FAQs

• What is EliteScholars?
  EliteScholars is an innovative fintech initiative by WeMakeScholars- an organisation funded and supported by the IT Ministry, Government of India under the Digital India Campaign. The main motive is to offer instant non collateral education loans of upto 75 lacs to Indian students aspiring to study at top US universities in the areas of STEM/ MBA. Once you apply, you get an instant on-screen pre-sanction of your loan. We use AI/ ML to analyse the student’s profile, future income potential, various other student parameters. Hence, the mandatory requirement for a financial co-applicant is also eliminated.
• Whom do we fund?
  We fund Indian students going to the top US universities to pursue STEM/ MBA programs
• Should I pledge any collateral for getting an education loan from EliteScholars?
  Absolutely, no!
• What are the unique features of EliteScholars?
  • - Get Non collateral education loans upto 75 lacs
  • - Quick and digital loan processing
  • - Get instant loan approval, customised for your profile
  • - Lowest rate of interest in the Indian market
  • - Flexible repayment duration with no prepayment penalty1
  • - Get an INR loan with best terms
  • - Processing fee- 0.75% to 1%
  • - Upto 100% funding on total expenses
  • - Repayment duration of up to 10 years
  • - Minimal repay (Rs. 2999/ month) during the moratorium period2

  1 Applicable 6 months post the loan disbursement
  2Course duration plus 1 year
  

• What are the eligibility criteria?
  • You must be an Indian citizen with a valid Indian passport
  • Going to the top US universities for STEM/ MBA related programs
  • Financial co-applicant is not necessary, however, any negative financial history will not be appreciated
• How can I apply to EliteScholars?
  • Login with your mobile number and confirm the One Time Password (OTP).
  • Fill up the online application where you share a few information about your profile and your interests.
  • Our tech engine does the profile crunching and checks the best non collateral education loan offer you can get in India. Within a few seconds, you’ll get the customised pre-sanctioned education loan offer, on screen. You can compare the offer for various universities, in case you haven’t decided the final university yet.
  • Our loan officer will get in touch with you ASAP and guide you with the required documents. Don’t worry, we only require a few, no fuss.
  • You pay the processing fee and the loan agreement will be sent to you. You sign it and that's all, you are funded! Congratulations.
  • You pay a minimal amount of Rs. 2999 per month for the entire course duration plus 1 year. We don't want to burden you or your family during your studies. Once you get your job, you can start repaying your education loan.
• How is EliteScholars able to give an instant offer when other lenders take weeks?
  EliteScholars is a technology driven platform that instantly analyses for the best rates and terms your profile can get in the Indian market. By using AI/ ML, the system scrutinises the student’s profile with the credit profiling models of many financial institutions and instantly gives the offer. This makes the entire process quick with minimal documentation. All the financial institutions associated with EliteScholars are recognised and accepted by the US embassy.
• When will I get the disbursal for my education loan?
  You will be having access to the entire funds once the documentation is done and the loan agreement is signed. Typically this ranges from 2 working days to 4 working days, depending on how quick you can arrange the required documents.
• Is EliteScholars a lender?
  Not actually. We work on an innovative fintech model, wherein our technology instantly scrutinises for the best rates and terms your profile can get in the Indian market. The process is technologically integrated and the system scrutinises the student’s profile with the credit profiling models of many financial institutions and instantly gives the offer.
• Are there chances that EliteScholars can decline my application for funding?
  Yes, there might be situations when you see a message on screen that we are unable to fund you currently. This can be due to any of the parameters the tech engine considers not upto the mark, as per the credit profiling standards of the associated financial institutions. In such cases, we directly share your details with the WeMakeScholars team and their financial officers will contact you to assist in your loan process from other lenders.
• Is a financial co-applicant required for my loan via EliteScholars?
  A financial co-applicant means a person related to you (ideally parents/ siblings/ uncle/ aunt/ cousin) who is supposed to pay back the loan incase the student is not able to repay. In the case of EliteScholars, a financial co-applicant is not required. However, we require you to have a co-applicant in India more or less like a point of contact during the loan period, as you will be abroad. The financial stability of this co-applicant is NOT important to us.
• Why are you only funding US universities?
  At the moment our fintech model has been developed for top US universities alone. In the near future, we will work on replicating it for other countries as well.
• How are you able to offer very low interest rates when compared to other lenders in India?
  As the AI/ ML technology deployed in EliteScholars understands the credit assessing parameters of the associated financial institutions, the tech engine instantly analyses your profile for the lowest rates and the best terms in India. All the financial institutions associated with EliteScholars are recognised and accepted by the US embassy.