Education Loan for Studying Abroad - Get Up to ₹1.75 Crore

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Education Loans for Abroad Studies

Understand & explore various categories of overseas education loan with minimal interest rates.

From trusted international and domestic lenders

What is an Education Loan?

Dream Big, Study Global - We’ll Handle the 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.

Which Type of Student Loan Is Right for You?

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

Secured education loans

You need to pledge collateral security to apply for a loan. The loan amount is determined by the collateral value.
The rate of interest is lower than unsecured education loan options.
Give longer repayment periods.
No need to prove your parental income.

Unsecured education loans

No need to pledge collateral security. Education loan is provided against your co-borrower’s income.
Higher rate of interest than secured education loan options.
The repayment period is moderate but shorter compared to secured education loan options.
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 no-cosigner options 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 co-signer education loan for convenience.

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Who offers Education Loans?

There are mainly three types of lenders who offer education loans to study abroad

Banks

Banks have traditionally been the most preferred option for education loans. In India, public and private banks offer secured and unsecured education loans for students planning to study abroad. Many US banks also provide student loan options for international students.

NBFCs

Non-Banking Financial Companies (NBFCs) offer education loans to students with flexible terms and conditions. Compared to banks, NBFCs have relaxed eligibility criteria, making the loan approval process easier.

International Lenders

International lenders are financial institutions headquartered in one country but operating across multiple countries. Unlike banks or NBFCs, they offer a more streamlined and hassle-free loan process if your profile meets their eligibility criteria

Top Features of Education Loans for Abroad Studies

Features	US Banks	Indian Public Banks	Indian Private banks	Indian NBFCs	International Lenders
Maximum loan amount	“15,000 – 220,000 USD (INR 12.5 Lakh – 1.8 Cr Approx.)”	Up to INR 1.5 Cr	Up to INR 60 Lakh – 1 Cr Approx.	Up to INR 40 – 60 Lakh Approx.	100,000 USD (INR 83 Lakh Approx.)
Loan type	Unsecured	Secured & Unsecured	Secured & Unsecured	Unsecured	Unsecured
Interest rates	5.66% – 16.37% APR	9.5% – 10%	10.28% – 12.5%	10.5% – 13.5%	11% – 20% APR
Processing fee	Zero	INR 10,000	1% of the loan amount	1% of the loan amount	5% of the loan amount
Repayment tenure	Up to 15 years	Upto 15 years	Upto 15 years	Upto 15 years	Up to 10 – 20 years
Grace period	9 months	6 – 12 months	6 – 12 months	6 – 12 months	6 months
Co-borrower requirement	A US citizen or a permanent US resident is required as the financial co-borrower	No financial co-borrower is mandatory for secured loans	A financial co-borrower with sufficient income is required	A financial co-borrower with sufficient income is required	No co-borrower is required

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Documents required for Overseas Education Loan

Submitting the right and required documents can make your education loan process hassle-free and quick.

Documents from the student:

Documents from the co-borrower:

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US Cosigner Option

This option allows you to secure a loan with lower interest rates compared to other loan types by involving a US citizen or permanent resident as your cosigner

Save on repayments with lower interest rates
Defer payments for 6-9 months after graduation
Cover 100% of attendance costs

No Cosigner Option

Ideal for students enrolled in top universities across the USA, Canada, and beyond. These loans offer competitive interest rates and don’t require a cosigner or collateral.

No cosigner or collateral needed
Flexible repayment / no payments during school
Available for graduate students & 3rd/4th year undergraduates

Indian Cosigner Option

Partnered with top Indian banks and lenders, Nomad Credit offers a variety of competitive loan options for students in need of funding

Cosigner or collateral required for approval
Loans available for the entire course duration
Pre-visa disbursement options available

Need help for an Education Loan?

Don’t let finances hold you back! Connect with our loan experts today and find the best study abroad loan for you.

How to choose the best Foreign 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 education loan 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.

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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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Overseas Education Loans

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 zero interest education loan?

Most banks do not give zero-interest (0%) education loans, which means if you borrow money for studies, you usually have to pay back more than you borrowed because of interest. However, in some cases, the government helps by paying the interest while you are studying, so you don’t have to pay extra during that time, but once you finish your course, interest may start again. Some state governments also offer special schemes with very low or zero interest for certain students. So, while true 0% loans are rare, you might still get help through government schemes or scholarships that reduce how much you have to repay.

What is the maximum time for education loan?

The maximum time to repay an education loan is usually up to 15 years after you finish your studies. This includes a moratorium period (usually 1 year) where you don’t have to pay, so you only start paying after your course is done. For example, if your course takes 4 years, and you get 1 year after that to find a job, you could have up to 15 years to repay the loan. Some loans may give you more time, but 15 years is the usual maximum.

How many years to pay back a student loan?

You usually have up to 15 years to pay back a student loan, depending on the bank or lender. After you finish your studies, there is often a moratorium period (usually 1 year) where you don’t need to pay anything. After that, you start repaying the loan, and most loans are set up to be fully paid off in 12 to 15 years. Some lenders might give you a little more time, but 15 years is the common maximum.

Can I get a 100% loan to study abroad?

Yes, you can get a 100% loan to study abroad, which covers your tuition fees and sometimes even living costs. However, you need to meet certain conditions like having good grades, getting admission to a recognized university, and sometimes providing collateral (like a house or savings). The loan is usually repaid over 12 to 15 years, and you don’t have to pay anything during your studies (this is called the moratorium period). But it’s important to check the details with the bank before applying.

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.