NBFC Education Loans for Abroad Studies: Top Lenders, List of Countries & More

As the upcoming academic intakes are coming close, you might be looking for ways to fund your study abroad dreams. Aren’t you? Well, you are not alone. Numerous Indian students aim to pursue higher education overseas, only to find themselves dealing with the high costs of tuition, accommodation, and living expenses. While scholarships and personal savings can provide some support, they often fall short of covering the entire expense of studying in a foreign country. That’s where Non-Banking Financial Companies (NBFCs) step in as a shining star.

Distinct from banks, NBFCs have now become a go-to option for taking overseas education loans. These companies are more lenient with collateral requirements, offer faster processing, and provide customized loan solutions for international studies.

Whether it’s your dream of attending a top university in the USA, UK, or Canada or pursuing a niche course in France or Germany, NBFCs ensure that your ambitions are not limited by finances. Stay with us till the end of this article to know everything about NBFC education loans.

Top NBFCs in India for Abroad Education Loans

At present, many NBFCs offer secured education loans based on the property valuation and without any limit. On the other hand, for unsecured loans, they offer up to INR 75 lakhs without pledging assets. Intrigued to know more? Let’s take a closer look at the top NBFCs that are helping Indian students attain their global dreams.

1. Credila
   As India’s leading dedicated education loan provider, Credila has a reputation for reliability. With tax benefits, 100% funding and flexible collateral options for students attending reputed institutions, Credila is among the best options.
   

• Annual Interest Rate: Starts at 10.25% for secured loans & 11.50% for unsecured loans

• Processing Fee: 1-1.25% of the loan amount + GST

• Repayment Tenure: Up to 12 years including the course duration
  
  

2. Avanse Financial Services
   Known for tie-ups with 1,550+ universities, Avanse is another leading NBFC on the list. It covers 100% of education expenses, including ancillary costs like laptops and exam fees.
   

• Annual Interest Rate: Starts at 10.25% for secured loans & 11.50% for unsecured loans

• Processing Fee: 1-1.25% of the loan amount + GST

• Repayment Tenure: Up to 15 years including the course duration
  
  

3. Auxilo
   Specializing in funding for professional courses, Auxilo offers substantial 100% funding for various leading study destinations.
   

• Annual Interest Rate: Starts at 10.25% for secured loans & 11.50% for unsecured loans

• Processing Fee: 1-1.25% of the loan amount + GST

• Repayment Tenure: Up to 12 years including the course duration
  
  

4. InCred
   Well known for its simplified documentation process and instant approvals, InCred offers non-collateral education loans without mandatory margin money.

• Annual Interest Rate: Starts at 10.25% for secured loans & 11.50% for unsecured loans

• Processing Fee: 1-1.25% of the loan amount + GST

• Repayment Tenure: Up to 12 years including the course duration
  
  

5. Tata Capital
   Backed by the trusted Tata brand, this NBFC offers swift and reliable services. With minimum income criteria and loan disbursal within 72 hours, Tata Capital is among the top choices.

• Annual Interest Rate: Starts at 11.50% for secured loans & 12.00% for unsecured loans

• Processing Fee: 1% of the loan amount + GST

• Repayment Tenure: Up to 13 years including the course duration

These are the best of the best when it comes to taking an NBFC education loan to study abroad. While we have covered some notable information, something is missing. Well, like minds do think alike and yes, we have not discussed the maximum quantum of finance yet. That is what brings us to the next section, keep reading to find out more.

List of Top Priority Countries for NBFC Education Loans

NBFCs support students heading to a wide range of countries, making them versatile for diverse course choices. Listed below are the maximum loan amounts offered for each leading study destination:

These NBFC education loan amounts align with the average cost of tuition fees and living in these countries, ensuring comprehensive coverage for students. For secured loans, 100% funding is provided based on the financial requirements and property value.

Issue of Acceptance of NBFC Education Loans

While NBFC education loans are widely accepted, some countries have specific requirements for visa processing. So, to avoid any hassles for student visas and immigration, we have jotted down some of the essential guidelines.

• Australia: The Australian immigration authority prefers loans from banks over NBFCs for visa purposes.

• New Zealand: Similar restrictions apply, NBFC education loans without collateral or with collateral may face scrutiny during student visa processing.

Always check the financial requirements for visas in your destination country. Alternatively, consider combining an NBFC loan with other funding sources like scholarships or family contributions to meet compliance.

List of Approved Foreign Universities for NBFC Education Loan

Most NBFCs have pre-approved lists of universities, simplifying the application eligibility. While the exact list varies by lender, listed below are some commonly approved institutions.

As we have already discussed, every NBFC offers education loans to hundreds of universities and institutions. If your chosen institution isn’t listed here, don’t get worried. You can reach out to our experts to know if your shortlisted university is eligible for this loan.

In conclusion, pursuing education abroad can feel like an uphill climb, but with NBFCs financing your dreams becomes simpler, faster, and more accessible. All you need to do is choose the right lender that aligns with your financial needs. That’s where the Experts at Élan Overseas Education Loans come in. We simplify the entire foreign education loan process from documents to disbursal. With us, you can focus on your academic aspirations while we handle the financial logistics.

Connect with our Overseas Education Loan Advisors today to get started!