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Education Loans For USA
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Secured Loan
Upto ₹2CrProcessing Fees
0.5% - 1.0%Margin
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Upto 15 YearsEarly Repayment
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Yes7 days loan processing time
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1.0% - 1.5%Margin
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NoLiving Cost
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0.5% - 1.0%Margin
NALoan Tenure
Upto 15 YearsEarly Repayment
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7 days loan processing time
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1.5% - 2.0%Margin
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7 days loan processing time
Secured Loan
Upto ₹3CrProcessing Fees
0.5% - 1.0%Margin
NALoan Tenure
Upto 15 YearsEarly Repayment
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Yes7 days loan processing time
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0.5% - 1.0%Margin
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Secured Loan
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0.5% - 1.0%Margin
NALoan Tenure
Upto 15 YearsEarly Repayment
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Yes7 days loan processing time
Secured Loan
Upto ₹2CrProcessing Fees
0.5% - 1.0%Margin
NALoan Tenure
Upto 15 YearsEarly Repayment
NoLiving Cost
Yes7 days loan processing time
Secured Loan
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0.5% - 1.0%Margin
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15%Loan Tenure
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Education Loan to Study in the USA
The USA continues to attract Indian students for one clear reason: it delivers value. From world-class universities to global career prospects, the benefits are hard to match. In the 2023–24 academic year alone, over 3 lakh Indian students chose the USA for higher studies. That number is still growing.
But quality education comes at a cost. For many students like you, the total fee can cross ₹30 lakhs. That includes tuition, housing, books, travel, and daily expenses. This is where an education loan to study in the USA becomes useful. It helps you cover the full cost of education without draining your family’s savings.
Most importantly, an approved loan also acts as valid proof of funds when applying for your US student visa.
Types of Education Loans Available for the USA
When applying for a USA education loan, you can choose between two options. Each type has its own eligibility terms, interest rates, and documentation requirements.
Feature | Secured Education Loan (With Collateral) | Unsecured Education Loan (Without Collateral) |
Collateral Required | Yes – Property, FD, LIC, land, etc. | No |
Offered By | Mostly public sector banks | Private banks and NBFCs |
Interest Rate | Lower, due to lower risk for lenders | Higher, based on credit risk |
Loan Amount Approval Basis | Based on collateral value | Based on co-applicant’s income and credit score |
Co-applicant Needed | Usually required | Mandatory |
Ideal For | Students with access to family-owned assets | Students without assets to pledge |
Repayment Tenure | Generally longer | May be shorter depending on the lender |
Processing Time | Slightly longer due to collateral evaluation | Faster compared to secured loans |
Secured Education Loan for USA Studies
Also called a collateral-based education loan, this option requires you to offer an asset as security. Secured loans usually come with lower interest rates and longer repayment terms. By offering collateral, you may be eligible for a higher loan amount and more flexible terms. In many cases, you also won’t need a co-applicant.
Public banks in India continue to be the top choice for education loan for overseas studies when collateral is involved. These banks often offer lower interest rates, longer repayment periods, and allow you to include living expenses in the total loan amount.
Here’s a comparison of three leading public sector banks offering secured study loans for the USA:
Feature | Bank of Baroda (BoB) | Union Bank of India (UBI) | Punjab National Bank (PNB) |
Loan Type | Secured | Secured | Secured |
Maximum Loan Amount | Up to ₹2 crore | Up to ₹75 lakh | Up to ₹2 crore |
Processing Fee | Nil | Nil | Nil |
Margin Money | 15% | 15% | 15% |
Loan Tenure | Up to 15 years | Up to 15 years | Up to 15 years |
Unsecured Education Loan for USA (No Collateral Required)
This is a student loan without collateral, ideal if you don’t have assets to pledge. Many private banks and NBFCs offer this option, but they assess your application based on creditworthiness.
Many private banks and NBFCs offer these loans, but they usually require a co-applicant with stable income and strong credit history. If you prefer a loan without a co-signer, international lenders may offer that flexibility. Some global lenders provide student loans for Indian students in the USA directly in USD. This helps reduce currency conversion costs and can simplify tuition payments. However, these loans often come with higher interest rates.
Each lender has its own terms, processing fees, and repayment policies. To help you make an informed decision, here’s a detailed comparison.
Lender | Max Loan Amount | Processing Fee | Loan Tenure |
Avanse | Up to ₹2 crore | 0.5% – 1.0% | Up to 15 years |
InCred | Up to ₹2 crore | Nil | Up to 15 years |
HDFC Credila | Based on profile | 0.85% – 1.0% | Up to 15 years |
Leap Finance | Based on university | 1.5% – 2.0% | Up to 10 years |
Prodigy Finance | No upper limit | Nil | Up to 15 years |
MPower Financing | Based on course | Nil | Up to 10 years |
Axis Bank | Up to ₹3 crore | 0.5% – 1.0% | Up to 15 years |
ICICI Bank | Up to ₹2 crore | 0.5% – 1.0% | Up to 14 years |
IDFC First Bank | Up to ₹2 crore | 0.5% – 1.0% | Up to 15 years |
Looking forFaster and
streamlined Process?
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Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.
Education Loans Offered by Indian Banks for the USA
When you consider financing your studies in the USA, Indian banks offer several options tailored to meet your needs. These loans often come with competitive interest rates, flexible repayment tenures, and the ability to cover living expenses.
Most banks require collateral for higher loan amounts, but in return, they offer longer repayment periods and lower processing fees. Whether you are applying for undergraduate or postgraduate courses, understanding what each bank offers can help you make an informed decision.
Bank | Loan Type | Maximum Loan Amount | Processing Fees | Margin Money | Loan Tenure |
Secured | Up to ₹3 crore | 0.5% – 1.0% | NA | Up to 15 years | |
Secured | Up to ₹2 crore | 0.5% – 1.0% | NA | Up to 14 years | |
Secured | Up to ₹2 crore | 0.5% – 1.0% | NA | Up to 15 years | |
Secured | Up to ₹2 crore | 0.5% – 1.0% | NA | Up to 15 years | |
Secured | Up to ₹2 crore | 0.5% – 1.0% | NA | Up to 15 years | |
Secured | Up to ₹2 crore | Nil | 15% | Up to 15 years | |
Secured | Up to ₹75 lakh | Nil | 15% | Up to 15 years | |
Secured | Up to ₹2 crore | Nil | 15% | Up to 15 years |
Education Loans by NBFCs for Studying in the USA
NBFCs (Non-Banking Financial Companies) have become a popular alternative to banks for education loans. They often offer more flexible terms and faster processing for Indian students aiming to study in the USA.
Unlike traditional banks, NBFCs are known for their willingness to consider your overall profile, including academic potential and co-applicant income, sometimes requiring less paperwork. Many NBFCs cover living expenses in addition to tuition fees. If you prefer a quicker sanction process and personalised support, exploring NBFC options is wise.
Below is a comparison of top NBFCs offering secured education loans for the USA.
NBFC | Loan Type | Maximum Loan Amount | Processing Fees | Loan Tenure |
Secured | Up to ₹2 crore | 0.5% – 1.0% | Up to 15 years | |
Secured | Up to ₹2 crore | Nil | Up to 15 years | |
Secured | Based on profile | 0.85% – 1.0% | Up to 15 years | |
Secured | Up to ₹2 crore | Nil | Up to 15 years | |
Secured | Up to ₹1 crore | 1.0% – 1.5% | Up to 12 years | |
Secured | Up to ₹2 crore | 0.5% – 1.0% | Up to 15 years |
Documents Required to Apply for a US Education Loan
Gathering all necessary documents is crucial before you apply for an education loan in the USA. Missing paperwork can delay your application or lead to rejection. Being prepared helps speed up the approval process. Many lenders provide personalised document checklists based on your loan type and profile.
- Completed loan application form
- Official admission letter from your US university or institution
- Detailed fee structure issued by the university
- Academic transcripts from previous studies (school and undergraduate)
- Standardised test scores such as GRE or GMAT (if applicable)
- Proof of English proficiency: IELTS, TOEFL, or Duolingo results
- KYC documents of the applicant (such as Aadhaar card, PAN card)
- Recent passport-sized photographs
- Residential proof for both applicant and co-applicant
- Income proof of the co-applicant or guarantor (mandatory for unsecured loans)
- Property ownership documents (required for secured education loans)
Eligibility Criteria to Apply for a Student Loan in the USA
It’s important to confirm if you meet the lender’s eligibility standards Before applying for an education loan in the USA for Indian students. This ensures your application process is smooth and efficient.
Most banks and NBFCs set clear criteria to approve loans. These conditions protect both the lender and you, the borrower, by ensuring financial viability and academic seriousness.
Who Can Apply for a Student Loan to Study in the USA?
To qualify for an abroad education loan in the USA, you typically need to meet the following requirements:
- You must be an Indian citizen.
- You should have a strong academic record.
- You need to have received admission to a recognised American university or college for a full-time programme.
- The course should be career-oriented or professional in nature, increasing your chances of loan approval.
- You must be at least 18 years old. If younger, a parent or guardian must apply on your behalf.
- For secured loans, you need to offer acceptable collateral.
- For unsecured loans, a co-applicant must fulfil the minimum income and credit score requirements.
Looking forFaster and
streamlined Process?
100% Transparency
100% Free
Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.
How to Choose the Right Lender for a US Education Loan?
Selecting the right lender is a key step in securing your education loan to study in the USA. Comparing lenders carefully helps you avoid costly mistakes and ensures you get the best possible terms. To make an informed choice, focus on these critical factors:
- Interest Rates
Look for lenders offering the most competitive interest rates. Even a small difference can impact your total repayment significantly.
- Coverage of Expenses
Check which costs the loan covers. Apart from tuition fees, some loans also include living expenses, travel, and study materials.
- Processing Fees
Review the loan processing charges. Lower fees reduce your upfront costs and overall loan burden.
- Tax Benefits
Some education loans qualify for income tax deductions under Indian tax laws. Confirm if your chosen lender offers this advantage.
- Loan Margin
Understand the margin money requirement, the portion of expenses you must pay yourself before the loan kicks in. A lower margin means less immediate out-of-pocket spending.
- Approval and Disbursal Time
Fast loan approval and disbursal can be critical if your course start date is near. Choose lenders known for efficient processing.
- Prepayment Options
Find out if the lender allows early repayment without penalties. Prepaying your loan can save on interest costs.
Things to Know Before Applying for an Education Loan in the USA
Applying for an education loan to study in the USA goes beyond filling out a form. Planning every step helps ensure timely approvals, smooth disbursal, and fewer surprises.
- Choose the Right Course and University
Make sure your chosen course and institution are recognised and offer strong career outcomes. Accreditation matters to both lenders and visa officers.
- Estimate the Total Cost of Education
Calculate your overall expenses, tuition fees, accommodation, food, travel, and insurance. This helps you request the right loan amount from the start.
- Prepare All Documents Early
Keep your academic records, admission letter, fee structure, and ID proofs ready. Delays in documentation can affect processing times.
- Identify a Financial Co-applicant or Guarantor
For non collateral education loans for USA, a co-applicant with stable income is a must. Ensure they meet the lender’s income and credit score criteria.
- Apply at the Right Time
Submit your loan application at least 2–3 months before your visa appointment. Lenders and embassies need time to process and verify your details.
- Understand the Disbursement Process
Check how and when your loan will be disbursed. Some lenders release funds directly to the university, while others may transfer it to your account.
Costs Covered by Education Loan for USA Study
An education loan to study in the USA does more than just pay your tuition fees. Most lenders today offer comprehensive coverage to support your full academic journey, right from your admission to your return. Before you apply, make sure you know exactly what’s included in your loan offer.
Expense Category | Details |
Tuition Fees | Covers full or partial academic fees as listed in your university offer. |
Accommodation Costs | Includes hostel charges or approved off-campus housing expenses. |
Library & Laboratory Fees | University charges for lab use, library access, and examination fees. |
Books & Equipment | Cost of course books, instruments, software, and educational materials. |
Travel Expenses | Return airfare to and from the USA, typically once per academic year. |
Student Insurance | Health or travel insurance as required by the university or visa process. |
Laptop or Computer | One-time purchase, if essential for the course or programme. |
Caution Deposit | Refundable university charges like building funds and security deposits. |
Study Tours & Projects | Costs related to academic trips, research, and final-year project work. |
Education Loan Repayment After Studying in the USA
When applying for an education loan to study in the USA, it’s important to think beyond just approval and disbursal. Repayment plays a crucial role in how you manage your finances after graduation.
Two things matter most:
- The repayment plan offered by the lender
- The moratorium period, a grace window when you don’t need to repay the principal
Knowing what to expect can help you plan your future expenses and avoid financial stress after your studies.
Most lenders offer flexible repayment plans based on your course type and repayment ability. These are the three most common options:
Repayment Type | When You Start Paying | What You Pay During Course |
EMI (Equated Monthly Instalment) | Starts immediately after disbursal | Full EMI during study period |
Simple Interest (SI) | Full EMI starts after moratorium ends | Only simple interest during course |
Partial Simple Interest (PSI) | Full EMI starts after moratorium ends | A part of the interest is paid monthly |
A moratorium is a period during which you don’t need to pay the loan’s principal. For most student loans for Indian students in the USA, this includes:
- The entire course duration
- An additional 6–12 months after course completion (depending on the lender)
During this time, you may still be required to pay interest, depending on the repayment type chosen.
Student Visa Requirements For The USA
The F1 Visa is the most common option for Indian students heading to the USA for higher education. However, as international students, fulfilling a set of requirements and submitting the relevant documents to apply for a student visa is mandatory. The requirements may vary based on the student; here’s a list of requirements students must take note of -
1. University Certification: The institute where the student has enrolled must be certified or authorised by SEVP Immigrations & Customs Enforcement.
2. Enrollment Status: The applicant must be enrolled at their university full-time when their semester is in session.
3. Language Proficiency: Most universities in the USA have their set of standardised scores for English Language. Applicants need to meet the language proficiency requirements set by their designated institution.
4. Funding: Students must also provide evidence of sufficient funds to finance not only their studies but also their living expenses when studying in the USA.
5. A Valid Passport: While many students may carry a passport, it is crucial to ensure it is valid for at least six months after course completion.
6. Home-Country Residency: Applicants must show proof of residence in their home country to return after completing their degree.
Education Loan Schemes
Several Government Bank Schemes and private programmes are available to assist Indian students. If you meet all the eligibility criteria and present the documents on time, you can apply for the loans effortlessly! Some of the top government-involved and subsidised loans are mentioned here for student loan for the US:
SBI Global Ed-Vantage Education Loan USA
State Bank of India is one such bank that helps students efficiently study abroad. All they have to do is to apply for the loan scheme well in advance with proper documentation. The name of this scheme is SBI Global Ed-Vantage. They have loans with collateral, which is a critical part of the sanction cycle.
The scheme doesn’t consider the co-applicants' profile as necessary compared to other banks and NBFCs. If you opt for the SBI RiNn Raksha insurance loan, you may also get a concession on the interest rate (there are regular fluctuations in such concessions). As part of this scheme -
- A prospective student can apply for a loan between INR 20 lakhs and INR 1.5 crores for their desired field of study.
- The repayment process can last for a maximum loan tenure of up to 15 years.
Bank Of Baroda Scholar
Considered one of the top public-sector banks for students seeking an education loan, Bank of Baroda offers varying price schemes based on the student’s profile, course, and country. To determine if you can apply for a USA study loan via the Bank of Baroda Scholar scheme, it is recommended that you check if the university you are enrolling in is registered with BOB or not. As part of this scheme -
- You can avail of a 100%* margin for the scheme’s listed colleges for education loan in USA for Indian students
- You can benefit from the 12-month* moratorium period
- You can also apply for a best-interest education loan USA.
PNB Udaan
Whether you’re looking to study diploma courses or degrees, PNB Udaan has a loan scheme for everyone. The maximum loan amount depends on the requirements the applicant fulfils after a thorough profile evaluation. After applying and getting a sanction for this loan, one must note that they will get a one-year moratorium period until the repayment period begins in student loan USA.
Oriental Bank Of Commerce Education Loan Scheme
Oriental Bank Of Commerce offers education loans for studies in the USA to students who meet all the eligibility criteria. The education loan amount may differ based on the designated university's fee structure. If the loan amount happens to be over INR 4 lakhs, the margin would be 15%* on the education loan. The maximum loan tenure would be 15 years* with this scheme, and the repayment period begins upon course completion of the study loan for USA.
Private Banks Offering Education Loans To Study In The USA
Private banks are the most preferred option after the government or public banks. Generally, they have a higher but feasible interest rate. Private banks also have strict eligibility criteria that the students must meet. If you are looking for one, the following banks must be on your list to research a list of lenders for your loans. Or you can leave this challenging process to UniCreds experts! Contact us to know how to get student loan for the USA in easy steps.
Axis Bank
Axis Bank, one of India's leading commercial private banks, provides education loans for students studying in the United States. Unsecured loans have a maximum loan amount of INR 50 lakhs. Axis Bank gives education loan for masters in USA as well as graduate degrees.
The interest rate fluctuates typically between 11%* and 15%* per annum. There is no margin money for loans up to INR 4 lakhs. However, it is 15%* for loans over INR 4 lakhs. There is no prepayment penalty, and the appropriate moratorium period is up to 12 months* after completing the course under a student loan for USA.
ICICI Bank
Indian students can apply for secured and unsecured education loan USA with ICICI Bank. The maximum amount for secured loans is around INR 1 crore, whereas for unsecured loans, it is INR 50 lakhs. There are also fluctuating interest rates for ICICI Bank education loans.
The interest rates start at 10.5% p.a*. If you take a loan below INR 20 lakhs*, there is no margin money, as opposed to a 15%* margin rate for loans above INR 20 lakhs*. Fortunately, there is no prepayment penalty, and the moratorium period is six months after completing the course.
IDFC First Bank
As with most private banks, Indian students can opt for secured loans with no upper limit or unsecured loans up to INR 50 lakhs to study in the USA with IDFC. For unsecured loans, the interest rate stands at 11%*, while there is a processing fee of around 1.5%* for the IDFC education loan. The repayment tenure lasts 12 years* with a one-year moratorium period that begins after the course completion.
Frequently Asked Questions