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Find The Best Abroad
Education Loans For USA

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Non Collateral Loans
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10K+ Loans Faciliated
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2000 Cr+ Loan Amount Disbursed

NBFCs

avanse-education-loan
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5 days loan processing time

GreenCheck

Quick Approvals

Secured Loan

Upto ₹2Cr

Processing Fees

0.5% - 1.0%

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes
incred-education-loan
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5 days loan processing time

GreenCheck

Quick Approvals

Secured Loan

Upto ₹2Cr

Processing Fees

NA

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes
credila-education-loan
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3 days loan processing time

GreenCheck

Quick Approvals

Secured Loan

NA

Processing Fees

0.85% - 1.0%

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes
auxilo-education-loan
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3 days loan processing time

GreenCheck

Quick Approvals

Secured Loan

Upto ₹2Cr

Processing Fees

NA

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes
credenc-education-loan
fireClock

7 days loan processing time

Secured Loan

Upto ₹1Cr

Processing Fees

1.0% - 1.5%

Margin

NA

Loan Tenure

Upto 12 Years

Early Repayment

No

Living Cost

No
tata-capital-education-loan
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5 days loan processing time

GreenCheck

Quick Approvals

Secured Loan

Upto ₹2Cr

Processing Fees

0.5% - 1.0%

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes
poonawalla-fincorp-limited-education-loan
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3 days loan processing time

GreenCheck

Quick Approvals

Secured Loan

Upto ₹3Cr

Processing Fees

NA

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes
edgro-education-loan
fireClock

3 days loan processing time

GreenCheck

Quick Approvals

Secured Loan

NA

Processing Fees

NA

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

No

Living Cost

No

International Funds

leap-finance-education-loan
fireClock

7 days loan processing time

Secured Loan

NA

Processing Fees

1.5% - 2.0%

Margin

NA

Loan Tenure

Upto 10 Years

Early Repayment

No

Living Cost

No
prodigy-finance-education-loan
fireClock

7 days loan processing time

Secured Loan

No Upper Limit

Processing Fees

NA

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes
mpower-financing-education-loan
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4 days loan processing time

GreenCheck

Quick Approvals

Secured Loan

NA

Processing Fees

NA

Margin

NA

Loan Tenure

Upto 10 Years

Early Repayment

Yes

Living Cost

Yes
ascent-education-loan
fireClock

7 days loan processing time

Secured Loan

NA

Processing Fees

NA

Margin

NA

Loan Tenure

Upto 20 Years

Early Repayment

No

Living Cost

No
lorien-education-loan
fireClock

3 days loan processing time

GreenCheck

Quick Approvals

Secured Loan

NA

Processing Fees

NA

Margin

NA

Loan Tenure

Upto 10 Years

Early Repayment

No

Living Cost

No

Private Bank

axis-bank-education-loan
fireClock

7 days loan processing time

Secured Loan

Upto ₹3Cr

Processing Fees

0.5% - 1.0%

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes
icici-bank-education-loan
fireClock

7 days loan processing time

Secured Loan

Upto ₹2Cr

Processing Fees

0.5% - 1.0%

Margin

NA

Loan Tenure

Upto 14 Years

Early Repayment

Yes

Living Cost

Yes
idfc-education-loan
fireClock

4 days loan processing time

GreenCheck

Quick Approvals

Secured Loan

Upto ₹2Cr

Processing Fees

0.5% - 1.0%

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes
csb-bank-education-loan
fireClock

7 days loan processing time

Secured Loan

Upto ₹2Cr

Processing Fees

0.5% - 1.0%

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

No

Living Cost

Yes
yes-bank-education-loan
fireClock

7 days loan processing time

Secured Loan

Upto ₹2Cr

Processing Fees

0.5% - 1.0%

Margin

NA

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes

PSU

bank-of-baroda-education-loan
fireClock

18 days loan processing time

Secured Loan

Upto ₹2Cr

Processing Fees

NA

Margin

15%

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes
union-bank-of-india-education-loan
fireClock

5 days loan processing time

GreenCheck

Quick Approvals

Secured Loan

Upto ₹75Lac

Processing Fees

NA

Margin

15%

Loan Tenure

Upto 15 Years

Early Repayment

No

Living Cost

Yes
punjab-national-bank-education-loan
fireClock

2 weeks loan processing time

GreenCheck

Quick Approvals

Secured Loan

Upto ₹2Cr

Processing Fees

NA

Margin

15%

Loan Tenure

Upto 15 Years

Early Repayment

Yes

Living Cost

Yes
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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


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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

Axis Bank

Secured

Up to ₹3 crore

0.5% – 1.0%

NA

Up to 15 years

ICICI Bank

Secured

Up to ₹2 crore

0.5% – 1.0%

NA

Up to 14 years

IDFC First Bank

Secured

Up to ₹2 crore

0.5% – 1.0%

NA

Up to 15 years

CSB Bank

Secured

Up to ₹2 crore

0.5% – 1.0%

NA

Up to 15 years

Yes Bank

Secured

Up to ₹2 crore

0.5% – 1.0%

NA

Up to 15 years

Bank of Baroda

Secured

Up to ₹2 crore

Nil

15%

Up to 15 years

Union Bank of India

Secured

Up to ₹75 lakh

Nil

15%

Up to 15 years

Punjab National Bank

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

Avanse

Secured

Up to ₹2 crore

0.5% – 1.0%

Up to 15 years

InCred

Secured

Up to ₹2 crore

Nil

Up to 15 years

Credila

Secured

Based on profile

0.85% – 1.0%

Up to 15 years

Auxilo

Secured

Up to ₹2 crore

Nil

Up to 15 years

Credenc

Secured

Up to ₹1 crore

1.0% – 1.5%

Up to 12 years

Tata Capital

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 forSparkLogoFaster and
streamlined Process?

100% Transparency

100% Free

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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.

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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:

  1. Interest Rates

Look for lenders offering the most competitive interest rates. Even a small difference can impact your total repayment significantly.

  1. Coverage of Expenses

Check which costs the loan covers. Apart from tuition fees, some loans also include living expenses, travel, and study materials.

  1. Processing Fees

Review the loan processing charges. Lower fees reduce your upfront costs and overall loan burden.

  1. Tax Benefits

Some education loans qualify for income tax deductions under Indian tax laws. Confirm if your chosen lender offers this advantage.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. Prepare All Documents Early

Keep your academic records, admission letter, fee structure, and ID proofs ready. Delays in documentation can affect processing times.

  1. 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.

  1. 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.

  1. 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.


Evaluate your United States (USA) Education Loan Repayment.

Frequently Asked Questions

The USA education loan is a financial product designed to support Indian students planning to study in the United States. These loans cover tuition, living costs, travel, and other academic expenses at approved American institutions.
You can get an education loan for studying in the USA from Indian public sector banks, private banks, NBFCs, and international lenders. Each lender offers different terms based on your profile, course, and university.
A secured loan requires collateral such as property or fixed deposits. An unsecured education loan for USA doesn’t need any collateral but may require a co-applicant with a strong financial profile.
The loan amount depends on the lender and your profile. Most banks and NBFCs offer up to ₹2 crore, while some international lenders offer funding with no upper limit for eligible courses.
Yes, for most student loans for Indian students in the USA, a co-applicant or guarantor is required, especially for unsecured loans. International lenders may waive this depending on your profile.