application form from WeMakeScholars is to be completed by their financial officer with all the required information.
2. PAN card and Passport of the applicant and co-applicant as identity proof. 
Proof of residency: 
- Telephone Bill
- Aadhar Card 
- Electricity Bill
- Voter ID Card
- Passport
- Ration card
- Bank account statement
Note: If the present and permanent address of the applicant is different two address proofs are required. 

3. The co-applicants 6-month bank statement (either personal or for salary purposes) needs to be submitted, which should include:

- A 1-year record of salary deposits, if the co-applicant is a salaried individual
- A 1-year record of business transactions, if the co-applicant is self-employed.

4. Personal Asset & Liability Statement

All the documents should be self-attested.

 Applicant academic documents

- The applicant must provide the following academic documents: reports or marks sheets and certificates from 10th, and from 12th, and degree levels.
- Evidence of admission into the course, including proof of enrollment and the total duration of the program.
- Information on the program fee structure, including the I-20 form for students in the USA.
- Scorecard for IELTS, GMAT, or GRE exams.
- A printout of the university's ranking from an official source.

Financial Co-applicant Income documents 

For Salaried Individuals:

Three months' worth of salary slips.
Two years worth of Form 16.
An identification card from the employer.
Two years worth of filed income tax returns.

For Self-Employed Individuals:

Three years' worth of Income Tax Returns (ITR).
Three years' worth of Profit and Loss account and Balance Sheet.
Proof of address for the business.

Other Documents

1. a letter saying that the co-applicant would be chargeable for any residual costs beyond funding by the loan.

2. The processing fee will be payable with a cheque for Rs. 11,800.

3. additional checks for lawyer and evaluator costs (If they were performed by the bank itself)

4. Property collateral owner’s affidavit on Rs. 20 or 100 stamp paper. 

Note: If the property is owned by more than 1 owner then each of them has to bring an affidavit.

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 co-applicants Income tax return