https://www.wemakescholars.com/education-loan/masters
Education Loan For Masters
✓ Get access to an unsecured education loan of up to 40 Lacs or secure one for up to 2 Crores
✓ Interest Rates start from 8.55%
Table of content
- Education Loan For Masters Degree In India
- Education Loan For Masters Degree In Abroad
- Documents Required For An Education Loan For Masters
- The General Eligibility Criteria For Education Loan For Masters
- Education Loan Bank Interest Rates For Master Studies
- Special Education Loan Schemes For Masters
- FAQ's
- Need Help? Ask Here!
Pursuing a Master's degree in India or abroad can be a costly endeavor, and many students find themselves in need of financial assistance. Education loans can be a great way to finance a Master's degree program in India, as they often come with additional benefits such as a
- Moratorium period
- Low documentation requirements
- A Convenient online application process.
The education loans for a Master’s degree generally begin at an interest rate of 8.55% and finance upto 50 Lacs Unsecured and 2 Crores Secured for studies in India and around 1 crore unsecured for abroad.
Education Loan For Masters Degree In India
Loan Parameters |
Details |
Loan Limit |
|
Expenses Covered |
Academic expenses
Additional expenses
|
Accepted Co-applicant |
Parents, Parents-in-law, Spouse, Sibling |
Interest Rate |
Collateralized: Starts from 8.55% 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. |
Education Loan For Masters Degree In Abroad
Parameter |
Details |
Loan Limit |
|
Expenses Covered |
Academic expenses
Additional costs
|
Accepted Co-Applicant |
Parents, Siblings, Spouse, Parents-in-law |
Interest Rate |
Collateralized: Starts from 8.55% 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 |
|
Documents Required For An Education Loan For Masters
Parameter |
Details |
Basic Documents |
Note: If the permanent and current addresses are different, two separate proof of address documents are needed. 4. The co-borrowers 6-month bank statement (salary or personal) is also required. Salaried
Self-employed
|
Applicant Academic Documents
|
1. Transcripts and diplomas earned from 10th, 12th, and degree-level studies. 2. Evidence of admission to the educational institution. 3. Tuition and fee structure for the course of study. 4. IELTS/GMAT/GRE scorecard. 5. Print-out form for university ranking |
Financial Co-applicant Income Documents
|
If Salaried: 1. Three months worth of pay slips. 2. Tax form 16 from the past two years. 3. Identification card from the employer. 4. Income Tax Returns from the past two years. If Self-employed: 1. Three years' worth of Income Tax Returns. 2. Three years of Profit & Loss statements and balance sheets. 3. Proof of business address. |
Other Documents |
A letter of assurance that any additional costs not covered by the education loan will be covered by the co-applicant. |
|
1. An invoice for expenses such as travel and laptops must be presented if a loan is requested to cover these costs. 2. Proof of payment receipts for any advance transactions. 3. Statements for any outstanding loans from the previous year. 4. A letter explaining any gaps in coverage, written on an Rs. 100 stamp paper. 5. If necessary, a letter explaining the absence of a co-applicants Income Tax Return. |
If you are going for a secured education loan, you would also need the following documents
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.
The General Eligibility Criteria For Education Loan For Masters
- The applicant must be 18 years or older
- The applicant must be a citizen of India
- The applicant must have received admission into the preferred university/ course.
Education Loan Bank Interest Rates For Master Studies
Bank Name |
Interest Rate |
Interest Rate Concession |
Starts from 8.30% |
0.50% - For Female students, 0.50% - Rinn Raksha |
|
Starts from 10.60% |
Upto 2% on going through with WeMakeScholars |
|
Starts from 11.15% |
0.5% for female students 1% if the SI is paid in full |
|
Starts from 10% |
Upto 2% on going through with WeMakeScholars |
|
Starts from 11% |
Upto 2% on going through with WeMakeScholars |
|
Starts from 11% |
Upto 2% on going through with WeMakeScholars |
|
Starts from 11% |
Upto 2% on going through with WeMakeScholars |
|
Starts from 11.5% |
Upto 2% on going through with WeMakeScholars |
|
Starts from 10.5% |
Upto 2% ongoing through with WeMakeScholars |
|
Starts from 8.5% |
Upto 2% on going through with WeMakeScholars |
Special Education Loan Schemes For Masters
Below mentioned are the details of a few special schemes available for doing master's in India or Abroad
Education Loan For Masters In UK
Education loans for a Masters's degree in the UK are available from various sources, including government-backed student loan programs, private lenders, and financial institutions. You can receive upto 50 Lacs unsecured and upto 2 crores secured for an education loan for Masters's in the UK.
Education Loan For Aloysius Master Degree College
Aloysius master's degree college offers Masters's courses and PG diploma courses in various fields such as Arts, Biochemistry, Biotechnology, Mathematics, Big Data Analytics, Food science, etc. As the college is located in India, you can get upto 40 Lakhs unsecured and upto 2 Crores secured at an interest rate that starts from 8.55% for pursuing your master’s in Aloysius master's degree college.
Education Loan For Masters In Canada Without Security
Master's degrees in Canada typically take one to two years to complete and require the completion of coursework and a thesis or research project. Some programs may also include an internship or practical component. On going through with WeMakeScholars, you can receive upto 1 crore unsecured and upto 2 crores secured for Canada at an interest rate starting from 8.55% for secured education loans and 9.55% for unsecured education loans.
Education Loan For Masters In Poland
A Master's degree in Poland typically takes two years to complete. The Master's degree program is offered in both Polish and English, depending on the university and the field of study. The maximum amount that can be obtained by going through WeMakeScholars is INR 1 crore for unsecured loans and INR 1.5 crore for secured loans, with interest rates starting at 8.55% for secured loans and 9.55% for unsecured loans. This can be a viable option for those who require additional funding to support the costs associated with their postgraduate education in Canada.
Education Loans For Masters In Germany
Students have the opportunity to obtain education loans of up to 1.5 crore rupees from both public and private banks/financial institutions in order to study in Germany. These loans can be used to cover the costs of tuition fees, living expenses, and blocked account deposits. These expenses can be financed through either an unsecured loan, which does not require collateral or a secured loan, which requires collateral such as property or other assets.
FAQs:
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Can I get an education loan for data science masters?
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Can I get an education loan for doing a master's from IIT?
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Non-Collateral and Non-Co-Signer education loan for Master-abroad?
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Can I get an education loan for Masters?
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How much education loan can I get for my master's?
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Does Masters's loan depend on parents' income?
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Who is eligible for an education loan?
WeMakeScholars- supported by IT Ministry, Govt. of India.
Our Education Loan team will help you with any questions
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