Study Abroad in India
Study Abroad in India
Education Loan US Education Study Abroad

Top 5 Education Loan Providers for Study Abroad in India

Latika Sharma

The journey of pursuing higher education abroad is both exciting and challenging. When it comes to financing. It is very crucial to choose the right lender for education. For students and parents who all are confused on choosing the right education loan, Zolve has emerged as a game-changer in the education loan landscape. Zolve acts as an aggregator, connecting students with multiple lenders and providing them with a range of loan options, so that they can embark on a new journey to fulfill their dreams of studying abroad.

In this article, you will go through the top five banks for education loans for overseas study, as well as a comparison of some of the best Indian banks that provide these services. You will also get details about the important documents and eligibility requirements to complete the process.

Eligibility Criteria to apply in Indian Banks

The requirements for documentation and eligibility may differ slightly throughout banks. Candidates need to fulfill the following eligibility requirements to complete their loan application process:

  • Candidate must have Indian citizenship
  • Candidates should have an acceptable academic record.
  • Co-applicant with a reliable source of income, typically a parent or guardian
  • The foreign institution's admissions letter
  • All academic records, such as grades, diplomas, and certificates
  • Proof of residence, identity, and age
  • Revenue evidence of the co-applicant, such as pay stubs or an ITR
  • Documents used as collateral (if relevant)

Eligibility to apply for F-1 or M-1 visa

You will require a student visa to pursue full-time studies in the USA. Those who want to study in the USA may apply for one of two non-immigrant visa categories. The F and M visas are the names given to these types of visas. If you fulfill the following requirements, you may apply for an F-1 or M-1 visa:

  • You have to be enrolled in a vocational, language training, or "academic" educational program.
  • Immigration and Customs Enforcement's Student and Exchange Visitor Program must give its approval to your school.
  • You have to be a full-time student at the university.
  • You have to be enrolled in classes that will help you become skilled in English or be fluent in the language.

Documents Required for Education Loan for Abroad Studies

Education loan required documents vary from lender to lender and also depend on the type of education loan applied for. Here’re the general documents required by almost every lender:

KYC documents

●       PAN card

●       Driving license

●   Aadhar card

Address proof

●       Aadhar card

●       Valid water/electricity/ LPG Bill

●       Voter’s ID card

●       Current house lease agreement

●   Valid passport

Academic record documents (From Applicant)

●       10th result

●       12th result

●       Proof of admission

●       Undergraduate result semester wise (If required)

●   Entrance exam results - abroad institutes (GRE, GMAT, TOEFL, IELTS etc.)

Financial Documents from the Co-applicant

For salaried co-applicant

●       Salary slips of the last 3 months

●       Copy of Form 16 for last 2-3 years or copy of IT Returns for last 2-3 financial years, acknowledged by Income Tax Dept.

●   Bank account statement for the last 6 months (salary account).

For Self-employed co-applicant

●       Business address proof (If Applicable)

●       TDS certificate (Form 16A, if applicable)

●       Last 3 years ITR

●       Certificate of qualification (for C.A./ Doctor and other professionals)

●   Bank account statement for the last 6 months

Technical Documents for Collateral

●       Approved layout plan and permissions (if applicable)

●       NOC and allotment letter

●       Possession certificate (if applicable)

●       Copy of prior sale deeds

●       Conversion certificate where the property has changed from agricultural to non-agricultural use

●   Urban clearance certificate

●       Sale/gift/partition deed

●       Khata certificate and extract

●       Encumbrance certificate (EC)

●   Latest property tax receipt

5 Best Banks offering Loan For Higher Education Abroad

  1. SBI Bank

As one of the largest public sector banks in India, SBI offers attractive education loans for students willing to study abroad. SBI is a preferred choice for many aspiring students because of competitive interest rates and flexible repayment options.



Education Loan Details

Loan amount

Up to Rs. 7.5 lakhs

  Processing fee

  Up to 10,000/-

Loan Tenure

Upto 15 years

Interest rate


Processing time

Up to 7 days

  1. IDFC Bank

With a strong presence in the banking sector IDFC Bank offers comprehensive education loan packages for students planning to study abroad. They have affordable interest rates with no margin money and long payment tenure so that it becomes easy for students to embrace their career.


Education Loan Details

Loan amount

Upto ₹2Cr (Collateral )

Upto ₹75Lac (Without Collateral)

Margin money


Processing fee

0.5% to 1.0%

Loan Tenure

15 Years (Including study and grace period)




Repayment during the course


Simple or Partial Interest

Interest rate

11.50 - 12.25%

  1. AXIS Bank

Another leading player in the banking industry AXIS Bank offers good , affordable and easy to get loans for aspiring students. Their loans cover a wide range of expenses, including accommodation, tuition fee, and other costs, ensuring students can focus on their education without worrying about their financial expenses.


Education Loan Details

Loan amount

Up to INR 40 - 75 Lakh

  Processing fee

0.75% of the loan amount + GST

Loan Tenure

Upto 15 years

Interest rate

11 - 11.5%

Repayment during the

course duration

Simple Interest (SI)

Margin Money

0 - 5%

Co-applicant minimum


INR 35,000 / month

  1. Union Bank of India

Union bank also offers loans for students wishing to study abroad. They have the best interest rates In the market which doesn’t overburden the pocket of Indian parents. Also they have no processing fees and approve the loan very fast so the students like you can embark on your journey of study abroad.


Education Loan Details

Loan amount

Up to INR 40 lakh

  Processing fee


Loan Tenure

Upto 15 years

Interest rate

Starting ay 9.8%

Repayment during the

course duration

Simple Interest (SI)

Processing time

Upto 7 days

Moratorium period

Course + 12 months

  1. HDFC Credila

HDFC Credila is Known for its specialized education loan offerings, aiming international education for aspiring students They offer benefits such as quick processing, customized repayment plans, and assistance in understanding foreign currency fluctuations.


Education Loan Details

Loan amount

INR 20 - 75 Lakh

  Processing fee

0.5 - 1.5% of the loan amount + GST

Loan Tenure

Upto 15 years

Interest rate

11.25 - 13%

Repayment during the

course duration

Simple Interest (SI) or partial Simple Interest (PSI)

Processing time

Upto 7 days

Moratorium period

Course period + 1 year

Interest rates for education loans offered by various banks

The following lists the interest rates offered by several well-known Indian banks for loans for study abroad:


Interest Rate (%)

HDFC Credila Education Loan

13.80% (approx)

Union Bank of India

10.90% p.a. to 12.55% 



Axis Bank

13.70% to 15.20%

Punjab National Bank

9.40% to 12.10%


11.50 - 12.25%

Indian Bank

8.80% to 11.40%

Key Features of Education Loan for Abroad Studies



Private Banks


International Lenders

Best known for

Secured loans

Unsecured and secured loans

Unsecured loans

Unsecured without co-applicant

Popular choices


Axis, ICICI, and IDFC

HDFC Credila, Avanse, InCred. And Auxilo

MPOWER and Prodigy

Interest rate

Starting at 9.8%

Starting at 10.85%

Starting at 11.25%

Starting at 11.00%

Maximum loan amount*

INR 1.5 Cr

INR 50 Lakh

INR 75 Lakh

100,000 USD

Margin money*

10 - 15%

0 - 10%



Repayment tenure*

Up to 15 years

Up to 15 years

Up to 20 years

Up to 15 years

Repayment options

Free or SI




Processing time*

10-15 days

5-7 days

5-7 days

5-7 days

Financial co-applicant required*





Tax benefit*



Only HDFC Credila


Tips to choose the right education loan for study abroad

Right education loan for study abroad
Right education loan for study abroad

If you want to learn the steps of choosing the perfect education loan for study abroad, read the points given below-

1. Research Loan Options: Explore various banks, financial institutions, and loan aggregator platforms like Zolve to compare loan offerings, interest rates, repayment terms, and eligibility criteria.

2. Consider Loan Amount: Determine the total cost of your education abroad, including tuition fees, accommodation, living expenses, and other related costs. Choose a loan that covers your entire financial need without excessive borrowing.

3. Evaluate Interest Rates: Compare the interest rates offered by different lenders. Opt for a loan with a competitive interest rate to minimize the overall cost of borrowing.

4. Check Repayment Flexibility: Look for loans that offer flexible repayment options like moratorium periods for the repayment of principal and interest, to ease the financial burden during your study period and after graduation.

5. Assess Collateral Requirements: Understand whether the loan requires collateral or a co-borrower. Some lenders offer unsecured loans for smaller amounts, while larger loans may require collateral or a co-borrower.

6. Review Processing Time: Consider the processing time for loan approval and disbursement. Choose a lender with a streamlined and efficient loan processing system to avoid delays in funding your education.

7. Evaluate Customer Service: Examine the track record of lenders with relation to assistance with loan applications and repayments, promptness in answering questions, and quality of customer service.

8. Read terms and conditions carefully: Make sure you are aware of all the terms and conditions of the loan agreement, including repayment plans, late payment penalties, and any additional fees or charges.

Zolve: Best Platform to find Education Loan in India

If you are still confused about which loan to choose for higher studies, you can simply use Zolve. It is a loan aggregation platform where you can discover the optimal international education loans available in India. Zolve facilitates connections with numerous lenders, allowing you to contrast loan offerings based on interest rates, loan amounts, repayment schedules, and additional criteria. This platform empowers you to access many loan products according to your needs and financial circumstances. It also ensures you select the most appropriate international education loan for your academic journey abroad.


Every student has a dream of studying in top institutions, especially if they get a chance to study abroad, and education loans play a crucial role in pursuing their academic goals. The top lenders mentioned above, as well as innovative platforms like Zolve, facilitate loan aggregation so students can navigate the financial aspects of studying overseas more effectively. Also, by following these tips, you can make an informed decision and choose the right education loan that aligns with your financial goals and supports your academic aspirations abroad. It also gives them support to turn their educational ambitions into reality.


FAQ 1: What is the maximum loan amount available for international education loans in India?

Answer: Up to Rs. 1.5 crore or higher, depending on the lender and course details.

FAQ 2: Are there scholarships or grants available for Indian students studying abroad?

Answer: Yes, various government and private scholarships are available.

FAQ 3: Do international education loans cover expenses other than tuition fees?

Answer: Yes, they cover accommodation, living, travel, and other study-related costs.

FAQ 4 What are the interest rates for international education loans?

Answer: Interest rates range from 9% to 14% per annum, depending on factors like loan amount and borrower's profile. You can find more details on Zolve.

FAQ 5: Can a student apply for an international education loan without collateral or a co-borrower?

Answer: Yes, for smaller amounts, but larger loans may require collateral or a co-borrower.