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Best Education Loan Lenders
for Abroad Studies
Compare public banks, private banks, NBFCs, and global lenders find the right one for your university, country, collateral situation, and loan amount. Free. Unbiased. No fee.
20+
Lenders on Platform
2.84%
Lowest rate (p.a.)
₹2 Cr
Max loan (secured)
10B+
Students funded
Our Trusted Lenders
4 Types of Lenders for Abroad Studies Loan
Each lender type works best for a specific student profile
Public Banks
PSU Banks: Lowest rates, government-backed. Best with collateral. Slower but most trusted.
- Secured
Private Banks
Private banks: Faster processing, better digital experience. Good for urgent visa applications.
- Fast disbursal
NBFCs
NBFCs: Best for an education loan without collateral. Fastest approval. Best without property or for quick sanction letters.
- No collateral
International Lenders
Global lenders or USD / EUR-based: No Indian co-applicant or collateral needed. Loan disbursed at source in foreign currency.
- No co-signer
Compare Top Education Loan Lenders in One Place
Get Your Loan in 4 Easy Steps
Earnest
Interest rate starting at 3.47%
Loan Amount:
Full COA
COA (Cost of Attendance) is the total estimated yearly cost of college, including tuition fees, living expenses, and other essentials.
Processing Fee:
Zero Processing Fee
Tenure:
5/7/10/12/15 Years
Loan Type
No-collateral with U.S Cosigner
Moratorium Period:
Course Duration + 9 Months
Sallie Mae
Interest rate starting at 3.47%
Loan Amount:
Up to USD 175k
Processing Fee:
Zero Processing Fee
Tenure:
Up to 15 Years
Loan Type
No-collateral with U.S Cosigner
Moratorium Period:
Course Duration + 6 Months
Prodigy Finance
Interest rate starting at 3.47%
Loan Amount:
Up to USD 220K
Processing Fee:
4% + $500
Tenure:
7-20 Years
Loan Type
No-collateral with U.S Cosigner
Moratorium Period:
Course Duration + 6 Months
M Power
Interest rate starting at 3.47%
Loan Amount:
Up to USD 100K
Processing Fee:
5%
Tenure:
Up to 10 Years
Loan Type
No-collateral with U.S Cosigner
Moratorium Period:
Course Duration + 6 Months
Avanse
Interest rate starting at 3.47%
Loan Amount:
Up to INR 2 Cr
Processing Fee:
1% Loan Amount + 18% GST
Tenure:
Up to 15 Years
Loan Type
No-collateral with U.S Cosigner
Moratorium Period:
Course Duration + 9 Months
Credila
Interest rate starting at 3.47%
Loan Amount:
Up to INR 2 Cr
Processing Fee:
1% Loan Amount + 18% GST
Tenure:
Up to 15 Years
Loan Type
No-collateral with U.S Cosigner
Moratorium Period:
Course Duration + 1 Year
ICICI Bank
Interest rate starting at 9%
Loan Amount:
Up to INR 2 Cr
Processing Fee:
INR 30,000 + 18% GST
Tenure:
Up to 15 Years
Loan Type
Collateral & No-collateral
Moratorium Period:
Course Duration + 1 Year
Incred
Interest rate starting at 11%
Loan Amount:
Up to INR 85 L
Processing Fee:
0.5% – 1% of Loan Amount + 18% GST
Tenure:
Up to 15 Years
Loan Type
Collateral & No-collateral
Moratorium Period:
Course Duration + 1 Year
Auxilo
Interest rate starting at 10%
Loan Amount:
Up to INR 1 Cr
Processing Fee:
0.5% – 1% of Loan Amount + 18% GST
Tenure:
Up to 15 Years
Loan Type
Collateral & No-collateral
Moratorium Period:
Course Duration + 1 Year
Talk to Our Expert Counsellor Today!
Unlock the best opportunities for higher education abroad. Our experts will help you choose the right university, program, & country to match your career goals!
Our Partner Lenders for Abroad Studies
ICICI Bank
MPower Financing
Prodigy Finance
HDFC Credila
Avanse
Sallie Mae
Auxilo
Incred
Earnest
Ascent
Tata Capital
Education Loan Lenders for Study Abroad
Nomad Credit's global lending network highlights, coverage, and lender type at a glance.
Public Sector Banks
- SBI Global Ed-Vantage – Lowest rate in market; covers 130+ countries; moratorium period during studies; no processing fee
- Bank of Baroda Scholar – Covers USA, UK, Canada, Australia; competitive rate for secured loans; branches across India
- Union Bank of India – Union Education Scheme; CSIS subsidy eligible; broad university coverage; repayment up to 15 yrs
- Canara Bank – IBA model scheme; interest subsidy for economically weaker sections; covers most ranked universities
- Punjab National Bank – PNB Saraswati scheme; government interest subsidy available; widely accessible branch network
- Passport Size Photographs – 2
- Loan Statement for Last 1 Year (if taken any previous loan)
NBFCs Lenders
- HDFC Credila – India’s first dedicated education lender; covers 2,500+ universities globally; sanction in 7–10 days
- Avanse Financial – Accepts Tier 2–3 universities; sanction letter in 5–7 days; covers living expenses and tuition both
- Auxilo – Fast sanction (5–8 days); 3,000+ partner universities; no processing fee; ideal for urgent visa cases
- InCred Finance – Flexible eligibility criteria; covers broader university lists including unranked; quick digital process
Private Banks
- ICICI Bank – Fast digital processing; dedicated education loan desk; quick sanction letters for visa applications
- Axis Bank – Digital application; covers 30+ countries; fast turnaround; competitive for collateral-backed loans
- IDFC FIRST Bank – Fully digital process; unsecured loan option; pre-approved offers for eligible applicants
International Lenders
- Prodigy Finance – No Indian co-signer; covers 900+ top-ranked universities in 18 countries; repayment post-graduation
- MPOWER Financing – No co-signer or collateral; USA & Canada only; disbursed to university directly; visa letter support
- Leap Finance – India-founded; works with Indian co-applicant; USA, UK, Canada, Australia; fast digital process
- Sallie Mae – USA only; fixed and variable rate options; covers all degree types; requires US-based co-signer
Get Expert Admission Guidance
Best Lender Type for Your Situation
| Student situation | Suitable lender type & why |
|---|---|
| Family owns property or has fixed deposits Collateral available; want the lowest rate. | PSU bank: Lowest rates from 9.25%; secured loans up to ₹1.5 Cr against property or FD. Private bank: Faster processing than PSU banks with collateral-backed loans. |
| No property or assets to pledge Need a loan based purely on academic profile. | NBFC: Fully collateral-free up to ₹75 lakh; approval based on course, university, and co-applicant income. Private Bank: Some offer unsecured loans for strong academic profiles; rates slightly higher than NBFCs. |
| Visa deadline within the next 30 days Need sanction letter urgently for visa or admission. | NBFC: Fastest sanction letters in 5–8 business days; ideal for US F-1, Canada or UK visa deadlines. Private Bank: Digital-first banks process in 10–15 days; faster than PSU banks for eligible profiles. |
| No Indian co-applicant or guarantor No family member in India to co-sign the loan. | International lender: No Indian co-signer or collateral required; assessed on university, program, and future earning potential. |
| University is not in the top 200 rankings Admitted to a Tier 2–3 institution that PSU banks may reject. | NBFC: Broadest university acceptance; covers 2,500–3,000+ institutions including unranked programs. Private Bank: More flexible than PSU banks; case-by-case assessment for borderline institutions. |
| Want the lowest EMI and interest burden Minimising total repayment cost is the top priority. | PSU Bank: Lowest rates from 9.25% with collateral; moratorium period reduces early EMI pressure. NBFC: Best collateral-free rates; compare across multiple NBFCs as rates vary by profile. |
Country-wise Lender Recommendations
Visa type, disbursement currency, and processing vary by destination.
USA
F-1 Visa · I-20 required
PSU banks · NBFCs · International lenders
Canada
Study permit · GIC required
PSU banks · NBFCs · International lenders
UK
Student visa · Maintenance funds
PSU banks · NBFCs · Specialist lenders
Germany
Blocked account · €11,904/yr
PSU banks · Private banks
Australia
Student visa · GTE required
PSU banks · NBFCs
Note: You can get a study abroad education loan from any lender type — NBFC, private bank, international lenders or public bank. The right fit depends on your profile, university, and country. Nomad Credit helps match you to the best option.
Talk to Our Expert Counsellor Today!
Unlock the best opportunities for higher education abroad. Our experts will help you choose the right university, program, & country to match your career goals!
How to choose the right lender with the right help?
Run through these questions to shortlist your lender in under 5 minutes.
01. Share your profile once
Tell us your university, course, loan amount, collateral status, and co-applicant details — one conversation, no repetition. Expert reviews your profile
02. Get a curated lender shortlist
Our experts match you to lenders you actually qualify for — PSU bank, NBFC, private bank, or international — skipping ones that won't work for your profile. Matched to your profile, not a generic list.
03. Apply with full documentation support
We guide you on exactly what documents to prepare, how to present your case, and what to avoid — reducing rejection risk and saving weeks of back-and-forth. End-to-end application assistance
04. Get your sanction letter on time
We follow up with the lender, track your application status, and make sure your sanction letter arrives before your visa or fee deadline — completely free of charge. Free, unbiased, deadline-aware
Why Nomad Credit Is the Smart Choice
Nomad Credit connects Indian students with the right education loan lenders for abroad studies, whether you need a PSU bank, NBFC, or student loans without a co-applicant through international lenders. Get a curated shortlist, full documentation support, and your sanction letter before your visa deadline.
500+ International University Tie-Access to global lenders
Personalized loan comparisons based on your profile
Faster approvals with minimal paperwork
Support from expert education loan advisors
End-to-end help – from loan selection to disbursement
Expert End to End Education Loan Assistance
Trusted by Thousands of Graduates
Real People. Real Savings.
As I was heading for MBA at Columbia, I got in touch with Nomad team regarding the financing. They were super helpful and always approachable. This involved sitting with me on calls as I fill forms, helping with US cosigner doubts, helping me process all the applications. I highly recommend them!!
Anusha Goel
Columbia Business School
I’m really grateful to Nomad team for all the help and support. From the very first step, they were always just a call away. Thanks to them, the whole process felt so much smoother and less stressful. I’d happily recommend them. They truly go above and beyond for the people they works with!
Vibhuti Luthra
NYU Stern School of Business
I got in touch with Anchal regarding financing options as I head for an MBA at Stanford. She helped me get to know about all the available options with utmost patience. In the end, I was able to get a highly competitive interest rate with her help, which turned out to be the best option available in the market!
Yash Maheshwari
Stanford Graduate School of Business
Ganesh was my case manager at Nomad Credit. He helped me secure 2 student loans, 1 for each year of my MBA at UCLA Anderson. It is not always straight forward for international students to get student loans in the US, but Ganesh walked me through the whole process step by step, making it as stress free as possible. Highly recommended!
Jack Du
UCLA Anderson School of Management
Nomad Team helped me get the best possible option for my financing needs. They made sure that I got the most updated and consistent information to make the right decision towards the most important aspect of my studies i.e. money management. They were always there to help me and have a great attitude towards helping others.
Abhishek Pasricha
University of Southern California
Working with your team was an incredibly smooth and reassuring experience. A special shoutout to Karan and Deepesh, who truly went above and beyond at every stage and making sure everything was on track despite tight timelines. I’m genuinely grateful to have had such a supportive team by my side, I couldn’t have done it without you!
Sourav Mehra
UVA Darden School of Business
Since, I was doing this for the first time, I had a lot of questions. The team very patiently answered all my queries and consistently supported me from filling-up my application to document verification until I had received my loan confirmation. Overall, I really appreciate Nomad’s help in navigating me through my loan application process.
Shubham Malviya
Kellogg School of Management
Your unwavering support, particularly in navigating the challenge of securing a loan without collateral, has been truly remarkable. Special thanks to Shweta ma’am. Your service and commitment to helping students like me achieve their dreams have made a profound impact, and for that, I am deeply thankful.
Shakib Shaikh
Aston University
I’m incredibly grateful to Poonam and the entire Nomad Team for their outstanding support throughout. Their guidance was clear, timely, and tailored to my specific needs. I highly recommend them to anyone pursuing international education. They’re knowledgeable, professional, and genuinely invested in your success.
Akanksha Dilip Mhaisne
Kent State University
Thanks Sulekha & Nomad Credit for assisting me throughout. You also helped me boost my confidence personally in the entire process. I am grateful, you were there to resolve my every doubt regarding visa interview questions and any query I had. At the end, thanks once again for helping me achieve F-1 visa for the USA.
Jaspreet Kaur
University of Maryland
Your exceptional guidance made my master’s application process smooth and stress-free. You were always available and willing to answer my queries with patience and clarity. I highly recommend Nomad to anyone seeking professional guidance for their higher education journey.
Arshan Bhanage
San Jose State University
Frequently Asked Questions
Can I really get an education loan for study abroad without any collateral?
Yes, and many students do. NBFCs and international lenders specifically exist for this. If your university is recognised and your co-applicant has a steady income, you can get an overseas education loan up to ₹75 lakh without pledging any property at all.
I want to study in the US. Which lender is the right fit?
To study in the US you need an I-20 and a sanction letter before your F-1 visa appointment. PSU banks work well if you have collateral and time. NBFCs are better if you need the letter fast. If you have no Indian co-signer, international lenders are built exactly for this situation and disburse directly in USD.
How is an overseas education loan different from a regular personal loan?
An overseas education loan covers tuition, living expenses, travel, and even a laptop in some cases. Repayment usually starts 6 to 12 months after you graduate, not while you are studying. Personal loans have none of these benefits and come at much higher rates with no moratorium.
Does my university rank affect my loan approval?
It does for PSU banks, which mostly prefer QS top 200 institutions. But it matters a lot less for NBFCs, which cover thousands of universities globally. International lenders look at your program's employability more than a ranking number. A Tier 2 school is not a dead end for getting an education loan for study abroad.
How long does it take to get the sanction letter?
NBFCs are the fastest, typically 5 to 10 business days. Private banks take around 2 to 3 weeks. PSU banks can take 4 to 6 weeks depending on your branch. If your visa date is close, tell us upfront and we will match you to a lender that can meet your deadline.
Is there a tax benefit on an overseas education loan?
Yes. Under Section 80E of the Income Tax Act, the interest you pay on an education loan for study abroad is fully deductible for up to 8 years. There is no upper limit on the deduction amount, which makes overseas education loans more affordable than they look on paper.
Does Nomad Credit charge anything for helping me?
Nothing at all. Our service is completely free for students. We work across all lender types so we have no reason to push you toward any one lender. Our job is to find what genuinely works for your profile and get you to your sanction letter without unnecessary stress.
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