Nomad Credit’s INR Loan Options 


Nomad Credit is an education loan marketplace that allows you to search for potential loan options from multiple banks and lenders in the USA and India based on your profile. 

As part of this, you may be eligible for INR loan options, which are education loan options originated by an Indian lender, NBFC, or bank that are denominated in Indian Rupees.

Our expert team has deep connections to Indian education loan lenders and can help you understand the potential INR loan options that may be available to you. 

Further, they can show you how to get a pre-application review to understand potential loan option amount and interest rate ranges that may be available to you. 


INR Loan options are education loan options, also known as student loan options, that may be used to help fund study abroad tuition and educational fees. These options are originated by Indian-based banks, lenders and NBFCs to students for their studies.


Initial Consultation

Nomad has loan option managers with years of experience who can help students determine potential loan options for them given their profiles and particular goals

Potential Cosigner Vetting

Nomad can vet students’ potential cosigners for eligibility when determining loan options for students

Determining Lenders 

Nomad identifies potential lending partners and loan options based on the strength of the student’s profile and the preferences of the students

Collecting Documents  

Nomad will explain the necessary application documentation needed for the student and cosigner

Case Structuring 1

Nomad may speak with the lender before the student’s application is sent to ensure the case gets structured effectively

Sharing Applications to Lenders

Nomad will share all needed information and documents directly to the lender on behalf of the student

Log In Confirmation

If logged in, Nomad will alert the student when their loan option has been successfully logged in by the lender (the application has been received and will be considered for a credit decision)

Case Structuring 2

Nomad may speak with the lender again and use its expertise to help structure the case to help with the possibility of sanction (approval)

Sanction Updates

If sanctioned, Nomad will alert the student when their loan option has been successfully sanctioned by the lender

Case Restructuring

If sanctioned, Nomad will speak with the student and attempt to restructure the case with the lender to ensure all the student’s requirements are met in their sanctioned case. Sometimes, Nomad may be able to help with negotiating rates and processing fees at this time. 

Disbursement Updates

If disbursed, Nomad will alert the student when their loan option is going to be successfully disbursed by the lender

FX Services

Nomad works with services that help exchange Indian currency to the currency of the student’s desired school of study

Visa Training

If requested, Nomad will help students prepare for their Visa interviews 


A brief overview of the Benefits of working with Nomad:

  • We work with you to complete an application for potential loan options and all the supporting documentation, including working with your cosigner (parents or other), where appropriate
  • Each lender is a little bit different and makes decisions based on slightly different criteria; we use our expertise to structure and prepare your application per the unique requirements of each lender you may apply to 
  • If your application gets sanctioned at multiple lenders, we may be able to help negotiate a better interest rate/loan terms
  • We have deep relationships with lenders and underwriters who we work with closely to structure applications in a good way for sanction
  • Nomad is based in the United States and as such, we adhere to USA standards, ethics, and compliance 


Features you may expect for an INR loan option: 

  • If certain conditions are met, rates may start as low as 8.50 per annum, but is not guaranteed
  • Potentially cover up to 100% of cost of attendance, depending on country of study, course costs and the loan option
  • Pre-admission loan options are available
  • Pre Login process is available to determine potential loan option amount and interest rate ranges possible
  • Low processing fees
  • Tenure typically 180 months or less
  • 0.50% concession for female students possible for some INR denomination loan options 


Shreeram Parab, INR Senior Loan Option Manager, who is a leading expert at education loan options offered by Indian banks and lenders. 

  • Shreeram will process nearly $50M in loan applications in 2021 with India-based banks and lenders 
  • Throughout his career, there have been many cases where Shreeram has played an active role in approval and rate negotiation processes
  • His knowledge of the potential loan options available is robust, which allows him to effectively help you understand the different loan options in India and their various potential benefits, features and processes

Nimesh Varadkar, INR Senior Loan Option Application Coordinator

  • Nimesh, our Senior Loan Option Coordinator, who has over 7+ years of experience in the overseas education industry
  • He is our resident expert on the loan documentation that you may need in the loan pre-qualification and application processes


Pre Login Process Documents Needed: 

Lenders often will review your basic documents to give you an idea of the potential loan amount and rate ranges you might expect when you send in a full application later on. To do this process, you can send the following documents for review before you send your full application in:

(Note: Documents are required from both the students and their parents)

  • Pan Card
  • Aadhar Card
  • Academic Documents
  • Admission Letter (if available) or Entrance Exam Test (Ex. GRE)
  • Co-applicant 3 months Salary slips (if Salaried Job)

Full Application Documents Needed: 

In addition to the above, the following is a list of documents you will typically need to compile before you can apply fully for an INR loan option:

  • Passport
  • English Test
  • Academic Documents
  • Passport Size Photo
  • 3 months Salary slips (if applicable)
  • 6 months Bank Statements (if applicable)
  • Form 16 (if applicable)
    • Total income of client after deduction of taxes from the employee’s salary 
  • Mother & Father Pan Card
  • Mother & Father Aadhar Card
  • Mother & Father Passport Size Photo
  • Co-Applicant Electricity Bill
  • Co-Applicant Pan Card
  • Co-applicant Aadhar Card
  • Co-applicant 3 months Salary slips (if Salaried Job)
  • Co-applicant 6 months Bank Statements
  • Co-Applicant Last 2 Years Form 16 (if Salaried Job)
  • Co-Applicant Latest 2 year ITR with P&L & Balance sheet (if Self-Employed Business)
    • Income Tax Return with Profit & Loss and a financial statement that reports the company’s assets and liabilities
  • Co-Applicant Business Proof (if Self-Employed Business)
    • Example document would be business license
  • Collateral Documents Registered Sale Agreement (if applicable)
    • Agreement signed by seller and buyer of collateral
  • Collateral Documents Share Certificate (if applicable)
    • Certificate showing that the buyer has a share of the property
    • Legal proof that the property has been legally transferred in the buyer’s name and he is the rightful owner
  • Collateral Documents All Property Related Documents- e.g- Sanction Plan, Tax paid Receipt (if applicable)
    • Any document related to the ownership of the property
  • Collateral Documents NA conversion certificate in case of Plot (if applicable)
    • Document which states that the property is non-agricultural land
  • Collateral Documents Society NOC (if applicable)
    • Document given by the cooperative housing society saying there is no objection from their side for property mortgage
  • Collateral Documents Any other Documents associated with Property (if applicable)
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