Interest rates as low as 3.23%*

Financing dreams
of global nomads

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1 Common Application

20+ Lenders

$2 Billion+ in loans processed across 9+ countries

From trusted international and domestic lenders

Top Lenders, One Platform

Browse. Compare. Apply.

Earnest

USD 35 Million+ In Loans Processed

Maximum Loan Amount:

Full COA

Interest Rate:

Starting at 3.24%

Processing Fee:

Zero Processing Fee

Tenure:

5/7/10/12/15 Years

Loan Type:

No-collateral with US-Cosigner

Sallie Mae

USD 2 Million+ In Loans Processed

Maximum Loan Amount:

USD 175,000

Interest Rate:

Starting at 3.45%

Processing Fee:

Zero Processing Fee

Tenure:

15 Years

Loan Type:

No-collateral with US-Cosigner

Union Federal

USD 1 Million+ In Loans Processed

Maximum Loan Amount:

USD 99,999

Interest Rate:

Starting at 3.49%

Processing Fee:

Zero Processing Fee

Tenure:

5/7/10/12/15 Years

Loan Type:

No-collateral with US-Cosigner

Abe

USD 200,000+ In Loans Processed

Maximum Loan Amount:

USD 99,999

Interest Rate:

Starting at 3.23%

Processing Fee:

Zero Processing Fee

Tenure:

5/7/10/15/20 Years

Loan Type:

No-collateral with US-Cosigner

Prodigy Finance

USD 150 Million+ In Loans Processed

Maximum Loan Amount:

USD 220K

Interest Rate:

Starting at 8.35%

Processing Fee:

4% + $500

Tenure:

7-20 Years

Loan Type:

Cosigner & No Cosigner

M Power

USD 40 Million+ In Loans Processed

Maximum Loan Amount:

USD 100K

Interest Rate:

Starting at 9.99%

Processing Fee:

Tenure:

10 Years

Loan Type:

No-collateral Loan

Avanse

INR 550 Cr+ In Loans Processed

Maximum Loan Amount:

Upto INR 2 Cr

Interest Rate:

Starting at 10%

Processing Fee:

1% Loan Amount + 18% GST

Tenure:

Upto 15 Years

Loan Type:

Collateral & No Collateral

Credila

INR 500 Cr+ In Loans Processed

Maximum Loan Amount:

Upto INR 2 Cr

Interest Rate:

Starting at 10%

Processing Fee:

1% Loan Amount + 18% GST

Tenure:

Upto 15 Years

Loan Type:

Collateral & No Collateral

Incred

INR 198 Cr+ in Loans Processed

Maximum Loan Amount:

Upto INR 2 Cr

Interest Rate:

Starting at 11%

Processing Fee:

1% Loan Amount + 18% GST

Tenure:

Upto 15 Years

Loan Type:

Collateral & No Collateral

Auxilo

INR 175 Cr+ In Loans Processed

Maximum Loan Amount:

Upto INR 1 Cr

Interest Rate:

Starting at 10%

Processing Fee:

1% Loan Amount + 18% GST

Tenure:

Upto 15 Years

Loan Type:

Collateral & No Collateral

IDFC FIRST Bank

INR 54 Cr+ In Loans Processed

Maximum Loan Amount:

Upto INR 2 Cr

Interest Rate:

Starting at 9.75%

Processing Fee:

1% Loan Amount + 18% GST

Tenure:

Upto 15 Years

Loan Type:

Collateral & No Collateral

ICICI Bank

INR 81 Cr+ in Loans Processed

Maximum Loan Amount:

Upto INR 2 Cr

Interest Rate:

Starting at 10.25%

Processing Fee:

INR 30,000 + 18% GST

Tenure:

Upto 15 Years

Loan Type:

Collateral & No Collateral

and more...

Confused? No worries.

We're here to help you find the right loan option for you

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How it works?

We make it super easy for you

Check Fit

Answer a few quick questions and instantly see which loans you're eligible for.

Apply Fast

Submit your application in minutes with guided support. We’ll help you put your best foot forward.

Get Funded

Once approved, your funds are disbursed quickly - directly to your account or school, as needed.

Easy Repayments

Flexible repayment options that align with your goals. Start repaying when you’re ready, with support all the way.

Why Nomad?

Not all platforms are built the same, here's why students trust Nomad

Process

Other Platforms

Consultation

Spam-free, personalized guidance

Pushy sales tactics

Lender Options

20+ international and domestic lenders

Limited or region-specific

Cosigner Flexibility

Cosigner & No-Cosigner both options available

Mostly require a cosigner

Eligibility Check

Fast, free, and easy to understand

Often slow or unclear process

Application Submission

100% online, no hidden fees

Confusing

Loan Sanction

Transparent tracking and updates

Lack of visibility

Disbursement

Timely, direct to account or school

Delays and coordination issues

Repayment Support

Flexible options + ongoing assistance

Minimal or no support

Hear from the Global Nomads

About their Nomad Experience

My journey to study abroad started in 9th grade, and it wasn't always smooth. Nomad Credit stepped in and became my partner in every step, from convincing my parents to securing my visa!

Rahul Jadhav

University of Arizona, USA | CS

Sulekha was extremely helpful in my journey to securing an F1 visa. I reached out to her initially when I made an error in my DS-160 and she quickly guided me to resolve the same and assured me it wouldn’t impact my application negatively.

Mahika Maggon

University of Pennsylvania, USA | MBA

Hi Poonam Dhingreja, I wanted to take a minute to appreciate all the efforts you have taken right from the beginning to help me reach this point. You have been a great guide and have always shown the spirit to be there for me and extend a helping hand whenever needed.

Riyush Motwani

University of Illinois Urbana Champaign | MIS in US

Thank you, Nomad Team for guiding me through the whole Consultancy Process. I would like to especially thank Mannika, my Counsellor who did an extremely outstanding and tremendous job throughout the whole process, be it advising and filling out my college applications, suggesting Universities and also having multiple VISA mock sessions before my Final Visa Interview.

Ateesh Jain

Steven's Institute Of Technology, USA | Masters in Financial Engineering

Dear Sulekha Ma'am, I am writing to extend my deepest gratitude for your unwavering support and invaluable assistance throughout my master's application process. Your guidance has been instrumental in helping me navigate the complexities of applying, from the initial application stages to the visa approval process.

Harnek Singh

George Mason University, USA | MS in CS

My experience with Nomad credit has been absolutely amazing, I cannot thank enough the team and especially my counsellor, Poonam ma'am, who has worked day and night, helping me out, from short listings the universities to helping me with the applications, SOP, visa application and till biometrics appointment and what not she has been there at every step supporting and guiding me

Shradha

University of Reading, UK | MSc Marketing

I am really happy with the services provided by Nomad Credit, especially the prompt responses and personalized loan solutions. I sincerely recommend their services..”

Vikramjit

MBA Student at University of Georgia

Nomad Credit really understood my need and started filtering options based on it. Finally I chose the right option and now I am in my final semester waiting to graduate this fall. It was all possible because of you guys.

Rahul

California State University

C.B.

Graduate Student at Clemson University

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

Understand & explore various categories of education loan options for abroad studies with minimal interest rates. We will cover the top lenders, eligibility, documents, and the application process in this page.

What is an Education Loan?

Education loans are a form of financial aid that helps students study without worrying about the associated costs. There are different education loans available in the lending marketplace, and students can explore the options to find the most suitable option for their profile. Education loans are also known as Student Loans.

In the study abroad space, education loans financially empower students to explore great opportunities in foreign universities. While the cost of studying abroad can be hefty for the average student from an ordinary, middle-class family, an education loan helps the student study in top-tier universities and explore better academic and professional opportunities.

Unlike in the past, education loan options are broadened today, catering to the needs of students from different financial backgrounds. We, at Nomad Credit, attempt to bridge the gap by offering expert guidance and tailored solutions for your educational needs.

Education loan categories

Broadly, there are two types of education loans – Secured and Unsecured. See the table for a comparison of the two:

Secured education loans	Unsecured education loans
You need to pledge collateral security to apply for a loan. The loan amount is determined by the collateral value.	No need to pledge collateral security. Education loan is provided against your co-borrower’s income.
The rate of interest is lower than unsecured education loan options.	Higher rate of interest than secured education loan options.
Give longer repayment periods.	The repayment period is moderate but shorter compared to secured education loan options.
No need to prove your parental income.	Your parental income must be up to the set standards.

Among Unsecured education loans, there are different categories that cater to diverse needs such as:
Education loans without collateral or co-borrower: Education loans without collateral or co-borrower are offered by international lenders.
Note: that your university of admission must be listed by the lenders for you to be eligible for such loans.
Education loans with a co-borrower in the US:An education loan can be availed from prominent banks in the US if you have a US citizen or permanent resident in the US as the co-borrower. They are also called US Cosigner loans for convenience.

Lenders of education loans

There are mainly three types of lenders who offer education loans to study abroad –Banks, NBFCs, and International lenders.
Banks:Banks have been the conventional resort for education loans for years since the establishment of education loans. In India, public and private banks offer secured and unsecured education loans to study abroad. Prominent banks in the US also offer student loans to international students.
NBFCs:Non-Banking Financial Companies (NBFCs) offer education loans to needy students with affordable terms and conditions. Compared to banks, NBFCs have relaxed terms in accepting your loan application.
International lenders:International lenders are financial institutions with capital in one country and operations in more countries. Unlike banks or NBFCs, they offer hassle-free education loans if your profile is eligible.

Eligibility requirements for education loans

It is crucial tocheck the eligibilitycriteria before you apply for an education loan. The eligibility requirements vary for each type of education loan.

However, the following requirements need to be fulfilled to apply for any education loan:

You must be a citizen of India or an NRI
You must have secured or be awaiting admission to a university abroad
You shall not have any existing loan overdue
Your co-borrower’s CIBIL scores should be sufficient as demanded by the lender
Documents you submit must be legally valid

Documents required for education loans for abroad studies

Documents from the student:

Duly filled loan application form
Recently taken passport-size photographs
KYC documents of the student and co-borrower – Aadhar, Driving license, passport, etc.
Address proof
Proof of admission or application
Academic documents – undergraduate, +2, 10th certificates
Entrance test results – IELTS, GRE, GMAT, TOEFL, etc.
Bank statement of the last 6 months

Documents from the co-borrower:

KYC documents of the student and co-borrower – Aadhar, Driving license, passport, etc.
Address proof
Recent passport-size photographs
Proof of income
Bank account statement for the last 6 months
Salary slips of the last 3 months
IT Returns and other documents, if self-employed co-borrower
Collateral documents if the loan is secured

How to choose the best abroad education loan?

Taking an education loan is an important financial decision you make while being a student.
Here are some checkpoints to ensure you get the best education loan:

Interest rates: It is best to go for an education loan that has the lowest interest rates for you. Low rates of interest will help you save money, and even a small difference in interest rates can cost a significant amount in loan repayment.
Interest difference in different countries: Usually, the rate of interest will be lower in INR rates compared to USD rates. When you see an education loan in the US currency offers lower interest than education loans in India, be mindful that the rates will be much higher when converted to the Indian currency.
Repayment period: You must choose an education loan that offers you a sufficient repayment tenure. You can either negotiate with the lender or choose a different loan option if you come across issues related to your repayment tenure.
Tax benefits: Education loans from Indian banks and Credila offer you tax benefits under Section 80 E. You can prioritize education loan options with tax benefits to save more money.
Other costs: There will be other charges, like Forex conversion, processing fee, Insurance cost, etc. Go through them and choose the loan option with the least possible charges.

Looking for guidance to apply for education loans?

We at Nomad Credit are committed to bringing ease and comfort to students by properly guiding them to search for the best education loan options. Our dedicated team of experts will analyze your profile and suggest the education loan options that may best fit you. And what’s more – all our services are of zero cost to you

Frequently Asked Questions

What is margin money in education loans?

Margin money refers to the amount that the student has to contribute to the total loan amount. For example: if your loan has a 5% margin, you will get only 95% of the loan amount, and it’s your duty to add the remaining 5% to the loan.

Can I get a 100% loan to study abroad?

Yes. If approved, many lenders offer education loans with no margin money that cover 100% of your expenses. However, it is mandatory that you meet the eligibility requirements.

What is the maximum loan amount students can get from education loans?

From Indian lenders, students can get up to INR 1.5 Cr and from banks in the US, the maximum loan amount can be up to INR 1.8 Cr. If approved, the maximum loan amount depends on your co-borrower’s income (or collateral value), country and course of study, and similar other factors.

Who can be a co-borrower for an education loan?

In India, the co-borrower must be a close relative of the student, such as a parent, sibling, spouse, parent-in-law, etc. The co-borrower must be earning the minimum income specified by lenders without any other obligations, as well as other eligibility requirements to be approved. However, for US banks, the co-borrower can be anyone who is a US citizen or a permanent resident in the country. Like in India, the co-borrower must meet the income criteria and other eligibility requirements to be approved.

Why there is insurance for education loans?

Education loan insurance helps when unexpected events, like the student’s untimely demise, occur. The insurance company will take care of the loan, thereby not troubling the student’s family with repayment.

Financing dreams of global nomads