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Best Education Loan Providers in India for Study Abroad

28+ Years Helping Students

20+ Countries

10+ Lenders

Funding your study abroad was never this easy:

Did you know – more than 750,000 Indian students choose to study overseas every year! But, why? International degrees not only put you on the global front and accelerate your career but also provide you a platform for diverse and cultural experiences.

Undoubtedly, studying abroad is a life-changing decision; however, it doesn’t come easy. Apart from maintaining a high GPA, standardized test scores, umpteen documentation, and other things, arranging for funds is another factor that keeps students from chasing their dreams of studying abroad. While you take care of all other formalities, Jamboree makes sure that you have one less thing to worry about – your finances. Jamboree now helps you in education-related financial solutions by assisting in education loan for abroad application process.

Jamboree has collaborated with several domestic banks, NBFCs, and international lenders, which can provide you with education loans at affordable interest rates, and at the time you need them.

For the longest time, banks were the leading lenders for financing education of the students in India & worldwide. These banks offer several education loan finance options like 100% financing, zero financing fees, and more. Most leading banks offer education loans up to Rs 7.5 lakh without any collateral, and with pledged collateral, the loan amount reaches up to Rs 1.5 crore at an interest rate of 8.8% for studying abroad.

Advantages of Education loan from Banks:

  • Borrowers enjoy income tax exemption under Section 80E of the Income Tax Act of India
  • Low-interest rates
  • Flexibility in the money expenditure
  • Long moratorium period

Banks are not the only option for students planning to pursue education abroad. Several Non-Banking Finance Companies (NBFCs) like Credila & Avanse offer easy education loans to students at exciting terms. NBFCs offer secured and non-secured education loans for every course and program, such as vocational training, diplomas, and executive programs.

Benefits of NBFC Loans:
  • Easy & quick application process
  • Lesser documentation required
  • Loan approval in 3-4 days
  • Flexible loan payment structure
  • No cap on loan amount sanctioned

International lenders are generally Non-Banking Finance Companies that provide education loans to international students, mostly without any security or guarantor. The interest rates of international lenders are competitive and vary based on the financial history, college/university, and several other factors.

Benefits of Education loans from International Lenders:
  • No security, guarantor, cosigner, or collateral required
  • Fixed loan rates
  • Made from international students
  • Universal ability to secure a loan in USD

While accepting an education loan application, lenders prefer a student who demonstrates a fair likelihood of paying off the loan. There are qualifying standards set in place which confirm the above-mentioned probability. The first step is to determine if you qualify for an education loan. Following are the eligibility criteria, set by lenders, for the students applying for an education loan:

Nationality: The applicant must be an Indian citizen

Age: Applicant must be above 18 years of age while applying for a loan. Otherwise, his parents will have to apply for the loan on his behalf

Academic Record: The applicant must have an outstanding academic record

University/Collage: The applicant must have been accepted to a recognized international university or institution

Course: The chances of your education loan approval increase when you choose job-oriented courses

For decades, Jamboree has been helping you reach your dream college with test prep programs & admissions counselling. Now we have added another chapter in our organization by offering a wide range of post-admission services – Education Loans being one of them. We have partnered with national & multi-national institutions that offer education loans to international students.

Since 1993, we have been helping students reach their dream college. Over the years, we have gained the expertise and solutions that can help you resolve your financial problems with education loans that suit you the most. Jamboree can assist you in several ways; a few include:

  • We are the single point of contact for all your banking requirements, like comparing the interest rates, loan options, and several other factors important for your decision-making.
  • We assist you in the application process while you focus on other important things.
  • Your chances of getting your loan approval increased by 80%.
  • We do all the work for you; no bank visit is required from you.
  • Hassle-free processing of documents

What are you waiting for! Contact Jamboree Counsellor and financial solutions that give wings to your dreams!

Confused about the right education loan for you?

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Facing Cash Crunch for your education abroad?

Frequently Asked Questions:

Every financial institution has its own set of requirements for sanctioning education loans. Although there are a set of common requirements that most banks/NBFCs will ask for before sanctioning education loans and these are:


  • Academic documents of the student
  • Income proof of co-applicant
  • Proof of residence
  • KYC documents (Passport, PAN card, etc.)
  • Parent/Co-applicant’s income proof
  • Passport size photograph
  • Scores of entrance tests
  • Proof of admission/confirmation of enrollment
  • Collateral documents (if applicable)

Your education loan can cover both full and part of the total costs, you can choose the loan that best fits your needs. The loan amount you are eligible to receive also depends on a lot of factors like your academic history, your parent/co-applicant’s credit rating, the university you’re applying to, etc.


But in general, the expenses that an education loan covers are discussed below:


  • Tuition fee
  • Rent
  • Living Expenses
  • Examination, library, and laboratory fee, if any
  • Cost of books, uniform, equipment, etc.
  • Travel expenses/airfare

Yes, as per Section 80E of the Income Tax Act of India, tax deductions can be claimed for a total period of 8 consecutive years or till the interest amount of your education loan is completely paid off.


All scheduled Indian banks and gazetted financial institutions are eligible to offer tax deductions to the applicant who has taken a loan for self, spouse, children, or a student for whom the individual is a legal guardian.

The asset pledged against your loan is called Collateral. It can be a house, apartment, bungalow, shop, non-agricultural land, vehicle, fixed deposits, life insurance, stocks, etc. Generally, you don’t need collateral for a loan amount up to 7.5 lakhs but beyond that, every financial institution has a different set of terms for collateral.

For starters, you need to duly fill out your loan application form which is followed by a personal discussion with your loan provider/lender. In the next step, the applicant needs to provide all the supporting documents required by the bank in order to be eligible for a loan. The bank now takes some time to verify and check all aspects of your loan application after which it decides to either approve or deny the loan. Based on their decision loan amount is disbursed.

Ideally, you should start your research for the right education loan way before you start your college application. Check with your shortlisted loan providers for their eligibility requirements and loan terms. By the time you start your college application process, you should have already selected a financial institution that you’ve discussed terms with. Since your loan cannot be sanctioned before receiving a Confirmation of Enrollment (CoE) letter from the university first, make sure to be ready with other aspects of your loan application.

Yes, you can get your education loan pre-approved by banks/NBFCs even before admission confirmation. And it is always advised to do so since universities generally give you a smaller window between confirmation and the deadline for fee payment. A pre-approved education loan also acts as a strong proof of funds that works in favor of your student application.

Your bank or NBFC offers you sometime after the completion of your course post which you are required to start paying towards your outstanding loan that time is known as the moratorium period. The standard moratorium period stretches from 6 months to a year.


It is always advised to learn well in advance about the flexibility of the moratorium period that your loan offers and the charges for extension of this period due to unprecedented circumstances like unavailability of jobs or a global pandemic for example.

Your education loan can be repaid in simple and flexible Equated Monthly Installments or EMIs throughout the loan tenure.

The percentage of the total cost that is contributed by the borrower and the loan doesn’t cover is called margin money. Education loans can cover both full or part of the total cost of your education and likewise, your margin money depends on the type of loan you go for and the loan that best fits your needs.

There’s certainly no sense in dragging to accumulate interest if you are able to pay the loan before your term ends. So, it is important to check the prepayment terms of your education loan and the details about the penalty on prepayment before making the decision.

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