How long does the US student visa take to process?

Most decisions are given at the interview itself. Passport delivery typically takes 3-5 business days post-approval. Apply at least 3 months in advance.

Can I apply for a US student visa without a GRE score?

Some programs and universities have waived GRE requirements, always check your specific program's policy.

What happens if my F-1 visa is rejected?

You'll receive a written reason. You can reapply up to 3 times per year. Address the rejection reason before reapplying.

What are the top universities in USA for MS?

Top schools in the case of MS programs are MIT, Stanford, Georgia Tech, University of Michigan, and Purdue, which boasts of solid STEM faculty, research capital, and OPT placement. Always verify the rankings according to your major area, and not to the general rankings of the university.

Which are the best universities in USA for international students?

The US hosts some of the most renowned institutions in the world, MIT, Stanford, Harvard, Carnegie Mellon and UC Berkeley have always topped global ranking. The most suitable one, however, will be based on your program, budget, and career aspirations and not the name on the diploma.

What is the cost of studying in USA?

Tuition for MS or MBA programs typically ranges from $20,000-$60,000 per year, plus $10,000-$20,000 for living expenses. State universities and scholarships can bring the cost of studying in USA down significantly.

Are there cheapest universities in USA that still offer quality education?

Absolutely. There are several state universities whose MS and Masters programs compete with University of the People, Texas A&M, Wayne State University, and many others that offer their programs at much reduced cost. Going cheap does not imply that there is compromise and this implies that it is strategic.

Will F-1 students get a green card?

F-1 visa is not a direct step towards a green card, though it may be a step. Most international students graduate with a F-1 to work visa (H-1B) under the OPT program and ultimately seek a green card with the help of an employer or some other immigration route. It is not automatic, it is a multi-step process, but it is totally possible with the proper career path.

Which visa gives 10 years in the USA?

The F-1 student visa USA itself doesn't have a fixed 10-year validity, it's typically issued for the duration of your studies (D/S status). However, the visa stamp in your passport can be valid for up to 5 years for some nationalities, and B-1/B-2 tourist visas are commonly issued for 10 years. For students, what matters more is your I-20 validity and maintaining active student status, not the visa stamp expiry date.

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No Collateral Study Abroad Loans

Education loans without collateral that go easy on your wallet with interest rates as low as 3.39%*

Secure an Study Abroad Loan Without Collateral !

Studying abroad can be expensive, and traditional loans often require collateral. Fortunately, several lenders offer overseas education loan without collateral.

This quick guide will walk you through the process of obtaining an education loan for overseas studies without collateral, including eligibility criteria and top lenders offering such loans. Nomad Credit, a global AI-powered financial platform, is here to help you find the best-fit option for your study abroad journey.

Comparing Secured and Unsecured Education Loans

Secured education loans have collateral required, meaning students must provide collateral such as property or fixed deposits to secure the loan. In contrast, an unsecured loan is a collateral-free option that does not require providing collateral. Here are some key differences:

Secured Education Loan (With Collateral)

Requires collateral, such as property or fixed deposits.
Generally offers higher loan amounts based on the value of the collateral.
Interest rates may be lower due to the security provided.
Relaxed eligibility criteria due to the collateral.

Unsecured Education Loan (Without Collateral)

Does not require collateral.
Loan amounts may be lower compared to secured loans.
Interest rates may be slightly higher due to the absence of collateral.
Stringent eligibility criteria based on the borrower’s creditworthiness and the co-applicant’s financial stability.

The approval process for no-collateral loans is often quicker and less cumbersome than for loans that require collateral.

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Understanding Collateral-Free Education Loans

Education loans without collateral for abroad studies allow students to secure funding without the need to pledge assets or property as security.

Designed for students from diverse financial backgrounds, especially those without significant financial assets
Can cover tuition, tuition fees, living expenses, travel, and other education-related costs
These collateral-free education loans help students fund their studies by providing comprehensive financial support
Approval often depends on academic profile, co-applicant income, and chosen course/university

Non collateral education loans are a vital way for students to fund their studies abroad, especially for those who lack significant financial assets. These loans have helped many students fund their education and significantly increase access to higher education for those who may otherwise find studying abroad unaffordable.

Eligibility Criteria for Education Loans Without Collateral

To be eligible for an education loan abroad without collateral, certain criteria must be met. These criteria may vary among lenders, but common parameters include:

Academic Profile: Lenders consider your academic excellence a primary criterion since no collateral is involved. A student's academic performance is a key eligibility criterion for no-collateral education loans, as it is used to predict your future earning potential and impacts your loan eligibility.
Co-Applicant Finances: Lenders might seek a financial co-applicant; for Indian banks, a co-applicant with a CIBIL score of 700+ and monthly income of ₹30,000–₹40,000 is typically required. They must have a good credit score and meet minimum income requirements, typically starting from INR 25,000.
Chosen Country, University, and Course: Your country, university, and course impact your eligibility for a no-collateral international education loan, as lenders consider university reputation and post-study job prospects.
Test Scores: Standardized test scores, such as IELTS, TOEFL, GRE, or GMAT, may also be considered during the loan approval, helping lenders assess your language and academic skills.

Securing a study abroad loan without collateral often requires high academic scores, admission to top-tier universities, and a financially stable co-applicant.

Which Bank Gives Education Loans Without Collateral For Abroad?

Financial institutions such as banks, NBFCs (Non-Banking Financial Companies), and international lenders offer collateral-free education loans for abroad to aspiring students. Here are the key factors to consider when applying for a no-collateral foreign education loan.

Lender Name	Indian NBFCs	Private Indian Bank	Public Sector Banks
Category of Loan	INR Loan Option	INR Loan Option	INR Loan Option
Processing Fees	1% – 2%	1%	1%
Insurance Cover	Yes, Costing 1% – 2% of the Loan Amount	Yes, Costing 1% of the Loan Amount	Yes, Costing 1% of the Loan Amount
Enrollment Requirements	Must be Enrolled Full-time	Must be Enrolled Full-time	Must be Enrolled Full-time
Satisfactory Progress Requirements	Yes	Yes	Yes
Degree Seeking Requirements	Must be in a degree-seeking program (priority given to STEM)	Must be in a degree-seeking program (priority given to STEM)	Must be in a degree-seeking program (priority given to STEM)
Index Type	Floating	Floating	Floating
Index Rate	HDFC Credila’s current CBLR is 13.80% per annum, Avanse’s current Base Rate is 14.55%, and Auxilo’s current Base Lending Rate is 15.10%	Current Rapo Rate 5.50%	Current Rapo Rate 5.50%
Disbursements To	Direct to University or Student’s Foreign Account	Mix of Direct and Cosigner’s account	Flexible: Cosigner, Student, or University
Forex Required	Yes	Yes	Yes
Repayment Length	Full 10, 12 & 15 Year Repayment Period begins after a 6 – 12 Month Grace Period	Full 10, 12 & 15 Year Repayment Period begins after a 6 – 12 Month Grace Period	Full 10, 12 & 15 Year Repayment Period begins after a 6 – 12 Month Grace Period
Grace Period	6 – 12 Months	6 – 12 Months	6 – 12 Months
Cosigner Requirements	Students must have an Indian cosigner, preferably their parents, who possess a good income and a strong credit score.	Students must have an Indian cosigner, preferably their parents, who possess a good income and a strong credit score.	Students must have an Indian cosigner, preferably their parents, who possess a good income and a strong credit score.
Exemption for Cosigner Income	Yes	No	No
Repayment Options	a. Immediate: Pay full principal + interest from the start. b. Interest Only: Pay only the interest each month during study. c. Minimum Fixed Pay: Pay a fixed amount (e.g., ₹2000/month) while studying. d. Deferred: No payments during study; EMIs start after course completion.	a. Immediate: Pay full EMI (principal + interest) right after disbursement. b. Interest Only: Pay only the interest during study + grace period; EMIs start after that. c. Deferred: No payment during study + moratorium; full EMI begins after.	a. Immediate: Start paying full EMI (principal + interest) right after loan disbursement. (Rarely chosen.) b. Interest Only: Pay only interest during the study + moratorium period; EMIs start after that. c. Deferred: No payments during the course + grace period; full EMI begins afterward.

State Banks (SBI & Bank of Baroda)

If you’re planning to study at one of those top-notch international universities, SBI and Bank of Baroda are ready to lend a hand. They’ll fork out up to ₹50 lakhs without you needing to put up any collateral for security. The interest rates are actually pretty sweet – lower than what you’d get with private lenders. They also take part in the Central Sector Interest Subsidy Scheme (CSIS). Essentially this is a government scheme that makes borrowing even easier on the wallet.

Private Banks (ICICI & Axis)

If you’re looking at studying in India, ICICI Bank is a good bet – they’ll cover up to ₹20 lakhs without you needing to put any collateral up. If you’re heading abroad they’ll cover ₹40 lakhs , though if you need more than that, they’ll go up to ₹3 crore – you will however need to secure that one. This loan covers all sorts of expenses including tuition, living costs, books and anything else you might need. Axis Bank is also on board with unsecured loans. Both of these banks are likely to want a co-applicant with a stable income to help back up the loan.

NBFCs (HDFC Credila, Avanse, Tata Capital)

Now this is where the money really gets flowing – ₹1.25 crore without needing to put up any collateral at all is Avanse’s top limit. While that is a big one – one of the highest – they’re not the only ones on the block. HDFC Credila also offers unsecured loans – the limit may vary but Tata Capital offers up to ₹85 lakhs unsecured, or ₹2 crore if you’re able to provide some kind of security.

International Lenders (MPOWER Financing)

MPOWER is worth looking at especially if you can’t get a cosigner. They do things a bit differently – they plan a loan based on your academic track record and just how much they think you’re likely to earn. No collateral – no cosigner needed. The interest rates are fixed & competitive, and your loan will be sorted in about 7 working days.

Things to Keep in Mind

1. The processing time can vary – any where from 7 to 15 working days

2. The maximum amount of cash you can get without putting anything up as security can go all the way up to ₹3 crore depending on the lender

3. Most Indian banks & NBFCs will need a co-applicant on board – it’s worth thinking about this one early on.

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Qualifying Courses For an Education Loan

The good news is that most lenders are pretty lenient when it comes to figuring out what they’ll lend to. Whether you’re off to be an engineer, a med student, working in management, or one of the many other fields out there, chances are you’ll find a loan option that fits. These apply to just about any major, including postgraduate programs, vocational training, and even foreign institutions. No matter where you’re from or where you’re off to school, you’re likely to find a loan that works for you.

What Actually Matters When Lenders Make Their Decision

It’s not just what you’re studying that counts – there are a few other things that come into play:

Your past academic performance – If you’ve got a solid track record there, that can make all the difference to lenders. It’s easier to get approved if you’ve got a strong history of good grades.
Your institution’s reputation – Lenders are often looking for students from well-regarded schools. If you’re at a top college it can actually work in your favour.
The job prospects after you graduate – Some lenders sort of take a peek at whether there’s a demand for the skills you’re learning. If it’s something with a lot of jobs available, like a med or business degree that tends to do pretty well.

Before You Even Apply

Here’s the thing one lender might lend to you for studying one course, but not another. There’s no one list that applies to them all – so before you apply, just double check with the lender that your course and university are on their approved list. It takes just a few minutes and can save you a whole lot of hassle later on.

Application Process

The application process for a study abroad loan without collateral involves the following steps:

Research and compare lenders offering education loans for abroad without collateral security, by checking interest rates, loan amounts, repayment options, and customer reviews.
Check eligibility to ensure that you meet the academic, financial, and other requirements.
Gather necessary documents, including academic transcripts, standardized test scores, income, identity, and address proof.
Most lenders provide the option to apply online for an education loan without collateral. You can also apply offline at a nearby branch.
After applying, the lender reviews your documents and checks your eligibility. If approved, the loan amount will be disbursed directly to your university or the specified account.

Required Documents for No-Collateral Student Loan

The documents required may vary among lenders. However, the common documents include:

Academic transcripts and certificates
Standardized test scores (IELTS, TOEFL, GRE, GMAT, etc.)
Admission letter from the university
Proof of identity (passport, Aadhaar card, etc.)
Proof of address (utility bills, rental agreement, etc.)
Income proof of the co-applicant
Bank statements of the co-applicant
Passport-sized photographs

It is essential to check the specific document requirements of the lender you choose to ensure a smooth application process.

Processing Fees & Other Charges

All the talk about interest rates but nobody’s talking about fees and that’s where things can quietly get out of hand. So before you sign on the dotted line, take a good hard look.

Processing Fee not the most glamourous thing in the world but it can add up fast. Just how much is really up to the lender, and it's usually a percentage of the loan - but some lenders are way more reasonable than others on this score.
Late Payment Penalty miss a payment and watch your money dwindling away from you even faster. Know this number before you even apply.
Prepayment Fee you'd think it'd be the other way around, but some lenders will sock it to you if you pay them off early. If you expect to get out of this loan a little sooner, you might want to look for a lender that doesn't charge.
Loan Cancellation Fee and then there's the fee for changing your mind after you've been approved. Yep, some lenders will still charge even if you cancel. Get the lowdown upfront.

Comparing interest rates is only half the battle – you should be looking at the total cost of the loan. That “low rate” might sound great but if they’re chucking on loads of other charges it might work out more expensive in the long run.

Benefits of Abroad Education Loans Without Collateral

Obtaining a no-collateral education loan offers several benefits for students. Some of them are:

Unsecured education loans are generally processed quickly, with disbursal within 3-4 days of completing the necessary formalities.
Private and NBFCs offer higher loan amounts than public banks, typically 40 – 75 lakhs, depending on the student’s profile and documents.
Some lenders provide tax benefits on education loans without collateral, helping students and their co-applicants save (under Section 80E).
Some lenders allow to pay partial simple interest and full moratorium during the course period, helping reduce the overall repayment burden after graduation.
One advantage of education loans without collateral is that many lenders do not charge a processing fee until eligibility is confirmed, allowing students to compare options at no cost.

Benefits of Abroad Education Loans Without Collateral

Obtaining a no-collateral education loan offers several benefits for students. Some of them are:

Unsecured education loans are generally processed quickly, with disbursal within 3-4 days of completing the necessary formalities.
Private and NBFCs offer higher loan amounts than public banks, typically 40 – 75 lakhs, depending on the student’s profile and documents.
Some lenders provide tax benefits on education loans without collateral, helping students and their co-applicants save (under Section 80E).
Some lenders allow to pay partial simple interest and full moratorium during the course period, helping reduce the overall repayment burden after graduation.
One advantage of education loans without collateral is that many lenders do not charge a processing fee until eligibility is confirmed, allowing students to compare options at no cost.

Conclusion

Securing an education loan without collateral is a smart way to pursue your dreams of studying abroad. With a wide range of options available, it is important to stay informed and make a well-researched choice.

Private banks, NBFCs, and other lenders offer no collateral loans based on a student’s academic and financial profile
Compare interest rates, repayment plans, and terms before choosing a lender
Understand the application process and documentation requirements

Need support? Nomad Credit, an AI-powered platform, can help match you with the right lender for your study abroad journey.

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Anusha Goel

Columbia Business School

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!!

Vibhuti Luthra

NYU Stern School of Business

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!

Yash Maheshwari

Stanford Graduate 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!

Jack Du

UCLA Anderson School of Management

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!

Abhishek Pasricha

University of Southern California

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.

Sourav Mehra

UVA Darden School of Business

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!

Shubham Malviya

Kellogg School of Management

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.

Shakib Shaikh

Aston University

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.

Akanksha Dilip Mhaisne

Kent State 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.

Jaspreet Kaur

University of Maryland

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.

Arshan Bhanage

San Jose State University

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.

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Frequently Asked Questions

Which banks offer education loans for studying abroad without collateral?

Numerous banks offer unsecured education loans for international studies. Some of the top options are:

NBFCs

Private Banks

Public Banks

However, the loan availability and loan terms can fluctuate from time to time. Ensure that you are assessing your eligibility criteria and select loan options carefully based on your academic and financial profile.

Are there tax benefits available for education loans without collateral?

Yes, tax benefits are available for education loans without collateral, under Section 80E of the Income Tax Act. You can claim a deduction on the interest paid for up to 8 years.

What is the repayment process for education loans without collateral?

Repayment for education loans without collateral begins after your grace period ends (course duration + 6 - 12 months). During this grace period, you may need to pay partial simple interest. After the grace period, you can pay the principal amount and interest.

Who is eligible for an education loan without collateral?

Eligibility criteria vary depending on the lenders. However, you must have a strong academic record, admission to recognized institutions, and a co-borrower or guarantor (in some cases).

How to get education loan for abroad studies without collateral?

To get a collateral free education loan for abroad studies, apply through NBFCs or banks (public/private) that offer loans based on your profile and the co-applicant’s income. Compare lenders, meet their eligibility criteria, and submit the required documents.

Is there an age limit for a US F1 visa?

No, there is no age restriction to the US student visa F-1. You can apply at any age provided you have a valid admission offer in a SEVP-certified institution, fulfill the financial requirements, and you can show that you have a real desire to study. At that, the applicants below 18 can be asked to provide some extra documents like parental consent.