Studying in the United States is a dream for many Indian students, but the soaring costs of tuition and living expenses make an education loan in India for USA a necessity. Whether you’re aiming for an MS at MIT or an MBA at Wharton, student loans USA options from Indian banks and lenders can fund your academic journey. With over 268,923 Indian students enrolled in U.S. universities in 2022-2023 (Open Doors Report 2023), the demand for affordable education financing is at an all-time high.
This guide dives into everything you need to know about securing an education loan for USA studies, including loan types, providers, and application tips.
Why Indian Students Need an Education Loan for USA Studies
The USA’s appeal lies in its top-tier universities and career opportunities, but the price tag is steep. Annual tuition fees range from USD 25,000 to USD 50,000 (INR 20-40 lakhs), with living costs adding USD 10,000- USD 20,000 (INR 8-16 lakhs) yearly. For a two-year program, expenses can exceed INR 60-80 lakhs, making student loans USA a critical resource.
An education loan in India for USA bridges this gap, covering tuition, accommodation, and travel. Higher education loans reflect the growing need of USA universities among Indian students chasing global degrees.
What Are Education Loans in India for USA?
An education loan in India for USA is a financial product offered by banks, NBFCs, and international lenders to fund overseas studies. These student loans USA come as secured (with collateral like property) or unsecured (no collateral, higher interest).
Education loans for USA cover tuition fees, living expenses, books, and more for U.S. courses. With options tailored for Indian students, these loans ensure you can focus on studies rather than finances. Related terms like overseas education loans, study loan interest rates, and USA study funding highlight the variety available.
Top Lenders Offering Education Loans in India for USA
Finding the right education loan in India for USA starts with exploring trusted providers. Here’s a breakdown of key players as of March 2025:
1. SBI Global Ed-Vantage Scheme
- Loan Amount: Up to ₹1.5 crore, collateral-free up to ₹50 lakhs for top U.S. universities.
- Interest Rate: 11.15% p.a., with a 0.5% discount for women.
- Repayment: 15 years, starting 6 months post-course.
- Eligibility: Admission to a recognized U.S. institution.
SBI’s student loans USA option is affordable and widely accessible, perfect for Indian students needing secured education loans.
2. HDFC Credila
- Loan Amount: Up to ₹75 lakhs (unsecured) or more with collateral.
- Interest Rate: From 11.25% p.a.
- Repayment: Up to 14 years.
- Features: Pre-visa disbursement, flexible terms.
HDFC Credila specializes in education loans for USA studies, offering unsecured study loans with quick approvals.
3. Axis Bank
- Loan Amount: Up to ₹40 lakhs (unsecured).
- Interest Rate: 11-13% p.a.
- Repayment: 15 years.
Axis Bank’s student loans USA appeal to students seeking flexible education financing without prepayment penalties.
4. ICICI Bank
- Loan Amount: Up to ₹3 crore.
- Interest Rate: Starts at 10.5% p.a.
- Features: Digital process, no foreclosure fees.
ICICI’s education loan in India for USA suits tech-savvy students with high-value study loans.
5. NBFCs (Avanse, Auxilo)
- Loan Amount: Up to ₹75 lakhs (unsecured).
- Interest Rate: 11.5-14% p.a.
NBFCs provide fast student loans USA with customized education funding options.
Eligibility for an Education Loan in India for USA
Pursuing higher education in the USA requires a solid financial plan, and an education loan in India for USA can make it possible. To qualify for an education loan in India for USA, you need:
- Indian citizenship.
- Admission to a recognized U.S. university (offer letter).
- Strong academics (60%+ in previous studies).
- A co-applicant (e.g., parent) for unsecured student loans USA.
These criteria ensure lenders trust your repayment ability.
Documents Needed for Student Loans USA
Securing student loans USA starts with having the right paperwork in place for a smooth application process. For an education loan in India for USA, you’ll need:
- Admission letter from a U.S. university.
- Academic certificates (10th, 12th, graduation).
- Identity proofs (Passport, Aadhaar).
- Co-applicant’s income proof (ITR, salary slips).
- Collateral papers (if applicable).
Education Loan in the USA for International Students
As per data from the Consumer Financial Protection Bureau (CFPB), 90% of new private student loans required a consigner. But here you can review the education loan in the USA for international students.
- Discover: It offers private student loans without a cosigner and in this case, candidates need to have good credit to get approved.
- Earnest: Earnest’s borrower protections are more liberal than those offered by some of the other lenders on this list. Earnest will cover the entire tuition fee, up to a maximum of USD 250,000 (INR 1.88 Cr).
- Funding U: It offers private student loans without a cosigner. You can borrow up to USD 1,50,000 (INR 1.13 Cr) per school year, up to a lifetime maximum of USD 75,000 (INR 56K approx).
- Common Bond: It offers private student loans up to 6 figures. Medical, dental, and law school are all quite costly. A cosigner might be hesitant to take on a 6-figure debt. As a result, common bonds no cosigner private graduate program loan choice fills a market gap.
- Sallie Mae: It is one of the best private student loan lenders. They offer loans specifically to graduate students. This is because private loans for college students without cosigners have a significantly greater chance of being approved.
- Citizens Bank: It offers student loans without a cosigner to borrowers with good credit. No application or origination fees are charged.
- Ascent: Ascent is one of the few best private student loans without cosigner organisations that particularly caters to juniors and seniors in college, as well as graduate students, with non-cosigned loans. For tuition and qualified living expenses, you can borrow up to $20,000 (INR 15,10,265) per year.
Student Loan for International Students in USA without Cosigner
International students who cannot find a cosigner should not be disappointed. There are other possibilities for international student loans that do not require cosigners. Students can look at education loans for Indian students in the USA without Cosigner.
| Particulars | HDFC Bank Education Loan | SBI Student Loan Scheme | Oriental Bank of Commerce Education Loan for Study |
| Amount | INR 20 lakhs | More than INR 20 lakhs (100% of educational expense) | INR 10 lakh without collateral entry |
| Expenses Covered | Colleges, Fees, Books/Equipment, Travel, Examination Fee | Tuition Fee, Living Expenses, Laptops and more | Tuition Fee, Accommodation, Travel, Books, Equipment, Projects Expenses |
| Basic Eligibility | Students from India pursuing higher education abroad | Students from India with 16 – 35 years of age | Students from India admitted to recognized board |
| Repayment Period | 15 years | Varies | 15 years |
Education Loan for MS in the USA
A secured loan or an unsecured loan can be used to fund your education in the United States. One advantage of pursuing MS in the United States is that lenders are more willing to finance cases there.
- Public Banks: Education Loan for MS in the USA for international and Indian students can get a secured loan like SBI, BOB, etc. You can get up to 1.5 crores depending on the collateral value and it also provides a total loan requirement with an interest rate of 8.9%.
- Private Lenders: Private banks like Axis Bank, and ICICI Bank, can fund an unsecured education loan for MS in the USA. They can fund up to 40 lakhs – 60 lakhs at an interest rate of 10% – 12.5%.
- Foreign Lenders: Foreign lenders like MPower financing, Prodigy Finance, etc also provide unsecured loans. They can fund up to INR 50 lakhs – INR 75 lakhs at an interest rate of 12% – 15%.
Factors to keep in mind before applying for an education loan
One should always know exactly how much money one needs and how much one can afford to pay out of pocket before applying for a student loan. Before requesting a loan, you should also take into account the following:
- Choose and finalise the right course of study
- Estimation of fees and cost of living
- A checklist of documents
- Check the eligibility of a co-applicant
- You should apply for a loan 3 months before the visa process
- Confirm the time period of disbursement
Student Loan Requirements for USA
When applying for an International Student Loan, each applicant must provide a set of required documents along with the Loan Application Form. The following is a list of these documents
- Official academic transcripts; Marksheet of class 10th, 12th, graduation, postgraduate); Certificate copies of ICWA, CA, CPA, etc
- Government-issued ID (Aadhar Card, Voter ID, Passport)
- Proof of residence (Driving License, Aadhar Card, Electricity Bill)
- Birth Certificate
- Letter of acceptance, or offer letter, conditional letter
- Statement of cost of attendance
- Scores of English proficiency language (IELTS, TOEFL, GMAT, GRE, SAT/ACT)
- Passport-size photographs
Education Loan Interest Rate in the USA
When a student obtains an international education loan from a lender, he or she is responsible for repaying the principal amount as well as any additional fees charged by the lender. This sum is referred to as interest. The interest rates on international student loans are determined by a variety of factors, including the loan size, the repayment period, the trustworthiness of a cosigner, the lender’s rate range, and so on.
Average Debt Student Loans USA
As per educationdata.org, the average debt of student loans in the USA totals 17.3 million and grows 6 times faster than the nation’s economy.
- Each of the 43.2 million student borrowers owes $39,351 (INR 29,71,521) on average.
- Over $1.59 trillion in federal loans are outstanding.
- Approximately 42.9 million Americans have federal student loan debt, with each owning an average of $37,105 (28,01,919).
- Under the CARES Act of 2020, more than 35 million of these debtors were eligible for general student debt relief.
- To obtain a bachelor’s degree, the average public university student borrows $30,030 (22,67,662).
We hope that this blog provides you with the important features of education loans in the USA. If you want to know about more such loan schemes both in India and abroad then you can call our experts at Leverage Edu at 1800572000 and we’ll help you in making an informed step to choose the right education loan.
