Education Loans for Studying Abroad
Get up to ₹1.5 crore without collateral from top NBFCs. Compare rates, terms, and find the loan that fits your budget.
Compare Top Lenders
| Lender | Interest Rate | Max Loan | Collateral | Processing Time |
|---|---|---|---|---|
| HDFC Credila | 11-13% | ₹1.5 Cr | No (up to 40L) | 7-10 days |
| Avanse | 11.5-13.5% | ₹75L | No (up to 35L) | 5-7 days |
| InCred | 12-14% | ₹60L | No | 3-5 days |
| Prodigy Finance | 9-14% | $220K | No | 5-7 days |
| MPOWER | 12-14% | $100K | No | 7-10 days |
| SBI | 8.5-10.5% | ₹1.5 Cr | Yes (above 7.5L) | 15-20 days |
| Axis Bank | 9-11% | ₹75L | Yes (above 7.5L) | 10-15 days |
Pro Tip: NBFCs (HDFC Credila, Avanse, InCred) offer collateral-free loans and faster approvals. Banks (SBI, Axis) have lower rates but may require collateral for larger amounts. International lenders (Prodigy Finance, MPOWER) don't consider your parents' income — ideal if your family income is variable.
Quick EMI Calculator
Range: ₹5L - ₹1.5Cr
Average: 11-13%
Typical: 5-7 years
Your Monthly EMI
Note: This is an approximate calculation. Actual EMI may vary based on processing fees, insurance, and other charges.
Open Full Calculator →Which Loan is Right for You?
Do you have collateral (property/gold)?
Yes
SBI or Axis Bank — lower interest rates (8-11%), but slower processing (10-20 days)
• Rate: 8.5-11% p.a.
• Loan up to: ₹75L-1.5Cr
• Best for: Large loans with collateral
No
HDFC Credila, Avanse, or InCred — collateral-free up to ₹35-40L, faster approval
• Rate: 11-14% p.a.
• Loan up to: ₹40L-60L (no collateral)
• Best for: Fast approvals, no collateral
Studying in USA/UK/Canada?
Consider international lenders who specialize in these countries and don't factor in parental income:
Prodigy Finance
• Rate: 9-14% (lowest available)
• Loan up to: $220K
• Processing: 5-7 days
MPOWER Financing
• Rate: 12-14%
• Loan up to: $100K
• Processing: 7-10 days
Need the fastest approval?
InCred approves loans in 3-5 days — ideal if your university intake is soon.
• Max: ₹60L collateral-free • Rate: 12-14% • Documents: Minimal
Documents You'll Need
Typical Documents
- Admission offer letter
- Academic transcripts & mark sheets
- Aadhar & PAN card
- Passport (copy)
- Co-applicant income documents
- Bank statements (6-12 months)
- ITR / Salary slips
- Proof of collateral (if applicable)
Pro Tips
- 1
Start early
Apply 4-6 months before intake. Processing takes time even with "5-7 day" promises.
- 2
Get offer letter first
You need your admission letter to apply. Some lenders accept provisional offers.
- 3
Visa strengthens loan
A loan sanction letter shows proof of funds to visa officers. Get this BEFORE visa interview.
- 4
Check hidden charges
Ask for total cost: interest + processing fee + insurance + other charges.
Frequently Asked Questions
Moratorium Period
You don't repay while studying + 6 months after. Interest gets added to principal during this time.
Typical: 1-2 years from loan start
Tax Benefits (80E)
Claim interest deduction for any number of years. Save ₹30K-80K annually in taxes.
Only interest; principal gets no deduction
Co-Applicant
Typically your parent or guardian. Their income + credit score matters for approval.
Some lenders check co-applicant income
Ready to Apply?
Get a free loan consultation from verified agents. Compare offers side-by-side and choose the best loan for your needs.
Disclaimer: This page provides educational information about education loans. Interest rates, loan amounts, and terms are subject to change. Please verify current rates and terms with individual lenders. Settldown is not a lender and does not guarantee loan approvals. Loan agents on Settldown operate independently.