Best Education Loan
Lenders for Abroad Studies

Compare public banks, private banks, NBFCs, and global lendersx find the right one for your university, country, collateral situation, and loan amount. Free. Unbiased. No fee.

20+

Lenders on platform

9.25%

Lowest rate (p.a.)

₹2 Cr

Max loan (secured)

50K+

Students funded

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.

Private banks

Private banks: Faster processing, better digital experience. Good for urgent visa applications.

NBFCs

NBFCs: Collateral-free. Fastest approval. Best without property or for quick sanction letters.

International lenders

Global lenders or USD / EUR-based: No Indian co-applicant or collateral needed. Loan disbursed at source in foreign currency.

Our Trusted Lenders

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

State Bank of India

ICICI Bank

Punjab National Bank

MPower Financing

Prodigy Finance

HDFC Credila

Avanse

Sallie Mae

Auxilo

Incred

Earnest

Ascent

Tata Capital

What is a Graduate PLUS Loan?

Nomad Credit’s global lending network highlights, coverage, and lender type at a glance.

Public sector banks

Lender	Key Highlights
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

Private Banks

Lender	Key Highlights
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

NBFCs Lenders

Lender	Key Highlights
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

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Education Loan Options

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Planning to study in *

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Which University do you want to attend?* If not listed, select "Not Listed." If undecided, choose "Still Deciding."

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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.

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 · €11,208/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 will be your study abroad consultant through the process, making Graduate student loans in US or anywhere abroad clear and stress-free. You get guidance at every step and tools that help you understand how much you will borrow and what you will repay.

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.