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The US is an unchallenged champion of STEM and tech studies. International students shape their careers in US universities with scholarships. After course completion, students of US academia enter the workforce of the top global companies.
STEM education loan USA simplifies education funding for international students. The loan terms and conditions are tailored to suit students’ needs. All loan options may not be eligible for all – the terms and conditions differ with the lender you choose for a STEM education loan USA.
STEM courses in the USA offer multifaceted benefits to international students. They are exposed to the best-in-class world opportunities for learning in an advanced setting. Many US universities offer scholarships and internship opportunities for STEM learners based on their academic merit.
Indian students applying for a recognized undergraduate or postgraduate STEM program in the U.S. can apply for an education loan. Here are the basic eligibility criteria:
Some NBFCs and international lenders also offer loans to students with provisional admission or without collateral, especially for top-ranked universities.
Indian and international lenders can offer your STEM education loan in the USA. Indian banks, NBFCs, international lenders, and US banks are the top lenders who provide foreign education loans for the USA. The terms and conditions of each lender, such as the loan amount, interest rates, repayment, and collateral or cosigner requirements, change.
Lender Type | Sample Lenders | Maximum Loan Amount | Collateral/ Cosigner Requirement | Interest Rate | Repayment Period |
Public Banks in India | SBI, UBI, BoB, Canara bank | INR 1.5 Cr | Collateral required for above INR 7.5 Lakhs | 9.00% – 11.00% | 15 years |
Private Banks in India | Axis, ICICI, IDFC FIRST | INR 50 Lakhs | Collateral required for above INR 7.5 Lakhs | 10.00% – 12.00% | 15 years |
Indian NBFCs | Credila, Auxilo, Avanse, InCred | INR 40 Lakhs | Cosigner required | 11.00% – 14.00% | 10 years |
International Lenders | MPOWER Financing, Prodigy Finance | USD 100,000 – USD 200,000 | No collateral or cosigner required | 8.99% APR onwards | 7 – 20 years |
US Banks | Sallie Mae, Earnest, Union Federal, Abe | USD 100,000 | A US cosigner is required | 3.47% onwards | 7 – 20 years |
Documentation is the most important part of your education loan application process. The lender has to assess your eligibility and credibility before granting you an education loan. For STEM education loan USA, the list of documents required includes the following:
Student Documents:
Passport | Academic records (10th, 12th, UG marksheets) |
GRE, GMAT, TOEFL, or IELTS scorecards | Admission letter from the university |
Cost of attendance | PAN Card |
Photographs |
Co-applicant Documents:
ID and address proof | Income proof (salary slips, ITRs, Form 16) |
Bank statements (last 6–8 months) | PAN card and passport-size photos |
Collateral Documents (if applicable):Property title deed | Approved building plan |
Encumbrance certificate | Recent property valuation report |
Read the blog carefully to understand your top STEM education loan USA options, interest rates, and key terms and conditions. After analyzing your requirements, eligibility, and loan terms and conditions, prepare your application. A well-planned approach is mandatory to succeed in your STEM education loan application to study in the USA.
An easy way out to sort your education loan application? Nomad Credit has the answer. Our tailored approach and non-biased guidance streamlines your education loan process for free. See your lenders, apply for the top options, and get complete guidance with us – contact us today.
Indian students can apply for an education loan to study STEM in the USA. These loans are offered by Indian banks and NBFCs, international lenders, and US banks. It depends on your eligibility to get an education loan from your chosen lender.
Usually, lenders offer up to 70% – 100% of the total cost of attendance to study STEM in the USA.
MPOWER Financing offers education loans to study STEM in the USA. The course must culminate in a full-time postgraduate degree.
Many US universities offer scholarships and private sponsorship opportunities to study STEM courses. However, US universities do not generally offer education loan options.
Research your lenders and check your eligibility. Apply to lenders with whom you have the best chances of getting a loan approval.
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